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Monday, December 7, 2015







Roll No…….
Total No. of Questions: 07
B.COM-2014
FINANCIAL ACCOUNTING
Subject Code: BCOP-101
Paper ID: [B1101]
Time: 3 Hrs.                                                                 Max. Marks: 60
Instruction to Candidates:
1. Section-A : This Section is compulsory.  It consists of 10 sub-questions of  2 marks each.  Answer to each question should be given in 2-5 lines.
2. Section-B: It consists of six questions. Attempt any four question.  Each question carries ten marks.

SECTION-A
1.       Question: Write Short Notes on the following:
          (a) GAAP
          (b) Purchase Book
          (c) Opening Entry
          (d) Compensating Errors
          (e) What is Bank Reconciliation Statement?
          (f) Open Reserve
          (g) Depreciation
          (h) Self-Balancing Ledger
          (i) Average Due Date
          (j) What is meant by ‘Red-Ink interest’ in an Account Current?

SECTION-B
2.       Write note on the following:
          (i) Accounting Cycle
          (ii) Journal
          (iii) General Ledger
          (iv) Subsidiary Books
          (v) Accounting Equation

3.       Explain in detail the concepts and conventions of accounting.

4.       Following are some accounting errors. Rectify them by making journal    entries:
          (i) Sales for Rs.20000 made to Malvika was not entered in the Sales Book.
          (ii) Salary of Rs.7500 paid to Accountant Raman was debited to his personal   account.
          (iii) Old furniture sold for Rs.2800 was entered in the Sales Book.
          (iv) Carriage paid Rs.500 on purchase of a Machine was debited to Carriage     A/C.
          (v) Cash Rs.50000 paid to the creditor Atulya Ghosh was debited to Praful      Ghosh’s  A/C.

5.       On  1 May, 2006 Sunil purchased goods worth Rs.8000 from Anil.  Two          days later Sunil gave Anil the acceptance for 4 months.  On 3 June, 2006         Anil discounted the bill with a bank @ 12%p.a. On due date, when the bill           was presented for payment, Sunil dishonored the bill. Anil paid Rs.50 as      noting charges to a public notary.  On 25 September, 2006 Sunil was     adjudged insolvent and only 30 paise per rupee could be recovered from his         estate.  Pass Journal entries in the books of  both the parties.
 
6.       From the following information prepare financial statements of Y Ltd.
Trial Balance
For the year ending 31-03-2011
Particulars
Amount (Rs.)
Cr.
Amount (Rs.)
Cr.
Share Capital

500000
Loan

300000
Creditors

200000
Opening stock
90000

Wages
10670

Advertisement
320

Carriage Inward
5010

Repair of machinery
7000

Depreciation
25000

Sales

400000
Discount
1400
2500
Building
700000

Plant and Machinery
Cash
200000
30500

Debtors
30100

Bad debts
2500

Purchases
300000

Total
14,02,500
14,02,500

          Additional Information: Closing Stock Rs.120000       
7.       Padmavati has given details of the bills drawn by the Laxmi and accepted        by her.  Padmavati requested Laxmi to accept payment on one single date so        as to avoid loss of interest on either side. Calculate the average due date.
Bill No.
Date of Bill Drawn
Date of acceptance
Amount of  bill (Rs.)
Period of each bill
1992
15-03-2006
16-03-2006
9000
2 months after due date
1993
28-04-2006
29-04-2006
10000
90 days after sight
1994
30-06-2006
01-07-2006
1000
Two weeks after sight
1995
03-07-2006
06-07-2006
5000
45 days after date



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