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P.T.O.
MAR IVANIOS COLLEGE (AUTONOMOUS)
THIRUVANANTHAPURAM
Reg. No. :.………………… Name :.………………….
Fourth Semester B.Voc. Degree Examination, June 2016
First Degree Programme under CSS
General Course XII (for Software Development)
AUSD463: Financial Accounting
Time: 3 Hours Max. Marks: 80
SECTION A
Answer ALL questions each in a word or in a sentence.
1. What are accounting standards
2. What is convention of consistency
3. What do you mean by accounting cycle
4. What do you understand by an account
5. Define the term journal.
6. What is bank reconciliation statement
7. Is depreciation a source of fund
8. Explain the term deferred revenue expenditure.
9. What is debit note
10. Name the function key for journal voucher in tally.
(10 × 1 10 Marks)
SECTION B
Answer any EIGHT questions, not exceeding a paragraph of 50 words.
11. Give steps to shut a company in Tally.
12. What are the objectives of accounting
13. What are the limitations of Trial Balance
14. What adjustment entries are required in respect of
i). Outstanding expenses
ii). Depreciation
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15. Mr PS has the following assets and liabilities as on 31st December 2012, Ascertain his capital.
Cash Rs. 2,500; Bank Rs. 4,750; Debtors Rs. 1,800; Creditors Rs. 2,200;
Plant Machinery Rs. 8,000; Building Rs. 20,000; Furniture Rs. 2,400
Bills Receivables Rs. 5,650; Bills Payble Rs. 2,350
16. Name the sub divisions of journal.
17. Cost of a machine on 1.1.2013 is Rs. 1,20,000, salvage value is Rs. 20,000 and life is 10 years. Calculate the depreciation in straight line method assuming that accounting year ends on 31st December.
18. What are the reasons for difference in cash book balance and pass book balance
19. How interest on capital is treated while preparing final accounts
20. The manager is entitled to a commission of 10% on net profit after charging such commission. Net profit before charging such commission is Rs. 1,10,000. Find out the commission payable to manager.
21. Give the journal entries for the following transactions.
i). Purchases goods worth Rs. 10,000 for resale
ii). Withdrew Rs. 25,000 from bank for office use
22. Distinguish between P L A/c and Balance Sheet.
× 2 16 Marks)
SECTION C
Answer any SIX questions, in a page of 100 words.
23. What do you mean by grouping and marshalling of assets and liabilities
24. Explain the difference between capital expenditure and revenue expenditure.
25. Journalize the following transactions
i). Started business with Rs. 2,00,000 in bank and Rs. 40,000 cash.
ii). Bought shop fittings Rs.40,000 and a van Rs.50,000 both paid by cheque
iii). Bought goods for resale on credit from Z Co. Rs.50,000
iv). Cash sales Rs.18,000
v). Paid Z Co by cheque Rs.10,000
26. Record the following transactions in a Purchase Day Book.
i). March 1 Purchases goods from M/s A &Co 20 bales of cotton Rs. 1,000 per bale, less trade discount and cash discount
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ii). March 12 Purchased from Madura coats 1,500 mtrs of fabrics Rs. 2 per mtr, less trade discount 10%
iii). March 25 Purchased from Silk House, 20 bales of silk pcs Rs. 3,000 per bale, less trade discount
iv). March 30 Purchased furniture from Bombay Safe for Rs. 50,000
27. Write a single columns cash book for the Month of April 2013 from the following figures.
i). 1st Cash in hand Rs1650
ii). 2nd Cash sales Rs.16000
iii). 4th Paid cheque to creditor Rs.3990 after deducting cash discount of Rs.210
iv). 6th Wages paid in cash Rs.2250
v). 8th Cash sales Rs.18000 of which Rs.15, 000 was banked on April 7th
vi). 11th Paid wages in cash Rs.2850
vii). 19th Cash sales Rs.11400
viii). 21st Paid electricity bill in cash Rs.900
ix). 23rd Cash sales Rs.19200
28. Prepare a bank reconciliation statement from the following particulars
i). Bank balance as per the pass book Rs.10,000
ii). Cheque deposited into the bank but no entry was passed in the cash book Rs.500
iii). Cheque received but not sent to bank Rs1,200
iv). Credit side of the bank column cast short Rs.200
v). Insurance premium paid directly by the bank understanding advice Rs.600
vi). Bank charge entered twice in the cash book Rs.20
vii). Cheque issued but not presented to the bank for payment Rs 500
viii). Cheque received entered twice in the cash book Rs.1,000
ix). Bills discounted dishonored not recorded in the cash book Rs 500
29. A machine was purchased on 1st January 2011 for Rs.5,00,000 on 1st July 2011 another machine was purchased for Rs.3,00,000. Depreciation is to be provided p.a. under reducing balance method. You are required to show;
i). Machinery account and
ii). Provision for depreciation account
30. Write out a petty cash from the following
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2012 March 1 Gave an imprest cheque of Rs.100 to the petty cashier. During the month the petty cashier made the following disbursements
March 7 bought postage stamps Rs.20
10 paid for stationary Rs.6.75
15 paid for carriage Rs.7.50
20 paid for taxi hire to sales manager Rs.5.50
22 bought ink and paper Rs.7.50
25 paid for coolie Rs.20
27 tea to travelling agent Rs.23.5
31 cash purchase from stationary mart Rs.9.25
31. State the advantages of computerized accounting system.
× 4 24 Marks)
SECTION D
Answer any TWO questions, not exceeding four pages.
32. Explain the different methods of calculating depreciation
33. Explain the various accounting concepts and conventions
34. From the following trial balance extracted from the books of Mr.R prepare Trading and Profit Loss account and Balance sheet as on 30th June 2009
Debit Balances
Rs
Credit Balances
Rs
Cash in hand
540
Sales
98,780
Purchases
40,675
Return outwards
500
Wages
10,480
Capital
71,000
Carriage inwards
2,040
Sundry creditors
6,300
Opening stock
5,760
Machinery
20,000
Goodwill
7,500
Salaries
15,000
Insurance
3,600
Sundry debtors
14,500
Drawings
5,245
Cash at bank
2,630
Return inwards
680
Fuel
4,730
Carriage outwards
3,200
Buildings
40,000
176,580
176,580
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35. Journalize the following transactions and prepare necessary ledger accounts and verify the arithmetical accuracy of the ledger accounts.
Jan 1
Vicky started business with a capital of
1,00,000
3
Purchased goods from Ajith for cash
30,000
6
Cash sales
2,000
8
Goods sold to shankar on credit
6,000
10
Purchased goods from Anil on credit
10,000
15
Received from Shankar in full settlement
59,00
20
Paid to Anil
5,000
24
Purchased furniture for office use
4,000
31
Paid salary
3,000
× 15 30 Marks)