Thursday, September 1, 2016
Total No. of Questions : 07
Subject Code : BSBC-305
Paper ID : [B0232]
Time : 3 Hrs.
INSTRUCTION TO CANDIDATES :
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 has to attempt any FOUR questions.
l. Write briefly :
b) Nominal accounts
c) Concept of Materiality
e) Errors of Commission
f) Contra Entries
h) Fictitious Assets
j) Working Capital
2.“Accounting serves as an information system and meets the need of a wide variety of stakeholders”. In the light of this statement discuss the meaning and importance of accounting.
3. Pass the journal entries from the following transactions:
a) Deposited cash Rs.1,30,000 into saving account with the bank.
b) Paid electricity bill Rs. 25,000 through cheque.
c) Rs. 15,000 spent on training and development of employees.
d) Paid salary Rs. 1,500, entertainment expenses Rs. 2,100.
e) Sold furniture worth Rs. 20,000 for Rs. 22,000.
f) Received a Capital of Rs. 2,30,000 from the Owner of the Business Mr. Rizvan.
g) Lost furniture worth Rs. 30,000 due to fire, received claim of Rs. 25,000 from the insurance company.
h) Purchased stock worth Rs.4,000 from M/s Juliet Sons, out of this stock worth Rs. 3,500 is purchased on credit basis.
i) Charge Depreciation on Furniture Rs.4,000.
j) Purchased Machinery worth Rs. 10,00,000 from M/s Teakwood Furniture’s Payment of Rs. 8 lacs has been given through cash, and balance will be paid after one month.
4. What is the purpose of preparation of Trial Balance? Also write a note on different types of errors made by the accountants in writing the books of accounts.
5. From the following balances, prepare the Trading and Profit and Loss
Account and Balance Sheet of XYZ traders as on March 31, 2012.
Debit Balances Amount Rs. Credit Balances Amount Rs.
Drawings 8,300 Capital 1,65,000
Cash at bank 24,000 Discount received 1,150
Bills receivable 1,000 Loans 12,000
Land and Building 41,700 Purchases return 4,500
Furniture 5,100 Sales 3,00,000
Discount allowed 4,000
Bank charges 240 Creditors 23,670
Stock (opening) 65,000
Sales return 2,210
Rent and Taxes 7,250
General expenses 3,610
Plant and Machinery 32,400
Book debts 80,340
Bad debts 1,190
1. Closing stock Rs. 60,000
6. What is a Bank Reconciliation Statement? Also explain the process of preparation of Bank Reconciliation statement with the help of a hypothetical example.
7. Explain in detail sources of working capital finance.
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