Name of the University : Alagappa University
Degree : B.Com
Subject Code/Name : Basic Financial Accounting
Semester : I
Document Type : Model Question Papers/Previous Exams Question Papers
Website : alagappauniversity.ac.in
Download Model/Sample Question Paper : NOV. 2010 : https://www.pdfquestion.in/uploads/alagappauniversity.ac.in/3917.-BCS%20CBCS.pdf
Alagappa University Basic Financial Accounting Question Paper
Basic Financial Accounting Model Question Papers
Related : Alagappa University Research For Business Decisions M.Phil Model Question Papers : www.pdfquestion.in/3916.html
Part A
1. What is meant by Journal –
2. What is Trial Balance –
3. What is interest suspense account –
4. What is an ‘‘Error of principle’’ –
5. What is Bill of Exchange –
6. What is meant by discounting the bill –
7. What is meant by Joint venture –
8. Who is Consigner –
9. Define : Farm Accounting.
10. Who is Consignee –
Part B
Answer all questions.
11. (a) Journalise the following transactions : 2010 Rs.
Jan. 1 Business started with Rs. 2,50,000 and cash deposited with Bank … 1,50,000
3 Purchased Machinery on credit from Rangan … 50,000
6 Bought furniture from Ramesh for cash … 25,000 12 Goods sold to Yesodha … 22,500
(Or)
(b) From the following information ascertain Gross profit and Net profit :
Opening Stock … 50,000
Sales … 9,00,000
Return Outward … 20,000
Return Inwards … 10,000
Purchases … 3,50,000
Closing Stock … 75,000
Wages … 4,000
Salaries … 45,000
Carriage Outward …. 7,000
Discount allowed …. 18,000
Depreciation … 40,000
12. (a) From the following particulars prepare Bank Reconciliation Statement as on 30.06.2010 : Bank balance as per cash book on 30.06.10 Rs.10,000. Cheque issued but not presented into bank before 30.06.10 Rs.1,000. Cheque deposited but not credited by the bank Rs.3,000. Interest credited in the pass book Rs.100.
(Or)
(b) State the type of error involved in the following transactions and mention whether it will affect the agreement of the Trial Balance or not
(i) A purchase of Typewriter for Rs.3,500 has been entered in the purchase book.
(ii) The total of the sales book is short by Rs.100.
(iii) Goods sold to Pasupathi for Rs. 2,500 has been debited to Ragupathi’s account.
(iv) A credit sale to Kumar for Rs. 530 was entered as Rs. 350.
13. (a) A sold goods to B for Rs.10,000 on 1st January 2010. A draw a bill upon him for 3 months for the amount. ‘‘B’’ accepted the bill and returned to ‘‘A’’. On due date the bill was paid. Pass journal entries in the books of A and B.
(Or)
(b) What are the features of Bill of Exchange ?
14. (a) M/s. Krishna and Company of Chennai, consigned 100 tape recorders to Muruga and Company, Madurai. The cost of each tape recorder was Rs.1,000. The consignors paid insurance Rs.1,000, Freight Rs. 800.
Accounts sales was received from Muruga and Company, showing gross sale proceeds of 80 units at Rs.1,200 each. The expenses paid and deducted by them were Carriage 40.00 Established expenses 200.00 Commission at 5% 48,00.00 Total – 5,040.00 Prepare Ledger accounts in the books of Consignor.
(Or)
(b) What are the methods of Joint Venture Accounts ?
15. (a) What are the features of Investment Account ?
(Or)
(b) Raja sells goods to his approved customers on ‘Sale or Return’ basis at a profit of 20% on sales , treating as actual sales on 15th December, goods costing Rs.1,000 were sent to Latha Traders. No Confirmation has been received from Latha traders until 31st December. Give the necessary Journal entries in the books of Raja.
Part C
Answer any three questions.
16. From the following particulars prepare a Bank Reconciliation Statement as on 31-03-2009. Overdraft balance as per Pass Book on 31-03-09 as Rs.13,095.
(i) Cheque deposited in bank not recorded in cash book Rs. 105.
(ii) Cheque received and recorded in cash book not sent for collection Rs. 1,015.
(iii) Cheques issued for Rs. 15,075, but cheques for Rs. 9,075 alone were debited in the pass book.
(iv) Cheques paid into bank for Rs. 9,400 but cheques for Rs. 3,550 alone not credited in the pass book.
(v) Insurance Rs. 250 paid by bank but not credited in cash book.
(vi) Bank charges Rs. 30 was recorded twice in the cash book.
(vii) Interest of Rs. 1,400 debited in the pass book but not recorded in cash book.
17. Ramesh for the mutual accommodation of himself and Murali, draws upon the latter a bill for 3 months for Rs. 800 on 1-1-2009. The bill is discounted by Ramesh at 5% and half the proceeds are remitted to Murali.
Murali at the same time, draws a bill at 3 months on Ramesh for Rs. 400. After securing Ramesh’s acceptance, the bill is discounted at 6% by Murali, who remits half the proceeds to Ramesh.
Murali becomes bankrupt on 31st March and 25% in a rupee is received on 15th May as first and final dividend from his estate. Prepare Ledger account in the books of both the parties.