Financial Accounting TU Board 2019 question paper

Following cash and bank transactions of a month are given to you, 1 Balance of cash Rs 30,000 and bank 40,000. 2 Purchased goods for Rs 15,000, paid Rs 5,000 on cash and the balance through cheque after allowing a discount of Rs 500. 15 Rent received Rs 12,000. 22 Sales of goods at Rs 21,000, received Rs 5,000 on cash and the balance through cheque after the deduction discount of Rs 1,600. 27 Deposited cash into the bank Rs 10,000 Required: Cash book with cash and bank column.

Following information are given to you On 30th Chaitra, the cash book showed debit balance Rs. 16,000 • Cheque sent for collection of Rs 5,000 but credited by bank only Rs 2,000 • Cheque issued of Rs 4,000 but not presented at bank • Bank interest of Rs 1,000 has been collected by bank but not recorded in cash book • Service charge of Rs 200 shown in pass book only • A debtor directly deposited Rs 2,000 into bank Required: Bank Reconciliation Statement

The transactions related to machinery are as under 01.07.2015 Purchased a machinery for Rs. 60,000. 01.01.2016 Purchased machinery for Rs. 40,000. 30.06.2019 Sold machinery purchased on 2015 for Rs. 48,235 and purchased next machinery Rs. 20,000 Accounts are closed on 31 December and rate of depreciation: 10% Required: Machinery account for three years under reducing balance method

Stores transaction during the month Magh are as under Purchased Magh 1: Opening balance: 500 units @ Rs 10 per unit Magh 4: 600 units @ Rs 11 per unit Magh 9: 600 units @ Rs 12 per unit Magh 20: 800 units @ Rs 12 per unit Issued: Magh 7: 500 units Magh 15: 500 units Magh 25: 400 units Stock verification loss Magh 28: 20 units Required: Store ledger unit FIFO method.

Define accounting. Mention any three objective of accounting.

What are the various user of accounting information? Explain.

Differentiate between Going concern concept and Business entity concept.

Following transactions are provided to you : 01 March Started business with cash Rs 2,00,000. 04 March Deposited cash into bank Rs 50,000. 13 March Purchased goods from creditors for Rs. 80,000 and paid cash only 30,000. 17 March Sold goods on cash Rs 1,00,000. 20 March Paid salary Rs 15,000 through cheque. 23 March Received interest Rs 10,000. 30 March Paid to creditors cash Rs 18,000 and received discount Rs 2,000. 31 March Returned goods to creditors of Rs 5,000. Required: Journal Entries and Creditors' Account.

The following is the trial balance of business as on 31st December 2017.ParticularsDr. AmountParticularsCr. AmountOpening stock18,000Sales2,20,000Purchases71,000Return outwards1,500Return inwards1,000Loan20,000Wages11,000Bills payable2,500Carriage on purchase2,500Capital40,000Printing and stationery3,000Discount received1,000Salaries2,800Insurance expenses8,000Plant & machinery120,000Debtors10,500Cash at bank11,600Rent expenses6,600Drawings3,000Furniture22,000Total2,85,000Total2,85,000Additional information: Closing stock is valued at Rs. 25,000. Depreciation on plant & Machinery @ 15% & on Furniture @ 10% Outstanding wages Rs. 4,000. Prepaid insurance Rs. 500. Prepare: a. Trading account b. Profit and loss Account c. Balance sheet as on 31st December 2019

Define company. Differentiate between private and public company.