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Course: DCOM101 Course Title: Financial Accounting -1
Date of Exam:- 13 Sept Session:- 9:30-12:30

Time Allowed : 3 hours

1. This paper contains 10 questions divided in two parts on _2_ pages. 2. Part A is compulsory.

Max. Marks: 80

3. In Part B (Questions 2 to 10), attempt any 6 questions out of 9. Attempt all parts of the questions chosen. 4. The marks assigned to each question are shown at the end of each question in square brackets. 5. Answer all questions in serial order.

PART A Q 1. a) b) c) d) e) f) g) h) i) j) (10 X 2MARKS = 20 MARKS) Define Book-keeping. Define Debtors. State the meaning of double entry Accounting System. State the meaning of objectivity concept of accounting. What is meant by Capital Expenditure? State the types of accounts and their respective rules for accounting What is meant by the journal entry? What is meant by Marshalling of Assets and Liabilities? State the purpose of Bank Reconciliation Statement? State the advantages of Straight line method of depreciation. PART B Q2. Q3. Explain the different Branches of Accounting? Journalize the transactions and post them into ledger accounts Date 2011 April, 1 2 3 6 10 Particulars Mr. G started business with cash Purchased goods on Credit from Mr X Cash deposited into bank Sold goods on credit to Mr. A Cash drawn for personal use Amount (Rs.) 100,000 25,000 20,000 20,000 1,500 [10] (5+5)

15 18 Q4. Q5.

Goods retuned to Mr. X Received from Mr. A in full settlement

2,000 1,9000 [10]

Explain the Importance of Double Entry System of accounting.

Differentiate between Capital and Revenue Expenditure and categorize the following items in capital and revenue items: [10] (a) Rent, rates and taxes (b) Stationery and printing (c) Postage and Telegrams (d) Entertainment (e) Repairs and renewals (f) Depreciation on fixed assets (g) Office expenses (h) Bank charges (i) General expenses

(j) Travelling expenses Q6 Prepare the trial balance from the following data: Amount Particulars (Rs.) Particulars Interest on Capital 20,000 Salaries Creditors Discount Received Loan Purchase Returns Sales Return Advertisement Commission Received Rent Purchases Sales 500,000 20,000 170,000 20,000 5,000 160,000 10,000 10,000 1,500,000 1,500,000 Capital Drawings Machinery Bills Payable Furniture Debtors Bank Loan Patents Opening Stock

Amount (Rs.) 120,000 1,600,000 240,000 200,000 20,000 400,000 300,000 160,000 45,000 1,000,000 [10]

Q7. Q8. Q9.

Give the meaning of Depreciation. State the causes of depreciation. Give the proforma of Profit and loss account and balance sheet. State the causes of differences between cash book and pass book.

[10] [10] [10] [10]

Q10. Discuss the steps involved in locating the errors.