202AF13A Financial Accounting
202AF13A Financial Accounting
202AF13A Financial Accounting
First Semester
FINANCIAL ACCOUNTING – I
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6. What does the term "credit" mean in business?
(a) It depends upon items
(b) Provide benefits
(c) It has no effect on business
(d) Receiving benefits
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10. Due date of a bill of exchange drawn on 30th
January, 2011 for one month will be:
(a) 5 March (b) 3 March
(c) 29 February (d) 4 March
SECTION B — (5 5 = 25 marks)
Or
(b) Explain the procedure of `Posting' from
journal to Ledger.
Or
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(b) From the following particulars, prepare a
Bank Reconciliation statement as on 31st
December, 2000
Or
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(b) From the following information prepare
Trading and profit and Loss account Opening
stock Rs. 2,600; Purchases Rs. 12,000; Sales
Rs. 24,000; Carriage inwards Rs. 2,000;
Return outwards Rs. 1,800; Depreciation on
Machinery Rs. 800; Return outwards
Rs. 800; Wages paid Rs. 1,600; Wages
outstanding Rs. 400; Indirect expenses
Rs. 2,300; Closing stock Rs. 14,000.
Or
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15. (a) On 1st January 2018, the amount due to from
G to K was Rs. 1,000. During the six months
ended June, the transactions were as follows:
Rs.
2018 February 10 Sold goods to G 2,000
2018 March 15 Purchased goods from G 600
April 20 Cash received from G 800
May 15 Cash paid to G 600
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SECTION C — (5 8 = 40 marks)
Or
(b) "Accounting is the Language of business".
Discuss.
Or
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(b) Following are the ledger balances of Sri. You
are asked to prepare trail balance as on
31.12.2000.
Rs. Rs.
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18. (a) From the following trial balance of Mr. Mano
prepare Trading and Profit and Loss account
for the year ended 31st March 2018. And the
balance sheet as on that date.
Particulars Dr.(Rs.) Cr.(Rs.)
Capital 1,20,000
Sales 75,000
Purchases 45,000 –
Salaries 6,000 –
Rent 4,500 –
Insurance Premium 900 –
Drawings 15,000 –
Machinery 84,000 –
Bank 13,500 –
Cash 13,500 –
Stock (1.4.2017) 15,600 –
Sundry Debtors 7,500 –
Sundry Creditors – 10,500
2,05,500 2,05,500
Adjustments Required:
(i) Stock on 31.03.2018 Rs. 14,700
(ii) Salary unpaid Rs. 1,000
(iii) Rent paid in advance Rs. 750
(iv) Create 5% Provision for bad and doubtful
debts on Sundry Debtors.
Or
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(b) From the following Trial Balance, Prepare
Trading and Profit and Loss account for the
year ending 31.12.2018 and the Balance
sheet as on that date
Particulars Dr.(Rs.) Cr.(Rs.)
Capital – 6,40,000
Sales – 4,00,000
Purchases 2,40,000 –
Salaries 32,000 –
Rent 24,000 –
Insurance Premium 4,800 –
Drawings 80,000 –
Machinery 4,48,000 –
Cash and Bank 1,04,000 –
Stock (1.4.2017) 83,200 –
Sundry Debtors 40,000 –
Sundry Creditors – 16,000
10,56,000 10,56,000
Adjustments:
(i) Stock on 31.12.2019 Rs. 78,400
(ii) Salaries outstanding Rs. 4,800
(iii) Rent paid in advance is As. 3,200
(iv) Prepaid insurance Rs. 1,440
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19. (a) Mano sold goods to Man for Rs. 3,000 on
credit on 1-4-2000. For the purpose, Mano
drew a bill on Mani for Rs. 3,000 for 3
months. Mani accepted the same and
returned it to Mano. On Maturity, the bill
was Dishonoured by Mani. Show the entries
in the books of both the parties under each of
the following circumstances.
(i) If Mano retained the bill till maturity.
(ii) If Mano discounted the bill by the bank
at 18% p.a.
(iii) If Mano endorsed the bill to his creditor
Anil
(iv) If mano sent the bill to the bank for
collection.
Or
(b) Mr. R accepted on 1st April 2000 a bill for
Rs. 10,000 drawn by Mr. S 3 months. Mr. S
immediately discounted the bill with his
banker at 7% Mr. R failed to meet the bill on
the due date and an his request Mr. S
renewed the bill for 2 months by adding12%
interest to the amount on Mr. R furnishing
security. Mr. R endorsed two of his
customers' bills for Rs. 7,000 and Rs. 5,400
due on 20th August and 10 September
respectively. Mr. S discounted all the three
bills at 7% with the bankers. On the due date
all the bills were met.
Journalise the above transactions in the
books of 'R' and S'
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20. (a) Sankar had the following transactions with
Rs.
method.
Or
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(b) Sharma, having accepted the following bills
drawn by his creditor Gambirsingh due on
different dates, approached his creditor to
cancel them all and allow him to accept a
single bill for the payment of his entire
liability on the average due date. You are
required to ascertain the total amount of the
bill and its due date.
Bill Date of Date of Amount Tenure
No. Drawing acceptance
1 16.02.06 20.02.06 16,000 90 days after
sight
2 06.03.06 07.03.06 12,000 2 months after
date
3 24.05.06 31.05.06 4,000 4 months after
sight
4 01.96.06 04.06.06 18,000 1 month
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