Tuesday, May 10, 2016
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No. ......................
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No. of Questions: 07]
FINANCIAL ACCOUNTING
SUBJECT CODE: BB - 201
BBA (Sem. – 2 )
Paper ID: [C0207]
Time:
03 Hours
Instruction
to Candidates:
1) Section - A is Compulsory .
2) Attempt any Four questions from Section -
B.
Section
- A
Q1) a)
Explain Cost concept.
b) What are
Representative Personal Accounts? Give two examples.
c) What are Current
Assets? Give two examples.
d) Write three rules of
Double Entry System.
e)What are Errors of Omission?
f) What are Net
profits?
g)What are Outstanding
Expenses?
h) Is capital a liability?
i) Define capital.
j) What is Marshalling
of balance Sheet?
Section - B
Q2) Define Financial Accounting. What are its
objectives? Discuss its merits and
limitations.
Q3) What is the purpose of preparing journal
and ledger accounts? Discuss the
rules
of preparing a journal. Illustrate your answer.
Q4) Discuss the reasons of charging depreciation?
Evaluate different methods of
charging
depreciation.
Q5) There was a difference in the Trial balance
of Mr D C Gupta as on 31 st
March 2010 and the
difference in books (excess debit of Rs. 1200) was carried to a Suspense
Accountant the books were closed. On going through the books after 1 st April
2010, it was found that:
a)
Rs. 500 received from C Gupta was posted to the debit of his account.
b) Rs. 100 being
purchases returns were posted to the debit of
purchases Account.
c) Discount Rs. 200 received,
entered in the cash book, was not posted in
the
ledger.
d) Rs. 574 paid for
repairs to Motor car was debited to Motor Car Account as
Rs.
174.
e) A Sale of Rs 350 to
Agarwal was entered in the Sales Book as Rs. 530.
f) While carrying
forward total of one page in Ram’s Account, the amount of Rs.
250
was written on the credit side instead of debit side.
Q6) Prepare a Bank Reconciliation Statement
from the following information:
On 31 st December 2010
the cash Book of Mr. Singh showed a bank overdraft of Rs. 3894. On checking the
books the following differences were noted between the two set of books.
a) Bank
charges of Rs. 45 and interest on overdraft of Rs. 225 appear in the Bank Pass Book but not in the Cash Book.
b) Cheques
for Rs. 2250 were deposited in the bank but not collected.
Rs.
4500 being the proceeds of a bill collected appear in the Pass Book but not in the
Cash Book.
c)
A cheque for Rs. 450 received from
Sachin and deposited in the bank was dishonoured but the advice of non payment
was received from the bank on Jan. 1, 2011.
e)
Cheques drawn for Rs. 1800 were entered in the cash book but were not
presented
at the bank till first week of Jan. 2011.
Q7)
The following Trial balance is extracted from the books of Murli Manohar.
Prepare Trading and Profit and Loss Account for the year ended on 31 st March 2010 and a Balance Sheet as on that date:
Particulars
Dr. Balance (Rs.) Cr. Balance (Rs.)
Drawings
Buildings
Debtors
and Creditors Purchases and sales
Sales
returns and Purchases returns Discount Insurance Cash
Opening
stock Bad Debts
Bad
debt Reserve Carriage Wages
Machinery
Furniture Salaries
Bank
Charges
Bills
receivable & Bills payable Trade Charges Capital
3,500
6,000 5,000 30,000
350
710 300 3,000 1,200
500
---
630 2,770 20,000
6,000
3,300
200
6,000
830
8,000
46,500
290
1,500
4,000
30,000
Total
90,290 90,290
Adjustments:
a)
Depreciation – Buildings – 5%, Machinery-10% p.a.
b)
Trade expenses Rs. 250 and wages Rs. 350 have not been paid. c) Allow interest
on capital at 10% p.a.
d)
Make provision for doubtful debts at 5%.
e)
Machinery includes Rs. 5000 of a machine installed on 31 st December 2010.
Wages
include Rs. 1000 spent on the installation of the machine.
f)
Stock as on 31 st March 2011, Rs 5000.
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