Download OU B.Com 2019 Dec 1st Year 10001 Financial Accounting Question Paper

Download OU (Osmania University) B.Com 2019 Dec 1st Year 10001 Financial Accounting Previous Question Paper

Code No. 10001
FACULTY OF COMMERCE
B.Com. I ? Semester (CBCS) Examination, November / December 2019
(Common Paper for General / Computers / Computer Applications /
Advertising / Foreign Trade / Tax Procedure and Honours Courses)
Subject: Financial Accounting
Paper Code ? DSC ? 101
Time: 3 Hours Max.Marks: 80
PART ? A (5x4 = 20 Marks)
[Short Answer Type]
Note: Answer any five of the following questions.
1 Explain Accounting Equation
2 Explain advantages of Subsidiary Books
3 Prepare a Bank Reconciliation Statement from the following particulars
i) Bank Balance (Credit) as per Cash Book on 31
st
December 2015 Rs. 10,000
ii) Dividends collected and credited in Pass Book but not entered in Cash Book Rs. 700
iii) A wrong debit of Rs. 200 appears in the Pass Book
4 Explain Errors not disclosed by a Trial Balance
5 Pass necessary adjustment entries to the following:
i) Closing Stock Rs. 15,000
ii) Outstanding Expenses Rs. 1,200
iii) Prepaid Expenses Rs. 150
iv) Interest Accrued Rs. 150
6 Explain Branches of Accounting
7 Write out an Analytical Petty Cash Book from the following transactions
2015 August 1 Issued a cheque of Rs. 1,000 to Petty Cashier
2 Paid Electricity Charges Rs. 150
4 Paid Telephone Expenses Rs. 200
8 Printing Rs. 375
8 Explain advantages of Bank Reconciliation Statement.
PART ? B (5x12 = 60 Marks)
[Essay Answer Type]
Note: Answer all from the following questions.
9 a) Explain the Accounting Concepts and the Accounting Conventions.
OR
b) Pass Journal entries, make Ledger postings and Prepare Trial Balance in the Books
of Manik.
2015 Jan. 1 Commenced Business with cash Rs. 60,000
3 Deposited in to Bank Rs. 40,000
10 Purchased Machinery, Payment made by Cheque Rs. 30,000
18 Purchased goods for cash Rs. 5,000
20 Sold goods for cash Rs. 8,000
30 Paid salary Rs. 2,000
FirstRanker.com - FirstRanker's Choice
Code No. 10001
FACULTY OF COMMERCE
B.Com. I ? Semester (CBCS) Examination, November / December 2019
(Common Paper for General / Computers / Computer Applications /
Advertising / Foreign Trade / Tax Procedure and Honours Courses)
Subject: Financial Accounting
Paper Code ? DSC ? 101
Time: 3 Hours Max.Marks: 80
PART ? A (5x4 = 20 Marks)
[Short Answer Type]
Note: Answer any five of the following questions.
1 Explain Accounting Equation
2 Explain advantages of Subsidiary Books
3 Prepare a Bank Reconciliation Statement from the following particulars
i) Bank Balance (Credit) as per Cash Book on 31
st
December 2015 Rs. 10,000
ii) Dividends collected and credited in Pass Book but not entered in Cash Book Rs. 700
iii) A wrong debit of Rs. 200 appears in the Pass Book
4 Explain Errors not disclosed by a Trial Balance
5 Pass necessary adjustment entries to the following:
i) Closing Stock Rs. 15,000
ii) Outstanding Expenses Rs. 1,200
iii) Prepaid Expenses Rs. 150
iv) Interest Accrued Rs. 150
6 Explain Branches of Accounting
7 Write out an Analytical Petty Cash Book from the following transactions
2015 August 1 Issued a cheque of Rs. 1,000 to Petty Cashier
2 Paid Electricity Charges Rs. 150
4 Paid Telephone Expenses Rs. 200
8 Printing Rs. 375
8 Explain advantages of Bank Reconciliation Statement.
PART ? B (5x12 = 60 Marks)
[Essay Answer Type]
Note: Answer all from the following questions.
9 a) Explain the Accounting Concepts and the Accounting Conventions.
OR
b) Pass Journal entries, make Ledger postings and Prepare Trial Balance in the Books
of Manik.
