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Birla Institute of Technology & Science, Pilani
Work-Integrated Learning Programmes Division

First Semester 2018-2019
Mid-Semester Test
(EC-2 Regular)
Course No. : FIN ZC415

Course Title : FINANCIAL AND MANAGEMENT ACCOUNTING
Nature of Exam : Closed Book
Weightage : 30% No. of Pages =2
Duration : 2 Hours No. of Questions = 5
Date of Exam : 30/09/2018 (FN)
Note:
1. Please follow all the Instructions to Candidates given on the cover page of the answer book.
2. All parts of a question should be answered consecutively. Each answer should start from a fresh page.
3. Assumptions made if any, should be stated clearly at the beginning of your answer.
Q.1. From the following balances of Neha Ltd. prepare Final Accounts as on 31st March, 2016 [10]
Account name Rs. Account name Rs.

Stock on 01-04-2015 23,500 Freight Inward 1,100
Purchases 46,800 Freight Outward 3,000
Sales 1,30,000 Rent (Factory 1/3, Office 2/3) 7,500
Production Expenses 27,000 Legal Expenses 800
Selling Expenses 5,800 Miscellaneous Receipts 500
Trade Expenses 1,200 Sundry Debtors 30,000
Returns Inwards 6,600 Sundry Creditors 12,200
Returns Outwards 2,800 Free Samples 600
Tools & equipment 7,200 Bad-Debts 4,750
Trade Marks 5,000 Bank Charges 2,800
Discount Cr. 2,100 Loan 27,900
Salaries 9,600 Interest on Loan 2,400
Fixed Deposit with P.N.B. 10,000
Cash in Hand 1,300
Motor Vehicles 50,000
Land 60,000
Capital 1,37,450
Life Insurance Premium 6,000
Additional information to be adjusted:
(a) Closing stock at the end of year was Rs 36,500
(b) Motor Vehicles to be depreciated @10% per annum
(c) Write off 5% of sundry debtors as bad debts.
(d) Outstanding salaries Rs 1000
Expectations: Prepare Trading and P&L A/c and Balance Sheet in Account format. Follow order of
permanence for items in balance sheet.
FIN ZC415 (EC-2 Regular) First Semester 2018-2019 Page 1 of 2

FIN ZC415 (EC-2 Regular) First Semester 2018-2019 Page 2
Q.2. Write journal entries for following transactions: [6]
(a) Goods sold to Mahesh Rs 1000 [50% in cash and 50% on credit]
(b) Payment received from Mahesh Rs 400
(c) Balance amount could not be recovered from Mahesh. You decide to treat it as bad debts.
Instructions: Use the rules of debit and credit for three types of accounts.
Expectations: Your answer should include a journal entry written in a format discussed in class (comprises account
to be debited, account to be credited, respective amounts). No other description is required.
Q.3. Prepare accounting equation from the following transactions: [3]
(a) Manoj started business with Rs 10,000 and building worth Rs 20,000
(b) Deposited in bank Rs 5000
(c) Salaries paid to office staff Rs 1000
(d) Goods purchased on credit Rs 2000
(e) Goods sold for Cash Rs 500, on credit Rs 500
(f) Received cash from debtors Rs 500
Instructions: Do not explain the impact of these transactions descriptively. Show it by increasing and decreasing
the amounts of relevant accounts.
Expectations: The answer should include an accounting equation that shows impact of transactions one by one.
Q.4. According to Schedule VI of Companies Act, what head would following accounts fall under? [5]
(a) Reserve and Surplus
(b) Sundry Creditors
(c) Building
(d) Loan from bank
(e) Short term loans extended to other companies
for e.g. Goodwill falls under Non Current Assets under Asset side of balance sheet
Q.5. Prepare an account for Vehicle from following information: [6]
(a) Purchased vehicle on April 1, 2015 for Rs 500,000. Payment made by cheque.
(b) Depreciation is charged @ 10% per annum on written down value basis.
(c) On March 31, 2018, you sold off the vehicle for Rs 300,000.
Prepare vehicle account year by year and show the impact of above transactions.
Instructions: Take into account the given information and make necessary journal entries as part of your rough
work (not to be evaluated). Then post the entries into ledger account.
Expectations: The answer should include a ledger account showing date-wise posting on debit and credit sides.
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Birla Institute of Technology & Science, Pilani

Work-Integrated Learning Programmes Division

Course No. : FIN ZC415

Account name Rs. Account name Rs.

FIN ZC415 (EC-2 Regular) First Semester 2018-2019 Page 1 of 2

Q.2. Write journal entries for following transactions: [6]

Q.3. Prepare accounting equation from the following transactions: [3]

Q.5. Prepare an account for Vehicle from following information: [6]

FIN ZC415 (EC-2 Regular) First Semester 2018-2019 Page 2 of 2

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