Financial Accounting and Analysis
BBS 1st Year
Model Question I
| Nature of the Course: Core | Full Marks: 100 |
| Course No.: MGT 211 | Pass Marks: 35 |
|---|
Candidates are required to give their answer in their own words as far as practicable. The figures in the margin indicate full marks.
Section A
Brief Answer Questions
| Attempt ALL Questions | (10x2=20) |
- What is business entity concept of accounting?
- Write about the cash basis of accounting.
- What are the importance of internal control to a business?
- Write down the meaning of contingent liabilities.
- What is long lived assets?
- On January 1, Simran Company borrowed Rs. 100,000 from bank by signing a 3-month, 12% notes payable. It paid the principal and interest at due date.
Required: Journal entries for issue and retirement of note.
- You are provided the following information.
| Sales = Rs.300,000 |
Wages to workers = Rs.50,000 |
| Interest received = Rs.10,000 |
Income tax paid = Rs.5,000 |
| Cost of bought in materials and services = Rs.180,000 |
| Opening Stock = Rs.20,000 |
Closing Stock = Rs.30,000 |
Required: Amount of value added.
- The following information are given:
- Started business with cash of Rs.80,000
- Paid rent Rs.13,000 including advance rent of Rs.1,000
- Salary paid Rs.16,000 and outstanding salary was Rs.2,000
Required: Accounting equation
- The following transactions of the Light Company are given below:
| Jestha5 |
Returned by Rama Lights |
|
20 Fans @ Rs.1,500 each
2 dozen Lamps @ Rs.900 each
Carriage charge Rs.1,000
Less: Trade discount 10% |
| Jestha 17 |
Returned 8 Heaters from KK Lights for Rs.20,000 |
| Jestha 29 |
Returned 300 Led Lights to Divya Lights Rs.30,000 |
Required: Return inward book
-
The following information are given,
Trial balance
| Particulars |
Dr. |
Cr. |
| Sundry Debtors |
220,000 |
|
| Bad debts |
20,000 |
|
| Provision for Doubtful Debts |
|
30,000 |
Required:Provision for doubtful debt account.
Section B
Short Answer Questions
| Attempt any FIVE Questions | [5x10=50] |
- On 31st Chaitra 2075 Bank Statement of Citi College disclosed a balance of
Rs.12,400 and Cash Book showed the balance of Rs.12,500
- Number of cheques were deposited in the bank but on 31st Chaitra, 2075, a cheque
for Rs.2,000 was not credited in the Bank Statement.
- Cheques issued of Rs.6,000 but only Rs.2,000 presented before 31st Chaitra.
- Notes receivable collected by the bank Rs.1,500
- Cash of Rs.4,800 deposited by the college on Chaitra was recorded by the bank as Rs.4,200.
- A cheque for Rs.3,000 received from a student was returned by the bank due to
insufficient fund with the bank.
Required:
i. Journal entries
ii. Bank Reconciliation Statement as on 31st Chaitra 2075
iii. Bank balance on 31st Chaitra balance sheet. (4+5+1=10)
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