This question paper contains questions for an accounting exam. It provides a trial balance and adjustments and asks students to prepare various financial statements from the information provided, including a trading account, profit and loss account, and balance sheet.
This question paper contains questions for an accounting exam. It provides a trial balance and adjustments and asks students to prepare various financial statements from the information provided, including a trading account, profit and loss account, and balance sheet.
This question paper contains questions for an accounting exam. It provides a trial balance and adjustments and asks students to prepare various financial statements from the information provided, including a trading account, profit and loss account, and balance sheet.
This question paper contains questions for an accounting exam. It provides a trial balance and adjustments and asks students to prepare various financial statements from the information provided, including a trading account, profit and loss account, and balance sheet.
This question paper Your Rol No. vesesespessEsrubsisoiss
Paper: 1231 SL No. of Ques. Code :52411101 nique Paper :Financial Accounting (BC 1.2) Name ofPaper : B.Com. Course Name of :I Semester :3hours Juration (Part A: 2 hrs 30 min.; Part B :30 min.)
aimumn Marks 75 (PartA: 55 Marks; Part B:20Marks)
No. on the top immediately on receipt of this question paper) (Writeyour Roll
NoTE:Answers may be written either in English or in
Hindi; but the same medium should be used throughout the paper.
This question paper has two Parts. Part A is compulsory
for all the students.Part B
is meant only for those
students who have not offered computerized
accounts. Show all workings clearly as part of the answer. Use of simple calculator is allowed.
P.T 2 1231
PART A (HTT 3)
1. What do you mean by Accounting Standards? What is
legal status of accounting standards in India?
2. From the following Trial Balance of Ashwani, you are required to prepare the Trading Account and Profit and Loss Account for the year ending 31st March, 2017 and the Balance sheet as on that date:
Debit Credit
AmountAmount (Rs.) (Rs.) Stock 30,000 Capital 2,00,000 Drawings 10,000 Plant and Machinery 1,20,000 Property 75,000 Purchase and Sales 2,25,000 5,00,000 Salaries 35,000 Office Expenses 5,000 Furniture 25,000 Discount 5,000 1231
to Manoj @ 10% p.a. on 30,000
Loan 1-4-2015 8,000 Wages 2,000 Postage 5,000 Insurance and Fuel 50,000 Gas 15,000 Bad Debts 10,000 Rent Tools 15,000 Loose for Doubtful Debts 20,000 Provision
Interest on Manoj Loan 1,000
Debtors and Creditors 45,000 34,000
Cash in hand 2,000
Cash at bank 3,000
Bills Receivable and
Bills Payable 50,000 10,000
Total 7,65,000 7,65,000
Adjustments:
(a) Stock
55,000. on 31st March, 2017 was valued at Rs.
(b) A new machine was installed on 1-4-2016 costing
Rs. 22,000. It was not recorded in the books as no for payment was made for it. Wages Rs. 1,500 paid its installation have been debited to wages
account.
(c) Depreciate Plant and Machinery by 20% and
Property by 10% p.a.
P. T. O. 1231
(d) Loose Tools are valued at Rs. 12,000 on
31st March, 2017
(e) Write off Rs. 500 as further bad debts and
maintain provision of 10% for doubtful debts.
34Faf 2017 ffefet Af% fa 3TY 31 HT, HHIT T fyqT9R GII iR TY-ETA
PTH TT THT TT 30,000
2,00,000 10,000
1,20,000
75,000
2,25,000 5,00,000 35,000
5,000
ET 25,000
10% aTft6 YT 5,000
1-4-2015
30,000
8,000 2,000
5,000
50,000 fEFRT4T 15,000
10,000 1231
15,000 20,000
1,000
45,000 34,000
2,000 3,000
50,000 10,000
7,65,000 7,65,000
FHTRISH
(a) 31 HTE, 2017t Ei i zi4a 55,000 5o ITT
(b) 22,000 Fo TT t 5T HiA 1.4.2016
feyT (c) ia TT HRÍt- 20% 3Ht TH T 10% (d) 31 HTT, 2017 bt qrU 3TyRi H 12,000
(e) 3i ad 730 50050 4ffea lf TT
Hifery 7s0i 5 fy 10% 5 TT lI 13
Or (Ha From the following trial balance and necessary information given below for a public school, prepare P. T.O. a . ll
