Plant & Machinery
Postage & telegram
Printing & stationery
Tuesday, May 10, 2016
BB-201 Financial Accounting
Time allowed : 3 hours
Section A is compulsory an all the 10 questions have to be attempted. Each question carries 2 marks. The candidate should answer each question in 2-5 lines. From section B, attempt any four questions. Each question carries 10 marks.
1. Answer the following
a. Explain Business Entity concept
b. What are Nominal Accounts? Give two examples.
c. What are fixed assets? Give two examples.
d. What is a Joumal? Give its format.
e. How is gross profit calculated?
f. What is accrued income ?
g. Differentiate between expenditure and expenses.
h. What are compensating errors?
i. What is narration?
j. What are adjustments in relation to final accounts?
2. Explain Double Entry system of bookkeeping . what are ot adjectives? Discuss its advantages.
3. What is deprecation? What are the objectives of charging depreciation? Discuss various methods of charging deprecation.
4. Differentiate between a Trial Balance and a Balance Sheet. Disuses the applications of Trial Balance.
5. In early August 2011, XYZ Company received a bank statement which showed a balance of R s.55.262 as at 31st July2001. However, its own record showed a balance of Rs.55,597 on the same date.
The following differences are identified:
i) Deposits amounted to Rs 1,300 was not in the bank statement .
ii) Two cheques were sent to suppliers, but yet to be accounted for by the bank. The details were as follows:
Cheque no:6661 dated July 20 Rs 380
Cheque no :6661 dated July 27 Rs 670
iii) The bank imposed a service charge of Rs 55
iv) A cheque no 6666 issued on July 24 for water bill amounting to Rs 3,350 was wrongly entered in the cash payment Joumal Rs 3,350 in the statement.
v) A cheque amounting to Rs 210 was received from customer ABC on July 15 and deposited a day after. However, due to insufficient fund in Mr. ABC’s account, the bank informed the company A that the dishonored cheque had been debited to company XYZ
Prepare the Bank Reconciliation Statement for Company XYZ.
6. The following errors were defected form the books of a trader.
I. Return inwards books was overcast by Rs 200
II. Rs 1000/- received in respect of book debt posted as cash sales.
III. Rs 1150/- paid for salary posted as Rs 950/-to salary account
IV. An item of Rs 400/- for goods sold to Ashok debited to Anil’s Account.
V. Rs 150/-paid on account of the tuition fees for the proprietor’s son had
been debited to General Expenses Account.
Pass rectifying Joumal retries.
7. From the following Trial Balance extracted from the books of a proprietor, prepare Trading, profit and loss Account for the year ended on 31st March 2011 and the Balance Sheet as on the date.
I. Write off Rs 250 from office Fumiture.10% from Plant & Machinery and 20% from motor van.
II. Create a reserve of 5% on sundry debtors.
III. Stock-in-trade a, amounted to Rs 12,500 at the end of the year.
IV. Rent is payable Rs 300.
V. Write off 1/5th of the advertising expenses.
VI. The proprietor is entitled to interest on capital at 5% p.a. and a total salary of Rs 1,800.
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