B.B.A. (Semester (CBCS) Examination Mar/Apr-2018
FINANCIAL ACCOUNTING
Time: 2½ Hours
Max. Marks: 70
Instructions: All questions are compulsory. Figures to the right indicate full marks.
Q.1

Select correct alternative:
07
refers to the amount used by proprietor from business.
Capital
Assets
Drawings
Profit
Concept which provides a line between present future is known as
Going Concern
Cost Concept
Accrual Concept
Entity Concept
A commodity in which a trader deals is known as
Property
Goods
Assets
Liabilities
Salary paid to Mandar should be debited to
Mandar A/c
Salary A/c
Expenses A/c
Cash A/c
refers to the list of all debit credit balances.
Summary
Journal
Ledger
Trail Balance
is ascertained after preparing trading Account.
Gross Profit/Loss
Net Profit/Loss
Assets
Liabilities
According to Concept, business should be treated separately from businessman.
Entity
Accounting Period
Realization
Dual Aspect
Q.1

Fill in the blanks.
07
In SLM of depreciation amount of depreciation remains
The amount of money realized at the end of working life of asset
An entry recorded on both side of cash book is called
Patents are type of account.
discount is given by seller to buyer to encourage early payment of cash.
According to convention closing stock is recorded at market price and cost price whichever is less.
A prepaid expense is account.
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SLR-CU-3
Q.2
Attempt any two questions:
14
Mahesh Industries purchased a Machinery of Rs. on 1st April, 2010. On 1st Oct 2010 additional machinery was purchased for Rs.1,50,000/-
On 1st Oct 2011 firm sold Machinery had on 1st April 2010 for Rs. The firm provides depreciation p.a. under straight line method on 31st March every year. Prepare Machinery account for three years i.e. 2010-11, 2011-12, 2012-13.
From the following ledger balances of Mr. Suresh you are required to prepare Trial Balance as on 31/03/2012.
Particular
Rs.
Particular
Rs.
Particular
Rs.
Goodwill
40,000
Plant Machinery
1,60,000
Patents
36,000
Carriage
17,200
General Expenses
2,800
Electricity Lighting
12,000
Debtors
48,000
Advertisement
6,000
Bank Loan
2,00,000
Trade Expenses
1,200
Furniture
28,400
Wages
56,000
Capital
2,00,000
Purchases
1,18,000
Opening Stock
41,600
Creditors
82,000
Building
2,13,200
Printing Stat.
8,400
Sales
3,00,800
Commission
1,600
Interest on Bank Loan
8,000
Discount
1,600
Cash in Hand
2,000
Bills Payable
19,200
Accounting Concept
Q.3
Attempt any two questions:
14
From the following transaction prepare necessary ledger accounts
2011 May
1. Mr. Ganesh started business with cash Rs.
2. Cash Sales Rs.6,000/-
3. Goods purchased for cash Rs.
5. Purchased Machinery on credit from Sanjay Traders Rs.
6. Paid cash to Rohan Traders Rs.
Branches of accounting.
Subsidiary books
Q.4
Attempt any one Question.
Journalize the following transactions in the books of Mr. Smart for the month of August 2015
14
2015 Aug 1 Mr. Smart started business with Cash Rs. Furniture Rs. and Machinery Rs.15,000/- Aug 2 Purchased goods of Rs. from Rajesh Aug 4 Sold goods on credit to Karan for Rs.15,000/- Aug 8 Goods of Rs.400/- being defective returned by Karan Aug 10 Remitted Cash to Rajesh Rs.10,600/- in full settlement of his accounts. Aug 19 Purchased furniture from Royal Furniture worth Rs.10,000/-. Paid half amount immediately by cash. Aug 21 Purchased a machinery for Rs. 8000/- and paid installation Rs. Aug 24 Withdrawn from bank Rs. 4000/- for personal use. Aug 27 Received cheque from Karan for his amount due. Aug 28 Paid for Advertisement Rs. 1000/- Aug 29 Paid for Conveyance expenses Rs. 1000/- Aug 30 Received commission by cheque Rs.5000/- Aug 31 Sold goods for cash Rs. 8000/-
OR
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SLR-CU-3
From the following particulars write up a Three Column Cash Book of Mr. Rajeev
May 1 Cash in hand Rs. Cash at Bank Rs. May 3 Goods sold for Cash Rs. May 5 Goods sold for Cash Rs. May 8 Received Cheque from Mr. Sharma Rs. in full settlement of his dues Rs. and deposited into bank. May 11 Paid to Mr. Verma Cash Rs. and cheque for Rs. in full settlement of his dues of Rs. May 15 Cash Received from Mr. Jadhav Rs. in full settlement of his dues of Rs.10,000/- May 20 Bank credited Interest Rs. May 24 Purchased Goods worth Rs. half paid by cheque and half paid by cash May 26 Purchased Furniture worth Rs.7,500/- and paid by cheque. May 30 Paid Salary worth Rs. 3000/- May 31 Bank debited Rs. towards annual charges.
14
Q.5
Attempt any one question.
14
From the following Trail Balance of M/s Hind Traders, you are required to prepare a Trading, Profits Loss Account for the year ended on 31st March,2012 and Balance sheet as on that date
Trail Balance as on 31/03/2012
Particulars
Debit Rs.
Credit Rs.
Insurance
1,000
Discount
500
400
Postage and Telegram
1,500
Salaries
28,000
Debtors Creditors
33,000
34,000
Wages
12,000
Opening stock
20,000
Carriage
4,500
Returns
2,800
4,600
Purchase Sales
96,600
1,50,800
10% Bank Loan
60,000
Plant Machinery
20,000
Buildings
80,000
Drawings
4,000
Capital
50,000
Office Rent
2,000
RDD
1,000
Bad debts
600
Bank Overdraft
9,200
Cash
3,500
Total
3,10,000
3,10,000
Adjustments:-
Closing Stock was valued at Rs.
Depreciate Machinery by 10% and building by
Wages includes Rs. paid to worker as advance
Salary Rs. 2000 and office rent Rs. were outstanding
Create RDD on debtors 1400/-
OR
Explain the concept of depreciation. What are the various causes of depreciation also explain the types of depreciation.