GARWARE INSTITUTE OF CAREER DEVELOPMENT & RESEARCH

DIPLOMA IN COMPUTER APLICATIONS & TECHNOLOGY (UG-DCAT)

SEMESTER – II Examination (Question Set – I)
SUBJECT – FINANCIAL ACCOUNTING SYSTEMS
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Date: April 2013 Maximum Marks: 40
Duration: 2 hours Faculty: Mr. Subhash Dalvi
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Instructions: 1. Attempt any 5 questions. All questions carry equal marks
2. Diagrams, Charts & Graphs may also form a part of answer
3. Use of Simple Calculator is allowed
=================================================

Q.1 Define Book Keeping and state the objectives of Book Keeping. 8 marks

Q.2 Classify the following in to Assets, Liabilities, Income, Expenses 8 marks

Salaries & Wages Commission Received Royalty Received
Dividend Received Administrative Expenses Land & Building
Furniture & Fixtures Plant & Machinery Creditors
Mohit's Capital Bills Payables Depreciation
Goodwill Sales Purchases

Q.3 Classify the following accounts in to Personal, Real & Nominal 8 marks
Poona University Petty Cash Deposit from X
Vehicles Electricity Equipments
Insurance Premium Mohit's Drawings Goods
Machinery Repairs Closing Stock Interest Received
Growmore Limited Rent Loan to Harshad

Q.4 What are the three types of accounts? Also state their Debit & Credit Rules. 8 marks

Q.5 Match the Following & re-write 8 marks

1. Balance Sheet a. Branch of Financial Accounting
2. Profit & Loss A/c b. Basic Concepts of Accounting
3. Trading Account c. Withdrawal from Business
4. Intangible Asset d. Negative bank balance
5. Bank Overdraft e. Goodwill
6. Drawings f. Shows Trading Results
7. Prudence & Periodicity g. Shows Net Profit
8. Auditing h. Shows Financial Position as on Particular date

Q.6 What is book keeping programme (Accounting Software). Explain its features 8 marks
and state various industries where they are applied?
Q.7 The following Trial Balance has been prepared wrongly. You are asked to prepare the 8 marks
Trial Balance correctly.
Particulars Dr. Amt Cr. Amt. Particulars Dr. Amt Cr. Amt
Capital 22000 Purchase Returns 4000
Stock 10000 Mis. Expenses 12000
Debtors 8000 Sales 44000
Creditors 12000 Purchases 26000
Machinery 20000 Wages 10000
Cash in Hand 2000 Salaries 12000
Bank Overdraft 14000 Prepaid Insurance 200
Sales Returns 8000 Outstanding Exp. 12200
108200 108200

Q.8 From the following particulars, compile a single column cash book of Mr. Archis. 8 marks
Also calculate the closing balance.
December, 2012 Rs.
1 Started business with cash 3000
3 Purchased goods for cash 400
5 Advertisement expenes paid 250
7 Sold goods for cash 575
11 Further capital introduced 1000
14 Paid to B, a creditor 900
17 Received commission from C 600
19 Paid to D on account 175
22 Received from E, a debtors 2000
29 Salary paid 1000

Q.9 Journalise the following transactions of Mr. Murtuza 8 marks

March, 2013 Rs.
3 Received cash from Ramkumar 60000
4 Purchased goods for cash 15000
11 Sold goods to Damodara 22000
13 Paid to Ramkumar 40000
17 Received from Damodara 20000
20 Bought furniture from Jagadish 5000
27 Paid rent 1200
30 Paid salary 2500

