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CLASS: I SEM BBA PREPARATORY EXAMINATION JANUARY – 2024 SUB: Fundamentals of Accounting
TIME: 2.5 HOURS ( as part of Noble initiative to save nature we attempt to reduce & reuse paper) TOTAL MARKS: 60
SECTION – A
I. Answer any 5 questions, each carries 2 marks each. (5X2=10)
1. a. State any 2 limitations of accounting?
b. Mention any 4 subsidiary books
c. What is trading account?
d. What is Bank reconciliation statement?
e. What do you mean by narration?
f. What is trade discount?
g. What is computerised accounting?
SECTION – B
II Answer any four questions of the following (4x5=20)
2. Explain the features of Tally Accounting software.
3. Prepare Trial Balance in the books of Mr. Ashok from the following ledger balances:
Rs. Rs
Capital 3,12,000 Debtors 20,000
Creditors 50,000 Sales 2,00,000
Purchases 2,50,000 Closing stock 60,000
Outstanding exp 15,000 Building 2,00,000
Establishment exp 12,000 Prepaid exp 5,000
4. Prepare a trading account of Mr Prajwal for the year ending 31 March 2021
Particulars Amount (Rs)
Purchase of materials 5,00,000
Carriage on purchases 12,000
Wages 1,40,000
Stock of goods on 1-4-2020 7,20,000
Stock of goods on 1-4-2021 7,60,000
Sales 13,00,000
Sales returns 1,60,000
Purchase returns 60,000
Duty and cleaning charges 1,40,000
Factory rent and lighting charges 60,000
Factory salaries 40,000
5. Journalize the following transactions in the books of Mr. Raghu.
2021
Jan. 1: Commenced business with cash Rs.50,000
Jan. 3: Purchased furniture for Rs.60,000
Jan. 5: Bought goods on credit from Vijay for Rs.70,000.
Jan. 8: Purchased goods for cash Rs.50,000
Jan.11: Returned goods to Vijay Rs.10,000
Jan. 14: Sold goods to Rajesh for Rs.50,000.
8. Enter the following transactions in the subsidiary books of M/S Udayasree for the month of January 2022.
2022
Jan 1 Purchased from Pathi Silk house, 100 silk sarees at Rs. 2,500 each.
Jan 5 Purchased from Nagendra & Co. 200 Kanchi silk sarees at Rs. 10,000 each.
Jan 7 Sold to kumari on account 50 printed sarees at Rs. 3,000 each, 100 kanchi sarees at Rs. 12,000 each.
Jan 8 Claimed for damages from Pathi silks Rs. 500.
Jan 9 Returned damaged goods to Nagendra & Co. 5 Kanchi Sarees.
Jan 12 Purchased from sudharshan silks 150 Mysore silk sarees at Rs. 2500 each, 100 Handloom sarees at Rs. 7,500 each, less trade
discount at 10%
Jan 15 Sold to Kala on account 20 printed sarees at Rs. 3,000 each, 25 Kanchi sarees at Rs. 13,000 each, 20 mysore silk sarees at Rs.
3,000 each.
Jan 20 Sold to kusum sarees 40 Handloom sarees at Rs.10,000 each.
Jan 21 Kumari returned, 10 printed sarees and 20 kanchi sarees.
Jan 25 Returned to Sudharshan's silk, 25 Mysore silk sarees.
Jan 27 Returned from Kusum Sarees, 10 Handloom sarees.
Jan 30 Purchased from Nandi silks, 400 Nandi brand sarees at Rs. 5,000 each.
9. From the following Trial Balance extracted from the books of Mr.Narayan, prepare Trading and P & L A/c for the year ending 31st
March 2019 and Balance Sheet as on that date.
Particulars Debit Credit
Capitals - 81,000
Drawing 10,000 -
Plant and machinery 60,000 -
Debtors 40,000 -
Creditors - 45,000
Purchase and sales 80,000 1,40,000
Returns 4,000 5,000
Wages 15,000 -
Cash in hand 1,000 -
Cash at bank 6,000 -
Salaries 10,000 -
Repair 4,000 -
Rent 4,500 -
Stock 20,000 -
Manufacturing exp 5,000 -
Bills 10,000 -
Bad debts 1,000 -
Provision for bad debts - 1,500
carriages 2,000 -
2,72,500 2,72,500
Adjustments :
a) Rent paid in advance Rs 500
b) Depreciate plant and machinery at10% p.a.
c) Allow interest on capital at 5% p.a.
d) Closing stock was Rs. 30,000.
SECTION – D
IV Answer any one of the following (1x6=6)
10. Prepare a bank reconciliation statement with imaginary figures
11. Prepare simple petty cash book with imaginary figures.