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Posted Date: 15 Jan 2011 Posted By:: chanchal singh Member Level: Silver Points: 5 (Rs. 1)
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2009 Amrita Vishwa Vidyapeetham M.C.A Financial Accounting University Question paper
Amrita Vishwa Vidyapeethani
Amrita School of Engineering, Amritapuri
MCA Degree, Third Semester
First Periodical Examination August 2009
FINANCIAL ACCOUNTING
Time: Two Hours Maximum Marks: 50
Answer all questions.
Section A (5 X 1= 5 marks)
Choose the most appropriate answers for the following questions
1. Which of the following is an example of personal account?
a) Cash
b) Rent
c) Commission
d) Bank
2. Repayment of bank loan _______
a) decreases the total assets
b) decreases the total liabilities
c) both a) and b)
d) increases the total liabilities
3. Which of the following is a fictitious asset?
a) Preliminary expenses
b) Debtors
c) Goodwill
d) Coal mines
4. Human resources which are the greatest assets of a firm cannot be recorded in the books
of accounts. This is according to________
a) going concern concept
b) materiality principle
c) money measurement concept
d) conservatism principle
5. is also known as books of original entry.
a) Ledger
b) Journal
c) Trial balance
d) Source documents
Section B
(4X5=20 Marks)
6 .Mr Manohar, owner of 'Aswani Hotels, Owns it residential flat costing Rs 18,00,000 During the preparation of the financial statement of the business, the entire value of the property is ignored Identify the concept and explain it
7. Explain the 'Golden rules of accounting'.
8 It is more appropriate to consider purchase of stationery items as revenue expenditure rather than a capital expenditure. Why?
9 'Stakeholders of a business benefit by accounting information' Do you agree? Justify your answer.
Section C (1 X 10 10 marks.)
10. Prove that the accounting equation Is satisfied in all the following transactions.
Particulars Amount
Mr. Radhakrishnan started business with capital ._ 7,00,000
Purchased building 5,00,000
Purchased furniture 28,000
Purchased goods on credit 60,000
Direct cost incurred 50,000
Credit sales-goods costing Rs 20000 for 40,000
Received a cheque from the debtors and deposited into bank 20,000
Paid rent in advance 5,000
Loss of stock by fire 5,000
Section D (1 X 15 = 15 marks.)
11. Prepare journal and create ledger accounts for the following transactions in the books of Mr. Janaki Raman.
Date
July 2009
1 Commenced business with a) Cash 1, 60,000
b) Building 5, 40,000
2 Purchase good for cash 56,700
3 Purchased furniture 45,100
4 Opened bank account 7,800
5 Purchased goods from Krishna Traders 1, 34,770
6 Sold goods for cash 89,960
7 Sold goods to Mr. Ramabhadran at a trade 33,610
Discount of 10%
8 Goods returned to Krishna Traders 4,770
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