2077B.B.S.4 Yrs. Programme/I Year/MGMT: 211
Full Marks: 100
Time: 3 hrs
Candidates are required to give their answers in their own words as far as practicable. The figures in the margin indicate full marks
Brief Questions Answer [10×2=20]Attempt ALL questions.
1. What is cash basis of accounting?
2. Write down the meaning of contingent liabilities.
3. Write any two differences between stock dividend and stock splits.
4 What is materially convention of accounting?
5. What is value added?
6. The following information are given:
Started business with cash of Rs. 100,000 and goods of Rs. 50,000
Paid rent Rs, 26,000
Purchase machinery for Rs. 5,000
Required: Amounting equation
7 The following transactions of the company are given below:
Jestha 8 Acceptance was given by Ram for 2 months for Rs. 20,000
Ashad 20 Received from Raman an acceptance for 3 months for Rs. 10,000
Shrawan 21 Acceptance was given to Rita for 3months for Rs. 30,000
Required: Bills Receivable Book
8. XYZ company receives a one year loan from Civil Bank Ltd. on 1st Shrawan 2075. The face value of the Note of Rs. 200,000 must be repaid on 31″ Ashad 2076 along with 15% interest.
Required: Journal entries to record the loan and its repayment
9 ABC Company redeemed Rs. 200,000 face value bond issued at premium of 10 percentage. The unamortized premium was Rs. 12,000 and the bond contains a call provision of 105.
Required: Gain or loss on early redemption of bond.
10. You are provided the following information
Sales= Rs. 500,000 salary to employee=RS 90000
Interest received=RS 12000 Income tax paid=RS 10000
Opening Stock=RS 50000 Closing Stock=RS 70000
Purchase=RS 200000 Carriage inward= RS 70000
ALSO READ MORE:
Group “B [5×10=50]
Short Questions AnswerAttempt any FIVE questions.
11. The following information is provided:
Net Working Capital Rs. 500,000 that represents Rs.350,000 inventory value
Current Liabilities Rs. 1,300,000
Capital Employed Rs. 1200000
Shareholder Equity RS 800000
Fixed Assets Rs. 600,000
Operating profit of the year Rs. 60,000 being 10% of sales income tax is 25%
a. Net profit after tax
b. Quick Ratio
c. Debt to Total Capital Ratio
d. Stock TurnoverRatio
e. Return on Shareholder’s Equity
f. Net profit marging.
g Total Assets Turnover Ratio
12. ABC Enterprises provides you the following information related to the inventories for December2020. ABC makes counting and recording of inventories items only at end of each month.
Dec 1 Beginning inventory 700 units@Rs 10 each
Dec 6 Purchased 900 units@ Rs 12 each
Dec 11 Purchased 1,000 units@ Rs 14 each
Dec 17 Sold 1,200 units@ Rs 16 each
Dec 20 Purchased 500 units@ Rs 14 each
Dec 27 Purchased 200 units@ Rs 15 each
Dec 31 Sold 1,500 units@Rs 18 each
(a) What inventory system the ABC Enterprises is adopting?
b) Ending inventory and cost of goods sold under the FIFO method assuming a periodic inventory system.
(c) Income statement showing net income, assume depreciation expenses Rs. 10,000 and other operating expenses Rs. 14,000. [
13. (a) XYZ Company purchase a machine on 1* Jan 2016 for Rs. 500,000. The estimated life of machine is 100years. Prepare machinery account for first three years on straight line method and the accounts are closed on 31″ Dec.
b) Differentiae between capital and revenue expenditure.
14. a) On 31st Chaitra 2075 Bank Statement of KK Company disclosed a balance of Rs: 25,000 and CashBook showed the balance of Rs. 30, 000.
i. Number of cheques were deposited in the bank buton 31s Chaitra, 2075, a cheque for Rs. 5,000 was not credited in the Bank Statement.
ii. Cheques issued of Rs. 8,000 but only Rs. 3,000presented before 31*” Chaitra.
ii. Notes receivable collected by the bank Rs. 5,000.
iv. Cash of Rs. 6,000 deposited by the company on Chaitra was recorded by the bank as Rs. 4,000.
v. A cheque for Rs. 8,000 received from a customer was returned by the bank due to insufficient fund with the bank.
Bank Reconciliation Statement as on31s Chaitra 2075
b) Differentiate between account receivable and notereceivable.
15. “The purpose of financial statement analysis is to reveal financial strengths and weaknesses of the firm,” discuss.
16. Define the source of documents. Also, write down the types of source of documents. [4+6-10]
Group “C [2×15=30]
Long Questions Answer Attempt any TWO questions.
17. The financial transaction of a trader are provided below:
a. Started business with cash Rs. 300,000, which was collected by issuing the shares of Rs. 100 each.
b. Rs. 200,000 was deposited into bank
C. An equipment costing Rs. 100,000 was purchased and payment made by a cheque.
d. An equipment costing Rs. 60,000 was purchased oncredit
e. Sold goods on credit for Rs. 170,000.
f. Received a cheque from debtor, Rs 135,000 after deduction of 10% discount
g. Paid Rs. 47,500 to creditor after deducting 5% discount.
h. Rs.15,000 was paid for electricity bill.
i. Paid wages Rs. 20,000 and office salary Rs. 25,000 by issuing cheques.
j. Paid Rs. 20,000 as rent by issuing a cheque for the period.
i. Journal entries
ii. T accounts (ledger) for sales, purchase, account receivable and account payable
ii. Triple column cash book
iv. Trial Balance
18. An unadjusted trial balance of a company are given below
|Particulars||Debit RS||Credit RS|
|plant and machinery||200000|
|interest on loan||8000|
|12% bank on loan||100000|
a. Closing stock Rs. 40,000
b. Prepaid rent was Rs. 10,000
c. Outstanding interest on bank loan was Rs. 4,000
d. Depreciation on Plant and Machinery at 15% per annum
i. Adjusted Trail balance
ii. Statement of Profit and Loss a/c
ii. Statement of Financial Position
iv. Statement of Cash flow Statement
19.”Financial accounting is a specialized branch of accounting that keeps track of a company’s financial transactions,” discuss.