Q.10 Fill in the blanks selecting the appropriate alternative & re-write the same 8 marks
1 An account having _________ balance is not shown in the Trial Balance
(Debit, Credit, NIL, Negative)
2 Assets account show _______ balance
(Debit, Credit, Either Debit or Credit, Plus)
3 Trial balance is a __________
(Statement, An Account, Subsidiary Book, Reconciliation)
4 By law all business must keep__________ records
(Accounting, Medical, Auditing, Taxation)
5 Financial accounting is performed according to __________
(GAAP, SAP, Assurance Standards)
6 An exchange between two parties is ___________
(Barter, Sale, Transaction, Transfer)
 GARWARE INSTITUTE OF CAREER DEVELOPMENT & RESEARCH
DIPLOMA IN COMPUTER APLICATIONS & TECHNOLOGY (UG-DCAT)
SEMESTER – II Examination (Question Set – II)
SUBJECT – FINANCIAL ACCOUNTING SYSTEMS
=================================================
Date: April 2013 Maximum Marks: 40
Duration: 2 hours Faculty: Mr. Subhash Dalvi
=================================================
Instructions: 1. Attempt any 5 questions. All questions carry equal marks
2. Diagrams, Charts & Graphs may also form a part of answer
3. Use of Simple Calculator is allowed
=================================================

Q.1 What do you mean by Accounting Standards? Name any 4 of them. 8 marks

Q.2 Classify the following in to Assets, Liabilities, Income, Expenses 8 marks

Salaries Discount Received Commission Received
Interest Received Administrative Expenses Land & Building
Furniture & Fixtures Machinery Suppliers
Rohit's Capital Bills Payables Depreciation
Goodwill Purchases Sales

Q.3 Classify the following accounts in to Personal, Real & Nominal 8 marks
Thaper University Petty Cash Deposit from Sanskruti
Motor Vehicles Telephone Machinery
Insurance Premium Shrutika's Drawings Goods
Repairs & Maintenance Stock Interest Paid
Reliance Limited Rent Loan to Dishika

Q.4 What are the three types of accounts? Also state their Debit & Credit Rules. 8 marks

Q.5 Match the Following & re-write 8 marks

1. Cash Book a. Reduction in the value of the Asset
2. Purchase Book b. Recording cash deposits & cash withdrawals
3. Sales Book c. Receipts & Payments of Cash
4. Sales Returns Book d. Credit Purchases
5. Purchase Return Book e. Credit Sales
6. Journal Proper f. Sales Returns
7. Contra Entry g. Purchase Returns
8. Depreciation h. Other Transactions

Q.6 Distinguish Between Book Keeping & Accountancy 8 marks

Q.7 Prepare a Trial Balance from the following list of balances 8 marks
extracted as on 31.03.2012
Particulars Amt Particulars Amt
Purchases 21665 Travelling Expenses 550
Machinery 15000 Building 25000
Capital 50000 Drawings 4800
Debtors 12700 Sundry Creditors 4255
Purchase Returns 1333 Bank Balance 8000
Salaries 1350 Discount Received 1600
Loans Payable 1360 Carriage 448
Wages 450 Insurance 420
Bank Loan 1800 Office Expenses 790
Cash 820 Commission Received 2745
Furniture 2500 Opening Stock 3600
Sales 35000

Q.8 From the following particulars, compile a single column cash book of Mr. Arun. 8 marks
Also calculate the closing balance.
November, 2012 Rs.
2 Started business with cash 2000
4 Purchased goods for cash 300
6 Advertisement expenes paid 150
8 Sold goods for cash 475
12 Further capital introduced 900
15 Paid to Z, a creditor 800
18 Received commission from C 500
20 Paid to F on account 75
23 Received from Y, a debtors 1900
30 Commission paid 900

Q.9 Journalise the following transactions of Mr. Manoj 8 marks

January, 2013 Rs.
3 Received cash from Nazia 59999
4 Purchased goods for cash 14999
11 Sold goods to Damania 21999
13 Paid to Ramkumar 39999
17 Received from Pooja 19999
20 Bought furniture from Jignesh 4999
27 Paid rent 1199
30 Paid salary 2499

Q.10 State whether the following statements are True / False 8 marks
1 Book keeping records all business matters
2 Accounting is useful only to the owner
3 Profit cannot be calculated properly unless depreciation is provided
4 Depreciation increases the value of asset
5 Land is the only fixed assets that is not depreciated
6 "Do as other book has done" is the rule followed in Bank Reconciliation Statement
7 Journal is a datewise record of transactions
8 Ledger is an accountwise record of transactions