B.B.A. (Semester (CBCS) Examination, 2017
FINANCIAL ACCOUNTING
Day Date: Monday, 17-04-2017 Max. Marks: 70
Time: 10.30 AM to 01.00 PM
N.B. All questions are compulsory.
Figures to the right indicate full marks.
Use of Calculator is allowed.
Q.1 Select correct alternative: 07
A commodity in which a trader deals is known as
Property Goods
Assets Liabilities
Amount which is not recovered from customer is known as
Debts Debtors
Bad debts Doubtful debts
Sub-division of journal is known as book.
Subsidiary Purchase Return
Purchase Journal Proper
Right hand side of account is called side.
Credit Debit
Middle Centre
is prepared from the balances in ledger accounts.
List Journal
Book Trail Balance
The amount realized at the end of working life of an asset
Market Value Cost Value
Scarp Value All of these
is the statement prepared to show the financial
position of business as on particular date.
Balance Sheet Trading A/c
Trail Balance Profit Loss A/c
Q.1 Fill in the blanks. 07
Amount invested in business by proprietor
Surplus of income over expenses is
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SLR-SINA 3
An entry recorded on both side of cash book is called
Goodwill is type of account.
discount is not recorded separately in books of
accounts.
is the person whose assets are not sufficient enough
to meet business obligations.
Outstanding expenses are account.
Q.2 Write short note (Any two) 14
Classification of Accounts
Causes of depreciation
Journalize the following transactions in the books of Mr. Virendra.
2015 June- 1. Started business with Cash goods
worth Rs.10,000/- and computer Rs.
14. Paid into Dena Bank Rs.1,00,000/-
18. Bought goods on credit from Mona Rs.8,000/-
21. Sold goods to Nayana of Rs.18,000/-for cash
24. Goods worth Rs.1,050/- burnt by firm
28. Paid salary by cheque Rs.4,000
30. Drawn from Bank Rs.5,000/- for his personal
purpose.
Q.3 Attempt any two: 14
M/s Mohan sons purchased a Machinery for Rs. 1,00,000 on 1st
April, 2008. On 1st Oct 2008 additional machinery was purchased
for Rs.
The firm provides depreciation 10% p.a. under straight line
method on 31st March every year.
Prepare Machinery accounts for three years i.e. 2008-09,
2009-10, 2010-11.
Prepare Trail Balance from the following ledger of Mr. Atulas on
31st March 2016.
Particulars Rs. Particulars Rs. Particulars Rs.
Capital 50000 Carriage 2500 Bad Debts 600
Debtors 2500 Purchases 15000 Bank Loan 2000
Wages 3500 Salary 4500 Cash in Hand 1250
Depreciation 1500 Sales 40000 Land Building 45000
Furniture 12500 Postage 250 Rent 2900
Advertisement 2500 Creditors 4000 Drawings 1500
Branches of accounting
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SLR-SINA 3
Q.4 Define Accountancy. Explain objective Accounting Concepts. 14
OR
Record the following transaction of Mr. Rajesh in a cash book with
Cash Bank Columns for the month of October 2011.
2011
Oct Cash balance Rs. 25,000 Bank Balance Rs.18,000
Oct 3 Paid for Printing Stationary Rs. 7,400
Oct 8 Cash Sales Rs.23,000
Oct 9 Cash Purchases Rs.26,000
Oct 10 Deposited Cash into Bank Rs.5,000
Oct 18 Withdrawn from bank for personal use Rs.3,500
Oct 22 Received bearer cheque from Suraj Rs.9,900 and
deposited same into bank
Oct 25 Withdrawn from Bank for office use Rs.8,000
Oct 28 Paid Telephone bill Rs.4,000
Oct 30 paid legal charges Rs.2600 by cheque
Q.5 Following is the Trail Balance of Shahu Traders as on 31st March
2015. You are required to prepare Trading and Profit Loss
Accounts for the year ended 31st March 2015 and Balance Sheet as
on the date.
14
Particulars Rs. Particulars Rs.
Stock on 1-4-2014 16,000 Capital 55,000
Purchases 37,900 Discount Received 2,500
Return Inward 800 Sales 65,800
Wages 2,000 Return outward 3,700
Salaries 11,000 Creditors 15,000
Carriage 2,500 Bills Payable 8,000
Insurance 1,800 Bank Loan 20,000
Advertisement 3,200
Office rent 3,200
Octroi Duty 800
Discount Allowed 1,000
Furniture 8,000
Machinery 40,000
Cash in Hand 6,000
Drawings 2,500
Debtors 23,300
Bills Receivables 10,000
Total 1,70,000 1,70,000
Adjustments:
Closing stock is valued at Rs. on 31/03/2015
Depreciate furniture by and Machinery by 10% p.a.
Outstanding Salary Rs.1,000/- and Wages- Rs.500
Prepaid Insurance Rs.300
OR
What is subsidiary books? Explain the different types of subsidiary
books.