Rajiv Gandhi University of Health Sciences, Karnataka
I Semester Bachelors in Hospital Administration Degree Examination — May 2016
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Fundamentals of Accounting
Q.P. CODE: 1303
(QP contains Three Pages)
Time: Three Hours
Max. Marks: 80 Marks
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Your answers should be specific to the questions asked
Draw neat, labeled diagrams wherever necessary
LONG ESSAYS (Answer any Two) 2 x 10 = 20 Marks
- Explain different users of accounting information.
- What is subsidiary book? Explain different kinds of subsidiary book.
- Prepare final accounts from the following trial balance and other adjustments:
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| Particulars | Debit (Rs) | Credit (Rs) |
|---|---|---|
| Machinery | 78,000 | |
| Furniture | 2,000 | |
| Capital | 1,00,000 | |
| Purchases and Sales | 60,000 | 1,27,000 |
| Returns | 1,000 | 750 |
| Opening Stock | 30,000 | |
| Discount | 425 | 800 |
| Debtors and Creditors | 45,000 | 25,000 |
| Salaries | 7,550 | |
| Wages | 10,000 | |
| Carriage outward | 1,200 | |
| Provision for bad debts | 525 | |
| Rent | 10,000 | |
| Advertisement | 2,000 | |
| Cash | 6900 | |
| Total | 2,54,075 | 2,54,075 |
Adjustments:
- Closing stock Rs.34,220
- Provision for bad debts is to be kept at Rs.500
- Allow interest on capital at 10% p.a
- Depreciate machinery by 10% and furniture by 5%
- Outstanding salary Rs.550
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SHORT ESSAYS (Answer any Eight) 8 x 5 = 40 Marks
- What are the different types of accounts? Explain golden rules of accounts.
- Explain limitations of accounting.
- Differentiate between profit & loss account and balance sheet.
- Explain branches of accounting.
- Explain single entry system of bookkeeping.
- Draw the two column cash book and record the following transactions assuming cheque received are paid into bank on same date.
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Jan 01 - Commenced business with cash Rs.22,600
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Jan 02 - Opened a current account and deposited Rs.16,000
Jan 05 - Received cheque for Rs.15,000 for goods sold
Jan 08 - Issued cheque for Rs.10,000 for furniture purchase
Jan 09 - Purchased goods for Rs.3,000 and paid by cheque
Jan 10 - Received a cheque for Rs.4,900 in settlement of Rs.5,000 from Ram
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Jan 12 - Paid into bank Rs.5,000
Jan 15 - Paid Ranjan Rs.2,250 in settlement of Rs.2,500
Jan 18 - Drew a cheque for personal use Rs.500
Jan 20 - Paid wages in cash Rs.600
Jan 22 - Drew for office use Rs.2,500
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Jan 25 - Paid salary by cheque Rs.1,500
Jan 30 - Paid in excess of Rs.1,000 to bank
- From the following prepare a trial balance:
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| Drawings | 2,000 | Sales | 68,000 |
| General expenses | 4,740 | Purchases | 40,000 |
| Buildings | 20,000 | Bank overdraft | 10,000 |
| Stock | 16,540 | Capital | 26,005 |
| Wages | 8,515 | ||
| Debtors | 6,280 | ||
| Creditors | 2,500 | ||
| Bad debts | 550 | ||
| Loan to Ravi | 7,880 |
- Enter the following transactions in proper subsidiary books:
Jan 2 - Sold goods to Sham, subject to a trade discount of 10% Rs.30,000
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Jan 4 - Received a debit note from Sham in respect of overcharge in the bill Rs.2,000
Jan 5 - Sham returned damaged goods Rs.1,000
Jan 12 - Jayraman returned goods Rs.500
- Journalize the following transactions in the books of Sameer:
June 1 - Started business with cash Rs.45,000
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June 2 - Paid into bank 25,000
June 3 - Goods purchased from cash Rs.15,000
June 4 - Purchased furniture and paid by cheque Rs.5,000
June 5 - Sold goods for cash 8,500
June 8 - Sold goods to Arvind Rs.4,000
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June 10 - Goods purchased from Amrit Rs.7,000
June 12 - Goods returned to Amrit 1,000
June 15 - Goods returned to Arvind 200
June 18 - Cash received from Arvind Rs.3,760 and allowed discount to him Rs.40
June 21 - Withdrew from bank for private use Rs.1,000
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June 21 - Withdrew from bank for use in business Rs.5,000
June 25 - Paid telephone rent one year 400
June 28 - Cash paid to Amrit in full settlement of his account 5,940
June 30 - Paid for:
- Stationery - 200
- Rent - 1,000
- Salaries to staff - 2,500
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- Prepare a bank reconciliation statement from the following particulars:
- Credit balance as per pass book on 31st March 2014, Rs.25,000
- Cheques amounting to Rs.4,000 were deposited for collection but Cheques for Rs.2,000 have been credited in the pass book in April 2014
- Cheques amounting Rs.2,500 were drawn on 25th March 2014, out of which Cheques for Rs.1,500 were cashed upto 31st March 2014
- A wrong debit of Rs.100 appears in the pass book
- Bank charges Rs.25 appear in the pass book but not in the cash book
- Interest on investments collected by the bank and credited in the pass book Rs.400 but not entered in the cash book
- A Cheque for Rs.150 received from a customer was entered in the cash book in March 2014 but the same was omitted to be paid in the bank
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SHORT ANSWERS (Answer any ten) 10 x 2 = 20 Marks
- What is meant by business transaction?
- What is trial balance?
- What is meant by nominal account?
- What is meant by current assets?
- What is meant by drawings?
- What is meant by petty cash book?
- What is balance sheet?
- What is meant by posting?
- What is double entry system?
- What is credit note?
- How do you treat prepaid insurance in final accounts?
- What is meant by journal?
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