RAJIV GANDHI COLLEGE OF ENGINEERING AND TECHNOLOGY

PUDUCHERRY DEPARTMENT OF MANAGEMENT STUDIES PART C - (15 Marks) (COMPULSARY)

I INTERNAL EXAMINATION
ACCOUNTING FOR MANAGERS - SET 1 10. From the following Trial Balance of M/s Sharma Traders, prepare a Profit &
Loss A/c for the year ended 31st March, 2019 and Balance Sheet as on that date.
PART A - (3X5 = 15 marks)
1) Explain double-entry bookkeeping? Debit Amount Credit Amount
2) Prepare a trading account for the year ended 31st Dec 2010. (Rs.) (Rs.)
Opening stock Rs.5,700, Purchase Rs. 1,58,000, Purchase returns Rs. 900,
Sales Rs.2,62,000, Sales Return Rs.600, Closing stock valued at Rs.8,600. Cash in Hand 13,000 Loan 2,400
3) Explain a) Bad Depts b) Sundry Creditors c) Sundry Debtors. Carriage Outwards 2,400 Royalty 1,200
Wages and Salaries 22,100 Sundry Creditors 42,500
4) State any three accounting Concepts ?
Carriage Inward 1,800 Discount Received 2,200
5) What are the causes for depreciation?
Octroi Duty 1,200 Reserve 40,000
Motor Car 1,77,000 Reserve for Doubtful 10,200
PART B-(2X10=20 marks) 7) Investment 20,000 Debts 1,100
6. Define Accounting Standards. Explain the procedure of setting Bills Receivable 23,000 Commission 18,000
Accounting Standards in India (OR)
Sundry Debtors 1,00,000 Bills Payable 1,00,000
Plant & Machinery 90,000 Capital 20,000
7)1. Started business with cash Rs.2,00,00
Furniture 20,000 Band Overdraft 3,64,000
2. Purchased goods from Amit suppliers on credit of Rs.1,50,000.
Purchases 1,20,000 Sales
3.Deposit cash into Bank Rs.25,000
Opening Stock 50,000
4. Sold goods to Dynamic Traders Pvt.Ltd. of Rs. 1,30,000
Trade Expenses 1,000
5.Received cheque of Rs.1,27000 from Dynamic Traders
Coal and Gas 2,700
Pvt.Ltd.
Insurance 1,500
6.Issued cheque of Rs.1,00,000 as a partial payments to Amit supplier.
Bad Debts 1,500
Required : Prepare Journal and Post in Ledger
2,000
8) What is meant by Defered Revenue Expenditure? Explain the basic
principle that is taken into consideration in allocating expenditure as capital 6,49,200 6,49,200
and revenue with examples (OR)
Adjustments:
9) A machine purchased on 1st July 2005 at a cost of Rs. 14,000 and Rs.1000 1) Closing Stock – Rs. 50,000.
was spent on installation. The depreciation is charged at 10% on the 2) Further Bad Debts – Rs. 3,000.
3) Depreciate Plant & Machinery and Motor Car @ 10%.
straight line method. The books will be closed on 31st Dec every year. The 4) Prepaid advertisement – Rs. 200
machine was sold for Rs.9,500 on 31st march 2008. show the machinery 5) Reserve for Doubtful Debts is to be maintained at 5% on Debtor.

account.
 RAJIV GANDHI COLLEGE OF ENGINEERING AND TECHNOLOGY PART C - (15 Marks) (COMPULSARY)
PUDUCHERRY DEPARTMENT OF MANAGEMENT STUDIES
I INTERNAL EXAMINATION 8) Transactions for the period April 2020 to March 2021 in the books of
ACCOUNTING FOR MANAGERS - SET 2 Michael Traders
PART A - (3X5 = 15 marks) Trial Balance as on 31st
1) Give a brief Account of the structure of generally accepted accounting March 2021
principles? Particulars Debit Credit
2) Journalize the following transaction Michael's Capital 1,500,000
a) Purchased goods for cash Rs. 50.000 b) Purchased stationary for cash Rs.
Purchases 1,570,000
500,c) Sold goods to Mr.Paul Rs.15,000 d) paid fright on goods
purchased Rs.300 e) Paid advertisement expenses Rs.1000. Sales 2,247,000
3) Explain a) Direct expenses b) Indirect Expenses Furniture & Fixtures 200,000
4) What is meant by deferred revenue expenditure? Give an example. Plant & Machinery 250,000
5) Explain the methods of recording Depreciation ABC Ltd (Creditor) 475,000
XYZ Traders (Debtor) 832,000
PART B-(2X10) Bank Loan 150,000
6) Explain various accounting concepts and conventions Salary 90,000
(OR) Office Rent 100,000
7)Started business with cash Rs.2,00,00
Commission Received 130,000
2. Purchased goods from Amit suppliers on credit of
Rs.1,50,000. 3.Deposit cash in to Bank Rs.25,000 Interest Received 5,000
4. Sold goods to Dynamic Traders Pvt.Ltd. of Rs. 1,30,000 Cash in hand 150,000
5.Received a cheque of Rs.1,27000 from Dynamic Traders Bank of America 1,315,000
Pvt.Ltd. Total 4,507,000 4,507,000
6.Issued a cheque of Rs.1,00,000 as a partial payments to Amit suppliers.
Required : Prepare Journal and Posting Ledger Prepare Trading A/c, Profit & Loss A/c and Balance Sheet taking into
consideration:
8. What is Final Account explain with types?
1. Closing Stock as on 31st March 2022 is 200,000.
(OR) 2.Salary outstanding for the month of March 2022 is 30,000.
9. On 1.1.1994 machinery was purchased for Rs. 80,000 on 1.7.1996 3.Depreciation@10% to be charged on Furniture & Fixtures and
machinery was replaced by new machinery costing Rs. 60,000 the vendor @15% on Plant & Machinery.
took the old machine in part exchange at a valuation of Rs.16,000. Show
the machinery A/C up to 31.12.1996 assuming that the business charges
depreciation @ 10% on the diminishing value of the machinery and the
machinery employed at the end of each year.