Financial Accounting, Question Paper of B.Com 1st Semester,Download Previous Years Question Paper 3

Roll No…….

Total No. of Questions: 07

B.Com. (Sem.-1^st)

FINANCIAL ACCOUNTING

Subject Code: BCOP-101 (2011 Batch)

Paper ID: [B1101]

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

1. Section-A is Compulsory.

2. Attempt any Four questions from Section-B.

SECTION-A

1.       Write short notes on:

          (a) Book Keeping

          (b) Debtors

          (c) Accounting Equation

          (d) Promissory Notes

          (e) Accounting Cycle

          (f) Drawing

          (g) Error of Commission

          (h) Reserves

          (i) Red Ink Interest

          (j) Contra Entries

SECTION-B

2.       What do you mean by accountancy? Differentiate between book keeping and           accounting?

3.       What do you mean by accounting principles? Discuss in brief all accounting     concepts and conventions.

4.       You are presented with a Trial Balance of Mr. Saxena on March 31, 2012         showing the credit excess by Rs.415, which has been carried to Suspense     Account.  On a close scrutiny of the books, the following errors were revealed:

          (a) A cheque of Rs.3456 received from Shankar, after allowing him a       discount of Rs.46 was endorsed to Sharma in full settlement for Rs.3500.         The cheque was finally dishonored but no entries were passed in the books.

          (b) Goods of the value of Rs.230 returned by Swaminath were entered in the     Purchase Day book and posted there from to Swaika as Rs.320.

          (c) Bad Debts aggregating Rs.505 were written off during the year in the sales ledger but were not recorded in the General Ledger.

          (d) Bills for Rs.750 received from Sureka for repairs done to machinery was     entered in the inward invoice book as Rs.650.

          (e) Goods worth Rs.1234 purchased from Saraf on March 28, 2012 have          been entered in the Purchase book and credited to him but were not        delivered till April 2, 2012 stock being taken by the purchaser on March 31,         2012.  The title of the goods was however passed on March 28, 2012.

          (f) Rs.79 paid for freight on Machinery was debited to Freight Account as         Rs.97.

          You are required to pass the necessary Journal entries for correcting the above.

5.       The following is the Trial Balance of Mr. X as on March 31,2012.

Particulars	Debit Amount (in Rs.)	Credit Amount (in Rs.)
Cash in Hand	540
Cash at Bank	2630
Purchases	40675
Returns Inward	680
Wages	10480
Fuel and Power	4730
Carriage Outward	3200
Carriage Inward	2040
Opening Stock	5760
Premises	30000
Land	10000
Machinery	20000
Patents	7500
Salaries	15000
Sundry Expenses	3000
Insurance	600
Drawings	5245
Debtors	14500
Sales		98780
Returns Outwards		500
Capital		71000
Creditors		6300
Total	176580	176580

Take into consideration the following adjustments, prepare Trading and Profit and Loss Account and a Balance Sheet as on March 31, 2012.

(a) Closing stock as on March 31, 2012 was Rs.5800.

(b) Depreciate Machinery and Patents by 10% and 20% respectively.

(c) The Insurance Policy will expire on September 30,2012.

(d) Rs.2000 is to be transferred to Reserve Fund.

(e) Rs.2000 spent on erection of a shed were include in wages account.

S.K. Surekha had the following transaction with T.I. Raisena:

Date		Rs.	Date		Rs.
Jan. 1	Balance due from Raisena	1000	June 16	Purchased goods from him (received on July 16)	15000
Feb. 16	Purchased goods from him	6000	Sep.23	Paid him cash	3000
Feb.28	Sold goods to him	10000	Oct.24	Accepted his bills for 3 months	5000
Mar.16	Received a cheque	3000	Nov.26	Received his acceptance for 2 months	8000
April 20	Sold him goods (Invoice on May 3)	10000

You are asked to prepare an Account current, with necessary columns of  T.L. Raisena completed upto December 31, 2011 as will appear in the books of Surekha reckoning 5% interest on te balance due.

7.       It is said that in a system of sectional balancing, errors and easily and quickly located.  Is it correct? If so, how is it made possible?