QP CODE: 22100119: Reg No: Name

QP CODE: 22100119 Reg No : .....................
22100119
Name : .....................
UNDER GRADUATE (CBCS) REGULAR / REAPPEARANCE EXAMINATIONS,

JANUARY 2022
Fifth Semester
(Offered by the Board of Studies in Commerce)
OPEN COURSE - CO5OPT03 - FUNDAMENTALS OF ACCOUNTING

2017 Admission Onwards
EE5530F9
Time: 3 Hours Max. Marks : 80
Part A
Answer any ten questions.
Each question carries 2 marks.
1. Explain contingent asset with an example.
2. What is journalising?
3. Narrate the rules of debit and credit as per modern approach.
4. What are intangible assets? Give example.
5. What is trade discount?
6. Explain Balancing of account.
7. Explain debit note and credit note.
8. Agreement of a trial balance is not a conclusive proof of the accuracy of accounts.

Comment.
9. What is a Balance Sheet? What is the need of preparing it?
10. What is a closing entry? Give two examples.
11. What is gross profit?
12. What do you mean by grouping and marshalling of assets and liabilities?
(10×2=20)
Part B
Answer any six questions.
13. Who are the users of accounting information?

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14. Distinguish between Book Keeping and Accounting.
15. What are the advantages of Double Entry System of Accounting?
16. Show the opening entry from the following particulars

Rs.
Cash in hand 5000
Cash at Bank 10000
Machinery 6000
Stock 7000
Sundry Debtors 10000
Sundry Creditors 5000
Bills Receivable 3000
Bills Payable 1000
Loan (Cr) 2000
17.
Pass necessary Journal Entries
Date Transactions Amount (Rs.)
2019
Jan 1 Started business with 50,000
2 Purchased furniture 15,000
3 Purchased goods for cash 9,000
5 Open bank account 8,000
7 Purchased goods for cash 7,000
8 Sold goods for cash 12,000
12 Withdrew cash for personal purpose 3,000
16. Purchased goods from Roy 9,000
18. Sold goods to James 15,000
20. Cash received from James 12,000
21. Cash paid to Roy 6,000
24. Paid salary 2,000
18. State the disadvantages of Journal?
19. Give ledger accounts of Mr.Raj in respect of the transactions given below:
2019
March 1 Started business with Rs.50,000
3 Purchased goods for Rs.12,000
4 Purchased goods on credit from Gomas Rs.8,000
8 Sold goods to Arun Rs.6,000
12 Paid to Gomas Rs.5,000
15 Received from Arun Rs.4,000
18 Sold goods for Rs.9,000
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20. Prepare a Trial Balance from the following
Particulars Amount (Rs)
Capital 40500
Purchases 45000
Purchase Return 3000
Sales 72000
Sales Return 2000
Opening stock 15000
Cash in Hand 2200
Salaries 3050
Rent 1250
Commission Received 1000
Wages 2000
Creditors 6000
Debtors 9000
Machinery 3000
Furniture 10000
Land & Building 30000
21. Distinguish between Trading and Profit & Loss Account. Give a specimen of Profit and
Loss Account.
(6×5=30)
Part C
Answer any two questions.
22. Explain in detail the various accounting concepts and conventions.
23. Explain the various subsidiary books maintained by a firm. Also explain the advantages of
subdivision of journal.
24. From the following transactions, prepare a triple column cash book
May
2019
1 Balance of cash in hand Rs.4000
Bank balance Rs.10000
2 Purchased goods and gave cheque Rs.3600
5 Sold goods for cash Rs.2800
5 Remitted to bank Rs.3000
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5 Received cheque from Prabhu for Rs.6700 and discount allowed to him
Rs.120
6 Prabhu’s cheque sent to bank for collection
7 Cheque issued to Murali for Rs.5200 and discount allowed by him Rs.200
9 Paid rent by cheque Rs.300
10 Paid to Haridas Rs.3150 and received a discount Rs.150
15 Interest on deposit credited by bank Rs.220
18 Bank charges debited Rs.25
20 Withdrew from bank for office use Rs.2000
22 Thomas, one of our customers remitted to bank directly Rs.7000
25. Following balances are extracted from the books of Kautilya & Co. on 31st March 2019.
You are required to make final accounts as on that date.
Opening stock Rs. 500
Bills reveivable Rs. 2250
Purchases Rs. 19500
Wages Rs. 1400
Insurance Rs. 550
Sundry debtors Rs. 15000
Carriage inward Rs. 400
Commission (Dr.) Rs. 400
Interest on capital Rs. 350
Stationery Rs. 225
Returns inward Rs. 650
Commission (Cr.) Rs. 200
Returns outward Rs. 250
Trade expenses Rs. 100
Office fixtures Rs. 500
Cash in hand Rs. 250
Cash at bank Rs. 2375
Rent & taxes Rs. 550
Carriage outward Rs. 725
Sales Rs. 25000
Bills payable Rs. 1500
Creditors Rs. 9825
Capital Rs. 8950
The closing stock was valued at Rs. 12500
(2×15=30)
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QP CODE: 22100119 Reg No : .....................

UNDER GRADUATE (CBCS) REGULAR / REAPPEARANCE EXAMINATIONS,

OPEN COURSE - CO5OPT03 - FUNDAMENTALS OF ACCOUNTING

1. Explain contingent asset with an example.

3. Narrate the rules of debit and credit as per modern approach.

4. What are intangible assets? Give example.

5. What is trade discount?

6. Explain Balancing of account.

7. Explain debit note and credit note.

8. Agreement of a trial balance is not a conclusive proof of the accuracy of accounts.

9. What is a Balance Sheet? What is the need of preparing it?

10. What is a closing entry? Give two examples.

11. What is gross profit?

13. Who are the users of accounting information?

15. What are the advantages of Double Entry System of Accounting?

16. Show the opening entry from the following particulars

18. State the disadvantages of Journal?

22. Explain in detail the various accounting concepts and conventions.

Page 3/4 Turn Over

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