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Posted By: sac Member Level: Diamond Posted Date: 03 Jun 2008
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2007 Alagappa University B.Com BASIC FINANCIAL ACCOUNTING Question paper
B.Com. DEGREE EXAMINATION, DECEMBER 2007.
BASIC FINANCIAL ACCOUNTING
(upto 2004)
Time : Three hours Maximum : 100 marks
PART A — (5 x 8 = 40 marks)
Answer any FIVE questions.
All questions carry equal marks.
1. What is book-keeping? What are its advantages?
2. What do you mean by cash book? What are the types of cash books?
3. What are the differences between Trial Balance and Balance Sheet?
4. What is capital expenditure? Illustrate.
5. What are normal and abnormal losses?
6. What is depreciation? What are the methods of charging depreciation?
7. From the following details, calculate Gross Profit :
Rs.
Opening stock 3,000
Purchases 18,000
Sales 40,000
Closing stock 6,000
Return outwards 300
Return inwards 500
Wages 1,500
Salaries 4,500
Advertisement 4,000
Interest 1,000
8. Point out whether the following is capital expenditure or revenue expenditure :
(a) A car was purchased for Rs. 1,20,000
(b) Paid for fire insurance premium Rs. 5,000
(c) Paid corporation tax Rs. 120
(d) Cost of conveyance in connection with a newly acquired furniture Rs. 150.
PART B — (4 x 15 = 60 marks)
Answer any FOUR questions.
All questions carry equal marks.
9. State the types of errors and explain them with examples.
10. What do you mean by non-profit organisation? Explain the characteristics of Income and Expenditure account.
11. What is Single Entry System? Explain the methods of calculating profit under Single Entry System.
12. Distinguish between consignment and joint venture.
13. Surya sold goods to the value of Rs. 14,000 to
Karthick taking a bill at 3 months therefore. Surya discounted the bill at 10% p.a. with his bank. On maturity, the bill was returned by the bank dishonoured with Rs. 100 as noting charges. Karthick paid Rs. 1,000 and the nothing charges and gave another bill at 3 months for Rs. 13,000 and 10% interest but before maturity he had become bankrupt and ultimately paid to his creditors 80 paise in the rupee. Pass Journal Entries in the books of Surya and prepare Karthick's account in the ledger of Surya.
14. Arjun keeps his books by single entry. On 1st January, 1995 his capital was Rs. 16,900. Analysis of his cash book for 1995 gives the following :
Rs.
Debit side :
Received from debtors 16,000
Paid in on capital account 12,500
Credit side :
Due to bank 1.1.1995 740
Payment to creditors 12,500
General expenses 1,000
Salaries 1,550
Drawings 300
Balance at bank on 31.12.95 400
Balance of cash in hand on 31.12.95 10
Assets and Liabilities January 1 December 31 :
Rs. Rs.
Debtors 25,300 28,800
Creditors 15,000 19,500
Plant and Machinery 2,000 2,000
Furniture 140 140
Stock 1,700 1,900
Provide 5% interest on capital (Ignore payment in and drawings) 5% depreciation on plant, furniture and reserve
5% on debtors. Prepare Final Accounts and Balance Sheet of Arjun.
15. Ajith and Co. keep bought and sold ledgers on self balancing principles. From the following prepare necessary adjustment accounts in these two ledgers for the year 1999 :
Rs.
Sundry debtors on 1.1.99 7,000
Acceptances given 4,200
Sundry creditors on 1.1.99 4,500
Returns outwards 200
Credit purchases 1,200
Cash received from debtors 8,000
Debtors acceptances dishonoured 600
Discount allowed 200
Credit sales 2,000
Bad debts 300
Returns inwards 200
Creditors on 31.12.99 5,000
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