1st year bcom financial accounting question paper
Financial accountancy is the meadow of accountancy concerned with the preparation of financial statements for the choice makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. Financial capital maintenance can be deliberate in either supposed monetary units or units of steady purchasing power. For Bachelor degree courses 10+2 is the basic qualification and PCM/PCB or both or any or none and for Master degree courses Graduation is a basic qualification and PCM/CBZ or both or any or none.
UNIT1: Introduction to Accounting
UNIT 2: Subsidiary Books and Bank Reconciliation Statement
UNIT 3: Trial Balance, Final Accounts; Errors and Rectification.
UNIT 4: Consignment and Joint Ventures:
UNIT 5: Depreciation - Provisions and Reserves:
Here are giving some 1st year bcom financial accounting question paper.
1. Explain the objectives of Accounting.
2. What is average due date?
3. What are the limitations of single entry system?
4. Kannan purchased goods from Raman, the due dates
for payment in cash being as follows :
March 15 1,000 Due 18th April
April 21 1,500 Due 24th May
April 27 500 Due 30th June
May 15 600 Due 18th July
Raman agreed to draw a bill for the total amount due on
the average due date. Ascertain that date.
5. A company purchased a plant for Rs. 50,000. The
useful life of the plant is 10 years and residual value is
Rs. 10,000. Find out the rate of depreciation under the
straight line method.
SECTION B — (4 ´ 15 = 60 marks)
Answer any FOUR questions.
6. Explain the various methods of providing
7. What is average clause in Fire-Insurance?
8. Distinguish between branch accounts and
9. A company whose accounting year is the calendar
year, purchased on 1.1.2003 a machine for Rs. 40,000. It
purchased further machinery on 1st October 2003 for
Rs. 20,000 and on 1st July for Rs. 10,000. On 1.7.2005,
1/4th of the machinery installed on 1.1.2003 became
obsolete and was sold for Rs. 6,800.
Show how the machinery account would appear in the
books of the company for all the 3 years under
diminishing balance method. Depreciation is to be
provided at 10% p.a.
10. A fire occurred in the premises of ‘X Ltd’ on
10.10.2001. All stocks were destroyed except to the
extent of Rs. 6,200. From the following figures,
ascertain the loss of stock suffered by the company :
Stock on 1.1.2000 40,000
Purchased during 2000 1,45,000
Sales during 2000 2,00,000
Stock on 31.12.200 25,000
Purchases during 2001 upto date of fire 1,52,200
Sales during 2001 upto date of fire 1,89,000
11. The following purchases were made by a business
house having three departments :
Dept. A — 1000 units
Dept. B — 2000 units at a total cost of Rs. 1,00,000
Dept. C — 2400 units
Stocks on 1st January were :
Dept. A — 120 units
Dept. B — 80 units
Dept. C — 152 units
Sales were :
Dept A — 1020 units at Rs. 20 each
Dept B — 1920 units at Rs. 22.50 each
Dept C — 2496 units at Rs. 25 each
The rate of profit is same in each case. Prepare
departmental trading account.
12. P, Q and R are partners in a firm. They share profits
and losses equally. Their Balance Sheet on 31.12.2002 is
given as under :
Liabilities Rs. Assets Rs.
Capitals:P 16,000 Machinery 40,000
R 12,000 Furniture 16,000
Reserve Fund 18,000 Debtors 40,000
Creditors 64,000 Cash at bank 8,000
‘Q’ Capital 6,000
The partnership is dissolved due to insolvency of ‘Q’ who
is unable to contribute anything in the payment of his
debt to the firm. Machinery realised Rs. 30,000 and
furniture Rs. 6,400. Only Rs. 24,000 was recovered from
debtors. Creditors were paid at a discount of 5%.
Prepare the necessary ledger accounts in the books of
the firm when the capitals are fluctuating. Apply
Garner Vs Murray rule.
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