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RAN-1808000401050001
FIRST YEAR BBA (SEM-I) Examination
March / April - 2019
FINANCIAL ACCOUNTING-I
[ Total Marks: 50
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Fill up strictly the details of signs on your answer book
Name of the Examination:
FIRST YEAR BBA (SEM-I)
Name of the Subject :
FINANCIAL ACCOUNTING-I
Subject Code No.: 1808000401050001 Student’s Signature
Instructions:
1. All questions are compulsory
2. Use of Calculator is permitted
3. Calculation should be part of your answer.
Q.1. Do as directed: (10)
1. State two features of Financial Accounting.
2. Machinery was purchased for Rs. 100000. scrap value is Rs.20000 at
the end of useful life of 5 years. Calculate rate of depreciation.
3. What is Matching Concept?
4. State two advantages of LIFO Method
5. Journalise the following transaction: Goods purchase from Rehan at
Rs. 2000, is sold to Khadija at 25% profit on cost.
Q.2. Journalise the following transaction in the books of New India Ltd. (14)
Jun 5th Acquired the running business of Max, for cash 50,000 by taking over
the following assets and liabilities at values stated against them: Stock of
Goods 15,000; Cash 25,000; Furniture 10,000; Debtors 7,000; Machinery
8,000 & Creditors 15,000.
6th Opened a bank account with 5,000
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7th Bought goods worth 6,000 from Usha& Co. & paid half the amount
in cash.
8th Sold to Bee & Co. goods worth 5,000 and a cheque received for the due
14th Sold private car for 4,000 and bought a new one for business with the
proceeds plus 5,000 from office cash.
16th Bought furniture worth 4,000 of which, those worth 1,000 are for office
use and the balance for self.
18th Sold goods to Arial & Co. 8,000 and to Wheel & Co. 7,000
19th Payment made to Creditors 4,500
20th Cash received from Debtors 5,800
25th Paid Rent by cheque 2,500
30th Commission received 3,000
OR
Q.2. Following are the differences found by the accountant of Jaimini
Wholesalers for the month of August 2018. Prepare a Bank reconciliation
statement for the month of August 2018 (14)
1. Credit balance as per passbook is Rs.46,020
2. Cheques drawn of Rs.24,480 but not cleared
3. Bank charges of Rs.8,050 not recorded in cash book
4. Cheques of Rs.65,260 received and entered in cash book but not
deposited in bank
5. Cheque of Rs.175 entered properly in pass book but recorded in cash
book twice
6. Payment made by the bank as per our instruction for Rs.400 not
recorded in cash book
7. Bill receivable due in August was sent to bank for collection was
entered in cash book for Rs.14,900 but were not credited in pass book
till the month end.
Q.3. The book value of Plant& Machinery on 1.1.15 was Rs. 120,000 .
New machines for Rs.60,000 were purchased on 1.10.15 and worth
Rs.120,000 on 1.7.16. On 1.4.17 Plant& Machinery whose book value
was Rs.120,000 on 1.1.15 was sold for Rs. 96,000. A new machine was
purchased on 1.7.17 for Rs. 2,40,000 and installation charges were paid
Rs. 10,000 which also included transport Rs. 1000.Depreciation is
charged at 10% per annum on Straight line method. You are required to
prepare Plant & Machinery account from die year 1.1.15 to 31.12.17 in
books of Phantom & Co. (14)
OR
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Q.3. The following is the receipt and issues of certain material in factory for
quarter ending on 31st March'2018 (14)
January 1 Opening balance 200 kgs @ Rs.2.00 per kg
4 Issued 100 kgs
Febuary 1 Purchased 300 kgs@ Rs.2.50 per kg
6 Issued 200 kgs
28 Issued 100 kgs
March 4 Purchased 200 kgs@ Rs.3.00 per kg
16 Issued 150kgs
From the above mentioned information, you are required to prepare Stock
Register as per Weighted Average Method.
Q4 Write Short Note: (Any Three) (12)
1. Materiality Concept
2. Meaning and objectives of depreciation
3. Usefulness of Trial Balance
4. Subsidiary books system
5. Petty cash book
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