Tuesday, May 10, 2016
Roll No.
Total No. of Questions: 07
BBA (Sem.-2nd)
FINANCIAL ACCOUNTING
Subject Code: BB-201
Paper ID: [C0207]
Time: 3 Hrs. Max. Marks: 60
INSTRUCTIONS TO CANDIDATE:
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 have to
attempt any four question.
SECTION–A
Q1. Answer briefly:
a)Explain various objectives of Trail Balance.
b)Discuss the need of Bank
Reconciliation statement?
c)What is Suspense Account?
d)What are various methods of Description?
e)Give the difference between Gross Profit and Net Profit.
f)State four limitations of Accounting?
g)Explain cash basis of Accounting?
h)Explain Convention of Conservatism?
i)Explain various rules of Double Entry System?
j)Distinguish between Income and Expenditure.
SECTION–B
Q2. Define the term “Account
Concepts”. Discuss the various accounting concepts.
Q3. “Is the agreement of
Trial Balance a conclusive proof of the accuracy of a book-keeper”? If not,
what are the errors, which remain undetected by the Trial Balance?
Q4. What is a Bank
Reconciliation Statement? What are the reason for difference in Cash Book and
Pass Book Balance?
Q5. Give Journal Entries for
the following:-
(a)Goods worth Rs. 500 given
as charity.
(b)Received Rs. 975 from Harikrishan in ful
settlement of his account for Rs. 1,000.
(c)Received a first and
final dividend of 60 paise in the rupee from the official receiver of Mr. Rajan
who owed us Rs. 1000.
(d)Sold a sohan goods worth
Rs. 20,000 less 2% cash discount and received Rs.
19,600 net on account by
Cheque.
(e)Bought from Ram & Co. goods wort Rs.
1,00,000 at 10% trade discount and 2% cash discount terms and paid them half
the amount in cash.
(f)Paid Rs. 1000 in cash as
wages on installation of machinery.
(g)Supplied goods costing
Rs. 10,000 to Sohan invoiced at 30% above cost less 5%
trade discount.
(h)Goods worth Rs. 5000 were
used by the proprietor for his personal use.
(i)Goods uninsured worth Rs.
10,000 were destroyed by fire.
Q6. On 1 Jan. 2003, X Ltd.,
purchased a second-hand machine for Rs.52000 and spend Rs.2000 as shipping and
forwarding charges, Rs.5000 as import duty, Rs. 500 as carriage inwards, Rs.
1500 as repair charges, Rs, 500 as installation charges, Rs. 400 as brokerage
of the middleman and Rs. 100 for an iron pad. It was estimated that the machine
will have a scrap value of Rs. 2000 at the end of its useful life which is 20 years. On 30st
sept. 2003 repairs and renewals
amounted to Rs. 2000. On 1 July 2005, this
machine was sold for Rs.30,600. Prepare the machinery Account for the first
three years.
Q7. The following is the
Trial Balance of M/s Kasturi Agencies as on 31 March, 2014.Prepare Trading and profit & loss account
for the year ended 31stMarch 2014 and a balance sheet on that date:-
Dr. Cr.
Capital
1,00,000
Drawings
18,000
Buildings
15,000
Furniture &
Fittings
7,500
Motor Van
25,000
Loan from Hari@ 12%
interest
15,000
Interest on the above 900
Sales
1,00,000
Purchases 75,000
Opening stock
25,000
Establishment Expenses 15,000
Wages
2,000
Insurance
1,000
Commission Received
45,00
Sundry debtors 28,100
Bank Balance 20,000
Sundry Creditors 10,000
Interestst
3,000
2,32,500 20,32,500
Adjustments:-
(a) The value of stock on 31 st
(b) Outstanding wages Rs.500
(c) Prepaid insurance Rs.300
March 2008 was Rs. 32,000.
(d) Commission received in
advance Rs.1,300
(e) Allow interest on capital @ 10%
(f) Depreciate: Building 2.5%, Furniture & Fittings 10% Motor
van 10%
(g) Charge interest on drawings Rs. 500
(h) Accrued interest Rs.500
---:END:---
0 comments:
Post a Comment
North India Campus