2015 Jan. 1 Commenced Business with cash Rs. 60,000
3 Deposited in to Bank Rs. 40,000
10 Purchased Machinery, Payment made by Cheque Rs. 30,000
18 Purchased goods for cash Rs. 5,000
20 Sold goods for cash Rs. 8,000
30 Paid salary Rs. 2,000
Code No. 10001
-2-
10 a) Make out the Three Column Cash Book of Ram from the following particulars:
2015 April 1 Cash in Hand Rs. 3,000
1 Bank Overdraft Rs. 4,500
2 Paid Salaries Rs. 2,500
3 Purchased goods for Cash Rs. 3,000
4 Cash Sales of Rs. 16,000
5 Issued cheque in favour of Krishna (Discount Received
Rs.300) Rs. 2,600
6 Received cash from Dhawan (Discount Allowed Rs. 150) Rs.2350
7 Received cheque from Ali Bro (in Full Settlement and their
debt Rs. 2000) Rs.1,900.
8 Purchased Furniture Rs.1,500
9 Cash sent to Bank Rs.2,000
10 Cheque of Ali Bro. dishonoured
11 Bank Charges Rs.20
12 Rent paid by cheque Rs.1000.
b) Prepare relevant Subsidiary Books from the following:
2015 Jan. 2 Goods sold to Ramana Rs.28,000
6 Purchased Goods from Raghava Rs.18,000
8 Sold goods to Kishore Rs.38,000
9 Purchased goods for cash from Manohar Rs.23,000
12 Purchased goods from Rekha Rs.75,000
15 Ramana returned goods Rs.1,500
18 Goods purchased from Rajesh (Trade Discount 2%) Rs.50,000
22 Goods sold to Madhava for Cash Rs.18,000
25 Goods returned to Rekha Rs.500
27 Purchaserd Furniture from Godrej & Co. Rs.45,000
30 Kishore returned goods Rs.1,000.
11 a) Prepare Bank Reconciliation Statement from the following on 31
st
Jan. 2013
i) Bank Balance as per Cash Book Rs.16,500
ii) Cheques amounting to Rs.4,000 were issued on 28
th
Jan. out of which cheques
amounting to Rs.2,400 were presented for payment in Feb.2013
iii) Cheques amounting to Rs.9000 were deposited for collection but cheque for
Rs.3000 has not yet been collected by the Bank
iv) A wrong debit of Rs.400 appears in the Pass Book
v) Interest on Investments collected by the Bank Rs.1000 was not entered in the
Cash Book
vi) Pass Book showed a debit of Rs.175 for Insurance Premium and a credit of
Rs.350 as Interest for which no entries were found in the Cash Book.
OR
b) Why is a Bank Reconciliation Statement prepared? Explain.
12 a) An Accountant could not tally the Trial Balance. The difference was placed to
Suspense Account. The following errors were located:
FirstRanker.com - FirstRanker's Choice
Code No. 10001
FACULTY OF COMMERCE
B.Com. I ? Semester (CBCS) Examination, November / December 2019
(Common Paper for General / Computers / Computer Applications /
Advertising / Foreign Trade / Tax Procedure and Honours Courses)
Subject: Financial Accounting
Paper Code ? DSC ? 101
Time: 3 Hours Max.Marks: 80
PART ? A (5x4 = 20 Marks)
[Short Answer Type]
Note: Answer any five of the following questions.
1 Explain Accounting Equation
2 Explain advantages of Subsidiary Books
3 Prepare a Bank Reconciliation Statement from the following particulars
i) Bank Balance (Credit) as per Cash Book on 31
st
December 2015 Rs. 10,000
ii) Dividends collected and credited in Pass Book but not entered in Cash Book Rs. 700
iii) A wrong debit of Rs. 200 appears in the Pass Book
4 Explain Errors not disclosed by a Trial Balance
5 Pass necessary adjustment entries to the following:
i) Closing Stock Rs. 15,000
ii) Outstanding Expenses Rs. 1,200
iii) Prepaid Expenses Rs. 150
iv) Interest Accrued Rs. 150
6 Explain Branches of Accounting
7 Write out an Analytical Petty Cash Book from the following transactions
2015 August 1 Issued a cheque of Rs. 1,000 to Petty Cashier
2 Paid Electricity Charges Rs. 150
4 Paid Telephone Expenses Rs. 200
8 Printing Rs. 375
8 Explain advantages of Bank Reconciliation Statement.
PART ? B (5x12 = 60 Marks)
[Essay Answer Type]
Note: Answer all from the following questions.
