Acharya Nagarjuna University (ANU) 2005 B.Com Part II - Commerce I - FINANCIAL ACCOUNTING - I - Question Paper

B.Com. DEGREE EXAMINATION, DECEMBER 2005.
(Examination at the end of 1st Year)
Part II - Commerce Paper I - FINANCIAL ACCOUNTING - I

Time : 3 hours Maximum : 100 marks

part - A ans any 4 ques. (4 x five = 20 marks)

1. Advantages of double entry system.

2. Distinguish ranging from capital and revenue expenditure.

3. What is Journal proper?

4. elaborate accommodation bills ?

5. Classify Errors.

6. Why is Del Credere Commission paid ?

7. Distinguish ranging from reserve and provision.

8. State the objects of preparing final accounts.

part - B Answer any 2 ques.. (2 x 10 = 20 Marks)

9. Journalise the subsequent transactions.

(a) 1.04.2005 Amar commenced business with cash Rs. 4,50,000
(b) 3.04.2005 Cash deposited into the bank Rs. 3,00,000
(c) 5.04.2005 Purchased goods from Bose Rs. 2,00,000
(d) 8.04.205 Sold goods to Chaitanya Rs. 2,50,000
(e) 12.04.2005 Goods returned by Chaitanya Rs. 20,000
(f) 16.04.2005 Goods returned to Bose Rs. 10,000
(g) 21.04.2005 Cash paid to Bose Rs. 1,85,000 in full settlement
(h) 25.04.2005 Commission received Rs. 15,000
(i) 30.04.2005 Salaries Paid Rs. 20,000

10. From the subsequent ledger balances prepare Trial Balance :
Rs Rs.
Capital 2,00,000 Plant and Machinery 1,20,000
Cash in hand 2,400 Furniture 30,000
Purchase 2,40,000 Sales 4,00,400
Bills payable 44,000 Bills receivable 40,000
Stock (1.04.2004) 70,000 Rent 20,000
Debtors 1,00,000 Wages 32,000
Creditors 48,000 Discount received 2,000
Salaries 40,000

11. Phani sold goods to the value of Rs. 50,000 to Murali, taking a bill at 3 months, therefore date 18th July 2004. Show that entries would be passed in the books of both the parties under every of the subsequent circumstances :

(a) If the bill realised on due date
(b) If the discounted it with their banker for Rs. 49,200

12. On first January 2005 Ameer of Anantapur sent 20,000 toys to Zaheer of Zaheerabad on consignment. The cost of these toys is Rs.1,50,000. The proforma invoice price fixed at 25% profit on sales. On the identical day, Ameer paid Rs. 14,000 towards freight charges. Zaheer paid Rs. 6,000 for godown rent. He sold 16,000 toys for Rs. 1,60,000. Zaheer is to be paid 5% commission on sales. Zaheer paid the amount due by a bank draft. Prepare the necessary ledger accounts in the books of Ameer.

part - C Answer any 3 ques.. (3 x 20 = 60 marks)

13. From the subsequent particulars ascertain the balance by means of a reconciliation statement that would appear in the pass book of Mr. Surya Prakash as on 31st December 2004.

Earning:   Approval pending.