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BCOC-131 2023 Exam

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33 views12 pages

BCOC-131 2023 Exam

Uploaded by

rajlumbhani27
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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No.

of Printed Pages : 12 BCOC-131


BACHELOR OF COMMERCE
(GENERAL) (CBCS)
(BCOMG)
Term-End Examination
December, 2023
BCOC-131 : FINANCIAL ACCOUNTING
Time : 3 Hours Maximum Marks : 100
Note : Attempt any five questions. Each question
carries 20 marks.

1. (a) State the objectives and significance of


setting Accounting Standards. 10
(b) Explain the steps involved in the
Accounting process. 10
2. What are the different categories in which
accounting transactions can be classified ? Also
explain the ‘debit and credit rules’ in this
regard. 14+6
3. You are required to pass the necessary journal
entries to rectify the following errors : 20
(i) ` 200 withdrawn by the proprietor for his
personal use has been debited to Trade
Expenses Account.

P. T. O.
[2] BCOC-131

(ii) ` 300 purchase of goods from Shyam has


been wrongly entered through the sales
book.
(iii) ` 100 credit sales to Ram has been wrongly
passed through purchases book.
(iv) ` 150 received from Mittal have been
credited to Jindal.
(v) ` 375 paid on account of salary to the
cashier Raju stands debited to his personal
account.
(vi) A builder’s bill for extension of premises
amounting to ` 2,750 has been debited to
Building Repairs Account.
(vii) On 25th June, goods worth ` 500 were
returned by Krishna and were taken into
stock but the returns were entered is the
books under date 3rd July i. e. after the
expiry of the financial year on 30th June.
(viii) ` 200 bill for old office furniture sold to
Leela were entered in the sales day books.
(ix) The periodical total of the sales book was
cash short by ` 100.
(x) ` 80 received on account of interest was
credited to Commission Account.
[3] BCOC-131

4. (a) What is the difference between ‘Hire


Purchase System’ and ‘Instalment
Purchase System’ ? 10

(b) Describe in detail the accounting


procedures to be adopted with regard to
Hire Purchase System. 10

5. (a) Explain clearly about your understanding


in respect to the expression ‘Branch
Adjustment Account’. 10

(b) State the possible causes of difference


between the balances shown by Head
Office Account and Branch Account. 10

6. Following is the Trial Balance of Sh. Man


Mohan. You are required to prepare Trading
and Profit & Loss Account for the year ended
31st March, 2020 and Balance Sheet as at that
date : 20

Dr. (`) Cr. (`)


Purchases and Sales 2,75,000 5,20,000
Returns inwards 15,000
Returns outwards 9,000

P. T. O.
[4] BCOC-131

Carriages 12,400
Wage and Salaries 58,600
Trade Expenses 2,200
Rent 13,000
Insurance 2,000
Audit Fees 1,200
Debtors and Creditors 1,10,000 62,100
B/R and B/P 3,300 2,200
Printing and Advertising 5,500
Commission 1,000
Opening Stock 36,000
Cash in hand 12,800
Cash at Bank 26,800
Bank Loan 20,000
Interest on Loan 1,500
Capital 2,50,000
Drawings 15,000
Fixed Assets 3,00,000
8,77,300 8,77,300
Adjustments :
(i) Stock at the end ` 60,000.
(ii) Depreciate fixed assets by 10%.
[5] BCOC-131

(iii) Commission earned but not received


amount to ` 400.

(iv) Rent received in advance ` 1,000.

(v) Allow 8% interest on capital and charge


` 900 as interest on drawings.

7. (a) What is loading ? How is it computed ?


Give examples. 2+3+3

(b) What is ‘Del-Credere Commission’ ? Who


pays this commission ? State the reasons
for payment of this commission. 3+3+6

8. Ashok and Bharat formed joint venture


contract for sharing profit and losses in 60%
and 40% ratio respectively. Ashok purchased
goods of ` 3,00,000 and dispatched to Bharat.
Ashok paid ` 24,000 in this process. Bharat,
after some time, reported the sales of ` 3,20,000
of these goods and remaining lying unsold.
Later Ashok and Bharat decided to dispatch the
goods on consignment basis to M/s. Chandan &
Co., who agreed to sell goods on their behalf.
Chandan will be paid all expenses plus 5%

P. T. O.
[6] BCOC-131

commission. After some time, Chandan sent an


Account sales along with cheque for ` 35,000 to
Bharat (after deducting ` 5,000 expenses and
commission). The unsold goods were returned
to Bharat. Bharat purchased the goods for
` 20,000.

Bharat prepared a statement of account to


Ashok and informed that he spent ` 14,500 on
this joint venture. They agreed to settle their
accounts. Prepare the necessary ledger
accounts in the books of Ashok and Bharat
showing the final settlement of accounts. 20

9. Write explanatory notes on the following :


10+10
(a) Computerised Accounting
(b) Creation of voucher and recording entries
[7] BCOC-131

BCOC-131

2023

-131

P. T. O.
[8] BCOC-131

(i) `

(ii) `

(iii) `

(iv) `

(v) `

(vi) ` ]
[9] BCOC-131

(vii) `

(viii) `

(ix) `

(x) `

10

P. T. O.
[ 10 ] BCOC-131

20
(`) (`)
2,75,000 5,20,000

15,000

9,000

12,400

58,600

2,200

13,000

2,000

1,200

1,10,000 62,100

3,300 2,200

5,500

1,000

36,000
[ 11 ] BCOC-131

12,800

26,800

20,000

1,500

2,50,000

15,000

3,00,000

8,77,300 8,77,300

(i) ` ]
(ii) 10%
(iii) `

(iv) ` ]
(v) 8%
`

P. T. O.
[ 12 ] BCOC-131

60%
40% ` ] ]

` ]
` ] ]

5%
` ]
` ]

` ]

` ]

BCOC-131

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