9 a) Explain the Accounting Concepts and the Accounting Conventions.
OR
b) Pass Journal entries, make Ledger postings and Prepare Trial Balance in the Books
of Manik.
2015 Jan. 1 Commenced Business with cash Rs. 60,000
3 Deposited in to Bank Rs. 40,000
10 Purchased Machinery, Payment made by Cheque Rs. 30,000
18 Purchased goods for cash Rs. 5,000
20 Sold goods for cash Rs. 8,000
30 Paid salary Rs. 2,000
Code No. 10001
-2-
10 a) Make out the Three Column Cash Book of Ram from the following particulars:
2015 April 1 Cash in Hand Rs. 3,000
1 Bank Overdraft Rs. 4,500
2 Paid Salaries Rs. 2,500
3 Purchased goods for Cash Rs. 3,000
4 Cash Sales of Rs. 16,000
5 Issued cheque in favour of Krishna (Discount Received
Rs.300) Rs. 2,600
6 Received cash from Dhawan (Discount Allowed Rs. 150) Rs.2350
7 Received cheque from Ali Bro (in Full Settlement and their
debt Rs. 2000) Rs.1,900.
8 Purchased Furniture Rs.1,500
9 Cash sent to Bank Rs.2,000
10 Cheque of Ali Bro. dishonoured
11 Bank Charges Rs.20
12 Rent paid by cheque Rs.1000.
b) Prepare relevant Subsidiary Books from the following:
2015 Jan. 2 Goods sold to Ramana Rs.28,000
6 Purchased Goods from Raghava Rs.18,000
8 Sold goods to Kishore Rs.38,000
9 Purchased goods for cash from Manohar Rs.23,000
12 Purchased goods from Rekha Rs.75,000
15 Ramana returned goods Rs.1,500
18 Goods purchased from Rajesh (Trade Discount 2%) Rs.50,000
22 Goods sold to Madhava for Cash Rs.18,000
25 Goods returned to Rekha Rs.500
27 Purchaserd Furniture from Godrej & Co. Rs.45,000
30 Kishore returned goods Rs.1,000.
11 a) Prepare Bank Reconciliation Statement from the following on 31
st
Jan. 2013
i) Bank Balance as per Cash Book Rs.16,500
ii) Cheques amounting to Rs.4,000 were issued on 28
th
Jan. out of which cheques
amounting to Rs.2,400 were presented for payment in Feb.2013
iii) Cheques amounting to Rs.9000 were deposited for collection but cheque for
Rs.3000 has not yet been collected by the Bank
iv) A wrong debit of Rs.400 appears in the Pass Book
v) Interest on Investments collected by the Bank Rs.1000 was not entered in the
Cash Book
vi) Pass Book showed a debit of Rs.175 for Insurance Premium and a credit of
Rs.350 as Interest for which no entries were found in the Cash Book.
OR
b) Why is a Bank Reconciliation Statement prepared? Explain.
12 a) An Accountant could not tally the Trial Balance. The difference was placed to
Suspense Account. The following errors were located:
Code No. 10001
-3-
i) The Sales Book was Under cast by Rs.3,500
ii) Legal Expenses paid Rs.950 were not posted to Legal Expenses Account
iii) Discount allowed column of Cash Book was wrongly added as Rs.1,400 instead
of Rs.1,200.
iv) Commission paid Rs.250 was posted twice in Commission Account
v) Sale of Rs.1390 to Ramnath was posed to his account as Rs.1930. Give
Rectification Entries and Prepare Suspense Account.
b) Mr. Srinu purchased a Machine on 1-1-2014 for Rs.2,00,000. Paid Customs Duty
and Freight Rs.50,000 and incurred Erection charges Rs.50,000. He purchased
another Machine on 1-7-2014 for Rs.1,00,000. On 1-7-2016 he sold 1/3
rd
of the First
machine for Rs.45,000 and purchased another Machine for Rs.65,000. Depreciation
is provided by him @ 25% p.a. on Straight Line Method. Assuming that the books
are closed every year on 31 December. Prepare Machinery Account for the years
2014 to 2017.
13 a) From the following particulars prepare Trading and Profit and Loss Account for the
year ended 31
st
December 2015 and a Balance Sheet as on that date, also pass the
closing entries.
Rs. Rs.
