Short Questions:

1. Business entity concept

2. Objective of accounting
3. Net profit Vs Gross Profit
4. Financial statement
5. Capital Fund
6. Features of Non-profit organization
7. Shares Vs Debentures
8. Types of Preference shares
9. Benefits of Tally Accounting software
10. Computerized accounting
11. Ledger
12. Trial balance
13. Explain different types of assets
14. Bad debts
15. Write about capital and Revenue Expenditure
16. Income and expenditure account
17. Joint stock company
18. Types of Preference shares
19. What do you mean by Gateway of Tally
20. Manual Accounting

Long Questions:
1. Explain Accounting Concepts and Conventions, highlight their importance in Accounting
Process.

2. Prepare Trial Balance of the following transaction as on last date after journalizing and
ledger postings in the books of Ravi

Date Particulars Amount (Rs)

1st July Ravi started business with cash 60,000
,2nd July Purchase Furniture 10,000
3rd July Purchase Goods 25,000
4th July Bought Goods from Kamal 15,000
5th July Sold Goods to Cash 36,000
6th July Sold Goods to Ram 30,000
7th July Paid Cash to Kamal 5,000
8th July Cash Received from Ram 10,000
9th July Paid Rent 1,000
10th July Paid Salaries 2,000
3. Why adjustments are required to be made at the time of preparing final accounts? Give
illustrate examples of any 5 such adjustments along with their treatment in Final
Account.

4. From the following Trail balance of Gopal Nath and Sons, prepare trading profit and loss account,
balance sheet for the year ending 31st December 2022.

Particulars Amount (Rs) Particulars Amount (Rs)

Opening Stock 4,000 Bills Payable 1,200
Purchases 12,000 Purchase Returns 300
Carriage 1,170 Sundry Creditors 2,700
Wages 1,000 Sales 20,000
Sales Return 200 Capital 30,000
Drawings 1,500 Commission 120
Received
Office Expenses 250
Salaries 1,600
Discount 300
Repairs 1,200
Advertisements 500
Sundry Debtors 6,000
Plant and Machinery 12,000
Building 10,000
Cash In Hand 600
Cash At Bank 2,000
54,320 54,320

The value of stock in hand on 31st December 2022 was Rs 6,000.

5. Explain Accounting Concepts and Conventions, highlight their importance in Accounting

Process.

6..Prepare Trial Balance of the following transaction as on last date after journalizing and
ledger postings in the books of Ravi
 Date Particulars Amount (Rs)
1st July Ravi started business with cash 60,000
,2nd July Purchase Furniture 10,000
3rd July Purchase Goods 25,000
4th July Bought Goods from Kamal 15,000
5th July Sold Goods to Cash 36,000
6th July Sold Goods to Ram 30,000
7th July Paid Cash to Kamal 5,000
8th July Cash Received from Ram 10,000
9th July Paid Rent 1,000
10th July Paid Salaries 2,000

7. Why adjustments are required to be made at the time of preparing final accounts? Give
illustrate examples of any 5 such adjustments along with their treatment in Final
Account.

8. From the following Trail balance of Gopal Nath and Sons, prepare trading profit and loss account,
balance sheet for the year ending 31st December 2022.

Particulars Amount (Rs) Particulars Amount (Rs)

Opening Stock 4,000 Bills Payable 1,200
Purchases 12,000 Purchase Returns 300
Carriage 1,170 Sundry Creditors 2,700
Wages 1,000 Sales 20,000
Sales Return 200 Capital 30,000
Drawings 1,500 Commission 120
Received
Office Expenses 250
Salaries 1,600
Discount 300
Repairs 1,200
Advertisements 500
Sundry Debtors 6,000
Plant and Machinery 12,000
Building 10,000
Cash In Hand 600
 Cash At Bank 2,000
54,320 54,320

The value of stock in hand on 31st December 2022 was Rs 6,000.

9. What are the Non-Profit Organization? Explain the method of preparation of income and
expenditure account.

10. From the following receipts and Payment account of Hyderabad Cricket Club, prepare
income and expenditure account and balance sheet for the year ended 31st March 2023.

Dr Receipts and Payment A/c Cr.

Receipts Amount (Rs) Payments Amount (Rs)

To Balance B/d 4,000 By Salaries 5,300
To Donations Received 14,000 By Furniture 11,700
To Life Membership 5,000 By Game Expenses 2,500
Fees
To Tournament Fund 8,000 By Printing and 3,100
Stationery
To Subscription 16,500 By Postal Stamps 500
To Entrance Fees 1200 By Tournament 3,000
Expenses
To Donation for 8,000 By Sports 14,000
Computer Equipment Purchase
To Sale of Old 500 By Balance c/d 17,100
Newspaper
57,200 57,200
Adjustment;

i. Subscription outstanding for the year 2022-2023 Rs 2,500

ii. Value of sports equipment on 1st April 2022 Rs 1,000 and 31st March 2023 Rs 9000
iii. Provide Rs 1,000 Depreciation on furniture
 iv. Closing Balance of Postal Stamps Rs 200
v. Capitalize Half of the entrance fee
vi. Capital Fund on 1st April 2022 Rs 5,000

Prepare Income and Expenditure account and balance sheet of the club as on 31 /03/2023.

11. Explain bout joint stock companies and its types

12. What are the different types of shares a company may issue? Explain

13. Write in detail about the classification of companies

14. Explain the features of Computerized accounting?

15. How does Tally ERP 9 aid in accounting?

16. Define a computerized accounting system. Distinguish between a manual and

computerized accounting system.

17. What do you understand by Tally ERP 9?

18. Define a computerized accounting system. Distinguish between a manual and

computerized accounting system

19 what are the Non-Profit Organization? Explain the method of preparation of income and
expenditure account.

20 From the following receipts and payment account prepare income and expenditure
account and the balance sheets of Apex Sports club, Hyderabad

Receipts Amount in (Rs) Payments Amount in (Rs)

To Subscriptions 20,000 By Building 40,000
To Donations 50,000 By Furniture 10,000
To Life Membership 3,000 By Sports Material 5,000
Fees
To Income on Sports 17,000 By Expenditure on 7,000
Sports
To Sundry Receipts 5,000 By Newspaper 1500
To Sale Of Old 500 By Land Maintenance 4,000
 Newspaper
By Balance c/d 28,000
95,500 95,500
Dr Receipts and payment a/c Cr

Adjustments;
1. capitalize 50% of donation and life membership fees
2. outstanding subscription Rs 5,000
3. provide depreciation on building and furniture 5% and on sports material 10%