Veer Narmad South Gujarat University 2011-1st Year B.B.A SB-1367 Financial Accounting ( old ) ( Sem - 2 ) - Question Paper
SB-1367
B. B. A. (Sem. II) Examination March / April - 2011 Financial Accounting (Old Course)
[Total Marks : 70
Time : 3 Hours]
Instructions
Seat No.:
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Fillup strictly the details of signs on your answer book.
Name of the Examination :
B. B. A. (Sem. 2)
Name of the Subject:
Financial Accounting (Old)
Student's Signature
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-Subject Code No.: |
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-Section No. (1,2,.....): Nil |
(2) Use of simple calculator is permitted.
(3) Figures to the right indicate marks of the question.
1 The following is the Trial Balance of Shri Ronak Patel 15 as on 31.3.10. You are requested to prepare the Trading Account, Profit and Loss Account for the year ended 31.3.10 and Balance Sheet as on that date after making the necessary adjustment :
Trial Balance
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Debit Balance |
Rs. |
Credit Balance |
Rs. |
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Debtors |
5,00,000 |
Creditors |
2,00,000 |
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Wages |
1,00,000 |
Capital Account |
13,88,000 |
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Carriage outwards |
1,10,000 |
Sales |
19,87,500 |
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Carriage inwards |
50,000 | ||
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General expenses |
70,000 | ||
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Cash discount |
20,000 | ||
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Bad Debts |
10,000 | ||
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Motor Car |
2,40,000 | ||
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Printing-Stationary |
15,000 |
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Adjustments : |
(i) Stock on 31.3.10 was valued at Rs. 7,25,000
(ii) A provision for Bad and Doubtful debts is to be created to the extent of 5% on debtors.
(iii) Depreciate : Furnitures by 10% and motor car by 20%.
(iv) Shri Ronak had withdrawn goods worth Rs. 25,000 during the year.
(v) Sales include goods worth Rs. 75,000 sent out to Taral on approval and remaining unsold on 31.3.10. The cost of the goods was Rs. 50,000.
(vi) The salesmen are entitled to get 5% commission on total sales.
(vii) Debtors include 25,000 bad debts
(viii) Purchase include purchase of furniture worth Rs. 50,000.
2 From the following particulars, prepare a bank 10
reconciliation statement showing the balance as per cash
book as on 31.12.2010.
SB-1367] 2 [Contd...
(i) Out of cheques of Rs. 9,000 paid on 29th December,
Rs. 4000 appear to have been credited in the pass book on 02.01.2011.
(ii) I had issued cheques in December, 2010 amounting in all to Rs. 16,000. Out of which I find that cheques for Rs. 7,000 have been cashed in the same month; a cheque at Rs. 5,000 cashed on January 3, 2011 and the rest have not been presented at all.
(iii) My bankers given me a wrong credit in my joint account with my wife, in respect of a cheque of Rs. 2,000 paid in to my personal account.
(iv) Rs. 1,000 for interest on overdraft charged in the pass book on 31st December has been entered in my cash book on 4th January 2011.
(v) My passbook shows a credit of Rs. 1,200 to my account being interest on my securities collected by my bankers.
(vi) The bank balance as per my passbook showed an overdraft of Rs. 19,000.
2 Give the vertical form of balance sheet as per schedule 10
VI of the company Act with imaginary figures.
From the following transaction of Mukti Patel prepare her 10
three consumer cash book for the month of December 2010 :
2010
Dec. 1 Cash on hand Rs. 10,000 and bank overdraft Rs. 15,000
Dec. 1 Additional capital brought in the business by selling her personal laptop for Rs. 20,000 and the amount deposited in the bank.
Dec. 5 Cash sale of Rs. 20,000 at 10% trade discount and 2% cash discount.
Dec. 8 Sold goods to Tanvi Rs. 10,000 at 10% trade discount and she gave crossed cheque for half the amount.
Dec. 10 Withdrew from the bank Rs. 5,000 for personal expenses.
Dec. 15 Cheque of Tanvi was dishonoured and she gave cash against the cheque.
Dec.20 Received 3% commission on total sale of Rs. 3,00,000.
