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2019 Alagappa University 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



Course: B.Com   University/board: Alagappa University

Are you looking for the old question papers of Alagappa University common for B.com of Financial Accounting paper. Here is the previous year question paper of Alagappa University. This is the original question paper from B.com first semester exam conducted by Alagappa University in December 2019. Feel free to download the question paper from here and use it to prepare for your upcoming exams.



D-2975. Sub.code
10214


DISTANCE EDUCATION

COMMON FOR Bcom DEGREE EXAMINATION, DECEMBER 2019.

First semester

Financial Accounting

(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?

7.Define Partnership.

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?

Or

(b)Post the following transactions to ledger accounts.

2003
May
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.

Or

(b)Enter the following transactions in proper subsidiary books,post them to ledger and prepare a Trial balance.

2001
July. Rs.
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

Or

(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.

Or

(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.

Or

(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

Rs.
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

Purchase. 51,000

Wages. 26,000

Carriage outwards. 500

Carriage inwards. 1,000

Salaries. 35,000

Rent. 3,000

Discount. 1,100

Repairs. 2,300

Bank. 25,000

Cash. 1,600

Debtors. 45,000

Bad debts. 1,200

Sales return. 2,000

Furniture. 6,000

Advertisement. 3,500

General expenses. 450

______________. _____________

485650. 485650
______________. _____________

Adjustments :

(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

Furniture. 75,000

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
were:
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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