Tuesday, May 10, 2016
Total No. of Questions: 07
Subject Code: BB-201
Paper ID: [C0207]
Time: 3 Hrs. Max. Marks: 60
INSTRUCTIONS TO CANDIDATE:
1. Section-A is compulsory consisting of ten questions carrying two marks each.
2. Section-B contains six questions carrying ten marks each and students have to
attempt any four question.
Q1. Answer briefly:
a)Explain various objectives of Trail Balance.
b)Discuss the need of Bank Reconciliation statement?
c)What is Suspense Account?
d)What are various methods of Description?
e)Give the difference between Gross Profit and Net Profit.
f)State four limitations of Accounting?
g)Explain cash basis of Accounting?
h)Explain Convention of Conservatism?
i)Explain various rules of Double Entry System?
j)Distinguish between Income and Expenditure.
Q2. Define the term “Account Concepts”. Discuss the various accounting concepts.
Q3. “Is the agreement of Trial Balance a conclusive proof of the accuracy of a book-keeper”? If not, what are the errors, which remain undetected by the Trial Balance?
Q4. What is a Bank Reconciliation Statement? What are the reason for difference in Cash Book and Pass Book Balance?
Q5. Give Journal Entries for the following:-
(a)Goods worth Rs. 500 given as charity.
(b)Received Rs. 975 from Harikrishan in ful settlement of his account for Rs. 1,000.
(c)Received a first and final dividend of 60 paise in the rupee from the official receiver of Mr. Rajan who owed us Rs. 1000.
(d)Sold a sohan goods worth Rs. 20,000 less 2% cash discount and received Rs.
19,600 net on account by Cheque.
(e)Bought from Ram & Co. goods wort Rs. 1,00,000 at 10% trade discount and 2% cash discount terms and paid them half the amount in cash.
(f)Paid Rs. 1000 in cash as wages on installation of machinery.
(g)Supplied goods costing Rs. 10,000 to Sohan invoiced at 30% above cost less 5%
(h)Goods worth Rs. 5000 were used by the proprietor for his personal use.
(i)Goods uninsured worth Rs. 10,000 were destroyed by fire.
Q6. On 1 Jan. 2003, X Ltd., purchased a second-hand machine for Rs.52000 and spend Rs.2000 as shipping and forwarding charges, Rs.5000 as import duty, Rs. 500 as carriage inwards, Rs. 1500 as repair charges, Rs, 500 as installation charges, Rs. 400 as brokerage of the middleman and Rs. 100 for an iron pad. It was estimated that the machine will have a scrap value of Rs. 2000 at the end of its useful life which is 20 years. On 30st sept. 2003 repairs and renewals amounted to Rs. 2000. On 1 July 2005, this machine was sold for Rs.30,600. Prepare the machinery Account for the first three years.
Q7. The following is the Trial Balance of M/s Kasturi Agencies as on 31 March, 2014.Prepare Trading and profit & loss account for the year ended 31stMarch 2014 and a balance sheet on that date:-
Furniture & Fittings 7,500
Motor Van 25,000
Loan from Hari@ 12% interest 15,000
Interest on the above 900
Opening stock 25,000
Establishment Expenses 15,000
Commission Received 45,00
Sundry debtors 28,100
Bank Balance 20,000
Sundry Creditors 10,000
(a) The value of stock on 31 st
(b) Outstanding wages Rs.500
(c) Prepaid insurance Rs.300
March 2008 was Rs. 32,000.
(d) Commission received in advance Rs.1,300
(e) Allow interest on capital @ 10%
(f) Depreciate: Building 2.5%, Furniture & Fittings 10% Motor van 10%
(g) Charge interest on drawings Rs. 500
(h) Accrued interest Rs.500
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