Loyola College B.C.A. Computer Application April 2007 Accounts And Business Applications Question Paper PDF Download

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

MS 25

B.Sc. / BCA DEGREE EXAMINATION – Comp. Sci. / Comp. App.

FOURTH SEMESTER – APRIL 2007

CO 4203 / CO 3102/CA 3101- ACCOUNTS AND BUSINESS APPLICATIONS

 

 

Date & Time: 26/04/2007 / 1:00 – 4:00          Dept. No.                                                     Max. : 100 Marks

 

 

 

SECTION – A

Answer  ALL the questions:                                                        (10 x 2 = 20 marks)

  1. What is meant by sundry debtors?
  2. Explain depreciation.
  3. Distinguish between cash discount and trade discount.
  4. What do you mean by the term “debit note”?
  5. Define “Accounting”.
  6. Following is the list of various accounts. Find out which are real , nominal or personal account:
  1. a) Commission account            b)Freight account
  2. c) Machinery account d) Bank account
  1. Prepare Single column cash book of Mr.Karan

April 2005

1        Cash in hand                            Rs. 5,000

9         Bought goods for cash            Rs. 2,000

16        Sold goods to Nikil for cash   Rs. 8,000

23       Purchased furniture                 Rs. 5,000

26       Received Interest                    Rs. 400

30       Paid Rent                                Rs. 1,500

  1. Prepare trial balance from the following:

Opening stock     — 10,600         Wages               — 2,200        Carriage inward     —      200

Purchases            — 12,000        Trade expenses   — 1,020

Rent& Repairs    —      960            Furniture       — 2,600        Cash in hand         —    1,200

Debtors               —  3,000             Drawings      — 1,200        Sales                    —  25,350

Discount received —     400             Capital                     — 7,000        Creditors               —    2230

  1. Rectify the following errors with suspense A/c:
  1. a) Sales book was undercast by Rs. 400
  2. b) Wages paid to workers Rs.2,000 has been wrongly posted as 3,000 in

Cash a/c

  1. Mr. Samuel bought a plant for Rs. 40,000 and spent Rs. 400 for its installation.  The machine is expected to have a life of  5 years and the estimated scrap value is Rs.1,200 at the end of its life.  Calculate the rate of depreciation.

 

SECTION – B

Answer any FIVE Questions:                                                                  (5 x 8 = 40 marks)

 

  1. a)   What is meant by “Business entity concept”?
  1. What are the three golden rules of accounting?
  2. What is a trial balance?
  3. What is error of principle?

 

  1. Journalise the following transactions in books of Mr. Jayakumar

 

2004 April    1

 

5

9

13

17

21

27

30

 

Started business with cash Rs.2,00,000 , building Rs.2,00,000 and

Machinery Rs. 4,00,000

Purchased goods from Kamesh Bros., for cash  Rs. 40,000

Paid into bank Rs.10,000

Sold goods to  Srikanth on credit Rs.15,000

Bought Furniture from M/s Modern Furn on credit Rs.30,000

Final settlement made by Srikanth Rs.14,900

Withdrew cash from bank for personal use Rs.7,000

Paid Salaries Rs.20,000; 30% paid by cash and 70% by cheque

  1.  Prepare a double column cash book with cash and discount of Mr. Samuel
May 2004

1

4

6

8

12

16

22

26

28

29

30

 

Cash in hand  Rs. 8,000

Purchased goods for cash  Rs.4,000

Received cash from Lalitha  Rs.2,500

Sold goods to Santhosh on credit Rs. 13,000

Purchased goods from Ram on credit Rs. 20,000

Santhosh settled his account in full Rs. 12,850

Purchased furniture for cash Rs. 19,000

Settled Ram by cash Rs.19,800 and discount received Rs.200

Sold good to Mahesh for cash Rs.26,000

Sold old Machinery to M/s Varun & Co on credit Rs. 36,000

Received cash from Mahesh Rs.10,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. From the particulars given below draw the stores ledger card:

 

2000 July

1

 

Opening stock     3000 units   @ Rs.10 each

3 Issued                  1,250 units
9 Purchased               750 units  @ Rs. 12.50 each
11 Issued                  1,250 units
23 Purchased            3,000 units  @ Rs. 14 each
24 Issued                  2,000units
28 Issued                     800 units
30 Purchased               450 units  @ Rs. 10.50 each

 

 

 

 

 

 

 

 

 

Adopt the FIFO method of issue and determine the value of closing stock

 

  1. Jasmine manufacturing company has drawn up the following P & L A/c  for the year ended 31st March 2006
Particulars Rs. Particulars Rs.
To opening stock

To Purchases

To Wages

To Manufacturing expenses

To Gross profit

 

 

To Selling expenses

To Administration expenses

To Distribution expenses

To Interest on loan

To Net Profit

26,000

80,000

24,000

16,000

52,000

By Sales

By closing stock

 

 

 

 

 

By gross profit

By compensation

for acquisition of

land

1,64,000

38,000

 

 

 

1,98,000 1,98,000
 

4,000

22,800

1,200

800

28,000

 

52,000

 

 

4,800

56,800 56,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculate the following ratios:   a) Gross profit ratio       b) Net profit ratio

  1. c) Selling & distribution expenses ratio
  2. d) Finance expenses ratio
  1. Prepare a bank reconciliation statement from the following data as on 31-1-2004:
  • Debit Balance as per cash book as on 30-11-2004 Rs.30,400
  • Cheque issued on 30-11-2004 but not yet presented to bank for payment Rs.6,450
  • Cheque deposited in to bank on 28th November 2004 but not yet credited into the account Rs.1,500
  • Bank interest debited in the pass book only Rs.560
  • A periodic payment made to telephone department for Rs.2,300 under standing instruction not entered in cash book.
  • A cheque deposited into bank is dishonoured, but no entry made in cash book. Rs. 2,900
  • 3,000 deposited by a customer, Mr. Daniel directly into bank
  • Interest on investment received by the bank Rs.1,150 and entered in the pass book but not recorded in cash book.