Capital 30,000 Drawings 6,000
Sundry Creditors 43,000 Bills Payable 4,000
Sundry Debtors 51,000 Bills Receivable 17,000
Furniture 8,500 Opening Stock 47,000
Cash in Hand 900 Cash at Bank 12,500
Bank Overdraft 6000 Purchases 48,900
Duty and Clearing Expenses 3,500 Sales 1,27,000
Salaries 9,500 Travelling Expenses 4,700
General Expenses 2,500 Rent paid 2,000
Commission Received 4,000
Closing Stock 50,000
OR
b) From the following Trial Balance of Sri Kiran prepare Trading and Profit and Loss
Account and Balance Sheet.
Particulars
Debit Credit
Rs. Rs.
Capital -- 60,000
Drawings 7,200 --
Opening Stock 20,500 --
Purchases 68,000 --
Carriage Inwards 1,500 --
Sales -- 1,40,500
Sundry Debtors 23,500 --
Sundry Creditors -- 14,300
Cash in Hand 500 --
Cash at Bank 2,200 --
FirstRanker.com - FirstRanker's Choice
Code No. 10001
FACULTY OF COMMERCE
B.Com. I ? Semester (CBCS) Examination, November / December 2019
(Common Paper for General / Computers / Computer Applications /
Advertising / Foreign Trade / Tax Procedure and Honours Courses)
Subject: Financial Accounting
Paper Code ? DSC ? 101
Time: 3 Hours Max.Marks: 80
PART ? A (5x4 = 20 Marks)
[Short Answer Type]
Note: Answer any five of the following questions.
1 Explain Accounting Equation
2 Explain advantages of Subsidiary Books
3 Prepare a Bank Reconciliation Statement from the following particulars
i) Bank Balance (Credit) as per Cash Book on 31
st
December 2015 Rs. 10,000
ii) Dividends collected and credited in Pass Book but not entered in Cash Book Rs. 700
iii) A wrong debit of Rs. 200 appears in the Pass Book
4 Explain Errors not disclosed by a Trial Balance
5 Pass necessary adjustment entries to the following:
i) Closing Stock Rs. 15,000
ii) Outstanding Expenses Rs. 1,200
iii) Prepaid Expenses Rs. 150
iv) Interest Accrued Rs. 150
6 Explain Branches of Accounting
7 Write out an Analytical Petty Cash Book from the following transactions
2015 August 1 Issued a cheque of Rs. 1,000 to Petty Cashier
2 Paid Electricity Charges Rs. 150
4 Paid Telephone Expenses Rs. 200
8 Printing Rs. 375
8 Explain advantages of Bank Reconciliation Statement.
PART ? B (5x12 = 60 Marks)
[Essay Answer Type]
Note: Answer all from the following questions.
9 a) Explain the Accounting Concepts and the Accounting Conventions.
OR
b) Pass Journal entries, make Ledger postings and Prepare Trial Balance in the Books
of Manik.
2015 Jan. 1 Commenced Business with cash Rs. 60,000
3 Deposited in to Bank Rs. 40,000
10 Purchased Machinery, Payment made by Cheque Rs. 30,000
18 Purchased goods for cash Rs. 5,000
20 Sold goods for cash Rs. 8,000
30 Paid salary Rs. 2,000
Code No. 10001
-2-
10 a) Make out the Three Column Cash Book of Ram from the following particulars:
2015 April 1 Cash in Hand Rs. 3,000
1 Bank Overdraft Rs. 4,500
2 Paid Salaries Rs. 2,500
3 Purchased goods for Cash Rs. 3,000
4 Cash Sales of Rs. 16,000
5 Issued cheque in favour of Krishna (Discount Received
Rs.300) Rs. 2,600
6 Received cash from Dhawan (Discount Allowed Rs. 150) Rs.2350
7 Received cheque from Ali Bro (in Full Settlement and their
debt Rs. 2000) Rs.1,900.
