Roll No. LTI [ ] Total No. of Pages : 04
Total No. of Questions : 09
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B.Sc Business Economics (BBE) (2015 to 2017) (Sem.-2)
FINANCIAL ACCOUNTING
Subject Code : BBE-204
M.Code : 72771
Time : 3 Hrs. Max. Marks : 60
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INSTRUCTIONS TO CANDIDATES :
- SECTION-A is COMPULSORY consisting of TEN questions carrying TWO marks each.
- SECTION-B consists of FOUR Sub-sections : Units-I, II, III & IV.
- Each Sub-section contains TWO questions each, carrying TEN marks each.
- Student has to attempt any ONE question from each Sub-section.
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SECTION-A
Q.1 Write short notes on the following :
- Objective of accounting
- Book of original entry
- Types of errors in trial balance
- Revenue expenditure
- Trading & profit and loss account
- Receipts & payment account
- Provision & reserves
- Subscription
- Types of assets
- Methods of depreciation
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SECTION-B
UNIT-I
2. Briefly explain the various accounting concepts and conventions.
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3. Journalize the following transactions :
| Date 2017 | Rs. |
|---|---|
| May 1 Ravi Commenced business with | 42,000 |
| May 3 Goods purchased for cash | 18,400 |
| May 6 Goods sold to Ramesh on credit | 11,200 |
| May 7 Brought goods from Ram | 6,600 |
| May 10 Cash received from Ramesh | 7,200 |
| May 12 Paid Ram on account | 4,200 |
| May 16 Goods sold to Rajive | 7,500 |
| May 20 Goods sold for cash | 15,000 |
| May 27 Amount paid to Ram | 2,400 |
| May 29 Cash received from Rajive | 7,500 |
| May 31 Paid rent in cash | 900 |
| May 31 Salary paid to office staff | 1,400 |
UNIT-II
4. Explain errors of principle and give two examples with measures to rectify them.
5. From the following particulars of Asha & Co. prepare a bank reconciliation statement on December 31, 2013.
- Overdraft as per passbook Rs. 20,000
- Interest on overdraft Rs. 2,000
- Insurance Premium paid by the bank Rs. 200
- Cheque issued but not presented for payment Rs. 6,500
- Cheque deposited but not yet cleared Rs. 6,000
- Wrongly debited by the bank Rs. 500
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UNIT-III
6. Explain the concept of depreciation. What is the need for charging depreciation and what are the causes of depreciation?
7. From the following particulars of Mrs. Raman & Co., you are required to prepare Trading, Profit and Loss Account and Balance Sheet for the year ended 31 Dec. 2003 :
| Rs. | Rs. | ||
|---|---|---|---|
| Sales | 65,000 | Discount Allowed | 100 |
| Sales Return | 500 | Discount Received | 500 |
| Stock at the beginning | 8,000 | Salaries | 3,000 |
| Purchases | 29,000 | Interest paid | 400 |
| Purchases Return | 300 | Furniture | 3,000 |
| Direct Wages | 5,000 | Buildings | 20,000 |
| Direct Expenses | 5,000 | Plant and Machinery | 20,000 |
| Carriage Inwards | 4,000 | Cash in Hand | 1,000 |
| Capital at the beginning | 30,000 | Bills Payable | 6,200 |
| Drawings | 5,000 | Reserve for Bad and doubtful Debts | 500 |
| Sundry Debtors | 10,000 | Bad Debts | 300 |
| Sundry Creditors | 12,000 | Closing Stock at the end | 8,000 |
Additional Information
- Outstanding Salaries Rs. 500
- Interest on Capital at 10% P.A.
- Depreciation in Plant and Machinery at 10% P.A. and Buildings at 5% P.A.
- Prepaid of Interest Rs. 100
- Provision for Bad and Doubtful Debts at 10% on Debtors.
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UNIT-IV
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8. Describe in brief the steps taken to prepare Income and Expenditure Account.
9. From the following particulars relating to Golden Point Club, prepare a Receipts and Payments account for the year ending 31st March, 2002.
| Rs. | Rs. | ||
| Opening cash balance | 1,000 | Donation received for pavilion | 4,600 |
| Opening bank balance | 7,200 | Rent paid | 3,000 |
| Subscriptions collected for : | Sports materials purchased | 4,800 | |
| 1999 Rs. 500 | Purchase of refreshments | 600 | |
| 2000 Rs. 7,600 | Expenses for maintenance of tennis court | 2,000 | |
| 2001 Rs. 900 | 9,000 | Salary paid | 2,500 |
| Sale of old sports materials | 1,200 | Tournament expenses | 2,400 |
| Sale of refreshments | 1,000 | Furniture purchased | 1,500 |
| Entrance fees received | 1,000 | Office expenses | 1,200 |
| Closing cash in hand | 400 |
NOTE : Disclosure of Identity by writing Mobile No. or Making of passing request on any page of Answer Sheet will lead to UMC against the Student.
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