Veer Narmad South Gujarat University 2011-2nd Sem Certification MS-CIT SD-3812 Business System - 1 B.sc ( I T ) ( ) - Question Paper

SD-3812

B. Sc. (I.T.) (Sem. II) Examination

April / May - 2011

Business System - I

Time : 3 Hours]    [Total Marks : 70

Instructions :

(1)

6silq<3i Puunkiufl [qaim SuwiA u* qsq Fillup strictly the details of signs on your answer book.

Name of the Examination :

B. Sc. (I.T) (SEM. 2)

Name of the Subject:

BUSINESS SYSTEM - 1

-Subject Code No.

3 8 1 2

-Section No. (1,2......): Nil

(2)    Mention your choice clearly. Do not mix with differnt/odd option.

(3)    Rights figures to the question indicate full marks.

From the following Trial Balance of Rajesh as on 31-03-2010 and additional information, prepare Final Accounts.

Trial Balance of Rajesh as on 31/3/2010

Name of Account	Debit Balance (Rs.)	Credit Balance (Rs.)
Capital and Drawings	12,500	182,500
Purchase and Sales	130,000	160,000
Goods Return	6,000	4,000
Stock (1-04-2009)	40,000	-
Land and Building	80,000	-

Machinety	55,000	-
Salary	18,000	-
Outstanding Salary	-	1,500
Insurance Premium	750	-
Debtors and Creditors	42,000	18,000
10% Loan from Mahesh (Form - 1/04/2009)	-	50,000
Freight and Octroi	3,500	-
Carriage inward	2,500	-
Goods given as Charity	-	1,600
Charity Exp.	1,600	-
Bad Debts and Bed Debts Reserve	3,000	2,500
Interest on Loan	4,500	-
Commission	-	5,250
Bank Balance	26,000	-
TOTAL	425,350	425,350

Adjustments :

(i)    Closing Stock is of Rs. 50,000 of which market value of 10 % goods is 20% more.

(ii)    Goods of Rs. 600 are distributed as free samples, which are not recorded in the books.

(iii)    Write off Rs. 1,000 as Bad Debts and Provision 5% Bad Debts Reserve.

(iv)    Calculate Interest on Capital at 10% and Collect Rs.

900 as Interest on Drawings.

(v)    Provided Depreciation at 10% on Land and Building and 5% on Plant and Machinery.

(vi)    Prepaid Insurance Premium of Rs. 150 and Commission of Rs. 750 is received in Advance.

2 Solve (any two) out of the following mentioned    18

questions :

(a) Form the following transactions, prepare three    9

Columnar Cash Book of Mr. Divyesh.

2010.

Mar. 1 Opening Cash Balance Rs. 15,000, Opening Bank Overdraft Rs. 5,000.

Mar. 4 Purchase goods of Rs. 12,000 at 10% Cash Discount form Paresh and paid the amount by cheque.

Mar. 8 Commission of Rs. 1,500 and Rent of Rs, 1,000 received in Cash.

Mar. 11 Furniture is sold for Rs. 1,500 and received half amount in cash and half by cheque.

Mar. 14 Sold goods to Rajiv for Rs. 7,500 at 10% Trade Discount. The cheque is received for the same and immediately deposited to Bank.

Mar. 18 Dinesh issued a cheque of 8,200 towards payment of an old debt, which we deposited in the Bank.

Mar. 22 Cheque issued by Dinesh is dishnonoured.

Mar. 25 Telephone Exp. of Rs. 1800 is paid by cheque. Electricity Exp. of Rs. 2500 is paid in Cash.

Mar. 31 After keeping cash on hand of Rs. 12,000, remaining amount is deposited in the Bank.

Prepare the Journal of Mr. Sanjay from the following 9

transactions for the month of January 2010.

1 Started Business by bringing cash Rs. 24,000, Debtors of Rs. 2,000 Furniture of Rs. 10,000 and Goods of Rs. 4,000.

5 Deposited Rs. 20,000 with the Bank and Opened an Account.

8 Purchased goods of Rs. 18,000 at 10% Trade Discount and 10% Cash Dicaount from Sehul. Paid the amount by Cheque.

10 Sold goods Costing Rs. 10,000 after adding 20% Profit to Ash win.

14 Borrowed a Loan of Rs. 15,000 from Jayesh at 10% Interest.

18 Paid Salary Rs. 2,100 and Wages Rs. 1,000.

21 Took away the Goods of Rs. 1,500 from the business for personal use.

24    Paid a bill of Rs. 700 for advertisement in Times of India.

25    Received a Cheque of Rs. 2,200 Rent.

Contra Transactions Capital Depreciation Debtors

(a) Solve (any two) out of the following mentioned    18

questions :

(i) From the following transactions, prepare    5

Columnar Purchase Book, Sales Book, Purchase Return Book and Sales Return Book in the books of Fashion House.

2010

Dec. 1 Purchased from Jay Garments 10 Shirts at Rs.

300 per Shirt ; 5 Jeans at Rs. 500 per Jeans and 10 Belts at Rs. 100 per Belt at 10% Trade Discount under invoice no. 12.

Dec. 3 Purchased from Jolly Sales 15 Shirts at Rs. 400 per Shirt ; 7 Jeans at Rs. 600 per Jeans on 1 months credit under invoice no.22

Dec. 7 Sold to Kiran 3 Shirt at Rs. 500 per Shirt ; 2 Jeans at Rs. 700 per Jeans and 2 Balts at Rs.

150 per Belt at 2% Trade Discount under invoice no. 15.

Dec. 10 Kiran returned 1 Shirt as the same was of bad quality. Issued Credit note no. 2 for the same.

Dec. 12 Shirt received back from Kiran was returned to Jay Garments under Debit note no.5.

-3812]    5    [Contd..

and	give a brief explanation :
(a)	Surat Urban Development Authority a/c
(b)	Machinery a/c.
(c)	Loss by Theft a/c.
(d)	Dena Bank a/c.
(e)	Government of India a/c.
(0	Furniture a/c.
(g)	Dividend a/c.
(h)	Commission a/c.

(b) Write short notes :

(i)    Debit Credit Rules with illustrations.    5

(ii)    Business Entity Concept.    4

(c) (i) State the name of the Accounting Concepts    6

associated with the following statements.

(a)    Entries are recorded in books of accounts on the basis of Vouchers.

(b)    Salary for the month of March, 2010 paid in April, 2010 is taken as a salary expense in Financial Year 2009-10.

(c)    Transfer of employees from one department to another is not recorded in books of accounts.

(d)    Sales are recorded in books of account on the date of preparation of Sales Invoice.

(e)    Owner and Business both are different and separate from each other.

(f)    Financial Statement are prepared for specific period.

(ii) Explain VED classification technique of inventory 3

management.

4 Write short notes on : (any four)    18

(a)    Pre requisites or Essentials of Inventory Management.

(b)    Explain Buffer Stock, Safety Stock and Reserve Stock.

(c)    Money Measurement Concept.

(d)    Difference between Financial and Management Accounting.

(e)    Cost Concept.

(f)    meaning and Types of Subsidiaty Books.

SD-3812]    7    [ 200 ]

Attachment: veer-narmad-south-gujarat-university-2011-certification-ms-cit-27822-1.pdf

Earning:   Approval pending.