 

 

 

 

  1. M/s Jackson & Co bought a machinery for Rs. 1,00,000 on 1.1.2002 and spent Rs. 20,000 on installation, 10,000 on other charges immediately after the purchase.  On 1st September 2004 it sold the plant & machinery for Rs. 95,000 and on the same date another machinery was purchased costing Rs. 1,50,000.  It charges depreciation @ 10% p.a. under written down value method and the accounts are closed on 31st December every year.  Prepare machinery a/c and depreciation account for 3 years.

 

  1. Prepare  ledgers for the following transactions in the books of Mr. George
2005

March   3

8

11

16

24

27

30

 

Mr. George invested capital Rs.70,000

Bought furniture for cash Rs.10,000

Sold goods to Anjali  for cash Rs.15,000

Purchased goods from Good Luck & Co for Rs.17,000

Opened a current in Indian Bank Rs.5,000

Paid Good Luck & Co Rs.10,000

Paid Salaries    Rs.6,500

 

SECTION – C

Answer any TWO questions:                                                                   (2 x 20 = 40 marks)

 

  1. From the following Trial Balance extracted from the books of  Mr. Kamal  prepare Trading and

Profit & Loss A/c and Balance Sheet for the year ended 31-12-2005

 

Debit balances Rs. Credit balances Rs.
Cash at bank

Good will

Land & Buildings

Loose tools

Opening stock

Carriage outwards

General expenses

Sundry debtors

Purchases

Interest on loan

Carriage outwards

Salaries

Bad debts

Repairs

Power

Insurance

Printing & Stationery

Customs duty

Packing charges

5,000

10,000

12,000

3,000

9,000

1,250

1,050

11,000

10,200

120

1,800

4,000

1,000

950

2,700

850

2,150

1,000

1,150

 

Sales

Bank Loan

Capital

Sundry creditors

Discount received

Commission received

25,000

4,000

40,000

7,000

300

1,920

78,220 78,220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

  • Closing stock on 31-12-2005 Rs.15,000
  • Depreciate Plant & Machinery at 10%

(c)   Provide provision for bad and doubtful debts at 5%

(d) Outstanding salaries Rs. 200

(e) Provide Interest on capital 2%

(f) Commission received in advance Rs. 320

 

 

 

 

 

 

 

  1. Record the following transactions for the month of January 2006 in the proper Subsidiary books of

M/s New & Sons:

 

Jan 1

 

 

 

Jan 4

 

 

Jan 6

Jan 9

Jan 11

 

Jan 12

 

 

Jan 15

 

 

 

 

 

Jan 19

Jan 22

Jan 24

 

Jan 27

 

 

Jan 31

 

 

Purchased from M/s Brown & Co:

20 Calculators @ Rs. 550 each

10 dozen Scientific Calculators @ Rs.1,250 each

Trade discount on all the above items @ 10%

Sold to M/s Rahul Bros:

50 scientific calculators @ Rs.1500 each and trade discount  @ 5%

20 dozens of ball pen @ Rs.72 per dozen

Returned 10 scientific calculators to M/s Brown & Co

Purchased 10 dozen ball point pen @ Rs. 12 each for cash

M/s Rahul  Bros returned:

1 dozen scientific calculators and 2 dozens of ball pen

Sold to M/s Gopal & Co:

10 dozen accounts notebook at Rs.18 each

5 gross ink pen at Rs. 60 per dozen

Purchased from M/s Vimal printers:

10 gross of 192 pages notebooks @ Rs.240 per dozen

Less trade discount 5% with invoice no: 35

5 gross digital diaries @ Rs.1,000 each

less trade discount 2% with invoice no: 43

3 dozen rewritable CD @ Rs. 35 each with invoice no: 49

Credit note sent to M/s Gopal & Co for Rs. 250 being over charged

Sold old furniture to M/s JFA furniture mart on credit Rs. 12,000

Returned to Vimal printers:

2 gross notebooks and 3 Digital diaries bought on Jan 15

Sold to M/s Pravesh Traders:

4 dozen of 192 pages notebooks @ Rs. 300 per dozen

2 gross digital diaries @ Rs.14,400 per dozen

Sent a debit note to M/s. Brown & Co  for Rs. 2000 for

goods damaged in transit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. The following are the summarized balance sheet of Madan industries Ltd.,

as on 31st December, 2005 and 2006:

Liabilities 2005

Rs.

2006

Rs.

Assets 2005

Rs.

2006

Rs.

Capital:

Preference shares

Equity shares

General reserve

Profit & Loss A/c

Debentures

Current liabilities:

Creditors

Provision for tax

Proposed dividend

Bank overdraft

 

40,000

2,000

1,000

6,000

 

12,000

3,000

5,000

12,500

 

10,000

40,000

2,000

1,200

7,000

 

11,000

4,200

5,800

6,800

Fixed assets

Less: Depreciation

 

 

Current assets:

Debtors

Stock

Prepaid expenses

Cash

41,000

11,000

40,000

15,000

30,000

 

 

20,000

30,000

300

1,200

25,000

 

 

24,000

35,000

500

3,500

81,500 88,000 81,500 88,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepare: (i) Statement showing changes in the working capital

(ii) A statement of sources and applications of funds.

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