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SEMESTER 2
BBA203 FINANCIAL ACCOUNTING
Question 1-Explain the accounting process. What are the objectives of accounting?
Answer 1-Accounting
is the process of identifying the transactions and events, measuring the
transactions and events in terms of money, recording them in a systematic
manner in the books of accounts, classifying or grouping them and finally
summarizing the transactions in a manner useful to the users of accounting
information.
ACCOUNTING ENCOMPASSES
-IDENTIFICATION
-MEASURING
-RECORDING
Question
2- Define
accounting concept and explain different types of accounting concepts.
Answer - In order to maintain uniformity and
consistency in preparing and maintaining books of accounts, certain rules or
principles have been evolved. These rules/principles are classified as concepts
and conventions. Accounting concept refers to the basic assumptions and rules
and principles which work as the basis of recording of business transactions
and preparing accounts.Some of the important accounting concepts are “Business
entity concept, Money measurement concept, Going concern concept, Accounting
period concept,Accounting cost concept,Duality aspect concept,Realization
concept,Accrual concept,Matching concept.
Question
3- Journalize the following transactions –
i.
Jan 1st – Mr. Harshit started his business with Rs. 80,000/- which he
brought
as his capital in cash.
ii.
Jan 10th – He purchased goods worth Rs.30,000/- in cash and
Rs.
20,000/- on credit.
iii.
Jan 12th - He paid wages Rs. 500/-
iv.
Jan 15th – Sold goods for Rs. 20,000/- in cash and Rs. 25,000/- on credit
v.
Jan 16th – Paid to suppliers Rs. 8,000/- for goods purchased on credit
vi.
Jan 20th – Received Rs. 15,000/- from his debtors
vii.
Jan 31st – Paid rent Rs. 1,000/- in cash
Answer
3-
DATE
|
PARTICULARS
|
L.F
|
DEBIT
|
CREDIT
|
|
1-JAN
|
Cash A/C Dr
To Capital A/C
(Being Capital brought in by Harshit)
|
Question
4- On 1st Jan 2009, Ramanathan opened a Bank Account by
depositing Rs.6,000/- in cash. All remittances are to be paid into bank on the
same day on which they are received and all payments are made by cheques. Enter
the followingtransactions in three columnar cash book.
Jan 2
Goods sold to Mohan for cash Rs.250
Jan 5
Settled Hari’s account of Rs.200 at a discount of 5%
Jan 7 Received from Shyam a cheque for Rs.725. Discount allowed Rs.25
Jan
10 Purchased a calculator for Rs.200.Spent Rs.50 on the cover
Jan
12 Shyam’s cheque was returned dishonoured
Jan
15 Received a money order for Rs.25 from Hari
Jan
20 Shyam settled his account by means of a cheque for Rs.755, Rs.5
being
for interest charged
Jan
27 Purchased machinery from Rajiv for Rs.5000 and paid him by means
of a
bank draft purchased from bank for Rs.5,005
Hint
Balance b/d – Bank 1585
Answer 4-
DATE
|
Particulars
|
L.F
|
Dis
|
Cash
|
Bank
|
Date
| |||||||||||||||||||
Answer 5-
Trial balance as
on 31/12/2003
| |||||||||||||||||||||||||
Question
6- What is the meaning and
characteristics of Final Accounts?
Answer
6- Final accounts are the summaries of ledger accounts organized in such a
manner as to show the profit or loss of the business for the accounting year
and the financial position of the business at the end of the accounting year.
After ascertaining
the arithmetical accuracy of ledger accounts a business concern has to proceed
to prepare financial statements or final accounts. To de
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