After transactions are recorded in the subsidiary books, entries are posted in the appropriate ledger accounts. After extracting the balances in the ledger accounts a trial balance is prepared at the end of the accounting year to check the arithmetical accuracy. From the trial balance final accounts are prepared in the usual manner. The final accounts consist of Profit and Loss Account and Balance Sheet.
Showing posts with label faizmji. Show all posts
Showing posts with label faizmji. Show all posts
Friday, April 6, 2012
Tuesday, March 27, 2012
ACCOUNTING FOR HOTELS
Meaning and Definition of Hotels
A hotel simply refers to an establishment that provides rooms and meals. A hotel may be defined as a place that offers accommodation, food, and beverages at a cost that enables it to make a profit. Hotels provide accommodation, meals and refreshments, for irregular periods of time for those who may reserve their accommodation either in advance or on the premises. In broad terms, hotels provide facilities to meet the needs of the modern traveler. In short, hotel is an establishment that provides lodging usually on a short term basis. Today hotels provide much more than just accommodation and meals. It often provides a number of services such as restaurant, swimming pool, or child care; some hotels have conference and meeting rooms. Services are provided to guests based on their needs. Now the hotel industry is referred to as ‘hospitality industry’.
Features of Hotel Business
The chief features of hotel business are as follows:
1. Hotels provide accommodation and food items to guests.
2. Some hotels maintain bars. They offer drinks to customers.
3. Some hotels may have on their premises a beauty parlor, a hair dressing saloon, a jewelers shop, a book stall, a newspaper stand etc.
4. There are some hotels that provide various professional and technical services.
5. Most hotels provide credit facility to customers. No guest is required to pay room rent in advance or to pay for the other services and facilities at the time when the services are rendered to him. Sometimes an advance is required to be paid. At the time of departure the balance is paid
6. In hotels, there are large numbers of stereo type transactions. Monday, March 26, 2012
Monday, March 19, 2012
FA Question paper 33 % Units
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)
Tuesday, March 13, 2012
Question Paper FA
IInd Semester B.Com Degree Examination, 1st February 2012
BC2B02 – Financial Accounting
Time: Three Hours Maximum: 20 Weightage
I - Answer All Twelve Questions
A - Fill in the Blanks:
1) Transaction = …………… + ……………
2) Where ………… ends …………… begins
3) Debit the receiver and credit the giver is the rule for ………………
4) Cash purchases are entered in the …………
B - Write the Correct Answer from the Choice Given in the Brackets:
5) Sale of old asset will be recorded in (purchase book, sales book, journal proper, nowhere)
6) Contra entries are related to (cash, bank, cash and bank, none of these)
7) The amount of salary paid to ram should be debited to (ram’s account ,cash account, salary account)
8) Classification of accounts is made in ( journal, ledger, subsidiary books, balance sheet)
C - Answer in One Word:
9) Hybrid system of accounting means.
10)Excess of revenue over expense is known as.
11)Ledger folio used to.
12)Analytical petty cash books are using for.
(12 × ¼ = 3 Weightage)
II – Short Answer Type Questions (Answer Any 5 Questions)
13)Define accounting?
14)What is double entry system?
15)Write the accounting rules?
16)Define accounting cycle?
17)What is petty cash book?
18)Define trial balance?
(5 × 1 = 5 Weightage)
III – Short Essay / Paragraph Questions (Answer Any 4 Questions)
19)Explain the various accounting concepts
20)What are the objectives and functions of accounting
21)Show the Effect of Transactions on Accounting Equation :
1. Ram started business with cash Rs. 250000
2. Brought furniture for Rs. 21000
3. Purchased goods from KP traders, Rs. 28500
4. Cash sales Rs. 35000
5. Sold goods on credit to Manoharan Rs.25000
6. Paid for office stationary Rs. 250
22)Prepare a columnar petty cash book and post them into ledger
Jan. 1 Balance in hand Rs. 50
5 Received from the cashier Rs. 500
6 Travelling expenses Rs. 45
7 Postage Rs. 23
20 Stationery Rs. 30
22 Wages to coolie 150
27 Cartage Rs. 15
30 Tea Rs. 20
22)How do you classify ledger?
(4 × 2 = 8 Weightage)
IV – Essay Questions (Answer Any 1 Questions)
23)Enter the following transactions in cash book with tree columns and balance the cash book.
Dec. 1 cash balance Rs. 8,000;Balance with bank Rs.20,000
2 Paid in to bank Rs.4,000
4 Received cash from Sunder Rs.2,000 and allowed him discount Rs.60
5 Cash sales Rs.550
6 Sold goods for Rs. 450 and received cheque.
9 Paid to Dasan by cheque of Rs.640 in full settlement of his account paid for
Rs.700
12 Cash purchace for Rs. 1290, paid a cheque.
13 Paid by cheque to Rinu Rs.1,450 in full settlement of his account Rs.1,600
18 Withdrow for office use Rs.1,800
19 Withdrow for personel use Rs.200
20 Advertaisement expence Rs. 90
23 Cash withdrow from bank Rs.1000 for personel use.
24 Paid salaries Rs. 2500 by cheque
25 Life insurance premium paid Rs.600
26 Paid rent Rs. 800
27 Office furniture purchaced worth Rs. 750
28 Received a cheque of Rs. 1160 frome Revathi in full settlement of his account for Rs. 1240
[Hint: Life insurance premium should be treated as drawings]
24) March 09: 1st commenced business with cash Rs.50,000 and deposited an amount of Rs. 1,00,000 with state bank of India
5 Bought goods from Suneera Rs.2000
6 Sold goods to Chandra Rs.1500
11 Drew cheque for Rs.5,000 for petty cash.
15 Paid suneera on account Rs.1,000
16 Received cheque from Chandra Rs.1400;Discount allowed to him Rs.100
17 Paid wages Rs.300
18 Bought goods for cash Rs.3,000
19 Bought almirah Rs.3,000
20 Sold goods for cash Rs.1,500
21 Paid electricity charges Rs.200
22 Bought goods from Manohar Rs.10,000
25 Goods returned to him Rs.200
26 Cheque sent to Manohar in full settlement of his account.
27 Paid carriges Rs.150
(1 × 4 = 8 Weightage)
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