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Financial Accounting - Paper-I

Time: 3 hrs Max. Marks 70
I. Answer any four questions. 5x4=20
1. Distinguish Book – keeping from accounting and explain the main functions of
2. What is meant by Bank reconciliation statement? Explain the reasons for discrepancy
between cash book and pass book.
3. Rectify the following errors.
(i) Purchase book is short by Rs.2000
(ii) Sales Return Book is over costly Rs.400
(iii) Machinery purchased but entered in purchase book Rs.600
(iv) Goods sold but entered in purchase book Rs.500
4. Differentiate between Trial balance and balance sheet.
5. What is meant by Account Sales? Prepare an account sales with imaginary figures.
6. A purchased a machine on 1.1.2006 worth Rs.10,000. The life of the machine was 10
Years. The scrap value of the machine after 10 years is Rs.100. Prepare Machine
Account for the first 3 years on fixed instalment method.
7. What is the difference between consignment and joint venture?
8. What is “Secret Reserves”? How can be created? What are advantages of Secret
II. Answer to the theory Questions should not exceed four pages each. 5 x 10 = 50
1. (a) Discuss money measurement concept, going concern concept matching concept
and consistency concept as applicable in financial accounting.
(b) What is double entry system? Give five advantages of double entry system?
2. (a) Enter following transactions in three columns cash book 2007.
Nov. 1 Cash balance (Dr.) Rs.2000; Bank Balance (Cr) Rs.8,000
2. Received Rs.3980 in full settlement of his account of Rs.4,000 from Antony
3. Received a cheque from Rosi Rs.5980 in full settlement of Rs.6000.
4. Paid salaries Rs.1000, Wages Rs.2000 and Rent Rs.1500 through cheques.
8. Paid into Bank Rs.1200
9. Cheque Drawn from bank Rs.2000 for office use.
10. Cheque drawn for personal use Rs.600
15. An intimation from stating that Rosi’s cheque was dishonoured.
20. Cash sales Rs.10,000
21. Cash purchases Rs.6,000
28. Paid Ramesh Rs.1090 and discount Received Rs.10
30. Settled B’s cheque account of Rs.5000 by paying cheque Rs.4,950
Cash Balance (Cr) Rs.10,275
Pass Book (Cr) balance Rs. 3,600
Cheques not presented Rs.1,5400
Uncredited cheques Rs.1,600
In addition you ascertain that :
a) A cheque for Rs. 250 paid to Sharma has been wrongly credited in cash
b) Debit side of the cash Book (Bank column) has been under cast by Rs.400
c) Bank charges Rs.75 has not been entered in the Cash book.
3. (a) The trial Balance of a trader given between with further information on
Date 31-12-2009.
Amount Amount
Rs Rs
M/s Drawings - 1,420 M/s Capital 8,500
Machinery - 1,900 Sales 23,812
Stock 1-1-2009 - 2,920 Returns 582
Purchases - 20,724 Apprentice Premium 240
Returns - 420 Bank Overdraft 400
Sundry Expenses - 880 Sundry Creditors 2,000
Rent - 240 Provision for 210
Rates & Taxes - 400 doubtful debits
Sundry Debitars - 6,400 Bills payable 360
Cash at office - 96 Discount 120
Bills receivable - 480
——————— ——————
36,224 36,224
——————— ——————
Further information
Stock on 31-12-2009 was Rs.3400
(a) Provide for doubtful debits @ Rs. 5% on sundry debitors.
(b) Rent due was Rs.80
(c) Taxes of Rs.160 were paid in advance
(d) Depreciate Machinery at 10% p.a
(e) Apprentice premium of Rs.40 was to be carried forward.
(f) Calculate interests on capital at 5% p.a. but on drawing.
b) A book keeper finds that the debit side of Trial Balance is short of Rs.308 for the
time being he balanced the side by putting the difference to suspense account.
Subsequently the following errors are disclosed.
(i) An entry for goods of Rs.102 sold to M was posted to his account at Rs.120
(ii) Rs. 100 discount allowed to customer was credited to discount received a/c in
the ledger
(iii) Rs.275 pay by M was credited to Y account.
(iv) Rs.26 appearing in cash book as paid for purchase of stationary has not been
posted in the ledger.
(v) Debit of purchase account was undercastly Rs.100. You are required to make
necessary rectification entries and prepare suspence account.
12 (a) On 1st January, 2010 Banu of Bombay consigned 100 cases (cost price Rs.7500) at a
proforma invoice price of 25% profit on sales to her against Anil Kumar of Alampur. On
the same date Banu paid non – recurring expenses of Rs.600. On 10th January Anil Kumar
took delivery and paid Rs.1200 for October ‘10 and other duties and remitted Rs.4000 as an
advance against the consignment. On 31st January he sold 80 cases for Rs.10500, consignee
is entitled to 5% commission on gross sales and 10% on the sales price in exceed of the
invoice price.

(b) A & B enter into Joint Venture sharing profit 3/5 and 2/5 a is to purchase timber in
Madhya Pradesh and forward it to B in Delhi. A purchases timber worth Rs.10,000
and pays Rs.1000 as expenses. B received the consignment and immediately
accepted A’s draft for Rs.8000. A got it discounted for Rs.7850. B sold the timber
for Rs.16,000. He had to spend Rs.350 for fire insurance and Rs.300 for rent under
the agreement he is entitled to a commission of 5% on sales.
Give journal entries and ledger accounts in the books of A and B.
13 (a) On1st January 2007 Machinery was purchased by X for Rs.1,50,000. On 1st July
2008 additions were made to the extent of Rs.30,000. On 1st April, 2009 further
additions were made to the extent of Rs.19,200. On 30th June 2010 Machinery, the
original value of which was Rs.24,000. The machinery was sold for rs.18,000 X
closes his books on 31st December each year. Show the Machinery Account for
the years from 2007 to 2010 in the books of X if the depreciation is charged at
10% under fixed instalment.
(b) Explain the difference between “Provisions” and reserves”

B.Com., I -Year Financial Accounting - Paper-I
Time: 3 hrs Max. Marks 100

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