Download Question Paper of "Finaicial Accounting", Question Paper of BBA 2nd Semester, Subject Code : BB - 201, Paper ID C02071 Paper 10

Roll No. .................                                  

Total No. of Questions : 07

BBA (Sem.–2)

FINANCIAL ACCOUNTING

Subject Code : BB-201

Paper ID : [C0207]

Time : 3 Hrs.                                           

INSTRUCTION TO CANDIDATES :

1.    SECTION-A is COMPULSORY.

2.    Attempt any FOUR questions from SECTION-B.

SECTION-A

l. Write short notes on :

(a) Accounting equation

(b) Current assets

(c) Direct Expenses

(d) Gross profit vs. net profit

(e) Errors of omission

(f) Revenue expenditure

(g) Cost concept

(h) Nominal Accounts

(i) Depreciation vs. depletion

(j) Errors of principles

SECTION-B

2. What are the closing entries? Why are they needed? Do we need a

    closing entry for carrying any account to balance sheet?

3. (a) What are the real, nominal and personal accounts? Explain them by

giving examples.

(b) From the following information ascertain the gross profit and net

profit:

Stock at start                2400    Carriage in                                      524

Purchases                     15205    Manufacturing wages paid           2800

 Sales                            20860    Manufacturing wages owing        96

        Closing stock                     3840    Loss due to fire                               1000

       Return outwards                 185    Indirect expenses                               200

       Return inwards                   860

4. Prepare a bank reconciliation statement from the following particulars as

on 31 December, 2011:

Bank overdraft as per cash book                                                            Rs 8000

 Cheques deposited in bank but no entry passed in the cash book         300

Cheques received but not sent to bank                                                    1000

 Credit side bank column cash short                                                       100

Insurance premium paid by bank under the standing advice                  Rs. 500

Bank charges entered in cash book twice                                                10

 Cheques received returned by bank but no entry passed                       400

Cheques received returned on technical grounds                                    300

Bills directly collected by bank                                                                2000

Bank charges debited by bank                                                                   12

 Cheques received entered twice                                                               500

Bills discounted dishonored                                                                      4000

5. From the following information of Alpha Ltd. Prepare Machinery Account for three years ending March 31, 2009 by providing depreciation @ 20% p.a. under Straight Line Method.

Date                             Transactions                                               Rs.

 April 1, 2006         Purchased a second hand machinery I           120000

April 1, 2006       Repairs on it                                                      30000

Oct 1, 2006                Purchased a new machinery II                    300000

April 1, 2007          Spent repairs on Machine II                           3000

 Sep 30, 2008          Sold machinery I                                           67500

 Sep 30, 2008          Purchased a new machinery III                     450000

6. What are the adjustment Journal entries? Why are they needed? How are

they different from daily journal entries? Give examples.

7. Explain the impact of errors on Trial Balance by giving suitable examples –

errors disclosed and not disclosed by Trial Balance.