Questions Search

This website covers previous years question papers of various universities and colleges in India. Moreover, the information on admission to various courses from various universities/institutes/colleges are also available. Research paper questions are also updated from time to time. Also the latest teaching faculty plus teachers jobs, Government jobs, Banking Jobs, and other jobs are regularly updated to help jobless candidates. Admit cards of various recruitment of Govt organisation are updated. Search your terms using the search box provided.

Follow by Email

Wednesday, December 23, 2015

B.Com.(FINANCE & INVESTMENT): FUNDAMENTAL OF ACCOUNTS, Annamalai University Question Paper December 2014

Annamalai University Question Paper December 2014
B.Com. DEGREE EXAMINATION December 2014
(FINANCE & INVESTMENT)
(FIRST YEAR)
540: FUNDAMENTAL OF ACCOUNTS
Time: Three hours Maximum: 100 marks
SECTION-A
 Answer any FIVE questions
(5×8 = 40)
1. What is meant by accounting? Explain the concepts and needs for accounting.
2. Explain the primary objectives of accounting.
3. Distinguish between book keeping and final accounting.
4. Discuss about the followings:
a) Cash book b) Bank book c) Purchase book d) Sales book.
5. Journalise the following transactions in the books of Ram post them in the ledger and
balance the various accounts opened in the ledger. `
2011 April 2 Ram started his business with cash 70,000
3 Deposited into bank 50,000
4 Purchased goods for cash from Mr.X 5,000
5 Bought goods on credit from Mr.Y 6,000
6 Returned goods to Y 1,000
10 Sold goods for cash to Mr.A 6,000
15 Sold goods to Mr.B 6,000
16 Mr. B returned goods 1,000
17 Drew from bank for personal use 5,000
25 Paid to Mr. Y in full settlement by cheque 4,800
26 Received a cheque from Mr. B in Full settlement 4,900
27 Drew cash from bank for office use 10,000
30 Drew cash for personal purposes 5,000
30 Paid salaries to staff 5,000
30 Issued cheque for ` 3,000 in favor of shri devi a landlady
towards Rents for april
30 Withdrew goods for provide use 1,000
6. X bought a machine for ` 50,000 on which he spent ` 10,000 for carriage and freight ` 2,000 for
brokeage of the middlemen, ` 7,000 for installation and ` 1,000 for an iron pad. The machine is
depreciation @ 10 % every year on written down value basis. After three years the machine was
sold to Y for ` 61,000 and ` 1,000 was paid as commission to the broker through whom the sale
was effected. Find out the profit and loss on the sale of the machine.
2
7. Following are the extracts from the Trial Balance of a firm, as at 31st March 2012.
Name of Account Dr. Balance Cr. Balance
Sundry Debtors
Provision for Doubtful Debts
Bad debts
2,05,000
3,000
10,000
Additional information
i. Additional Bad debts ` 5,000.
ii. Maintains the provision for doubtful debts @ 10% on debtors
Pass the necessary journal entries and show the relevant account (including final
accounts)
8. How would you treat the following items appearing in the Trial Balance?
a) Returns b) Carriage c) Freight d) Wages and Salaries
e) Discount f) Commission g) Interest h) Rent
i) Apprenticeship Premium.
SECTION-B
 Answer any THREE questions
(3×20 = 60)
9. What are the difference between double entry system and single entry system?
10. Journalise the following transaction
a) Paid fire insurance of the building in advance `1,200.
b) Paid rent of building ` 7,200 half of the building is used by the proprietor for
residential use
c) Paid life insurance premium ` 1,200.
d) Paid income tax ` 1,800.
e) Salary due to clerk ` 300.
f) Charge depreciation on furniture @ 10% p.a. for one month (furniture ` 7,200)
g) Provide interest on capital (` 36,000) at 15% p.a. for six months.
h) Charge interest on drawing (6,000) at 18% p.a. for six months.
i) Provide interest on loan to Ram (` 60,000) at 18% p.a. for two months.
j) Charge interest on loan to Shyam (` 1,20,000) at 18% p.a. for two months.
k) Received commission ` 600 half of which is in advance.
l) Brokerage due to ` 300.
11. Insert the following transactions in Tabular petty cash book. On the 1st Feb 2012
`14,000 were to petty cash clerk
Date Particulars `
11 Feb 01 Chowkidars wages 3,000
 Pencils 1,050
 Postage stamps 1,050
 Causal labour 1,000
 Cartage 400
 Bus fare 600
 Taxi hire 1,200
 Sundry expenses 112
 Telegram 488
Railways freight on account of
books
462
 Writing pad and registers 1,600
5655
3
12. From the following prepare an Income and Expenditure account ended 31st March
2013.
Date Particulars ` Date Particulars ` 2012 April 01
To balance cash at bank 4550
 2013 March 31
By Salaries 3,600
 Cash in office 550 4,550 By rent 6,000
To subscription (including cost
of investment) 3,000
By printing & Stationary 1,450
To interest on investment
(cost of investment)
1,500 By Postage 250
To Bank interest 100 By Bicycle (purchased) 950
To Sale of scooter 2,500 By Government bonds 6,800
By Balance
Cash in office 120
Cash in bank 1,130 1,250
Total 52,700 Total 52,700
Subscription include ` 1200 for 2011-12, also rent includes ` 500 paid for the
march 2012. Subscriptions amounting to ` 1500 have still to be collected for the
year of March 2012-13. Rent of March 2013 has still to be paid and ` 250.
Outstanding agencies stationary bill. The book value of the scooter was ` 3,200.
13. Prepare the Trading and profit loss account and Balance sheet from the following
particulars as at 31st march 2012.
Trial Balance
Particulars Dr. (`) Cr. (`)
Capital / Drawings 1,400 10,000
Cash in hand 1,500
Bank overdraft @ 5% 2,000
Purchases and sales 12,000 15,000
Returns 1,000 2,000
Establishment charges 2,500
Taxes and Insurance 500
Provision for Doubtful Debts 1,000
Bad Debts 500
Sundry Debtors and Creditors 5,000 1,850
Commission 500
Investments 4,000
Stock on 1 April 2011 3,000
Furniture 600
Bill receivable & Bill payable 3,000 2,500
Collected sales Tax 150
Total 35,000 35,000
Further, you are required to take into consideration the following information:
a) Salary ` 100 and taxes ` 400 are outstanding but insurance ` 50 prepaid
b) Commission amounting to ` 100 has been received in advance for work to be
done next year.
c) Interest accrued on investments ` 210.
d) Provision for doubt debt is to maintained @ 20%
e) Depreciation on furniture is to be charge @ 10% p.a.
f) Stock as on 31St march 2012 was valued at ` 4,500.
g) A fire occurred on 25th march 2012 in the godown and stock of the value of
` 1000 was destroyed. it was fully insured and the insurance company admitted
the claim in full.
--------------------
5655

No comments:

Post a Comment

Pen down your valuable important comments below