B.B.A. (Semester (CGPA) 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.
All questions carry equal marks.
Figures to the right indicate full marks.
Use of calculators is allowed.
Q.1 Multiple choice Questions. 07
Exchange of goods for goods called as
Transaction Barter
Money None
Monetary value of reputation is called as
Drawings Liability
Goodwill None
Freight is a A/c.
Nominal Personal
Real None
An amount which is irrecoverable from debtors is called
Bad debts Good Debts
RDD Doubtful debts
According to concept, business shall go on for a long time.
Going concern Materiality
Consistency Dual Aspect
An entry recorded on both sides of cash book is known as
entry.
Opening Transfer
Rectifying Contra
Credit purchase of goods are recorded in
Sales book Purchase return book
Purchase book Journal proper
Page 1 of 3
SLR-SINA 8
Q.1 Fill in the blanks. 07
SLM stands for
WDV stands for
Prepaid expenses shown on side of B/S.
refers to the total amount of cash withdrawn by the
proprietor for personal use.
stock is valued at cost or market price whichever is less.
Purchase of furniture is debited to account.
Rule of personal account is debit the receiver, credit the
Q.2 Attempt any two questions:
Enter the following transactions in a single column cash book of Mr.
Kapil.
2004
07
Jan. 1 Started business with cash… Rs.50,000
3 Purchased goods for cash… Rs.15,000
4 Sold goods… Rs.27,000
5 Cash received from Shivam… Rs.20,000
14 Bought furniture… Rs.14,000
15 Purchased goods from Kedar on credit Rs.20,000
20 Paid electric charges… Rs.22,500
From the following details, make out a bank reconciliation statement for
M/s. Imran Company as on December 31, 2014 to find out the balance
as per pass book.
07
1. Cheques deposited but not yet collected by the bank Rs.15,000
2. Cheque issued to Mr. Raju has not yet been presented
for payment
Rs.25,000
3. Bank charges debited in the pass book Rs.2,000
4. Interest allowed by the bank Rs.1,000
5. Insurance premium directly paid by the bank as per
standing instructions
Rs.5,000
6. Balance as per cash book Rs.2,000
Write a note on Causes of Depreciation. 07
Q.3 Answer any two questions:
Objectives of Accounting 07
Petty Cash book 07
A firm purchased a machinery for Rs. 25,00,000 on 1st April, 2010. The
firm decides to provide depreciation 12% p.a. using straight line
method. Prepare Machinery A/c for financial year 2010-11, 2011-12 and
2012-13 assuming the firm closes its books on 31st March every year.
07
Page 2 of 3
SLR-SINA 8
Q.4 Attempt any one question
Journalise the following transactions in the books of Sunil. 14
Feb 1 Sunil started business with cash Rs.40,000 and Machinery
Rs.25,000
Feb 3 Deposited Rs.10,000 into bank
Feb 5 Credit Purchase from Dilip Rs.8000 less trade discount.
Feb 6 Sold goods to Srikrishna Rs.5,000
Feb 7 Cash sales Rs.14,500
Feb 9 Paid for postage and stationary Rs.800
Feb 11 Purchased vehicle for Rs.2,000 from M/s Narendra company
Feb 13 Depreciate Machinery by Rs.1500
Feb 14 Received Commission Rs.1200
Feb 15 Make a provision for rent Rs.500
Feb 23 Paid life insurance premium on life of Sunil of Rs.5,000
Feb 25 Returned goods by Ramesh Rs.1000
Feb 26 Withdraw cash for personal use Rs.11000
Feb 28 Cash received from John of Rs.17,300 in full settlement of his
account of Rs.18,200
Discuss the accounting concepts in detail. 14
Q.5 Attempt any one question:
The trial balance of Mr. Uma Shankar shows the following balances
on 31st March 2015. Prepare final accounts.
14
Particulars Debit Rs. Particulars Credit Rs.
Purchases 70000 Capital 56000
Sales Returns 5000 Sales 150000
Opening Stock 20000 Purchase Returns 4000
Discount allowed 2000 Discount Received 1000
Bank Charges 500 Sundry Creditors 30000
Salaries 4500
Wages 5000
Freight inwards 4000
Freight outwards 1000
Rent, rates and taxes 5000
Advertising 6000
Cash in hand 1000
Plant and machinery 50000
Sundry Debtors 60000
Cash at Bank 7000
241000 241000
Closing stock on 31st March 2015 was Rs.30,000.
Define Depreciation. State briefly the various methods of
depreciation.