Dec.22 Cash deposited in the bank Rs. 10,000
Dec.25 Received a crossed cheque for Rs. 9,700 from Jayna in full settlement of her account of Rs. 10,000
Dec.28 Issued a cheque to Shital for Rs. 7,840 after deducting 2% cash discount.
Dec.29 Salary paid to Krishna Rs. 5000 by cash and rent to landlord by cheque Rs. 8000
Dec.31 Keeping Rs. 1,000 cash on hand, the balance
deposited in the bank.
OR
3 Enter the following transaction in proper subsidiary 10
books of Kalpesh Kansara :
2010
Dec.l Sold goods to Ramesh...............................Rs. 1,050
Dec.l Bought from Hariram...............................Rs. 1,560
Dec.2 Ramesh returns goods.................................Rs. 150
Dec.2 Sold to Dinanath.......................................Rs. 1,100
Dec.2 Purchased goods from Mangal.................Rs. 1,400
Dec.4 Return goods to Mangal..............................Rs. 200
Dec.4 Bought from Devilal.....................................Rs. 650
Dec.4 Sold to Zakir.................................................Rs. 700
Dec.5 Zakir returned goods......................................Rs. 90
Dec.6 Sold to Ramsaran......................................Rs. 1,000
Dec.6 Sold to Ghanshyam......................................Rs. 600
Dec.7 Ramsaran returned goods...........................Rs. 100
Dec.7 Bought from Devilal..................................Rs. 1,400
SB-1367] 4 [Contd...
Dec.8 Returned goods to Devilal...........................Rs. 150
Dec.9 Purchased goods from Raghunath subject to a trade discount of 10%..........................................Rs. 2,000
Dec. 10 Sold to Rajaram subject to trade
discount of 5%..........................................Rs. 1,000
4 A second hand machine was purchased on 1.1.06 for 10
Rs. 16,00,000 overhauling and installation expenses for the same machine amounted to Rs. 4,00,000. Another machine was purchased for Rs. 8,00,000 on 1.7.06.
On 1-7-08 the machine instaled on 1-1-06 was sold for Rs. 10,00,000 Dismantling charges for the machine sold on
1.7.08 were Rs. 40,000. On the same date, another machine was purchased for Rs. 32,00,000 and was commissioned on
30.9.08 the company has adopted the calender year as its financial year. Under the existing practice, the company provides depreciation at 10% p.a. on the original cost. In 2009, it has been decided that depreciation will be charged on the diminishing balance method at 15% p.a. The change is not be made with retrospective effect.
Show machine account from 2006 to 2010. Also show machine disposal account.
OR
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4 Prantik Boys Club prepared the following receipts and 10 payment account for the year ended 31.12.10 : | ||||||||||||||||||||||||||||||||||||||||||||
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The fixed assets of the club on 1.1.10 include the following - sports equipment Rs. 40,000; furniture Rs. 6,000 10% Govt, securities Rs. 16,000 and club ground Rs. 25,000.
Prepare income and expenditure account of Prantik Boys club for the year ended 31st December 2010, and a balance sheet on that date after taking into account the following information.
(a) Subscriptions for 2010 collected in 2009 for Rs. 1,500
(b) Subscription for 2010 are outstanding for Rs. 1000
(c) Depreciation to be provided at 15% p.a. on sports equipment and at 7.5% p.a. on furniture.
5 Answer the following :
(i) What is contra entry ? How will you do ledger 2 posting of it ?
(ii) Sun Ltd. purchased a machine for Rs. 10,000 on 2 1.4.09. Depreciation is provided at 10% on WDV method.
The depreciation provided on the machine in 2009-10 year is Rs._
(iii) Ascertain purchase from the following figures : 2
Cost of goods sold.................................Rs. 80,700
Opening stock..........................................Rs. 5,800
Closing stock............................................Rs. 6,000
(iv) Petty expenses of business are grouped under the 2 heading sundry expenses because of :
(i) Convention of conservatism
(ii) Convention of materiality
(iii) Convention of consistency
(i) Goods are sold
(ii) Cash is received
(iii) Production is completed.
6 Write short notes : (any three) 15
(i) Reasons of preparing BRS
(ii) Functions of Accounting
(iii) Dual aspect concept
(iv) Subsidiary books system
(v) Sinking fund method.
SB-1367] 7 [ 2500 ]
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Attachment: |
| Earning: Approval pending. |
