Madras University (UnOM) 2006 B.Sc Mathematics Financial Accounting - Question Paper
Monday, 12 August 2013 05:40Web
Page 1 of 2
Time: 3 hours
Maximum: 100 marks
part A - [5 x eight = Marks 40]
ans any 5 ques..
All ques. carry equal marks.
1. Briefly discuss the different Accounting Concepts.
2. What are the objectives of preparing Trial Balance?
3. How are prepaid expenses adjusted? Illustrate with an example.
4. The subsequent balances are extracted from the books of
Thiru. Chinnappan as on 30.6.2002.
Rs. Rs.
Capital 20,000 Salaries 5,000
Drawings 5,000 Rent 2,000
Purchases 90,000 Taxes 300
Sales 1,30,000 Insurance 600
Return Inwards 700 Sundry debtors 8,000
Return Outwards 900 Sundry creditors 6,000
Carriage Inwards 1,100 Cash on hand 500
Carriage Outwards 800 Cash at Bank 2,500
Duty on purchases 2,000 Furniture 1,000
Stock on 1.7.02 11,000 Land 20,400
Motor Van 6,000
Prepare Trial Balance as on 30.6.2002.
5. Rectify the subsequent errors :
(a) Goods purchased for Rs. 2,500 from Mr. Kannan not entered in the books of accounts.
(b) Goods sold to Mr. Duraisamy for Rs. 2,300 on credit basis not entered in the accounting records.
(c) Goods returned by Mr. Ganesan for Rs. 200 not entered in the books of account.
(d) Goods sold to Sriram for Rs. 6,000 was entered by mistake in the debit side of Seetharam's Account.
6. Mr. Mani's cash book showed the Bank balance of Rs. 1,100 as on 31st March 2002. From the subsequent information, prepare a Bank Reconciliation Statement.
(a) Interest Rs. 120 collected by the Bank and it was entered in the cash book on fourth April 2002 duly.
(b) Bank charges Rs. 15 was not entered in the cash book.
(c) Cheques remitted into Bank for collection amounted to Rs. 2,000 but only Rs. 1,650 worth of cheques were collected by the Bank.
(d) Cheque issued but not paid by the Bank was Rs. 1,000.
(e) Bank collected and credited the Dividend amount of Rs. 400 was not yet to be known to Mani.
7. X and Co. of Chennai has a branch at Trichy. Goods are sent by the H.O. at invoice price which is at a profit of 20% on invoice price. All expenses of the branch are paid by the H.O. From the subsequent particulars, prepare branch account in the H.O. books when goods are shown at invoice price:
Rs.
Opening Balances
- Stock at invoice price 11,000
- Petty cash 100
- Goods sent to branch at invoice price 20,000
Expenses made by H.O.
- Rent 600
- Wages 200
- Salary 900
Remittances made to H.O.
- Cash sales 2,650
- Cash collected from Debtors 21,000
Goods returned by Branch at invoice price 400
Credit sales 21,300
Earning: Approval pending. |