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(6 pages)

APRIL 2016 51325/SBZ3C

Time : Three hours Maximum : 75 marks

SECTION A — (10  2 = 20 marks)

Answer any TEN questions.

1. Narrate business entity concepts.

2. Define double entry system.

3. How Imprest system operated?

4. Define intangible assets. Give two examples.

5. What are called compensating errors? Give


example.

6. Define diminishing balance method of


depreciation.

7. What is Bank Reconciliation Statement?

8. What are the two methods to ascertain profit in


single entry system?
9. Pass adjustment entries :

(a) Depreciation on machinery Rs. 8,000 and on


building Rs. 12,000.

(b) Advance Income Tax paid for a sole trader


Rs. 15,000.

10. Give the correct journal entries for the following :

(a) Repairing cost of a building Rs. 1,500 has


been charged to building account.

(b) Credit sales of Rs. 2,000 to Chander have


been posted to the debit of miscellaneous
expenses account.

11. On 1.4.2011 Joy machine tools purchased a


machinery for Rs. 20,000. On 1.7.2011 another
machinery costing Rs. 15,000 was purchased. The
firm provides depreciation on its machinery
@ 10% p.a. On original cost on 31st march every
year. Show depreciation account for 3 years.

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12. Based on the information, find the opening
balance of bills payable :

Bills payable issued Rs. 40,000

Bills payable dishonoured Rs. 15,000

Bills payable paid Rs. 25,000

Bills payable as on 31st Dec. Rs. 17,000.

SECTION B — (5 × 5 = 25 marks)

Answer any FIVE questions.

13. What is posting? Give example.

14. What are the various reasons for the differences


between balance as per pass book and balance as
per cash book?

15. Distinguish between straight line method and


diminishing balance method of depreciation.

16. How the profit of a business is ascertained under


net worth method?

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17. Complete the gaps in the following table :

Assets Liabilities Capital


Rs. Rs. Rs.
1 1,10,000 33,800 ?
2 ? 34,400 68,800
3 72,200 ? 57,000

18. From the following data, calculate total sales made


during the year, 2009 :
Rs. Rs.
Debtors (1.1.09) 17,425 Bad debts 2,500
Debtors (31.12.09) 15,300 Discount 1,800
Cash received from debtors 49,200 Bills receivable 5,000
Sales returns 3,700 Cash sales 12,000

19. Rectifying the following errors by using suspense


account :

(a) Goods sold to Rama Rs. 1,000 were not


posted to his account.

(b) Purchase book was overcast by Rs. 400.

(c) Sales book was under cast by Rs. 53.

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[P.T.O.]
SECTION C — (3 × 10 = 30 marks)

Answer any THREE questions.

20. Elucidate the errors which a trial balance will not


disclose.
21. Describe the steps while converting single entry
into double entry system.
22. Discuss the causes and objectives of depreciation.
23. Following information is supplied from the books
of a concern :
Provision for debts @ 5% (Opening balance as on
1.1.2009 Rs. 1,500)
Provision for discount on debtors @ 2% (Opening
balance as on 1.1.2009 Rs. 500)
Provision for discount on creditors @ 1% (Opening
balance as on 1.1.2009 Rs. 300)
Also the balances for the following as on 31.12.09
and 31.12.10 are provided.
31.12.09 31.12.10
Rs. Rs.
Bad debts written off 1,800 300
Discount allowed 600 100
Sundry debtors 20,000 12,000
Discount received 300 50
Sundry creditors 15,000 10,000
Show the necessary accounts in the ledger. Also
show how the items would appear in the final
accounts for the years given?
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24. From the following information, prepare two
columnar cash book :
2009 Rs.
July 1 Cash in hand 1,200
2 Cash received from Natesh 5,850
4 Purchased goods for cash 5,400
9 Cash sales 4,500
20 Received from Vasan 5,350
28 Office rent paid 3,000
29 Paid to Mathan 1,950
29 Discount allowed by him 50
30 Received from the Hemath 5,850
30 Discount offered to him 150

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