BBA203 FINANCIAL ACCOUNTING

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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

-CLASSIFYI

 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.

1. Business entity 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)		80,000.00	80,000.00

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	Particulars	L.F	Dis	Cash	Bank
Jan-1	To Capital a/c			6000		Jan-1	By bank a/c	C		6000
Jan-1	To Cash	C			6000	2	By bank	C		250
Answer 5- Trial balance as on 31/12/2003 Particulars Debit Credit  CAPITAL 24000 STOCK(1-1-2003) 8500

                                                                                                                                                   

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 determine the profit or loss of a concern, income statement or trading and profit and loss a/c is prepared. Balance sheet or statement of financial position will portray the financial condition of the organization on a particular date. These two statements are collectively called final accounts.

               

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