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FINAL EXAMINATION
SESSION: 2023-2024
QUESTION PAPER
SUBJECT: ACCOUNTANCY (055)
SET 2
Name:________________ Maximum Marks: 80
Name and Signature of Invigilator:_________________
Roll Number: __________________
GENERAL INSTRUCTIONS
1. The question paper is divided into two parts – PART A and PART B.
2. Question number 1 to 21 and 29 to 35 are very short answer type questions carrying one mark each.
3. Question number 22 and 36 are short answer type questions – I carrying 3 marks each.
4. Question number 23 to 25 is short answer type questions – II carrying 4 marks each.
5. Question number 26 to 27 and 37 are long answer type questions – I carrying 6 marks each.
6. Question number 28 and 38 are long answer type questions – II carrying 8 marks each.
7. It is compulsory to attempt all the questions.
8. Internal choices are given in some questions. Attempt any ONE according to your own choice.
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PART A
(Financial Accounting-I)
1. Which is the first step of accounting process? 1
(A) Identifying business transaction
(B) Posting to ledger
(C) Analysis and Interpretation
(D) Communicating the results
2. According to ___________ assumption assets are shown in the accounting records at cost less depreciation. 1
4. _____ is a book containing all accounts to which entries are transferred from the books of original entry. 1
7. An old machinery was sold to Manish for ₹ 56,000. In which book will this entry be recorded?
1
(A) Cash Book
(B) Journal Proper
(C) Sales Book
(D) None of the above
8. _________ is prepared to reconcile bank balance as per cash book with balance as per pass book. 1
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11. Where do you record Trade Expense in Financial Statement? 1
12. Errors which are committed in such a way that they nullify the effect of each other on debits and credits are
called _____________. 1
13. Which of the following errors do not affect the trial balance? 1
(A) Errors of principle
(B) Compensating errors
(C) Errors in carrying forward
(D) Both (A) and (B)
Read the following hypothetical Case Study and answer the given questions 14 to 17:
The cash book of Ramesh showed the cash balance of ₹ 15,000 and a bank balance of ₹ 25,000 as on 30th
April 2019.
On 1st of May, he purchased goods from Ramesh worth ₹ 12,000 and paid it by cheque. He sold goods on
3 of May for cash and deposited the proceeds into bank worth ₹ 10,000. On 14th of May, he paid the
electricity bill by cheque worth ₹ 9,000. On 15th of May he purchased goods worth ₹ 10,000 at a discount
of 20% and sold it to Juhi after adding 25% profit.
Both the transactions were on credit. On 26th of May, he withdrew ₹ 5,000 for office use. On 29th May,
he received 70% of the cash from Juhi and paid 50% of it to Rashi and deposited the remaining in the
bank. He also paid ₹ 1,500 as salaries to his employee on 31st of May. He also had the following
transactions:
He received a telephone bill worth ₹ 500.
He withdrew ₹ 2,500 for his personal use.
He gave ₹ 500 from the cash register to his nephew as a gift.
Goods worth ₹ 2,000 were st lost due to damages.
14. Where will the transaction of 1 of May recorded? 1
(A) Cash Column
(B) Bank Column
(C) Discount Column
(D) Petty Cash Book
15. There will be a contra entry for the transaction on which date? 1
(A) 3rd of May
(B) 15th of May
(C) 26th of May
(D) 31st of May
16. The transaction where he gave cash to his nephew will be recorded as _________ in the Cash column of the
Cash book. 1
Study the following hypothetical transactional detail of Mr. Keshav and answer the given questions 18 to 21:
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On 31st March, 2019 the bank column of the Cash Book of Mr. Keshav disclosed an overdraft balance of 8,300. On
examining the cash book and bank statement you find that:
1. Cheques were deposited into bank for ₹ 16,000 out of these cheques for ₹ 4,600 were cleared and credited in April
2015.
2. Cheques were issued for ₹ 7,500 out of which cheques for ₹ 6,000 had been presented for payment in March
2019.
3. In March Mr. Keshav had discounted with bank a bill of exchange for ₹ 10,000 and had entered this amount in the
Cash Book, but the proceeds credited as shown by the Passbook, amounted to ₹ 9,600.
4. No entry is made in the Cash Book of an amount of ₹ 6,100 directly deposited by a customer in the bank accounts.
5. Bank Column of the payment side of the Cash Book was undercast by ₹ 1,000.
6. Payment of Insurance premium of ₹ 2,000 and receipt of insurance claim of ₹ 8,000 appear in the Passbook but
not entered in the Cash Book.
7. A cheque for ₹ 3,500 issued to Mr. Kapil was omitted to be recorded in the Cash Book.
18. The amount of cheque not credited until April 2015 will be recorded as a ____________ item in the bank
reconciliation statement. 1
19. The amount not entered in the cash book as it was directly deposited in the bank by a customer will be
recorded as a ___________item in the bank reconciliation statement. 1
20. Which of the following amount will be shown in the plus item column of the bank reconciliation statement
with regard to the cheques that were issued but not presented to the bank? 1
(A) ₹ 7,500
(B) ₹ 6,000
(C) ₹ 1,500
(D) None of the above
24. Prepare a Cash Book with Cash and Bank Columns from the following transactions: 4
25. From the following information, prepare Bank Reconciliation Statement as on 31 March, 2016: 4
27. An asset is purchased for ₹ 1,10,000. Depreciation is to be provided annually according to the straight line
method. The useful life of the asset is 10 years and the residual value is ₹ 10,000. Find out the amount of
annual depreciation and prepare asset account for the first three years. 6
OR
(B) Rectify the following errors:
Credit purchases from Raghu ₹ 20,000 were not recorded.
Were recorded as ₹ 10,000.
Were recorded as ₹ 25,000.
Were not posted to his A/c.
Were posted to his account as ₹ 2,000.
Were posted to Raghav’s A/c.
Were posted to the debit of Raghu’s A/c. m
Were posted to the debit of Raghav. M
PART-B
(Financial Accounting-II)
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