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Monday, December 7, 2015







Roll No…….
Total No. of Questions: 07
B.Com. (Sem.-1st)
FINANCIAL ACCOUNTING
Subject Code: BCOP-101 (2011 Batch)
Paper ID: [B1101]
Time: 3 Hrs.                                                                 Max. Marks: 60
Instruction to Candidates:
1. Section-A is Compulsory.
2. Attempt any Four questions from Section-B.

SECTION-A
1.       Write short notes on:
          (a) Book Keeping
          (b) Debtors
          (c) Accounting Equation
          (d) Promissory Notes
          (e) Accounting Cycle
          (f) Drawing
          (g) Error of Commission
          (h) Reserves
          (i) Red Ink Interest
          (j) Contra Entries
SECTION-B
2.       What do you mean by accountancy? Differentiate between book keeping and           accounting?

3.       What do you mean by accounting principles? Discuss in brief all accounting     concepts and conventions.

4.       You are presented with a Trial Balance of Mr. Saxena on March 31, 2012         showing the credit excess by Rs.415, which has been carried to Suspense     Account.  On a close scrutiny of the books, the following errors were revealed:
          (a) A cheque of Rs.3456 received from Shankar, after allowing him a       discount of Rs.46 was endorsed to Sharma in full settlement for Rs.3500.         The cheque was finally dishonored but no entries were passed in the books.
          (b) Goods of the value of Rs.230 returned by Swaminath were entered in the     Purchase Day book and posted there from to Swaika as Rs.320.
          (c) Bad Debts aggregating Rs.505 were written off during the year in the sales ledger but were not recorded in the General Ledger.
          (d) Bills for Rs.750 received from Sureka for repairs done to machinery was     entered in the inward invoice book as Rs.650.
          (e) Goods worth Rs.1234 purchased from Saraf on March 28, 2012 have          been entered in the Purchase book and credited to him but were not        delivered till April 2, 2012 stock being taken by the purchaser on March 31,         2012.  The title of the goods was however passed on March 28, 2012.
          (f) Rs.79 paid for freight on Machinery was debited to Freight Account as         Rs.97.
          You are required to pass the necessary Journal entries for correcting the above.
5.       The following is the Trial Balance of Mr. X as on March 31,2012.
Particulars
Debit Amount (in Rs.)
Credit Amount (in Rs.)
Cash in Hand
540

Cash at Bank
2630

Purchases
40675

Returns Inward
680

Wages
10480

Fuel and Power
4730

Carriage Outward
3200

Carriage Inward
2040

Opening Stock
5760

Premises
30000

Land
10000

Machinery
20000

Patents
7500

Salaries
15000

Sundry Expenses
3000

Insurance
600

Drawings
5245

Debtors
14500

Sales

98780
Returns Outwards

500
Capital

71000
Creditors

6300
Total
176580
176580

Take into consideration the following adjustments, prepare Trading and Profit and Loss Account and a Balance Sheet as on March 31, 2012.
(a) Closing stock as on March 31, 2012 was Rs.5800.
(b) Depreciate Machinery and Patents by 10% and 20% respectively.
(c) The Insurance Policy will expire on September 30,2012.
(d) Rs.2000 is to be transferred to Reserve Fund.
(e) Rs.2000 spent on erection of a shed were include in wages account.
S.K. Surekha had the following transaction with T.I. Raisena:

Date

Rs.
Date

Rs.
Jan. 1
Balance due from Raisena
1000
June 16
Purchased goods from him (received on July 16)

15000
Feb. 16
Purchased goods from him

6000
Sep.23
Paid him cash
3000
Feb.28
Sold goods to him
10000
Oct.24
Accepted his bills for 3 months

5000
Mar.16
Received a cheque
3000
Nov.26
Received his acceptance for 2 months

8000
April 20
Sold him goods (Invoice on May 3)
10000




You are asked to prepare an Account current, with necessary columns of  T.L. Raisena completed upto December 31, 2011 as will appear in the books of Surekha reckoning 5% interest on te balance due.

7.       It is said that in a system of sectional balancing, errors and easily and quickly located.  Is it correct? If so, how is it made possible?




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