Business Accounting BBA Question Bank : mitacsc.ac.in
Name of the University : University of Pune
Name of the college : MIT Arts Commerce & Science College
Degree : BBA
Subject Code/Name : Business Accounting
Semester : I
Document Type : Question Bank
Website : mitacsc.ac.in
Download Model/Sample Question Paper : https://www.pdfquestion.in/uploads/mitacsc.ac.in/3741-BA.pdf
MIT Business Accounting Question Paper
CHAPTER 1
Basic Concepts of Financial Accounting :
Q1. State the definition of Financial acconting.
Q2. State the objectives of Financial acconting.
Q3. State the basic classification of accounting system-
Related : MIT Arts Commerce & Science College Principles of Finance BBA Question Bank : www.pdfquestion.in/3762.html
Q4. What is the difference between Book-keeping & Accounting.
Q5. State the users of accounting information.
Q6. State Advantages & Limitations of Financial Accounting-
CHAPTER-2
Accounting Concepts & Conventions :
Q1. Explain the accounting concepts in details-
Q2. Explain the accounting conventions-
CHAPTER 3
Journal Entry :
Q2. What is double entire system of Book-keeping?
Q3. Explain all Subsidiary books in detail?
Q4. Journalize the following transactions in books of mr X
2nd JAN Sold Goods to Y for Rs. 10,000/- on credit
3rd Jan Sold goods for cash Rs. 8,000/-
6th Jan Y returned goods of Rs. 1,000/-
9th Jan purchased goods from Z for Rs. 8,000/- on credit
12th Jan. Returned goods to Z Rs. 1,000/-
17th Jan Purchased goods for cash Rs. 4,000/-
19th Jan Paid rent by cheque Rs. 1,000/-
21st Jan Received cash from Y Rs. 7,000/- and allowed him a discount of Rs. 1,000
24th Jan. Paid to Z Rs. 5,000/- and received a discount of Rs. 1,000/-
27th Jan Brought New Machine for Rs. 10,000/- cash
31st Jan deposited all cash in excess of Rs. 3,000 in to the bank
Q5. Prepare a trial balance in the books of Mr. Munir Parekh
Opening Stock 10,000/-
Purchases 40,000/-
Wages 8,000/-
Salaries 12,000/-
Carriage 3,000/-
Rent 7,000/-
Insurance 3,000/-
Repairs 3,000/-
Interest 2,000/-
Land & Building 30,000/-
Plant & Machinery 20,000/-
Furniture 10,000/-
Bills Receivable 10,000/-
Capital 1, 50,000/-
Sales 1, 00,000/-
Sundry Creditors 30,000/-
Sundry Debtors 4,000/-
Bills Payable 20,000/-
CHAPTER 4
Subsidiary Books :
Enter the following transactions of Suparna in three column Cash Book & Balance the book on 31st Dec.2008
Dec. 1 Cash in hand 4,000/-
Cash at Bank 10,000/-
Dec. 3 Mr. P. Settled his account for Rs. 800/- less 5% discount by cheque
Dec. 5 Issued a cheque to D in settlement of his account
Dec. 12 Cash stolen Rs. 500/-
Dec. 15 Received a cheque for Rs. 4,500/- in full
settlement of the A/c. of Z at a discount
of 10\% and deposited the same in to the Bank
CHAPTER 5
Bank Reconciliation Statement :
From the following particulars prepare a Bank Reconciliation Statement
a) Balance as per Pass Book Rs. 8,000/-
b) Cheques deposited but not Rs. 1000/- credited by the
bank.
c) Cheque issued but not presented for payment Rs. 500/-
d) Cheques deposited in to Bank without recording in cash
Book Rs. 600/-
e) Cheques issued to creditors but not recorded in cash
book Rs. 700/-
f) Dividend collected by Bank but not recorded in Cash
Book Rs. 100/-
g) Debtors directly deposited in to the Bank but not
recorded in cash book Rs. 2,000/-
CHAPTER 6
Depriciation :
Q1 Explain what is depreciation-
Q2. On 1st Jan. 1983 Machinery was purchased by X for
Rs. 50,000/-
On 1st July 1984 additions were made to the extend of
Rs. 10,000/- .
On 1st April 1985 further additions were made to the
extent of Rs. 6,400/-
On 30th June 1986 Machinery original value of which
was Rs. 50,000/- sold for Rs. 40,000/-
Charge depreciation AT 10% p.a. by straight
line method for 3 years starting from 1st Jan
1983
CHAPTER 7
Final Accounts of Sole Trader :
From the following balances for the year ended 31.12.2008 prepare final a/c. in the books of Deepak Lal
Goodwill 10,000/- Capital 60,000/-
Plant & Machinery 18,000/- Sales 2, 49,000/-
Depreciation 2,000/- Bank O.D. 3,800/-
Repair 1,600/- O/s Salaries 2,000/-
Wages 28,000/- Bills Payable 3,000/-
Salaries 4,000/- Prov. For
Bad Debts 6,000/-
Income tax 500/- Disc.On
Purchase 4,000/-
Cash 2,000/- Creditors 23,300/-
Land & Building 74,500/-
Dep.On Land & Building 2,500/-
Purchase (Less Returned)23,500/-
S. Income 1,500/-
Bills Receivable 10,000/-
Bad Debts 1,000/-
Debtors 35,000/-
Opening Stock 37,000/-
Adjustment:
1. Closing Stock – Market Price – Rs. 40,000/-
Cost Price – Rs. 30,000/-
2. Write off Rs. 3,000 as bad debts & create R.D.D. 5% on
Debtors.
3. Rent O/S Rs. 100/-