IInd Semester B.Com Degree Examination, 17th March 2012
BC2B02 – Financial Accounting
Time: Three Hours Maximum: 30 Weightage
I - Answer All Twelve Questions
A - Fill in the Blanks:
1) Input >…………. > outputs > ……………
2) AS 3- Deals …………………
3) Sales Journal records all ………………… sales of Goods
4) Preliminary expenses are an example of ………………
B - Write the Correct Answer from the Choice Given in the Brackets:
5) Payment made to creditors is a (capital receipt, capital expenditure, revenue exp, revenue receipt)
6) Income received in advance is (an income, a liability, an asset, a loss)
7) Goods is given as samples should be credited to (advertisement account, sales account, purchase account, none of the above)
8) Payment of LIC premium of owner is debited to ( capital account, drawings account, LIC premium account, None of these)
C - Answer in One Word:
9) Trial balance is prepared to.
10)Credit note means.
11)Final accounts include.
12)The amount of money owned by a business to outsiders is known as.
(12 × ¼ = 3 Weightage)
II – Short Answer Type Questions (Answer All Nine Questions)
13)Define financial accounting.
14)What do you mean by capital expenditure?
15)What are closing Entries?
16)Name the different types of cash book.
17)Define ledger.
18)What is trade discount?
19)What is business entity concept?
20)Define Balance Sheet.
21)Give the adjusting entry for prepaid expenses.
(9 × 1 = 9 Weightage)
III – Short Essay / Paragraph Questions (Answer Any Five Questions)
22) Journalise the following Opening Entry:
Cash in hand 2,000
Plant 50,000
Furniture 5,000
Creditors 13,000
Debtors 18,000
23)Journalise the following Transactions
Jan. 1 Arun commenced business with cash 50,000
2 Purchased goods for cash 10,000
5 Purchased goods from Mohan on credit 6,000
7 Paid into Bank 5,000
10 Purchased furniture 2,000
20 Sold goods to Suresh on credit 5,000
25 Cash sales 3,500
26 Paid to Mohan on account 3,000
31 Paid salaries 2,800
24)From the following particulars prepare the sales book of Modern Furniture Mart
2003 June 5 Sold on credit to Arvind & Co.
20 tables @ Rs.600 per table
20 chairs @ Rs.300 per chair
7 Cash sales to Anand & Co.,
10 tables @ Rs.300 per table
20 chairs @ Rs.150 per chair
10 Sold to Baskar & Co., on credit
10 almirahs @ Rs.3,000 per almirah
10 tables @ Rs.200 per table
15 Sold old typewriter for Rs.1,000 to Madan on credit
20. Sold to Gopinath on credit.
10 ables @ Rs.1,000 per table
25) Show the Effect of Transactions on Accounting Equation :
1. A started business with cash Rs. 350000
2. Brought a car for Rs. 210000
3. Purchased goods from ABC traders, Rs. 20000
4. Cash sales Rs. 3000
5. Sold goods on credit to Mohan Rs.25000
6. Paid for office stationary Rs. 250
26)Prepare a Double Column Cash Book from the following transactions of Mr.Gopalan:
2004 Jan. 1 Cash in hand 4,000
6 Cash Purchases 2,000
10 Wages paid 40
11 Cash Sales 6,000
12 Cash received from Suresh and 1,980 allowed him discount 20
19 Cash paid to Meena 2,470 and discount received 30
27 Cash paid to Radha 400
28 Purchased goods for cash 2,070
27)Distinguish between capital expenditure and revenue expenditure.
28)The following balances were extracted from the ledger of Rahul on 31st March, 2003. You are requested to prepare a trial balance as on that date in the proper form.
Salaries 36,320 Purchases 1,44,670
Sales 1,73,500 Sundry Debtors 1,430
Plant & Machinery 34,300 Travelling Expenses 2,630
Commission Paid 1,880 Carriage Inward 240
Stock on 1.4.2002: 11,100 Sundry Creditors 14,260
Repairs 1670 Capital, 1.4.2002 62,500
Sundry Expenses 460 Drawings 3,500
Returns Inward 1,000 Cash at Bank 1,090
Discount Allowed 1,150 Returns Outward 400
Rent and Rates 3,220 Investments 6,000
(5 × 2 = 10 Weightage)
IV – Essay Questions (Answer Any Two Questions)
29)The trial balances of Mr.Uma Shankar shows the following balances on 31st March 2000. Prepare final accounts.
Debit Balance Rs. Credit Balance Rs.
Purchases 70,000 Capital account 56,000
Sales returns 5,000 Sales 1,50,000
Opening stock 20,000 Purchase returns 4,000
Discount allowed 2,000 Discount received 1,000
Bank charges 500 Sundry creditors 30,000
Salaries 4,500
Wages 5,000
Freight inwards 4,000
Freight outwards 1,000
Rent, rates and taxes 5,000
Advertising 6,000
Cash in hand 1,000
Plant and machinery 50,000
Sundry debtors 60,000
Cash at bank 7,000
2,41,000 2,41,000
Additional information:-
Closing stock on 31st March 2000 was Rs. 30,000.
Depreciation on plant and machinery 6%
Provide 5% for bad and doubtful debts
Prepaid rent 200
Interest on capital to be allowed at 8% pa
30) Journalise the following transactions and post them into ledger and prepare trial balance.
Apr 1st , 2010. commenced business with cash Rs.600000.
2 Opened a state bank of India account with Rs 50000.
3 Purchase land and building Rs. 200000
5 Bought goods from Anil Rs.45000
6 Sold goods to Arun Rs.18000
11 Drew cheque for Rs.4300 for petty cash.
15 Paid to Anil on account Rs.40000
16 Received cheque from Arun Rs.14900;Discount allowed to him Rs.100
17 Paid salary Rs.8000
18 Bought goods for cash Rs.16500
19 Bought Loose tools Rs.4700
20 Sold goods for cash Rs.12000
21 Paid electricity charges Rs.900
22 Bought goods from Manohar Rs.50000
25 Goods returned to him Rs.500
26 Cheque sent to Manohar in full settlement of his account.
27 Paid carriages Rs.230
31)Explain the Accounting Process with the help of an Accounting cycle.
(2 × 4 = 8 Weightage)
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