University Of Pune Question Paper
B. B. M. (I.B.) ( Semester - I ) Examination - 2013
BUSINESS ACCOUNTING
(New 2008 Pattern)
Time : 3 Hours] [Max. Marks : 80
Instructions :
(1) All questions are compulsory.
(2) Figures to the right indicate full marks.
(3) Use of calculator is allowed.
Q.1) (A) Fill in the blanks : [05]
(a) Balance due to Bank represents bank _______.
(b) A reduction allowed on the catalogue price of the goods is called _______.
(c) Every business transaction has _______ fold effect.
(d) A _______ debt is a debt which cannot be recovered.
(e) The left hand side of account is called _______ side.
(B) State whether the following statements are true or false : [05]
(a) Purchase Book and Purchase Account are synonymous.
(b) Capital is a liability to the business.
(c) Cash Book is a Journal as well as Ledger.
(d) Trade Discount is an incentive for prompt payment.
(e) Depreciation is charged on the Current Assets only.
[4374]-104 1 P.T.O.
Seat
No.
(C) Classify the following Accounts into Real, Nominal and
Personal : [05]
(a) Central Bank of India A/c.
(b) Live Stock A/c.
(c) Investment A/c.
(d) Land A/c.
(e) Commission A/c.
(D) Answer in one sentence each : [05]
(a) What is Contra Entry ?
(b) What is Sales Book ?
(c) What is Balancing ?
(d) What is Bearer Cheque ?
(e) What is the Rule of Personal A/c. ?
Q.2) From the following Trial Balance of Mr. Nath as on 31st March, 2012.
Prepare Trading and Profit and Loss Account for the year ended 31st
March, 2012 and Balance Sheet as on that date after making necessary
adjustments : [20]
Trial Balance as on 31st March, 2012
Debit Balance Rs. Credit Balance Rs.
Income Tax 2,400 Sales 3,20,000
Prepaid Insurance 1,600 Discount 3,800
Insurance Expenses 4,300 Loan from Bank 1,20,000
Purchases 3,08,000 Reserve for Doubtful
Debts 5,000
Carriage Inward 2,750 Reserve for Discount
to Debtors 2,000
Wages and Salaries 24,000 Creditors 24,500
Travelling Expenses 37,800 Capital A/c. 32,500
Advertisement 4,000
Bad Debts 1,400
Reserve for Discount
from Creditors 3,000
Discount 3,000
[4374]-104 2 Contd.
Debit Balance Rs. Credit Balance Rs.
Drawings 11,000
Interest on Capital 750
Interest on Loan from
Bank 3,000
Office Rent
(for 1-9-2011 to
30-5-2012) 3,000
Commission 2,900
Debtors 90,000
Cash Balance 4,900
5,07,800 5,07,800
Adjustments :
(1) Closing Stock amounted to Rs. 37,000 (Market Value
Rs. 30,000).
(2) Outstanding Liabilities were :
(a) Advertisement Expenses Rs. 1,200.
(b) Interest on Bank Loan Rs. 3,000.
(3) Maintain reserve for doubtful debts @ 3% on debtors. Reserve
for discount to debtors @ 2%. Reserve for discount to creditors
@ 2%.
(4) Mr. Nath’s son works as an accountant, professional charges paid
to him accounting to Rs. 3,000 were included in Drawing A/c.
Q.3) From the following transactions in the journal of ‘Karishma’ for March,
2012 : [15]
March 1 Karishma started business with Cash Rs. 15,000.
March 3 Purchased goods on credit Rs. 1,000 at 10% Trade
Discount.
March 7 Sold goods to Rekha on credit Rs. 800 @ 5% Trade
Discount.
March 12 Paid Salaries Rs. 2,000.
[4374]-104 3 P.T.O.
March 16 Goods destroyed by fire Rs. 400.
March 20 Received cash from Sudhir Rs. 500.
March 25 Goods distributed as free samples worth Rs. 200.
March 29 Interest paid Rs. 80.
March 31 Income Tax paid Rs. 600.
OR
Q.3) Enter the following transaction in Abhay’s Cash Book with Cash,
Discount and Bank Coloumn : [15]
March, 2012
1 Abhay started business with Rs. 75,000.
5 Opened bank account with Bank of Baroda and deposited
Rs. 60,000.
7 Purchased goods from ‘A and Co.’ and paid by cheque Rs. 3,000.
8 Received for cash sales Rs. 975.
15 Cash Rs. 975 deposited into Bank of Baroda.
18 Purchased Stationery for cash R. 200.
20 Received cheque from ‘C and Co.’ Rs. 1,350 (net) after allowing
Rs. 75 as discount.
20 Received cheque from ‘B and Co.’ Rs. 1,500 on account and
deposited the cheque into bank on same day.
22 Paid ‘D and Co.’ by cheque Rs. 2,250 in full settlement of their
claim from bank for office use for Rs. 2,340.
30 Drawn from bank for office use Rs. 6,000.
30 Paid Salary Rs. 750 by cheque.
31 Drawn for personal use Rs. 2,000.
Q.4) Mr. X purchased machinery on 1 April, 2010, Rs. 1,50,000. He
purchased further machinery on 1st October, 2010 costing Rs. 1,00,000
and on 1st July, 2011 costing Rs. 50,000.
Show Machinery Account assuming that the financial year ending is
31st March every year. The rate of depreciation to be charged @ 10%
p.a. Straight Line Method. [15]
[4374]-104 4 Contd.
Q.5) Give the detail format of Corporate Balance Sheet as required by
Schedule VI of Companies Act, 1956. [10]
OR
Q.5) Write short notes : (Any Two) [10]
(a) Cash Book
(b) Money Measurement Concept
(c) Journal
(d) Depreciation
B. B. M. (I.B.) ( Semester - I ) Examination - 2013
BUSINESS ACCOUNTING
(New 2008 Pattern)
Time : 3 Hours] [Max. Marks : 80
Instructions :
(1) All questions are compulsory.
