Reg. No.

Reg. No.
U/0609/2006101
FINANCIAL ACCOUNTING-I
Time : Three hours Maximum : 100 marks
SECTION A — (5  8 = 40 marks)
Answer any FIVE questions

1. From the following information prepare trading account.
Rs
Opening stock 1,00,000
Purchase 1,50,000
Purchase return 25,000
Sales 4,00,000
Direct expenses 10,000
Carriage inwards 5,000
Closing stock 50,000
2. A fire occurred at the premises of a trader on 31.5.06 destroying a great part

of his goods. His stock at 1.1.06 was Rs 60,000. The value of stock salvaged
was Rs 13,500. The gross profit on sales was 30% and sales amounted to Rs
1,53,000 from January to date of fire, while for the same period the
purchases amounted to Rs 1,03.500. Prepare a statement of claim.
3. What are the methods of providing depreciation?
4. Rectify the following errors :

(i) Sales to Ram Rs 152, Posted to his account as Rs 125
(ii) Purchased goods from Manohar Rs₹ 550, Credited as 505
(iii) Received Bills Receivable from Seenu Rs 1,000, Posted as Rs
100
(iv) Discount allowed Rs 64 to Anbu credited to his account as Rs
46
5. From the following data, calculate total sales made during the year
2004 :
Rs
Debtors (1.1.2004) 17,425
Debtors (31.12.2004) 15,300
Cash received from debtors 49,200
Sales returns 3,700
Bad debts 2,500
Discount 1,800
Bills receivable 5,000
Cash sales 12,000
6. Differentiate single entry system from double entry system.
7. Write a note on Account Current.

8. Find out the average due date from the following:
Date of bill Amount Due date
of bill
1.4.09 800 6.6.09
30.4.09 1,000 3.8.09
3.6.09 400 6.7.09
15.06.09 600 18.9.09
SECTION B — (3  20 = 60 marks)
Answer any THREE questions.
9. Explain the different types of errors.
10. Mr. Mano keeps his books of accounts under single entry system.
His financial position on 31.12.2000 and 2001 was as follows:
Particulars 2000 2001
Rs Rs
Cash 9,860 800
Stock 38,520 57,020
2 U/0609/2006101
Plant and machinery 54,420 61,000
Bills receivable - 16,480
Debtors 24,840 43,940
Creditors 72,040 80,000
Furniture 4,960 5,220
Drawings - 5,000
During the year he introduced additional capital of

₹ 20,000. From the above particulars prepare a statement of profit and
loss of Mr. Mano for the year ended 31.12.2001.
11. Abi & Co. purchased a machine on 01.01.1995 for Rs 9,250 and immediately
spent Rs 750 on its erection. On 01.07.1996, it purchased another machine for Rs
2,500 and on 01.07.1997, it sold off the first machine purchased in 1995 for Rs
7,000 and on the same date it purchased another machine for Rs 6,250. On
01.07.1998 the second machine purchased for Rs 2,500 was also sold off for Rs
500. Depreciation was provided on the machinery on written down value basis at
10% p.a. Give machinery account for four years commencing from January 1,
1995.
12. From the following trial balance as on 31.12.2004. Prepare

trading, profit and loss account and balance sheet as on that date.
Particulars Debit Credit
Rs Rs
Stock as on 1.1.2004 5,840 -
Cash 192 -
Drawings 2,840 -
Rent 480 -
Machinery 3,800 -
Tax 600 -
Provision for bad debts - 420
Bad debts 888 -
Capital - 17,000
Interest - 320
General expenses 1,760 -
Bank overdraft - 960
3 U/0609/2006101
Purchases 41,448 -
Debtors 16,800 -
Sales - 47,624
Creditors - 8,000
Sales return 840 -
Purchase return - 1,164
Total 75,488 75,488
Adjustments :
(i) Depreciation on machinery 10% p.a
(ii) Rent outstanding Rs 500
(iii) Tax prepaid Rs 100
(iv) Provision for bad debts is to be increased to 5% on debtors
(v) Closing stock Rs 3,500
13. Fire occurred in the premises of the unlucky Ltd on

30th April 2006. All the stocks with the exception of Rs 21,000 were destroyed
by fire. From the following figures ascertain the loss suffered by the company.
Rs
Stock on 1.1.05 36,720
Stock on 31.12.05 32,400
Purchases during the year 2005 1,46,400
Sales during the year 2005 2,16,000
Sales from 1st Jan 2006 to date of fire 1,80,000
Purchases from 1st Jan 2006 to date of fire 1,76,400
There was as practice in the firm to value stock 90% of cost. The stock
saved from fire was worth Rs 21,600. The amount of policy was Rs
75,600 and the claim was subject to an average clause. Ascertain the
claim to be lodged.
——————————
4 U/0609/2006101

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Time : Three hours Maximum : 100 marks

Answer any FIVE questions

2. A fire occurred at the premises of a trader on 31.5.06 destroying a great part

3. What are the methods of providing depreciation?

4. Rectify the following errors :

6. Differentiate single entry system from double entry system.

7. Write a note on Account Current.

Answer any THREE questions.

9. Explain the different types of errors.

During the year he introduced additional capital of

12. From the following trial balance as on 31.12.2004. Prepare

13. Fire occurred in the premises of the unlucky Ltd on

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