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Wednesday, May 31, 2023

BBA - Bachelor of Business Administration
1st Semester
Financial Accounting 


Max. Marks: 80] [ Time allowed: 3 Hours

NOTE: Attempt four short answer type questions from Section-A. Attempt two questions each from Section B and C respectively.

Section - A

I. (a) What is the Accounting Period concept?

(b) Prepare a journal for the following transactions

(c) X Limited forfeited 20 shares of Rs. 10 each Rs. 7 called up, on which M had paid application and allotment money of Rs. 5 per share. Out of these 15 shares were reissued to N as fully paid up for Rs. 6 per share. Give Journal Entries

(d) A Company purchased a plant for Rs. 10,000. It is expected that its useful life will be four years and salvage value is Rs.2, 000. You are required to give the amount of depreciation to be provided in the first year as per Diminishing value method.

(e) The nominal value of the equity shares of a company is Rs. 10 and
the current market price is Rs. 40. The company issues right shares at the rate of 1 equity share for every 2 equity shares held, the right shares being issued at a premium of 10%. Calculate value of right.

(f) What is the spirit behind creation of Debenture redemption Reserve?


II. Define Accounting? Write in detail various concepts of accounting.

III. What is Depreciation? Explain briefly the different methods of charging depreciation.

IV. Akash Gupta started a real estate agency business with a cash investment Rs. 35,000. The following business transactions have been recorded.

(1) Paid three months advance rent for office accommodation Rs. 2100. 

(2) Bought car for office use Rs. 21,000

(3) Purchased office furniture for Rs. 7,000

(4) Bought office typewriter from S. Company for Rs. 3,000

(5) Sold extra office furniture at cost to A for Rs. 1,000. A paid Rs. 600 in cash and accepted a bill at three months for the balance.

(6) A paid the amount of the amount of the bill at maturity and Akash Gupta paid half the amount he owed to S. Company.

(7) Collected Rs. 6,000 as commission

(8) Paid telephone bill amounting to Rs. 150

Use the accounting equation to show the effect of the above transactions on his assets, liabilities and capital and also show his balance sheet.

V. Following is the Trial Balance of Raman and Company as on December 31, 1998

Prepare Trading and Profit and Loss Account and a Balance sheet of the firm as on December 31 1998 after considering the following adjustments

(a) Closing stock valued at Rs. 15,000

(b) Provide depreciation on Plant and Machinery at 5% and on furniture at 10%

(c) Write off further bad debts of Rs. 2,000 and make a provision for doubtful debts at 5% of debtors.

(d) Create a provision for discount on debtors and creditors at 2%

(e) Provide for outstanding expenses: wages Rs. 2,000 and Rent Rs. 1,200. (15)


VI. What do you mean by right issue? State the relevant provisions of the companies Act regarding right issue in the case of a public company. How is the value of right computed?

VII. Discuss the meaning of redemption of Debentures. Explain various methods of redemption of Debentures.

VIII. The following balances appeared in the books of Vishal Paper Limited on 1 October, 2020.

12% Debentures 2,00,000
Sinking Fund 1,50,000
Sinking Fund Investments (face Value)         1,70,000

Interest on investments is received on 30th September and 31 March @8% P.A.

Debenture fell due for payment on 31 March 2021. The company carried out the redemption by the sale of sinking fund investment at 95%. On that date balance at bank stood at Rs. 72,000 (before interest on investment has been received).

Pass Journal entries and prepare ledger accounts arising out of above.

IX. A Limited issued a prospectus inviting applications for 2,00,000 shares of Rs.10 each at a premium of Rs. 2 per share payable as follows: On application Rs. 3; on Allotment Rs. 4 (including premium): on first call Rs. 3 and on second call Rs. 2.

Applications were received for Rs. 3,00,000 shares and allotment were made on pro-rata basis. Money overpaid on application was employed on account of sums due on allotment.

R, to whom 400 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call his shares were forfeited. M the holder of 600 shares failed to pay the two calls and his shares were forfeited after the second call. Of the shares forfeited 800 shares were sold to K as fully paid up, K paying Rs. 9 per share, the whole of R's share being included.
Give journal entries and prepare balance sheet.


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