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Code: Mo, 38301 | E
FACULTY OF COMMERCE
B.Com (CBCS) I - Semester Examination, December 2017
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General/Computers/Computer Applications
(Common Paper for Trade and Tax Procedure Courses)
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Financial Accounting - I
Paper Code-BC-104
Max Marks : 80
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Time : 3 hours
Part— A (5 X4 =20 Marks)
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Answer any Five of the following questions
- What is accounting? Explain the advantages of accounting.
- Explain the accounting concepts.
- What are the golden rules of accounting?
- Give the adjustment entries for the following:
- Provision for bad debts Rs 1000
- Prepaid insurance Rs 80
- From the following transactions write up purchases book of Sri Subhalakshmi Ltd., Go for April 2005
April 8 Purchased on credit from Vijay Co.--- Content provided by FirstRanker.com ---
5 TVs @250
4 N_IECTV @2800
C; Trade discount 15%
15 Purchased on cash from Vbd Co. Rs 5000
22 Purchased on credit from Bombay market--- Content provided by FirstRanker.com ---
5 Philips transistors @400
8 Bush Radios @500
Trade discount 10%
28 Cash sales 6000 - From the following Trial Balance, prepare Trading and Profit and Loss Account.
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Capital 720000
Opening stock 168000 Sales 900000
Drawings 50000 Discount allowed 20000
Stock 210000 Purchase returns 5000
Purchases 360000 Sales returns 67000--- Content provided by FirstRanker.com ---
Debtors 300000 Creditors 265000
Wages Rs 5200 - Ascertain the cost of Goods sold.
Opening stock 120000
Closing stock 20000--- Content provided by FirstRanker.com ---
Purchases 118000
Direct Expenses 2000 - Journalize the following transactions:
Agarwal commenced business with Rs 300000
Purchased Machinery 25000--- Content provided by FirstRanker.com ---
Purchased furniture from Godrej 10000
Purchased goods Rs 12000
Goods purchased from Krishna Mohan 80000
Sold goods for cash 20000
Cash deposited into bank 6000--- Content provided by FirstRanker.com ---
Issued cheque to Godrej Co. 50000
Cash withdrawn for personal use 6000
10 Paid salaries by cheque 40000
11 Goods returned to Krishna Mohan 6000
12 Goods returned by Rajesh & Co. 300
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- a) What are the advantages of analytical record? Explain the important points to be considered while preparing analytical record?
OR
b) From the following cash book of Ramad N’t#‘Enfra‘n prepare bank column cash book with the following particulars.
2015 April 1 Cash in hand 40
April 1 Bank over draft--- Content provided by FirstRanker.com ---
2 Paid salaries for March 250
2 Purchased goods for cash 30
2 Cash sales 80
3 Paid into bank 200
8 A cheque from customer is dishonoured, bank debited Rs 2 in respect of charges--- Content provided by FirstRanker.com ---
9 Paid rent by cheque 100
9 Bank allowed interest on securities 150 - 11 a) Define cash book and pass book and explain causes for the difference between both the books in bank reconciliation statement
OR
b) From the following information prepare bank reconciliation statement--- Content provided by FirstRanker.com ---
i) Interest debited by the bank Rs.225 is not appearing in cash book
ii) Interest on investments collected by the bank Rs 1200
iii) A cheque of Rs. 750 issued to Srinivas was cashed on 10-4-2009,
iv) A credit of Rs.80 relating to some other account was found in the pass book.
V) Out of cheques deposited in the bank for collection on 25th March a cheque for Rs 750 was collected after 31st March, 2009--- Content provided by FirstRanker.com ---
vi) Direct payment made of a customer into bank 900 - 12 a) What are the causes of Depreciation? Explain the various methods of depreciation.
OR
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Firstranker's choice FirstRanker.com- 13 a) Define limitations of accounting and explain the user of accounting information
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b) Prepare the Final Accounts from the following Trial Balance for the year ended 31-3-2009
Trial Balance as on 31-3-2009
Debit Amount Credit Amount Provision for bad debts 7500
Adjustments:
i) Closing stock Rs.98000--- Content provided by FirstRanker.com ---
ii) Outstanding salaries Rs. 18000
iii) Write off Rs.4500 as bad debts
iv) Create a provision for bad debts at 4% on sundry debtors
v) Provide 6% depreciation on machinery
vi) Interest on capital @3% is allowed
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