(2) Figures to the right indicate full marks.
(3) Use of calculator is allowed.
Q.1) (A) Fill in the blanks : [05]
(a) Balance due to Bank represents bank _______.
(b) A reduction allowed on the catalogue price of the goods is called _______.
(c) Every business transaction has _______ fold effect.
(d) A _______ debt is a debt which cannot be recovered.
(e) The left hand side of account is called _______ side.
(B) State whether the following statements are true or false : [05]
(a) Purchase Book and Purchase Account are synonymous.
(b) Capital is a liability to the business.
(c) Cash Book is a Journal as well as Ledger.
(d) Trade Discount is an incentive for prompt payment.
(e) Depreciation is charged on the Current Assets only.
[4374]-104 1 P.T.O.
Seat
No.
(C) Classify the following Accounts into Real, Nominal and
Personal : [05]
(a) Central Bank of India A/c.
(b) Live Stock A/c.
(c) Investment A/c.
(d) Land A/c.
(e) Commission A/c.
(D) Answer in one sentence each : [05]
(a) What is Contra Entry ?
(b) What is Sales Book ?
(c) What is Balancing ?
(d) What is Bearer Cheque ?
(e) What is the Rule of Personal A/c. ?
Q.2) From the following Trial Balance of Mr. Nath as on 31st March, 2012.
Prepare Trading and Profit and Loss Account for the year ended 31st
March, 2012 and Balance Sheet as on that date after making necessary
adjustments : [20]
Trial Balance as on 31st March, 2012
Debit Balance Rs. Credit Balance Rs.
Income Tax 2,400 Sales 3,20,000
Prepaid Insurance 1,600 Discount 3,800
Insurance Expenses 4,300 Loan from Bank 1,20,000
Purchases 3,08,000 Reserve for Doubtful
Debts 5,000
Carriage Inward 2,750 Reserve for Discount
to Debtors 2,000
Wages and Salaries 24,000 Creditors 24,500
Travelling Expenses 37,800 Capital A/c. 32,500
Advertisement 4,000
Bad Debts 1,400
Reserve for Discount
from Creditors 3,000
Discount 3,000
[4374]-104 2 Contd.
Debit Balance Rs. Credit Balance Rs.
Drawings 11,000
Interest on Capital 750
Interest on Loan from
Bank 3,000
Office Rent
(for 1-9-2011 to
30-5-2012) 3,000
Commission 2,900
Debtors 90,000
Cash Balance 4,900
5,07,800 5,07,800
Adjustments :
(1) Closing Stock amounted to Rs. 37,000 (Market Value
Rs. 30,000).
(2) Outstanding Liabilities were :
(a) Advertisement Expenses Rs. 1,200.
(b) Interest on Bank Loan Rs. 3,000.
(3) Maintain reserve for doubtful debts @ 3% on debtors. Reserve
for discount to debtors @ 2%. Reserve for discount to creditors
@ 2%.
(4) Mr. Nath’s son works as an accountant, professional charges paid
to him accounting to Rs. 3,000 were included in Drawing A/c.
Q.3) From the following transactions in the journal of ‘Karishma’ for March,
2012 : [15]
March 1 Karishma started business with Cash Rs. 15,000.
March 3 Purchased goods on credit Rs. 1,000 at 10% Trade
Discount.
March 7 Sold goods to Rekha on credit Rs. 800 @ 5% Trade
Discount.
March 12 Paid Salaries Rs. 2,000.
[4374]-104 3 P.T.O.
March 16 Goods destroyed by fire Rs. 400.
March 20 Received cash from Sudhir Rs. 500.
March 25 Goods distributed as free samples worth Rs. 200.
March 29 Interest paid Rs. 80.
March 31 Income Tax paid Rs. 600.
OR
Q.3) Enter the following transaction in Abhay’s Cash Book with Cash,
Discount and Bank Coloumn : [15]
March, 2012
1 Abhay started business with Rs. 75,000.
5 Opened bank account with Bank of Baroda and deposited
Rs. 60,000.
7 Purchased goods from ‘A and Co.’ and paid by cheque Rs. 3,000.
8 Received for cash sales Rs. 975.
15 Cash Rs. 975 deposited into Bank of Baroda.
18 Purchased Stationery for cash R. 200.
20 Received cheque from ‘C and Co.’ Rs. 1,350 (net) after allowing
Rs. 75 as discount.
20 Received cheque from ‘B and Co.’ Rs. 1,500 on account and
deposited the cheque into bank on same day.
22 Paid ‘D and Co.’ by cheque Rs. 2,250 in full settlement of their
claim from bank for office use for Rs. 2,340.
30 Drawn from bank for office use Rs. 6,000.
30 Paid Salary Rs. 750 by cheque.
31 Drawn for personal use Rs. 2,000.
Q.4) Mr. X purchased machinery on 1 April, 2010, Rs. 1,50,000. He
purchased further machinery on 1st October, 2010 costing Rs. 1,00,000
and on 1st July, 2011 costing Rs. 50,000.
Show Machinery Account assuming that the financial year ending is
31st March every year. The rate of depreciation to be charged @ 10%
p.a. Straight Line Method. [15]
[4374]-104 4 Contd.
Q.5) Give the detail format of Corporate Balance Sheet as required by
Schedule VI of Companies Act, 1956. [10]
OR
Q.5) Write short notes : (Any Two) [10]
(a) Cash Book
(b) Money Measurement Concept
(c) Journal
(d) Depreciation
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