2017
ACCOUNTANCY
Full Marks: 100
Time : 3 Hours
The figures in the margin indicate full marks for the questions.
- (a) Fill in the blanks: (1×4=4)
(i)“Recognise all losses, anticipate no .
(ii) Accounting is the of business.
(iii) Journal is a book of entry.
(iv) Under incomplete record system, profit is indicated if the opening capital is than the closing capital.
(b) State whether the following statements are true or false: (1×2=2)
(i) A bank Reconciliation Statement is prepared by bank
(ii) Trial Balance is a proof only of the arithmetical accuracy of the accounts.
(c) Rewrite the following sentences with appropriate alternatives: (1×2=2)
(i) Accounting software is an integral part of the Computerized Accounting System/Manual Accounting System.
(ii) The full form of CPU is Central Processing Unit/Computer Purchase Account.
- Write any two advantages of Accounting. (2)
- Mention two distinctions between Purchase Book and Purchase Account. (2)
- Write two features of Trial Balance. (2)
- Mention two main causes of depreciation. (2)
- State two roles of computer in the field of accounting. (2)
- Explain three primary objectives of book keeping. (3)
- Write three distinctions between event and transaction. (3)
- Mr. Baruah kept his accounts in single-entry system. From the following particulars, ascertain his profit or loss: (3)
Capital at the beginning 20,600
Capital at the end 19,000
Drawings were Rs. 400 per month.
Fresh capital introduced during the year Rs. 2,000.
(b) Mention three disadvantages or limitations of single entry system. (3)
- Explain three features of Computerized Accounting System. (3)
- State three purposes or needs of Database Management System. (3)
12(a) What is the Accounting Standard? Mention its three importance’s. (2+3=5)
13 (a) Explain five points of non-agreement of the bank balance as shown by cashbook with that of passbook. (5)
(b) Nripen had the following assets and liabilities as on 1st April, 2016. Pass the necessary opening entry: (5)
Cash Bank deposit Stock Furniture Plant and machinery Land and building Sundry Debtors Sundry Creditors Bills payable | 2,000 5,000 5,000 10,000 25,000 50,000 15,000 35,000 7,000 |
14(a) Define a promissory note. State its three characteristics. (2+3=5)
(b) What is dishonour of bill? State three reason of dishonour of a bill. (2+3=5)
15(a) On 1.4.2016, Tanmoy accepted a bill drawn by Nilam for Rs. 10,000 at one month. As the due date of the bill came nearer, Tanmoy found that it would not be possible for him to meet the bill on maturity. So on 30.4.2016, Tanmoy approached Nilam and requested him to receive Rs. 3,400 in cash including an interest of Rs. 400 and to draw on him a new bill for the balance amount for a further period of three months after cancellation the old bill. Nilam agreed to the proposal and new bill was drawn on 3.5.2016 and duly accepted. On the due date, the bill was met by Tanmoy. Pass Journal Entries in the books of Nilam. (5)
(b) How many types of cheques are there in the modern business world? Explain each. (5)
16 (a) From the following particulars, prepare a Trial Balance (5)
Stock Machinery Capital Cash in hand Cash at bank Sundry Creditors Wages Purchases Bills Receivable Interest received Sundry debtors Rent Sales Commission Allowed General expenses Salaries Furniture | 600 4000 9,000 500 1,000 4,500 1,000 8,000 2,900 300 4,400 450 16,000 250 800 500 5,400 |
(b) Explain five errors which are not disclosed by trial balance. (5)
17 (a) Prepare a Trading Account of M/s Sarma Sweets for the year ended 31st March, 2016 from the following information and additional information:
Particulars | Dr. | Cr. |
Purchases Sales Return outward Return Inward Wages Carriage Inward Duty and clearing charges Electric and Water charges Factory Rent Stock on 1.4.2015 | 1,50,000 30,000 25,000 3,000 500 500 3,500 38,000 | 2,70,000 20,000 |
Additional information:
- Stock as on 31.3.2016 was valued at cost price Rs. 55000 and market price Rs. 59,000
- Wages Outstanding- Rs.1000
- Factory rent paid in advance to the extent of Rs. 300
18(a) Give five distinctions between the following: (5)
Balance Sheet and Trail Balance
Capital Expenditure and Revenue Expenditure
19(a) Prepare a Triple-column Cashbook from the following particulars: (8)
2016 Dec 1 Dec 2 Dec 3 Dec 4 Dec 10 Dec 12 Dec 20 Dec 25 Dec 28 Dec30 | Started business with cash Deposited cash into bank Bought goods by cheque Received cash from Raja Allowed him discount Sold goods for cash Paid into bank Paid to Hari by cheque Discount received Paid rent by cheque Drew from bank for office use Paid wages in cash | 25,000 10,000 1,150 500 25 1,500 300 545 5 500 200 400 |
(b) What is cashbook? State its five advantages. (3+5=8)
20 (a) On 1st April, 2013 a company purchased a machine for Rs. 10,000. It spends Rs. 2,000 in its erection. On 1st October, 2013, it purchased another machine for Rs. 4,000. On 1st April, 2015, the machine purchases on 1st April, 2013 were sold for Rs. 4,600. The company writes off depreciation at 10% p.a. on diminishing balance method. Accounts are closed on 31st March each year. Prepare Machinery Account for the three years ending on 31st March, 2016. (8)
(b) The following figures appear in the books of Sri S. Sarma in 2015:
2015 | Amount | |
Jan.1 Dec.31 Dec. 31 | Provision for Doubtful debts Bad Debts Sundry Debtors | 3,500 1,500 50,600 |
Additional information:
- Additional bad debts Rs. 600
- Keep the provision for doubtful debts @5% on debtors.
Show the relevant accounts and show how bad debts and provision for doubtful debts will be reflected in the Profit and Loss A/c and Balance Sheet as at 31st December. (8)
21(a) Mr. Jadu started business on 1st April, 2015 with 25,000 as his capital. Immediately he purchased furniture worth Rs. 6,000. During the year, he took loan from his wife Rs. 15,000 and he himself introduced additional capital of Rs. 9,500. He withdrew Rs. 900 at the end of each month for household expenses. On 31st March, 2016, his position was as follow:
Cash in Hand Cash at Bank Sundry Debtors Stock-in-trade Bills Receivable Creditors Rent due | 600 7,800 14,400 20,400 4,800 1,500 450 |
Provide depreciation @10% on furniture.
Ascertain the profit or loss made during 2015-16. (8)
(b) What do you understand by single-entry system? Mention six points of difference between single-entry system and double entry system. (2+6=8)
22(a) From the following Trail Balance of M/s Sarma as on 31st March, 2016, prepare- (8)
- A profit and loss account for the year ended 31st March, 2016;
- A Balance Sheet as on that date.
Trail Balance
Debit | Rs. | Credit | Rs. |
Building Salaries Rent Furniture Bad Debt Advertisement Drawings Sundry Debtors Bills receivable Closing stock | 18000 12400 3500 4950 600 2000 3000 15000 6000 9750 | Provision for Bad debt Interest received Creditors Outstanding wages Capital Bills Payable Trading A/c (Gross Profit) | 400 400 4200 900 45000 2000 22300 |
75200 | 75200 |
Adjustment:
- Salaries outstanding- Rs. 2,000
- Furniture is to be depreciated by Rs. 950
- Make provision for bad debts- Rs. 500