8 Purchased Furniture Rs.1,500
9 Cash sent to Bank Rs.2,000
10 Cheque of Ali Bro. dishonoured
11 Bank Charges Rs.20
12 Rent paid by cheque Rs.1000.
b) Prepare relevant Subsidiary Books from the following:
2015 Jan. 2 Goods sold to Ramana Rs.28,000
6 Purchased Goods from Raghava Rs.18,000
8 Sold goods to Kishore Rs.38,000
9 Purchased goods for cash from Manohar Rs.23,000
12 Purchased goods from Rekha Rs.75,000
15 Ramana returned goods Rs.1,500
18 Goods purchased from Rajesh (Trade Discount 2%) Rs.50,000
22 Goods sold to Madhava for Cash Rs.18,000
25 Goods returned to Rekha Rs.500
27 Purchaserd Furniture from Godrej & Co. Rs.45,000
30 Kishore returned goods Rs.1,000.
11 a) Prepare Bank Reconciliation Statement from the following on 31
st
Jan. 2013
i) Bank Balance as per Cash Book Rs.16,500
ii) Cheques amounting to Rs.4,000 were issued on 28
th
Jan. out of which cheques
amounting to Rs.2,400 were presented for payment in Feb.2013
iii) Cheques amounting to Rs.9000 were deposited for collection but cheque for
Rs.3000 has not yet been collected by the Bank
iv) A wrong debit of Rs.400 appears in the Pass Book
v) Interest on Investments collected by the Bank Rs.1000 was not entered in the
Cash Book
vi) Pass Book showed a debit of Rs.175 for Insurance Premium and a credit of
Rs.350 as Interest for which no entries were found in the Cash Book.
OR
b) Why is a Bank Reconciliation Statement prepared? Explain.
12 a) An Accountant could not tally the Trial Balance. The difference was placed to
Suspense Account. The following errors were located:
Code No. 10001
-3-
i) The Sales Book was Under cast by Rs.3,500
ii) Legal Expenses paid Rs.950 were not posted to Legal Expenses Account
iii) Discount allowed column of Cash Book was wrongly added as Rs.1,400 instead
of Rs.1,200.
iv) Commission paid Rs.250 was posted twice in Commission Account
v) Sale of Rs.1390 to Ramnath was posed to his account as Rs.1930. Give
Rectification Entries and Prepare Suspense Account.
b) Mr. Srinu purchased a Machine on 1-1-2014 for Rs.2,00,000. Paid Customs Duty
and Freight Rs.50,000 and incurred Erection charges Rs.50,000. He purchased
another Machine on 1-7-2014 for Rs.1,00,000. On 1-7-2016 he sold 1/3
rd
of the First
machine for Rs.45,000 and purchased another Machine for Rs.65,000. Depreciation
is provided by him @ 25% p.a. on Straight Line Method. Assuming that the books
are closed every year on 31 December. Prepare Machinery Account for the years
2014 to 2017.
13 a) From the following particulars prepare Trading and Profit and Loss Account for the
year ended 31
st
December 2015 and a Balance Sheet as on that date, also pass the
closing entries.
Rs. Rs.
Capital 30,000 Drawings 6,000
Sundry Creditors 43,000 Bills Payable 4,000
Sundry Debtors 51,000 Bills Receivable 17,000
Furniture 8,500 Opening Stock 47,000
Cash in Hand 900 Cash at Bank 12,500
Bank Overdraft 6000 Purchases 48,900
Duty and Clearing Expenses 3,500 Sales 1,27,000
Salaries 9,500 Travelling Expenses 4,700
General Expenses 2,500 Rent paid 2,000
Commission Received 4,000
Closing Stock 50,000
OR
b) From the following Trial Balance of Sri Kiran prepare Trading and Profit and Loss
Account and Balance Sheet.
Particulars
Debit Credit
Rs. Rs.
Capital -- 60,000
Drawings 7,200 --
Opening Stock 20,500 --
Purchases 68,000 --
Carriage Inwards 1,500 --
Sales -- 1,40,500
Sundry Debtors 23,500 --
Sundry Creditors -- 14,300
Cash in Hand 500 --
Cash at Bank 2,200 --
Code No. 10001
-4-
Carriage Outwards 1,700 --
Salaries 16,000 --
Factory Rent 4,000 --
Bills Receivable 5,300 --
Bills Payable -- 4,200
Insurance 1,200 --
Furniture 10,000 --
Machinery 28,000 --
Office Rent 2,000 --
Manufacturing Wages 21,500 --
Provision for Doubtful Debts -- 1,000
Manufacturing Expenses 1,500 --
General Expenses 5,400 --
2,20,000 2,20,000
The following adjustments are required:
a) Closing Stock Rs.27,000
b) Write off Rs.500 as Bad Debts and maintain the Provision for Doubtful Debts at 5%
on Sundry Debtors
c) Unexpired Insurance is Rs.300
d) Depreciate Machinery by 5% and Furniture by 10%.
****
FirstRanker.com - FirstRanker's Choice