Vardhaman Mahaveer Open University (VMOU) 2008 B.Com Financial Accounting - Question Paper
B.Com. (First Year) EXAMINATION, December, 2008 FINANCIAL ACCOUNTING
Paper BC-Ol
Time allowed: Three hours
Maximum marks: 100
Attempt any five questions. Each question carries equal marks.
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What do you mean by accounting concepts and conventions ? Explain briefly some important accounting concepts and conventions.
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2. Record .he following transactions in the journal of Ram
|
2007 |
Rs. | |
|
Jan., 1 |
Started business with cash |
1,00.000 |
|
Jan.. 3 |
Purchased goods |
20,000 |
|
Jan., 5 |
Purchased goods from Raj |
30,000 |
|
Jan., 7 |
Sold goods to Shyam |
10,000 |
|
Jan., 9 |
Purchased Furniture |
8,000 |
|
Jan., 10 |
Received cash from Shyam | |
|
in full settlement |
9,800 | |
|
Jan., 12 |
Received commission |
1,500 |
|
Jan., 15 |
Paid rent to Amit |
1,000 |
Jan., 18 Purchased goods from
Vinay for cash 5,000
Jan., 22 Sold goods to Megha for cash 15,000
Jan., 25 Paid cash to Raj as
part payment 20,000
Jan., 28 Paid salary to Manager 1,500
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2007
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3. What is the meaning of posting ? Give its procedure with example. 8+12
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4. What do you mean by Capital and Revenue expenditure ? Give five examples of each expenditure. In what circumstanccs revenue expenditure become capital expenditure ? 8+5+7
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5. After making a trial balance following errors were found.
Give entries for their rectification. Prepare suspense
account and show their effect on profit:
(i) The amount Rs. 750 received from Ramesh but entered on the debit side of Ramesh as Rs. 570.
(ii) Goods purchased for Rs. 2,000 from Mukesh wrongly entered in Sales Book.
(iii) Money withdrawn on account of personal use Rs. 500 for travelling but entered in travelling expenses account.
(iv) Received Rs. 800 from Ram relating to loan which were previously written off as bad debts. This amount was credited to his personal account.
(v) Bill receivable received from Mohan but entered in Bills Payable Book Rs. 2,000.
(vi) Total of Sales Return Book carried forward as Rs. 5,200 instead of Rs. 2,500.
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6. What are the objects of making final accounts ? Give an example of trading and profit and loss account with imaginary figures showing gross profit and net profit.
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7. On 1st January, 2006 the Jaipur Transport Company purchased a truck for Rs. 8,00,000. On 1st July, 2007 this truck was involved in an accident and was completely destroyed and Rs. 6.00.000were received by a cheque from the Insurance Comparn in full settlement. On the same date another truck was purchased by the company for Rs. 10.00.000. The company writes off 20% depreciation per annum on written down value method. Prepare the Truck Account and Depreciation Account from the year 2006 to 2008 when books are closed on 31st March every year.
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8. What do you understand by "Consignment of goods ?" Which neccssary accounts are opened in the books of Consignor? 812
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9. A and Centered into a joint venture to purchase and sell the iron goods. On 1st January 2007 A and B constributed
Rs. 1,60.000 and Rs. 1,00.000 respectively towards the venture and opened a Joint Bank Account. They agreed to share profits and losses in the ratio of 3:2.They paid Rs.
2,00,000 for goods purchased, Rs. 2,000 for brokerage, Rs.
10,000 for freight and Rs. 20,000 for sundry expenses. The sale of 3 months period was Rs. 2.80,000. Closing stock was taken by B for Rs. 10,000. The Accounts were settled. Give journal entries and prepare necessary account.
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10. Write explanatory' notes on :
(i) Goods in transit.
(ii) Cash in transit.
(iii) Depreciation on branch fixed assets.
(iv) Inter-branch transactions.
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800 8 BC-01
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Attachment: |
| Earning: Approval pending. |
