Institute of Chartered Financial Analysts of India (ICFAI) University 2007 Certification Finance Financial Accounting (CFA510):2009 - Question Paper
Monday, 17 June 2013 10:55Web
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7. Which of the subsequent events/transactions is not recorded in the Triple column cash book of a business?
(a) Withdrawal of cash by the proprietor for domestic expenditure
(b) Withdrawal of cash from the firm bank account for repaying house building loan of the
proprietor
(c) Purchase of a new asset in exchange of an old asset; paying part amount by cheque
(d) Receipt of dividend by proprietor on personal investments
(e) Loss of stock by fire for which insurance claim is received by cheque. (1 mark)
8. A credit entry in which of the subsequent accounts increases its balance?
(a) Rent receivable account
(b) Carriage outwards account
(c) Goodwill account
(d) Returns outward account
(e) Insurance paid in advance account. (1 mark)
9. Puneeth, a sole proprietor, maintains a 3 column cash book to record his business transactions.
Consider the subsequent data pertaining to his business for the month of December, 2008:
Date Particulars Rs.
Dec.5 Cheque received from a customer (after allowing a discount of
Rs.3,750)
75,000
Dec.12 Paid to the supplier by cheque (discount allowed by the
supplier: Rs.15,000)
1,50,000
Dec.15 Sold goods on credit to Arjun for Rs.20,000 at a trade discount
of 5%; an additional cash discount of 2% will be allowed if the
payment is made within seven days.
Dec.19 Received a cheque from Ram, a customer (who owed
Rs.24,750 and was allowed a discount of 10%)
22,275
Dec.20 Received cash from Arjun in full settlement of the credit sales
made to him on December 15, 2008
Dec.26 Paid to M/s. Kruthika and Co. in full settlement of their dues of
Rs.42,750
39,375
Dec.29 Received from Ramana & Bros. (as against Rs.58,350) in full
and final settlement
54,300
The balance of discount allowed account for the month of December 2008 was
(a) Rs.11,275
(b) Rs.10,855
(c) Rs.10,655
(d) Rs.18,375
(e) Rs.20,850. (2marks)
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10.At the time of finalization of accounts, entries passed for outstanding expenses, depreciation and interest
on capital are referred to as
(a) Opening entries
(b) Journal entries
(c) Adjustment entries
(d) Contra entries
| Earning: Approval pending. |
