Veer Narmad South Gujarat University 2010-2nd Sem Certification MS-CIT RF-3953 - - 205 : Business System - 1 B.Sc ( IT ) ( ) Final - Question Paper
RF-3953
B. Sc. (IT) (Sem. II) Final Examination April / May - 2010 205 : Business System - I
Time : 3 Hours]
[Total Marks : 70
Instruction :
Seat No.:
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Fillup strictly the details of signs on your answer book.
Name of the Examination :
B. Sc. (IT) (Sem. II) Final
Name of the Subject:
205 : Business System - I
-Section No. (1,2,.....): 1-2
Student's Signature
-Subject Code No.
(2) Write section I and section II in separate sheet.
(3) Mention your choice clearly. Do not mix with different/odd option.
(4) Right figure to the question indicates full marks.
SECTION!
1 From the following Trial Balance of Mahesh as on 13
31.3.2009 and additional information, prepare final accounts.
Trial Balance of Mahesh as on 31.3.2009
Name of the Account Bebit Balance Rs. Credit Balance (Rs.)
Capital and Drawintgs 15,000 3,25,000
Purchases and Sales 1,85,000 2,60,000
Goods Return 10,000 6,000
Stock (1.4.2008) 50,000
Salary 30,000
Insurance Premium 1,500
Debtors and Creditors 84,000 32,000
Bank Loan -- 40,000
Freight and Octroi 3,500
Carriage Inward 4,000
Goods given as Free Samples -- 3,000
Advertisement Expenses 3,000
Bad Debts and Bad Debts Reserve 6,000 5,500
Interest on Loan 4,000
Commission -- 5,000
Bank Balance 80,500
Total 676,500 676,500
Adjustments :
(i) Closing Stock is of Rs. 80,000 of which market value of 10% goods is 20% less.
(ii) Credit Sales of Rs. 6000 is not recorded in books of accounts.
(iii) Write off Rs. 2,000 as Bad Debts and Provide 5% Bad Debts Reserve.
(iv) Calcualte interest on capital at 10%.
(v) Provide depreciation at 10% on Land and Building and 5% on Plant and Machinery.
(vi) Prepaid Insurance Premiu of Rs. 200 and Commission of Rs. 1500 is received in Advance.
Prepare the Journal of Mr. Vijay from the following 12
transactions for the month of Decmeber, 2009.
2009
Dec. 1 Started Business to bringing cash Rs. 25,000,
goods of Rs. 10,000 and Machinery of Rs. 40,000.
3 Deposited Rs. 10,000 with the Bank and Opened an Account.
6 Borrowed a Loan of Rs. 35,000 from Dena Bank at 10% interest.
8 Purchased goods of Rs. 16,000 at 10% Trade Discount and 5% Cash discount from Rudra enterprise. Paid the amount by cheque.
12 Sold goods costing Rs. 10,000 after adding 20% Profit to Tanvi Traders.
15 Tanvi Traders made half of the payment by Cheque and remaining amount in cash.
18 Paid Octroi Exp. of Rs. 1200 by cheque.
21 Distributed goods of Rs. 700 as Free Samples.
24 Paid Insurance premium for the Shop Rs. 1600.
26 Withdrawn Rs. 5,000 from Bank for Office expenses.
28 Received goods of Rs. 1000 as Free Samples.
31 Paid salary Rs. 3,000 and received Brokerage Rs. 2,500.
Write short notes on :
(a) Going Concern Concept 4
(b) Capital and drawings 4
(c) Objectivity Concept 4
(a) From the following transactions, prepare 5
Purchase Book, Sales Book, Purchases Return Book and
Sales Return Book in the books of Mr. Umesh.
2009
July 1 Purchased goods of Rs. 12000 from Rahul at 10% Trade Discount under Bill No.20
4 Sold goods of Rs. 8000 to Divyesh at 5% Trade Discount and 5% Cash discount under Bill No.
35.
7 Purchased goods of Rs. 15000 from Krunal at 10% cash discount on 1 months credit.
9 Divyesh returned goods of Rs. 2500 for which credit note number 5 was sent to him.
12 Returned goods of Rs. 2000 to Rahul along with debit note no. 8
(b) Classify the following accounts into three types and 5
give a brief explanation.
(i) Bad Debts a/c.
(ii) Freight and Octroi a/c
(iii) Bank of Baroda a/c
(iv) Investment in shares a/c
(v) Machinery account
(vi) Capital account
(vii) Prepaid Insurance Premium account
(viii) Wages account
(ix) Copyright account
(x) Telephone Exp. account
OR
3 (a) What is meant by Financial Accounting? Explain 5
difference between Financial Accounting and Management Accounting.
(b) State the name of the accounting concepts which is 5 followed in the following statements.
(i) Owner is treated just as an outsider from the view point of business.
(ii) Transactions are recorded in books of accounts on the basis of Vouchers.
(iii) Any purchase of goods or asset is to be recorded in the books of accounts at its cost price.
(iv) Health of employees is not to be recorded in books of accounts.
(v) Deferred Revenue Expenditure is to be written off during certain no. of years and not in the year of expense itself.
SECTION-II
From the following transactions, prepare three 13
Columnar Cash Book of Mr. Dinesh.
2009
Dec. 1 Opening Cash Balance Rs. 18,000, Opening Bank Overdraft Rs. 10,000
3 Deposited Rs. 6,500 in Bank
5 Goods of Rs. 8,000 was sold to Hetal at 10% Trade Discount and 5% Cash Discount. Hetal paid the amount immediately by cheque.
7 Machine of Rs. 9,500 is purchased and cheque of necessary amount is issued.
10 Cheque of Rs. 5,800 issued to Nilesh in full settlement of account of Rs. 6,000.
12 Salary of Rs. 1,500 and Brokerage of Rs. 1000 paid by cash.
15 Rs. 1,800 withdrawn from the bank for payment of office rent and Rs. 1,200 for payment of school fees of daughter.
18 Office Rent and School fees of daughter are paid.
21 Mukesh issued a cheque of Rs. 4,000 towards payment of an old debt, which we deposited in the bank.
23 Cheque issued by Mukesh is dishonoured.
27 Commission of Rs. 3,000 received in cash.
31 After keeping cahs on hand of Rs. 5,000,
remaining amount is deposited in the Bank.
OR
4 Explain following Accounting terms :
|
(i) |
Contra Transactions |
3 |
|
(ii) |
Voucher |
2 |
|
(iii) |
Journal |
2 |
|
(iv) |
Demurrage |
2 |
|
(v) |
Trial Balance |
2 |
|
(vi) |
Stock |
2 |
5 Explain following technqiues of Inventory Control in detail.
(a) ABC Analysis 4
(b) VED Classification 4
(c) SOS Classification 4
OR
5 (a) State with reasons, whether the following 6
statements are true or false.
(i) Capital is a liability for business
(ii) Copyright a/c is a Real type of account
(iii) Total of both the sides of balance sheet is always equal.
(iv) According to Business Entity Concept, Owner and Business both are different,.
(v) Cost of Fixed Assets is to be taken as an expense in Profit and Loss account in the year of expense itself.
(vi) Goods distributed as free samples are to be recorded in books of accounts.
|
(b) |
Explain following terms : |
|
(i) Reorder Point | |
|
(ii) Buffer Stock | |
|
Write short notes on : (any two) | |
|
(a) |
Debit Credit rules with illustrations |
|
(b) |
Revenue Recognition Concept |
|
(c) |
Money Measurement Concept |
|
(d) |
Factors affecting inventory in business organization |
RF-3953] 7 [ 200 ]
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Attachment: |
| Earning: Approval pending. |
