Vinayaka Missions University 2010 B.Com Accounting and Finance Financial accounting - Question Paper

COURSE CODE-1040103

UG DEGREE EXAMINATION JAN 2010

BA (COR.SEC) / BCOM / BCOM (ACC.FIN / CA / INT.BUS /

MAR.MGT)

FINANCIAL ACCOUNTING

(For Candidate Admitted from Calendar 2007 Onwards)

Time: 3 Hours Max.Marks:75

PART-A

Answer All the Questions: 10 X 2 = 20

1. What is accounting.

2. Write short note: Capital Income?

3. Enumerate the two factors of Depreciation.

4. What is meant by Accommodation Bill?

5. Define Partnership.

6. List out the advantages of self-balancing ledgers.

7. What is meant by Bank reconciliation statement?

8. What is meant by error of Principle?

9. Prepare a Sales Book from the following transaction.

Jan 2004 1, sold goods to sen Rs.400

5 sold goods to Raja 250

20 sold goods to Ram 800

30 sold goods to Roy 300

10. What is Revaluation Account?

PART-B

Answer All the Questions: 5 X 5 = 25

11. a. Distinguish between Trial Balance and Balance sheet

(Or)

b. What are the advantages of double entry system?

12. a. What is Trial Balance? Discuss the main objects.

(Or)

b. Rajeev keeps his books by the single entry method

His position on 31 March 1995 was as follows:

Cash in hand Rs. 2400

Cash at bank Rs. 25500

Debtors Rs. 18400

Stock Rs. 28600

Furniture Rs. 5000

Creditors Rs. 18700

Expenses out standing Rs.2000

On Ist October 1995, He Introduced Rs 10000 as further capital and

with drew on the same dare Rs 7000 out of which he spent Rs. 5000

on the purchase of a machine foe the business.

On 31 March 1996 his position was as follows:

Cash in hand Rs 2100

Cash at bank Rs. 27500

Stock Rs 31500

Debtors Rs. 24200

Furniture Rs. 6000

Creditors Rs. 25500

Prepaid Insurance Rs. 200

Prepare the necessary statement showing profit and loss made by

him during the year ended 31 march 1996.