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    Financial Accounting - Mid Term Question Paper

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    sahitti
    1. The document provides details of the mid-term examination for the subject of Financial Accounting including the date, duration, credits, maximum marks and sections. 2. Section A contains 5 compulsory questions worth 20 marks in total, with each question carrying 5 marks. The questions test various course outcomes and concepts related to the accounting equation, transactions, journals and T-accounts. 3. Section B contains a case study worth 20 marks requiring the candidate to fill in missing details of T-accounts and trial balance for a business based on incomplete information provided, and preparation of the trial balance.

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    Financial Accounting - Mid Term Question Paper

    Uploaded by

    sahitti
    207 views3 pages
    1. The document provides details of the mid-term examination for the subject of Financial Accounting including the date, duration, credits, maximum marks and sections. 2. Section A contains 5 compulsory questions worth 20 marks in total, with each question carrying 5 marks. The questions test various course outcomes and concepts related to the accounting equation, transactions, journals and T-accounts. 3. Section B contains a case study worth 20 marks requiring the candidate to fill in missing details of T-accounts and trial balance for a business based on incomplete information provided, and preparation of the trial balance.

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    question paper

    Original Title

    Financial Accounting _ Mid Term Question Paper (1)

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    1. The document provides details of the mid-term examination for the subject of Financial Accounting including the date, duration, credits, maximum marks and sections. 2. Section A contains 5 compulsory questions worth 20 marks in total, with each question carrying 5 marks. The questions test various course outcomes and concepts related to the accounting equation, transactions, journals and T-accounts. 3. Section B contains a case study worth 20 marks requiring the candidate to fill in missing details of T-accounts and trial balance for a business based on incomplete information provided, and preparation of the trial balance.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    207 views3 pages

    Financial Accounting - Mid Term Question Paper

    Uploaded by

    sahitti
    1. The document provides details of the mid-term examination for the subject of Financial Accounting including the date, duration, credits, maximum marks and sections. 2. Section A contains 5 compulsory questions worth 20 marks in total, with each question carrying 5 marks. The questions test various course outcomes and concepts related to the accounting equation, transactions, journals and T-accounts. 3. Section B contains a case study worth 20 marks requiring the candidate to fill in missing details of T-accounts and trial balance for a business based on incomplete information provided, and preparation of the trial balance.

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    MID TERM EXAMINATIONS

    SUBJECT NAME: FINANCIAL ACCOUNTING


    Course Code : 0212410108 Semester : 1 Batch :2021-23
    Date of Exam : 12-08-2021 Time : 10.00- 11.30AM Duration : 90 minutes
    Credits :2 Maximum marks: 40
    Section – A (Attempt any 4 questions from 5 questions of Section A)(Compulsory) Marks Course
    4 Questions* 5 Marks = 20 Marks Outcomes
    Mapped
    Q1 Apply the basic accounting equation to find the missing items in the Balance Sheet 5 CO1,
    of the Infotech Ltd. Company for the four years: marks CO2
    2020 2019 2016 2015
    Current Assets ₹ 114,624 ₹ ? ₹ 84,124 ₹?
    Noncurrent Assets ? 198,014 162,011 151,021
    Total Assets ₹524,600 ₹ ? ₹? ₹220,111
    Current Liabilities ₹ 55,142 ₹40,220 ₹ ? ₹?
    Noncurrent ? ? 60,100 30,222
    Liabilities
    Contributed 214,155 173,295 170,000 170,000
    Capital
    Retained earnings 13,785 (3,644) 1,452 2,350
    Total Equity and ₹ 524,600 ₹287,456 ₹ ? ₹220,111
    Liabilities
    Q2 Provide an example of the transaction incorporating the following effect in the 5 CO1,
    accounting equation: marks CO2
    (a) Increases an asset and increases a liability.
    (b) Increases an asset and decreases another asset.
    (c) Increases an asset and increases equity.
    (d) Decreases an asset and decreases a liability
    (e) Increases an asset and Increase in Revenue
    Q3 In August 2021, Kunal Enterprises entered into following transactions. Identify the 5 CO3,
    expenses/revenues. Justify your answers in light of the applicable accounting marks CO2
    transactions.
    a) An order for goods worth Rs 3,00,000 was received. The goods will be
    delivered in September.
    b) During the month the pending salaries of worth Rs 97,000 were paid to the
    workers for the work performed in the previous month.
    c) Goods worth Rs 17,000 were destroyed in fire which were not having any
    insurance cover.
    d) Goods worth Rs 25000 were sold and delivered during August 2021.
    e) A bill for amount of Rs 7,500 for internet advertising during August 2021 is
    paid in September 2021.
    Q4 Sakhi Enterprises is a furniture trading company. Journalize following selected 5 CO2,
    transactions happened at Sharma Enterprises during the month of April 2017 in marks CO3
    General Journal. You need to present journal entries in the proper format.

    April 1: Purchased from Pepperfry 75 chairs for resale at a price of Rs.


    1000/- each.
    April 7: Sold to Romy 2 Tables at a price of Rs. 3000/- each and received
    payment in cash.
    April 15: Purchased from Pepperfry 4 executive chairs for office use at a
    price of Rs. 2000/- each. A trade discount of 10% allowed by the seller.
    April 20: Invested Rs. 50,000/- in ICICI bonds.
    April 25: Suleman, a customer, who owes Rs. 10,000/- to the business is declared
    bankrupt. Therefore, accountant decided to recognize his account as bad debt
    Q5 Alok Verma, an MBBS, started his own medical practice. The business 5 CO1
    completedthe following transactions: marks
    Apr 1: Alok invested Rs 20,00,00,000 cash to start her medical practice.
    Thebusiness issued common stock to Alok.
    Apr 1: Purchased medical supplies on credit totaling Rs 6,20,000.
    Apr 2:Paid monthly office rent of Rs 2,40,000.
    Apr 3: Recorded Rs 5,90,000 revenue for service rendered to patients, received
    cash of Rs 1,55,000 and sent bills to patients for the remainder.

    Using T account (only cash account), analyse the above transactions and calculate
    the cash that the business has to work with.

    Section – B (Case Study) (Compulsory) 20 marks


    Q6 On August 01, 2020Vibha Gupta started a Business. She maintained his records in 20 CO3
    T-Accounts. After the first month of operation while she was preparing Trial marks
    Balance she spilled Coffee on T-Accounts and the trial balance. Hence many
    portions of T-Accounts and trial balance became illegible. Help her filling the lost
    details in form of grey cells in the T-Accounts. You are also required to prepare the
    Trial Balance of her business for August, 2020.
    Dr. Cr.
    Cash A/C
    Capital 50000 Prepaid Rent 2400

    Sales 2750 Equipment 3000


    Accounts Receivables 4700 1000
    Accounts payable
    Loan 800

    By bsl c/d 50250

    57450
    Prepaid Rent A/C

    Cash 2400 By bal cd


    2400

    Equipment A/C
    Cash 3000 9600
    Cdhvgh
    Loan 6600
    Accounts Receivables A/C
    Sales 5840 Cash
    4700

    Mrchhb 1140

    Loan A/C

    Cash
    800
    Equipment
    6600

    Rcjj 5800

    Purchases A/C

    Accounts payable 1600 Hrfhh 1600

    Sales A/C
    Cash 2750
    8590
    5840
    Accounts payable

    Accounts Payable A/C


    Cash 1000 Purchases 1600

    By bal 600

    Capital A/C

    Vrdhi Cash 50000


    50000

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