Financial Accounting, Question Paper of B.Com 1st Semester,Download Previous Years Question Paper 4

Roll No…….

Total No. of Questions: 07

B.COM-2014

FINANCIAL ACCOUNTING

Subject Code: BCOP-101

Paper ID: [B1101]

Time: 3 Hrs.                                                                 Max. Marks: 60
Instruction to Candidates:

1. Section-A : This Section is compulsory.  It consists of 10 sub-questions of  2 marks each.  Answer to each question should be given in 2-5 lines.

2. Section-B: It consists of six questions. Attempt any four question.  Each question carries ten marks.

SECTION-A

1.       Question: Write Short Notes on the following:

          (a) GAAP

          (b) Purchase Book

          (c) Opening Entry

          (d) Compensating Errors

          (e) What is Bank Reconciliation Statement?

          (f) Open Reserve

          (g) Depreciation

          (h) Self-Balancing Ledger

          (i) Average Due Date

          (j) What is meant by ‘Red-Ink interest’ in an Account Current?

SECTION-B

2.       Write note on the following:

          (i) Accounting Cycle

          (ii) Journal

          (iii) General Ledger

          (iv) Subsidiary Books

          (v) Accounting Equation

3.       Explain in detail the concepts and conventions of accounting.

4.       Following are some accounting errors. Rectify them by making journal    entries:

          (i) Sales for Rs.20000 made to Malvika was not entered in the Sales Book.

          (ii) Salary of Rs.7500 paid to Accountant Raman was debited to his personal   account.

          (iii) Old furniture sold for Rs.2800 was entered in the Sales Book.

          (iv) Carriage paid Rs.500 on purchase of a Machine was debited to Carriage     A/C.

          (v) Cash Rs.50000 paid to the creditor Atulya Ghosh was debited to Praful      Ghosh’s  A/C.

5.       On  1 May, 2006 Sunil purchased goods worth Rs.8000 from Anil.  Two          days later Sunil gave Anil the acceptance for 4 months.  On 3 June, 2006         Anil discounted the bill with a bank @ 12%p.a. On due date, when the bill           was presented for payment, Sunil dishonored the bill. Anil paid Rs.50 as      noting charges to a public notary.  On 25 September, 2006 Sunil was     adjudged insolvent and only 30 paise per rupee could be recovered from his         estate.  Pass Journal entries in the books of  both the parties.

 

6.       From the following information prepare financial statements of Y Ltd.

Trial Balance

For the year ending 31-03-2011

Particulars	Amount (Rs.) Cr.	Amount (Rs.) Cr.
Share Capital		500000
Loan		300000
Creditors		200000
Opening stock	90000
Wages	10670
Advertisement	320
Carriage Inward	5010
Repair of machinery	7000
Depreciation	25000
Sales		400000
Discount	1400	2500
Building	700000
Plant and Machinery Cash	200000 30500
Debtors	30100
Bad debts	2500
Purchases	300000
Total	14,02,500	14,02,500

          Additional Information: Closing Stock Rs.120000       

7.       Padmavati has given details of the bills drawn by the Laxmi and accepted        by her.  Padmavati requested Laxmi to accept payment on one single date so        as to avoid loss of interest on either side. Calculate the average due date.

Bill No.	Date of Bill Drawn	Date of acceptance	Amount of  bill (Rs.)	Period of each bill
1992	15-03-2006	16-03-2006	9000	2 months after due date
1993	28-04-2006	29-04-2006	10000	90 days after sight
1994	30-06-2006	01-07-2006	1000	Two weeks after sight
1995	03-07-2006	06-07-2006	5000	45 days after date