Seat No.: Enrolment
GUJARAT TECHNOLOGICAL UNIVERSITY
BH- SEMESTER- II EXAMINATION WINTER 2018
Subject Code:123305 Date:09/01/2019
Subject Name:Basic Accounts
Time:02:30 PM TO 05:00 PM Total Marks: 70
Instructions:
1. Question No. 1 is compulsory. Attempt any four out of remaining Six questions.
2. Make suitable assumptions wherever necessary.
3. Figures to the right indicate full marks.
Q.1
Objective Question
Mark

07
1.
Define Debtors.
2.
Total Liabilities=Total Assets is dealt
Business Entity Concept Cost Concept Going concern Concept Duality Concept
3.
Accounting concept is
Theory Of accounting Procedures of accounting Rules of accounting Practice of accounting
4.
Journal is
Preliminary step of accounting Intermediate step of accounting Both Final step of accounting
5.
Formula of Current Ratio
6.
Define Accounting.
7.
Profit loss accounts shows Gross Profit

07
1.
Normally Working Capital means
current assets-current liabilities Current assets Gross working capital Net working Capital
2.
Formula of Depreciation.
3.
Depreciation is the permanent and continuous diminishing in quality and quantity. True/False
4.
Gross Profit= Incomes Expenses
5.
Debit all incomes and gains
6.
Define Ledger.
7.
Define Drawings.
Q.2

What are Subsidiary Books?
03


Write a note on Final Accounts.
What is a Bank Reconciliation Statement?
04
07
Q.3

Discuss briefly accounting principles?
03


Write a note on accounting functions.
Prepare three column cash book from the following:
Jan 1. Balance of cash of Rs 200 and bank Rs 1800.
Jan 3. Received Rs 800 from Gopal in cash and discount allowed is Rs 20. In this amount he received Rs 500 in bank.
Jan 4. Cash sales Rs 600
Jan 5. Paid salaries by cheque Rs 800.
Jan 6. Repairs of typewriters Rs 300.
Jan 7. Paid Rs 600 to Alpha Ltd. half in cash and half in cheque.
Jan 8. Withdrew Rs 200 from bank and paid packing charges Rs 30.
04
07
Q.4

State the meaning of Depreciation? Also explain Straight Line method of computing Depreciation. .
03


Throw light on the utility of computer applications in accounting
A company purchased an old machinery for Rs 200000 on 1st Januay 1997. It decided to write off depreciation 20% through diminishing balance method on annual basis. The machine was sold on 1st July 1998 for a sum of Rs 160000. You are required to prepare machinery account for 1997 and 1998.
04
07
Q.5

What are the adjustments in final accounts for the following: Closing Stock, Depreciation, Prepaid expenses.
03


What are the elements of Non Cash Transaction.
Write a note on Separate Legal Entity and Dual Aspect concept of accounting.
04
07
Q.6

Explain the concept of accounting and what are the activities involved in accounting?
03


Explain the golden rules of Accounting.
Prepare Trading P&L a/c and Balance Sheet form the following for the year ending 31st March 1999.
Capi Capital
10000 Rs
Wages
5000 Rs
Cred Creditors
1200 Rs
Bank
1000 Rs
Purc Purchase return
500 Rs
Repairs
50 Rs
Sale Sales
16400 Rs
Stock
2000 Rs
Bills Bills Payble
500 Rs
Rent
400 Rs
PlantPlant Machinery
4000 Rs
Manufacturing expenses
800 Rs
Deb Debtors
2400 Rs
Trade expenses
700 Rs
Dra Drawings
1000 Rs
Bad Debts
200 Rs
Pur Purchase
10500 Rs
Carriage
150 Rs
Saln Sales return
300 Rs
Fuel Power
100 Rs
Additional information:-
The closing stock was 1450 Rs.
Depreciate plant and machinery by 400 Rs.
(iii). Allow Interest on capital
400 Rs is due for repairs.
04
07
Q.7

What do you mean by Trial Balance?
03


Elaborate accounting process.
Make journal entries for Delhi Furniture Mart who started their business on 1st January 2014:
1 Jan 2014. Started business with cash Rs 110000 and stock worth Rs 25000
2 Jan 2014. Deposited into bank Rs 9500
5 Jan 2014. Purchased machinery for Rs 10000 from Raman by paying him cheque for the same.
6 Jan 2014. Paid installation charges of the machine Rs 500
8 Jan 2014. Purchased timber from Mehul and he allowed a trade discount of 10%.
9 Jan 2014. Furniture bought worth Rs 1500 for furnishing the office.
10 Jan 2014.Sold furniture to Naresh at a list price of Rs 1000 and allowed him a trade discount of 5%.
04
07