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Group-A (10x2=20)
Brief Answer Questions (Attempt all questions)
1. Define accounting.
2. What do you mean by creditors?
3. Describe in brief about matching concept of accounting.
4. What are the accounting process. Write in points.
5. Explain dishonour of cheque?
6. The following information of Mechi Company is given.
Cases Assets Owner Equity Liabilities
1 500,000 300,000 ?
2 800,000 ? 250,000
3 ? 400,000 250,000
Calculate Missing using accounting equation.
7. The following particulars are provided to you:
Profit for the year Rs.10,000
Loss on revaluation. Rs. 9,000
Gain Cash flow hedges Rs. 13,000
Gain on sale of investment. Rs. 12,000
8. From the following information
Estimated useful life- 10 years
Cost of Machine-Rs.33000
Estimated residual value- Rs.3000
Required:Annual Depreciation.
9.When is trial balance prepared and why? Explain.
10. Prepare Journal entries:
Jan 1: Commencement of business with cash Rs.10,000
Jan 2: sold goods for Rs. 15000 on credit to Ram Rs. 4000
Jan 5: Rent paid to Ram Rs.5,000
Jan 8: Furniture purchased for Rs 15000
Group B (6x5:30)
Short Answer Question (Attempt any six questions)
11. Difference between accounting and accountancy.
12. What are different accounting standards? Describe them.
13. Why is final account prepared? Explain.
14. Following are the information of assets a company.
Particulars 2077 2078
Investment 250,000 400000 Building 350,000 500,000 Plant and Machinery 150,000 250,000 Trademarks 75,000 95,000 Cash and bank 80,000 40,000 Account Receivable 50,000 30,000 Required: Horizontal Analysis
15. The following particulars of Dolphin Company as on March 31,2022 is provided to you:
a) Banks balance as per company's record Rs. 60,000 and banks statement balance Rs.68,500. b) Cheques issued but not presented for payment Rs 6000 c) The bank had directly collected divided of Rs. 9000 and credited to bank account but was not entered in the cash books. d) Bank charges of Rs. 500 were not entered in the cash books. e) A cheque of Rs. 2000 was deposited but not collected by banks. f) A cheque of Rs 4000 return by bank marked as NSF.
16. The following information is provided to you:
Material s Purchased Rs. 200,000
Store Expenses Rs. 30,000
Manpower Cast Rs. 70,000
Rent Expenses Rs. 30,000
Power & fuel Expenses Rs. 5.000
Depreciation Expenses Rs. 4,000
The sales for the period was Rs. 500,000
Required: Value Added Statement.
17. On January 1st 1998, Company purchased Machinery life costing R$ 50,000 with an estimated life of 56 expected salvage value The en July at the end of 2000, the company the sold Machine is for Rs. 25000 and on the same date, a new machine porch- ased for Rs. 75000. Prepare. Machinery account from 1998-2000.(Rate of depreciation for 2nd Machinery 20%).
Group-C (3X10:30)
Long Answer Questions (Attempt any three)
18. Explain the basic terminologies of accounting in brief.
19. Discuss in brief about accounting process or cycles.
20. From the following information, prepare a adjusted trial balance.
10% investment 97,000
8% preferred stock 100,000
Accounts Payable Accounts Receivable 65,000
Cash at bank 20,000
Common Stacks 200,000
Franchise 15,000
Furniture 50,000
Goodwill 50,000
Plant & Equipment 100,000
Prepaid Insurance 10,000
Purchase 100,000
Salaries 100000
Sales 400000
Share premium 22000
Wages 100000
Additional information
i. Transfer the profit Rs. 20000 to general reserve.
ii. Depreciate fixed assets by 10%.
iii. Wages outstanding Rs. 5000
iv. Prepaid insurance Rs. 8000 was expired.
v. Closing stock Rs. 50000.
21. Kellwood Company is in the process of preparing its statement of cash flows for the year ended June 30, 2022.
Income Statement
For the Year Ended June 30, 2022
Particulars Amount (Rs.)
Sales revenue Rs 400000
Cost of goods sold 2.40.000
Gross Profit 1,60,000
General and administrative expenses 40.000
Depreciation expenses. 80.000
Loss on sales of plant assets. 10,000
Total expenses and losses 13,000
Income before interest and taxes. 30,000
Interest expenses 15,000
Income before taxes. 15,000
Income tax expenses 5,000
Net income 10,000
Kellwood Company
Balance Sheet As on June 30
Assets 2022 (Rs.) 2021 (Rs.)
Cash 25,000 75,000 Account receivable 40,000 50,000 Inventory 80.000 2,000 Prepaid rent 69,000 18,000 Total current assets 1,82,000 1,77,000 Land 60,000 150000 Pants and equipment 575.000 5,00,000 Accumulated depreciation (3,10,000) (2.50.000) Total long term asset 3.25.000 400,000 Total assets 5,07,000 5,77,000 Liabilities 200,000 Account payable. 145,000 140.000 Owner accrued liabilities 50.000 45.000 Income tax payable 5.000 15.000 Long term bank loan payable 200,000 200,000 Common stock 75.000 1.50.000 Retained earnings 1.32.000 127.000 Total stockholder's equity 2.32.000 227,000 Total liabilities and stockholders' equity 5.07,000 5.77.000 Plant assets were sold during the year for cash. The original cost of the assets sold was Rs. 50,000 and their bookvalue was, Rs. 30,000.
Required: Prepare a statement of cash flow for June 30, 2022 using the direct method in the operating activities sections.
Group “D”
Comprehensive Answer Question (1*20=20)
22. The ABC Company's Statement of Profit and Loss a/c and Statement of Financial Position for two years have been given below: Statement of Profit and Loss
Account for the year 2075
Particulars Amount (Rs.)
Sales (Including Rs.8,00,000 credit sales). Rs. 15,00,000 Less: Cost of goods sold. Rs. 9,00,000 Gross Profit...... Rs. 6,00,000 Less: Operating Expenses: Depreciation Rs. 3,00,000 Debenture Premium Rs. 20,000 Interest paid. Rs. 10,000 Other Operating Expenses. Rs. 1,50,000 Net Income before other income Rs. 1,20,000 Add: Profit from sale of fixed assets (book value Rs.40,000) Rs. 20,000 Net profit Rs. 1,40,000 Statement of Financial Position of a Company for 2074 and 2075
