2019 Commerce Alagappa University, Distance Education, Common for B.com degree examination, First semester, December 2019, Financial Accounting(CBCS 2018-2019 Academic year onwards) Question paper
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COMMON FOR Bcom DEGREE EXAMINATION, DECEMBER 2019.
(CBCS 2018-2019 Academic year onwards)
Time : Three hours. Maximum : 75marks
PART A - (10×2=20 marks)
Answer all questions
1.What is book keeping?
2.Write any two limitations of Accounting.
3.What are accounting conventions?
4.What is Fixed assets?
5.What is Petty Cash book?
6.What are the objectives of preparing final accounts?
8.What is capital Ratio?
9.What do you mean by Right issue?
10.What is Preference shares?
PART B -(5×5=25 marks)
Answer ALL questions.
11.(a) Who are the users of accounting information?Why do they need information?
(b)Post the following transactions to ledger accounts.
1. Ram commenced business with cash Rs. 6,000
Goods Rs.3,000 and Buildings Rs.8,000
5 Sold goods for Cash Rs.700
7. Sold goods to Mani Rs.640
10. Cash purchase Rs.2,000
12.(a). Explain business entity and money measurement concept.
(b)Enter the following transactions in proper subsidiary books,post them to ledger and prepare a Trial balance.
1. Purchased goods from Alan. 4,500
2. Sold goods to Balan. 2,000
4. Returned goods to Alan. 1,000
5. Sold goods to Charles. 500
6 Goods returned by Balan. 500
8. Sold goods to David. 4,000
13.(a) Pass journal entries to rectify the following errors. Assume that there exists a suspense account.
(i)The total of sales book was undercast by Rs.2,000
(ii)The purchase of machinery Rs.3,000 was entered in the purchase book.
(iii)A sales of Rs.45 to Selvendran was posted in his account as Rs.54
(iv) The total of purchase returns book was over cast by Rs.200
(v) The total of sales book Rs.1,122 was wrongly posted in the ledger as Rs.1,222
(b)State the causes of Depreciation.
14.(a)Define Bill of Exchange and Promissory Note. Distinguish between a Bill of Exchange and a Promissory Note.
(b)A machine was purchased on 1 st July 1983 at a cost of Rs. 14,000 and Rs.1,000 was spent on its installation. The depreciation is written off at 10 % on original cost every year. The books are closed on 31 st December every year. The machine was sold for Rs.9,500 on 31 st March 1986. State the machinery account for all the years.
15.(a) Explain the condition for the forfeiture of shares.
(b)The directors of AB Ltd.decided to forfeit100 shares of Rs.10 each. For non payment of final call on Rs.3 per share. These shares were re-issued at Rs. 8 per share. Pass journal entries.
PART C - (3×10=30 marks)
16. Define Accounting.Explain it's objectives and merits.
17.Prepare final accounts of Mr.Mohan for the year ended 31.12.2010
Drawings. 45,000. Capital. 1,60,000
Goodwill. 90,000. Bills payable. 35,000
Buildings. 60,000. Creditors. 70,000
Machinery. 40,000. Purchase return. 2,650
Bills receivable. 6,000. Sales. 2,18,000
Opening stock. 40,000
Carriage outwards. 500
Carriage inwards. 1,000
Bad debts. 1,200
Sales return. 2,000
General expenses. 450
(a) closing stock was Rs.35,000
(b) Depreciate machinery and Furniture by 10 %
(c) Outstanding wages. Rs.1,500
(d). Prepaid advertisement Rs.500
(e). Create 5% on debtors for bad debts as provision.
18.A,B and C are partners sharing profits and losses in the ratio of 3:2:1.on30.09.2000 their balance sheet stood as under:
Liabilities. Amount. Assets. Amount
A's capital a/c. 1,40,000. Land and Buildings. 1,00,000
B's capital a/c. 1,00,000. Stock. 50,000
C's capital a/c. 80,000. Debtors. 1,00,000
Creditors. 80,000. Bank. 50,000
Bills receivable. 25,000
B retires from Partnership from 01.10.2000 subject to the following terms :
(a) Land and Buildings appreciated by 10 %
(b) Depreciate stock by 5%
(c) Create 10 % for doubtful debts on debtor.
(d) Good will raised in the books for Rs.96,000
Prepare revaluation a/c, Partner's capital a/c and Balance sheet after B's retirement.
19.A,B and C were in partnership sharing profits equally.C died on 31.12.1998 is given under :
Liabilities. Amount. Assets. Amount
Sundry creditors. 15,600. Cash. 4,000
General Reserve. 6,000. Debtors. 18,000
Investment Fluctuation fund. 2,100. Stock. 28,000
Reserve for bad debt. 1,800. Investment (at cost ). 8,000
A's capital. 30,000. Free hold property. 30,000
B's capital. 25,000. Goodwill. 13,500
C's capital 21,000
C on the death, it was found that :
(a) Freehold property worth Rs.57,000
(b)Debtors. Were all good
(c)stock valued Rs.25,000
(d) Investment valued at Rs.7,500 and was taken over A.
(e)A liability for workmen compensation for Rs.3,000 was to be provided.
(f) Good will was to be valued at one year's purchase of average profit of last 5 years.
(g) C's share of profit up the date of death was to be calculated on the basis of last year's profit .The profit for 5 years
1994 -Rs.11,500. 1995 - Rs.12,500
1996-Rs.8,000. 1997 - Rs.10,000
1998- Rs. 12,000
Prepare revaluation a/c, capital a/c and Balance sheet of remaining portion.
20.A company issued 1,000,10% debentures of Rs. 100 each at par ,payable Rs.40 on application and the balance on allotment.The public applied for debentures, these applications were accepted. All moneys were received. Give journal entries
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