Institute of Chartered Financial Analysts of India (ICFAI) University 2007 Certification Finance Financial Accounting – I (111) : - Question Paper

By Balance c/d
40,000
4,10,000
4,10,000
Dr. Sundry Creditors Cr.
Date
Particulars
Rs.
Date
Particulars
Rs.
2005-2006
To Cash
(balancing figure)
1,90,000
April 01, 2005
By Balance b/d
70,000
March 31, 2006
To Balance c/d
80,000
2005-2006
By Purchases
2,00,000
2,70,000
2,70,000
Cash and Bank balance :
Particulars
Rs.
Opening cash and bank balance
60,000
Add Cash received from sundry debtors
3,70,000
4,30,000
Less Cash paid to sundry creditors
1,90,000
Cash purchases
80,000
Expenses paid
70,000
Closing cash and bank balance
90,000
< TOP >
11.
ans : (d)
cause : Cash book is a special journal in which all cash transactions are recorded directly. The cash book resembles a ledger with the debit and credit sides, and the balance represents the cash on hand at the end of the accounting period. Hence it serves the purpose of ledger. Cash account is not opened when a cash, book is maintained. Purchases book, sales book, bills receivables book and journal proper are the books of original entry and they do not serve the purpose of ledger
< TOP >
12.
ans : (b)
cause :
Rs.
Cash collected from debtors
5,00,000
Closing balance
60,000
Discount allowed
10,000
5,70,000
Less : Opening balance
50,000
Credit sales
5,20,000
< TOP >
13.
ans : (e)
cause : Purchase return book is used for recording return of goods purchased from suppliers on credit.
< TOP >
14.
ans : (b)
cause : The noting charges are the charges paid to the Notary Public for presenting a bill for payment and to note the fact of dishonour. The charges are to be borne by the person responsible for dishonour who is none other than the drawee. Thus, the accurate ans is (b). The drawer of the bill (a) is incorrect ans because the drawer may pay the charges initially but ultimately they are to be borne by the drawee. The holder of the (c) is entitled to receive the payment of the bill and to bear the noting charges on the bill. The endorser (d) may be the drawer of the bill in which case he will recover the noting charges from the drawee of the bill. The endorsee of the bill (e) is in no way has to bear the noting charges on dishonour of the bill. Thus, (b) is the accurate ans.
< TOP >
15.
ans : (c)
cause : Amount of 1st bill = 4,500
Amount of discount = Rs.4,500 – Rs4,230 = 270
Discount to be borne by Sumesh = Rs.270 × 23 = Rs.180

Earning:   Approval pending.