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IBRS-004I
BACHELOR OF BUSINESS ADMINISTRATION
(RETAIL SERVICES)
(BBARS)
Term-End Examination
June, 2016

LJU-s7U
BRS-004 BUSINESS ACCOUNTING
Time hours Maximum Marks: 100
Note: Attempt any five questions. All... questions carry equal marks.

1. Define Accounting and enumerate the main objectives of financial accounting.

What is accounting equation? Explain each component of it with a suitable example. 10+10

2. Define the going concern concept of accounting. Give a suitable example to explain the concept.

Define the materiality concept of accounting. Give a suitable example to explain the concept. 10+10

3. What is double entry book-keeping? Give its example.

What is Trial Balance? Give its specimen with at least five dummy entries. 10+10

4. Discuss the concept of Trading Account and Profit and Loss Account. What types of entries are made in such accounts? Prepare specimens of both such accounts by entering five dummy entries in each case.

5. Journalise the following transactions of ABC Ltd.: 20

Date Particulars Amount (in Rs)
Jan 01 Business started with cash 1,10,000
Jan 05 Opened a bank account with PNB 30,000
Jan 07 Goods purchased for cash 12,000
Jan 07 Goods sold on credit to Harish 25,000
Jan 10 Goods returned from Harish 2,000
Jan 20 Paid trade expenses 7,000
Jan 30 Goods purchased on credit from Tarun 25,000
Feb 10 Cheque received from Harish for final settlement
and deposited the same day into bank 17,000
Feb 12 Goods returned to Tarun 5,000
Feb 15 Cheque given to Tarun on account 16,000

6. Differentiate between the following: 4x5=20

Trial Balance and Balance Sheet

Journal and Ledger

Cash book and Petty Cash book

LIFO and FIFO

7. Explain the concept of rectification of errors. Discuss the various types of errors and accounting treatment to rectify the error effect. Use suitable examples.

8. Write short notes on any four of the following: 4x5=20

Inventory Accounting

Retail Accounting

Subsidiary Books

GAAP

Tally

Branch Accounting