Tuesday, May 10, 2016
Roll
No……….
Total
No. of Questions : 071
BBA (Sem. – 2nd )
FINANCIAL ACCOUNTING
SUBJECT CODE : BB - 201
Paper ID: [C02071]
Time
: 03 Hours
INSTRUCTION TO CANDIDATES :
1. SECTION-A is COMPULSORY consisting
of TEN questions carrying
TWO marks each.
2. SECTION-B contains SIX
questions carrying TEN marks each and students has to attempt any FOUR
questions.
SECTION-A
l. Write briefly :
(a) Accounting Process
(b) Provision
(c) Drawings
(d) Error of omission
(e) Marshalling of Assets
(f) Cost of goods sold
(g) Trade Discount
(h) Contingent Liabilities
(i) Fixed Assets
(j) Suspense Account
2. “Accountancy is the language of Business
but it fails to depict the
true
value of business”. Critically
explain in the light of the limitations of
Financial
Accountancy.
3. A book keeper prepared a rough Trial Balance
by him and it did not match.
Therefore, he searched for the errors and discovered
the following errors. You are
required to pass necessary rectified journal
entries.
(a) Sundry items of plant sold for Rs.500 had
been entered in the Sales
Account.
(b) Rs.100 discount account but not posted to
discount account
(c) Goods worth Rs.200 returned by Gawaskar
were recorded in Sales
Book
(d) Goods purchased from a merchant for Rs.545
had been posted to the
credit
of his account as Rs.454
(e) An item of Rs.100 entered in the sales
returns account had been
posted
to the debit of the customer who returned the goods.
(f) An entry of Rs.145 representing the selling
price of goods returned to
Shanker
had been made in the purchase returns account. The amount
should
have been Rs.130
(g) Goods worth Rs.250 taken by the proprietor
had been omitted to be
recorded
in the books
(h) Amount of Rs.420 received from Desai, which
was written off as bad
debts
last year has been credited to his account
(i) On scrutinizing the accounts of a
defaulting cashier, it was discovered that he had received Rs.2000 from
customer and Rs.1000 from cash csales and had paid Rs.480 to a creditor (after
deducting Rs.20 for disco unt) bu t n one of the se tran sac tion s were rec
ord ed
in the books of accounts.
4. Prepare Bank Reconciliation Statement as on
March 31, 2012 of Mr. Akram from the
following particulars :
a) Bank overdraft as per cash book Rs.3500.
b)
Cheques
issued but not encashed during the year Rs.2200.
c)
Cheques
deposited as per bank statement not entered in the cash book Rs. 950
d)
Interest
charged by the bank recorded twice in the cash book Rs.450
e)
Club does
on Mr. Akram dishonored Rs. 1200
f)
What do
you mean by depreciation, depletion, amortization and depreciable assets?
Discuss the main causes of depreciation.
6. following is the Trail Balance of M/S Ramesh & Sons as on March 31, 2012. You are required to prepare the Treading and
Profit and Loss Account an d Balance Sheet after giving effext to the
adjustments:
Particulars
Debit(Rs.) Credit(Rs.)
Sundry Creditors 63000
Sundry Debtors 1450000
Capital account 710000
Drawings 52450
Insurance 6000
General
expenses 30000
Salaries 1500000
Patents 75000
Machinery 200000
Freehold land 100000
Building 300000
Opening stock 57600
Carriage inward 20400
Carriage outward 32000
Fuel and power 47300
Wages 104800
Returns outwards 5000
Returns inwards 6800
Sales 406750
Purchases 987800
Cash at bank 26300
Cash in hand
5400
Total 1765800
The following adjustments are to a be made:
a) Inventory at the end of the year stands at
Rs.68000;
b)
A
provision for bad and doubtful debts is to be created to the extent of 5% on S.
Debtors;
c)
Depreciate
Machinery by 10% and parents by 20%
d)
Salaries
amounting to Rs.15000 for the March,2012 was unpaid;
e) Insurance includes a premium of Rs .1700 on a
policy expiring on September 30,2012,
7. What do you mean by Generally accepted
Accounting Principles (GAAPs)?Discuss the basic accounting concepts an
conventions
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