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Tuesday, April 30, 2013

BBA (Sem.-2) FINANCIAL ACCOUNTING Subject Code : BB-201

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Roll No........................                                                                                  Total No. of Pages : 02
Total No. of Questions : 07
Paper ID : [C0207]
BBA (Sem.-2) FINANCIAL ACCOUNTING Subject Code : BB-201
Time : 3 Hrs.                                                                                                                    Max. Marks : 60


INSTRUCTION TO CANDIDATES :                                   
1.     SECTION-A is COMPULSORY.                             
2.     Attempt any FOUR questions from SECTION-B.
SECTION-A                            (10 x 2 = 20 Marks)
l. Write short notes on :
(a)   Accounting equation
(b)   Current assets                                                                                        
(c)   Direct Expenses
(d)   Gross profit vs. net profit
(e)   Errors of omission
(f)    Revenue expenditure
(g)   Cost concept
(h)  Nominal Accounts
(i)   Depreciation vs. depletion
(j) Errors of principles

SECTION-B                            (4 x 10 = 40 Marks)
2.     What are the closing entries? Why are they needed? Do we need a closing entry for carrying any account to balance sheet?
3.        (a) What are the real, nominal and personal accounts? Explain them by
giving examples.
(b) From the following information ascertain the gross profit and net profit:
Stock at start                              2400    Carriage in                                                     524
Purchases                                   15205    Manufacturing wages paid    2800
Sales                                             20860    Manufacturing wages owing      96


Closing stock
3840  Loss due to fire                                       1000
Return outwards                          185    Indirect expenses                                     200
Return inwards                             860
4 . Prepare a bank reconciliation statement from the following particulars as on 31 December, 2011:
Bank overdraft as per cash book                                                                                    Rs 8000
Cheques deposited in bank but no entry passed in the cash book 300
Cheques received but not sent to bank
                                                                              1000
Credit side bank column cash short                                                                                         100
Insurance premium paid by bank under the standing advice Rs. 500
Bank charges entered in cash book twice
                                                                               10
Cheques received returned by bank but no entry passed                                        400
Cheques received returned on technical grounds                                                         300
Bills directly collected by bank                                                                                           2000
Bank charges debited by bank                                                                                                        12
Cheques received entered twice                                                                                                500
Bills discounted dishonored                                                                                                      4000
. From the following information of Alpha Ltd. Prepare Machinery Account for three years ending March 31, 2009 by providing depreciation @ 20% p.a. under Straight Line Method.
Date                                              Transactions                                                                                     Rs.
April 1, 2006                          Purchased a second hand machinery I      120000
April 1, 2006                       Repairs on it                                                                              30000
Oct 1, 2006                           Purchased a new machinery II                                  300000
April 1, 2007                          Spent repairs on Machine II                                             3000
Sep 30, 2008                           Sold machinery I                                                                   67500
Sep 30, 2008                       Purchased a new machinery III                                450000
6 . What are the adjustment Journal entries? Why are they needed? How are
they different from daily journal entries? Give examples.
7 . Explain the impact of errors on Trial Balance by giving suitable examples-
errors disclosed and not disclosed by Trial Balance.
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