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Institute of Commerce
Semester End Examination (IR), December - 2020
Bachelor of Commerce (Hons.), Semester- I
CC 1: FINANCIAL ACCOUNTING 1
Que 1 The following is the trial balance of Mr Rao on 31st Decmber 2019. (22)
Particulars Debit (Rs.) Credit (Rs.)
Capital 8,000
Sundry Creditors 10,400
Plant and Machinery 10,000
Office furniture and 520
fittings
Stock as on 1st 9600
January, 2019
Motor Van 2400
Sundry Debtors 9140
Cash in Hand 80
Cash at Bank 1300
Wages 30,000
Salaries 2800
Purchases 42,700
Sales 96,000
Bills Payable 1120
1440
Bills Receivable
Returns Inwards 1860
Provision for Doubtful 500
Debts
Drawings 1400
Return Outwards 1100
Rent 1200
CC1 FINANCIAL ACCOUNTING 1
You are required to prepare Trading and Profit and Loss and Balance
Sheet.
Que 2 AB infrastructure provides the following information relating to their
inventory for the month of March, 2020. (10)
Date Particulars
1st March 2020 Opening Balance 1200 units Rs. 30
each
4 March 2019
th Purchase 740 units @ 35 each
6 March 2010
th Issue 1000 units
9th March 2020 Issue 500 units
15 March 2020
th Purchases 800 units @ Rs.20 each
19 March 2020
th Issue 600 units
26th March 2020 Purchase 1000 units @ Rs.50 each
29 March 2020
th Issue 260 units
You are required to find out value of closing inventory by applying First in
First Out (FIFO) method of Inventory Valuation.
OR
Que 2 Explain the steps for preparation of final accounts in Tally. (10)
Que 3 (12)
Sun Ltd. company purchased second hand machinery on 1st January, 2017
for Rs. 1,85,000 and immediately spent Rs. 10,000 on its repairs and Rs.
5,000 for installation. On 1st July,2010, it purchased another machine for Rs.
50,000.
On 1st July, 2018, it sold off the first machine for Rs. 1,25,000 and bought
another for Rs. 1,50,00. Depreciation was provided on the machine @ 10% on
original cost annually on 31st December. With effect from 1st January, 2020,
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CC1 FINANCIAL ACCOUNTING 1
the company changed the method of providing depreciation and adopted the
W.D.V method and rate of depreciation was 15% p.a.
Que 4 (6)
From the following facts you are required to calculate the total purchases:
Particulars Amt. (in Rs.)
Opening balance of bills payable 25,000
Opening balance of creditors 30,000
Closing balance of bills payable 35,000
Closing balance of creditors 20,000
Cash paid to creditors during the 1,51,000
year
Bills payable discharged during the 44,500
year
Returns outward 6,000
Cash purchases 1,29,000
OR
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