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Posted By: Saranya Member Level: Diamond Posted Date: 07 Jul 2008
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2007 Alagappa University B.Com BASIC FINANCIAL ACCOUNTING Question paper
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DISTANCE EDUCATION
B.Com. (C/A) DEGREE EXAMINATION, DECEMBER 2007.
BASIC FINANCIAL ACCOUNTING
(2005 onwards)
Time : Three hours Maximum : 100 marks
PART A — (5 ? 8 = 40 marks)
Answer any FIVE questions.
1. Prepare Trading accounts from the following information :
Rs.
Opening stock 2,00,000
Purchases 25,000
Wages 65,000
Sales 4,70,000
Closing stock 1,20,000
2. What is manufacturing account? Give a specimen of manufacturing, trading and P and L accounts.
3. What do you mean by Balance Sheet? Bring out the total items are in the Liabilities and Assets.
4. Define Depreciation. Explain its methods.
5. From the following information, find out the opening stock as on 1.1.2005 :
Rs.
Purchases 1,50,000
Sales 3,50,000
Stock (31.12.2005) 50,000
Wages 3,000
Rate of gross profit On cost 50%
6. A Golf Club has kept its accounts on cash basis and the figures for 2005 given below. You are required to prepare Receipts and Payments Accounts for the year :
Rs.
Entrance fees received 2,500
Subscription received 19,800
Green fees received 600
Expenses paid 27,250
Surplus on Bar A/c 7,500
Secretary Honorarium 1,500
Cash in hand (1.1.05) 2,350
Locker rent received 500
Cost of investment bought during the year 1,100
7. Journalise the following transactions in the books of Baskarapandian :
2005 – June – 1 Rs.
Date : Started business with cash 45,000
1 Paid into bank 25,000
2 Goods purchased for cash 15,000
3 Purchase of furniture 5,000
Rs.
5 Sold goods for cash 8,500
8 Sold goods to Ameer Batcha 4,600
10 Goods purchased from Ramesh & Co. 5,750
18 Cash received from Aravind Sha 7,500
30 Paid for stationary 200
Paid for rent 1,000
Paid for salaries to staff 2,500
8. Post the following transactions to Building Account :
(a) Building purchased for cash – Rs. 4,50,000.
(b) Building purchased on account – Rs. 45,000.
(c) An old building sold for cash – Rs. 5,000.
(d) Loss on sale of building – Rs. 1,000.
(e) New rooms added to building costing – Rs. 20,000.
PART B — (4 ? 15 = 60 marks)
Answer any FOUR questions.
9. What do you mean by Double Entry System? Explain the rules, merits and demerits of Double Entry System.
10. What is meant by Trial Balance? Discuss with an illustration. Bring out the procedure for preparing Trial Balance.
11. Define Accounting. Explain the Accounting principles in detail.
12. The following balances are extracted from the books of Mothilal and Co. on 31st March 2005, you are required to prepare the Trading A/c, P and L A/c and Balance Sheet as on that date :
Rs.
Stock on April 1 500
B/R 2,250
Purchases 19,500
Wages 1,400
Insurance 550
Sundry debtors 15,000
Carriage inward 400
Commission (Dr.) 400
Int. on capital 350
Stationery 225
Return inwards 650
Commission (Cr.) 200
Returns outward 250
Trade expenses 100
Office fixtures 500
Cash in hand 250
Cash at Bank 2,375
Rent and Taxes 550
Carriage outward 725
Sales 25,000
Bills payable 1,500
Creditors 9,825
Capital 8,950
The closing stock was valued at Rs. 12,500.
13. From the following particulars, prepare the Income and Expenditure Account of the Mumbai Golf Club for the year ended 31st Dec. 2005.
Rs.
Subscription received for 2005 10,500
Entrance fees received for 2005 750
Subscription and entrance fees 2004 (estimated Rs. 150 realised)
280
Subscription and Entrance fees for 2006 1,550
Subscription for 2005 to be taken at
(due 2004)
1,000
Miscellaneous fees 2,100
Expenses for 2005 paid 8,000
Provide for depreciation 680
Expenses unpaid 230
Liabilities for 2004 paid (estimated Rs. 700) 600
Audit fees for 2005 not paid profit on service
account net
2,300
Interest on loans paid 320
Capital expenditure written-off 1,200
Surplus from 2004 A/c 4,000
Capital expenditure in 2005 2,120
14. On July 1, 2004 Mohan and Akbar Ltd. purchased secondhand machine for Rs. 40,000 and reconditioned the same by spending Rs. 6,000. On January 2005 a new machine was purchased for Rs. 24,000. On June 30, 2005 the machine purchased on January 1, 2006 was sold for Rs. 16,000 and another machine was installed at a cost of Rs. 30,000.
The company writes off 10% on original cost every year on March 31. Show the machinery account update.
15. From the following particulars, prepare Sales Ledger Adjustment A/c and General Ledger Adjustment A/c :
1.1.2004 Rs. 31.12.2004 Rs.
Sales ledger Sales during the month 75,000
balance 31,500 Cash received from
Provision for customers 65,800
doubtful-debts Returns from customers 550
(31.12.2004) 2,500 Cheque dishonoured 250
Bills accepted by Cash discount allowed 1,300
customers 3,200 Bills accepted by
Cheque received customers renewed 200
from customers 3,150 Interest cheques on
Bad debts bills renewed 5
previously Bad debts written off 450
written-off now
recovered 80
Carriage charged to
customer 120
Cash paid to
customer by
mistake 130
Bills disonoured 800
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