Code No. 12751
FACULTY OF MANAGEMENT
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BBA II - Semester (CBCS) Examination, November / December 2019
Subject: Financial Accounting
Course No. BB - 304
Time: 3 Hours Max. Marks: 80
PART - A (5x4 = 20 Marks)
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[Short Answer Type]
1 Answer any five of the following in not exceeding 20 lines.
- a) Full Disclosure Concept
- b) GAAP
- c) Rules of Personal Accounts
- d) Ledger balancing
- e) Provision of Taxation
- f) Financial Statements Analysis
- g) Solvency Ratios
- h) Ind-AS.
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PART - B (5x12 = 60 Marks)
[Essay Answer Type]
Note: Answer all the questions using the internal choice.
2 a) State the various users of Accounting Information.
OR
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b) Explain in detail about the Accounting Concepts.
3 a) What is Ledger? State different types of vouchers.
OR
b) From the following transactions, prepare journal for the month of January, 2019:
- i) Commenced business with a capital of Rs. 5,00,000
- ii) Purchased machinery Rs. 1,00,000
- iii) Purchased goods worth Rs. 1,20,000 for cash
- iv) Sold goods for cash Rs. 75,000
- v) Purchased goods from Mr. Surya Rs. 20,000
- vi) Sold goods to Mr. Ramana Rs. 35,000
- vii) Paid for advertisements Rs. 10,000
- viii) Paid for stationery Rs. 5,000
- ix) Received cash from Ramana Rs. 32,500 on full settlement of his account
- x) Paid for salaries Rs. 50,000
- xi) Received interest on Fixed Deposits Rs. 7,500
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4 a) State the distinguished features of Profit and Loss Account.
OR
b) From the following trial balance, you are required to prepare Trading, Profit and Loss Account for the year ended 31st December, 2018 and Balance Sheet as on that date:
| Particulars | (Rs.) | Particulars | (Rs.) |
|---|---|---|---|
| Investment in Shares of Reliance Co. Ltd. | 1,18,000 | Capital | 3,00,000 |
| Buildings | 1,15,000 | Loan from SBI @ 12% interest p.a. | 1,50,000 |
| Furniture & Fittings | 1,07,500 | Sales | 2,00,000 |
| Motor Van | 75,000 | Commission received | 7,500 |
| Interest on Debentures | 9,000 | Sundry Creditors | 10,000 |
| Purchases | 75,000 | Capital Reserve | 50,000 |
| Opening Stock | 25,000 | Provision of Bad Debts | 3,100 |
| Staff Salaries | 15,000 | Bills Payable | 20,000 |
| Wages | 2,000 | ||
| Insurance | 1,000 | ||
| Sundry Debtors | 78,100 | ||
| Cash at Bank | 70,000 | ||
| Goodwill | 50,000 | ||
| 7,40,600 | 7,40,600 |
Additional Information:
- i) The value of Closing Stock as on 31st December, 2018 amounted to Rs. 3,19,000
- ii) Write off Rs. 1,000 as bad debts; and provide for doubtful debts @ 5%
- iii) Outstanding wages Rs. 500
- iv) Depreciate: Building @ 2%; Furniture & Fittings @ 10%; and Motor Van @ 10%.
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5 a) Explain the significance and various tools of Financial Statement Analysis.
OR
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b) The following figures are available of X Ltd. for the year ended 31st March, 2019:
Net Profit before interest and tax Rs. 2,75,000
Net Profit after tax Rs. 2,20,000
Net Profit after interest and tax Rs. 1,10,000 Preference Dividend Rs. 35,000
Capital employed Rs. 11,00,000
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Total Assets Rs. 12,65,000
Equity Shareholders’ Fund Rs. 7,50,000. You are required to calculate:
- i) Return on Capital Employed
- ii) Return on Total Assets and
- iii) Return on Shareholders’ Funds.
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6 a) Describe the importance of accounting standards.
OR
b) Write the objectives of IFRS.
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