PUNJAB GROUP OF COLLEGES (BHARA KOH CAMPUS)

SEND UP EXAMINATION
B.COM (Part-I)
FINANCIAL ACCOUNTING

Time allowed: 2.00 Hours Total Marks: 60

Note: Attempt any THREE questions.

Q.1 Rectify the following errors.

 Sales book has been under-cast by Rs 1000.

 A sum of Rs 750 debited to Ali account as 75.
 A payment of Rs 4000 on account of rent has been posted twice to rent account.
 Purchase book has been over-cast by Rs 500
 Rent paid Rs 3000 debited to Landlord’ personal account.
 Return inward book has been under-cast by Rs 800.
 Purchases from Ahmed Rs 2000 debited to his account.
 Return outward book has been over-cast by Rs 500.
Q.2 From the following particulars given below, find out balance, by means of a statement
that would appear in the Cash book as on 31st December, 2004:
(1) Bank overdraft as per pass book (Dr.) Rs. 1660
(2) Amount deposited directly into bank by a debtor Rs. 200 in December but not
recorded in Cash Book.
(3) Interest on overdraft Rs. 40 and the bank charges Rs. 20 are debited in pass book
only.
(4) Cheques deposited but credited by bank in the month of January, 2005 Rs. 800.
(5) Cheques drawn in December but presented in the month of January, 2005 Rs. 20,000,
Rs. 1200 and Rs. 400

Q.3 From the following particulars prepare a Bank Reconciliation Statement with the
help of Revised Cash Book as on 31st March 2016.

 Bank balance as per pass book Rs. 15,200.

 Bank charges debited Rs. 130 in the pass book.
 Cheques issued but not presented to the bank for payment Rs. 2000.
 Cheques deposited into bank but not credited in the pass book Rs. 7000.
 A cheque entered as a deposit in a cash book instead of payment Rs.220.
 Rs.364 paid into bank had been entered twice in the cash book.
 The receipt column of the cash book has been over cast by Rs. 1000.
 A cheque drawn for Rs. 9 had been incorrectly entered in the cash book as Rs. 99.

Q.4 Record the following transactions in the journal post them in the ledger and
prepare a trail balance
2008
March, 01 Mr. Wasim started business with cash Rs. 80,000 Machinery worth Rs.
10,000 and Stock worth Rs 40,000
“ , 04 Deposited into bank Rs. 45,000
“ , 09 Bought goods on credit from Mr. Ahmed for Rs. 10,000.
“ , 14 Sold goods to Imran for Rs 8000.
“ , 25 Paid wages Rs. 1000/- and insurance expense Rs. 800/-
“ , 26 Issued a cheque to Mr. ahmed of Rs. 9800 in full settle of his account.
“ , 30 Received cash form Imran Rs. 7750 in full settlement of his account.

Q.5 Define financial Accounting. Explain uses of financial accounting.