Full Marks: 100
Time : 3 Hours
The figures in the margin indicate full marks for the questions.
1(a) Fill in the blanks:
- Assets- Capital= __________.
- Recognize all losses, anticipate no___________ .
- Credit purchases of goods are recorded in .
- The full form of CPU is .
(b) State whether the following statements are true or false: (1×4=4)
- Accounting is both a Science and an Art-
- Assets account always show credit balance-
- Accounting software is an integral part of the Computerised accounting system-
- Salary outstanding account show debit balance-
- Mention two causes of depreciation. (2)
- Give two functions of Trail Balance. (2)
- Write two types of source documents. (2)
- Write the name of four parties who are interested in accounting information. (2)
- What is bill of exchange? (2)
7 (a) Mention three features of Petty Cash Book. (3)
(b) What is journalizing? (3)
8 (a) Distinguish between Bills of Exchange and Promissory Note. (3)
(b) What is dishonour of a bill? (3)
9 (a) What is Capital Expenditure? (3)
(b) Write three objectives of preparing Trading Account. (3)
10(a) What is incomplete record? Give two reasons for incomplete record. (1+2=3)
(b) Mention three disadvantages of single entry system. (3)
11 (a) Mention three limitations of a computer. (3)
(b) What do you mean by Database Management system? (3)
12 (a) Explain briefly the qualitative characteristics of Accounting Information. (5)
(b) What is accounting? What are the objectives of accounting? (5)
13(a) What is Accounting Standards? State its importance. (2+3=5)
(b) What do you mean by the basic assumption of Accounting? Explain the money measurement concept. (3+2=5)
14(a) Define Ledger. Explain the importance of ledger in recording of business. (2+3=5)
(b) Record the following transactions in a sale journal: (5)
|Sold on credit to Mr. Ram, Guwahati 40 chairs @Rs. 100 each.|
Sold on credit to Mr. Amrit, Jorhat 10 tables @ Rs 500 each.
Sold on credit to Mr. Joy, Tinsukia 10 tables @ Rs. 400 each.
15 (a) Pass Journal entries to rectify the errors: (2+2+1=5)
- Goods worth Rs. 500 taken by the proprietor for his personal use but not recorded in the books of accounts.
- Cash sales to Ram of Rs. 209 were recorded as Rs. 909.
- Sales Return for Rs. 600 not recorded in the books.
(b) Explain five errors which are disclosed by a Trail Balance? (5)
16 (a) On 1st May 2018, Akash drew a bill of Rs 15,000 on Bikash for two months. On 10th June 2018, Akash endorsed the bill in favour of his creditor Prakash. On due date the bill was dishonoured. Pass Journal entries in the books of Akash. (5)
(b) Explain five differences between Bills of Exchange and Cheque. (5)
17 (a) Give five distinctions between Balance Sheet and Trail Balance. (5)
(b)Give five differences between Statement of Affairs and Balance Sheet. (5)
18 (a) Give various advantages of computerised accounting system over the manual system. (5)
(b) What is role of computers in Accounting? Discuss the advantages of using computers in accounting. (5)
19 (a) What is Bank Reconciliation Statement? Explain the purpose of preparing such a statement. (8)
(b) Prepare a Three column Cash Book with the following transactions: (8)
|Started business with cash Rs. 25000|
Deposited cash into bank Rs. 10000
Bought goods by cheque Rs. 150
Received cheque from Ram Rs. 500
Allowed him discount Rs. 25
Paid into Bank Cash Rs. 300
Paid into Bank Ram’s cheque Rs. 500
Paid Hari by cheque Rs. 545
Discount Received Rs. 5
Drew from Bank for office use Rs. 200
Paid wages in Cash Rs. 400
20 (a) Distinguish between Provision and Reserve. (8)
(b) Kamal Traders purchased machinery on 1st April, 2015 for Rs. 23000 and spent Rs. 2,000 on its installation. It was decided to depreciate the machinery at 20% every year according to diminishing balance method.
Prepare the machinery account from April, 2015 to March, 2018 and show profit or loss if the machinery is sold on 31st March, 2018 for Rs. 10800. The accounts are closed on 31st March every year. (8)
21(a) From the following, ascertain the amount of total sales: (8)
|Balance of debtors on 1.1.2017|
Cash received from debtors
Discount allowed to debtors
Bills receivable received
Bad debt written off
Bad debt recovered
Bills receivable dishonoured
Bills receivable discounted
Balance of debtors on 31.12.2017
(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)
- The following Trail Balance is extracted from the books of Mr. Hazarika as on 31.3.2018. (8)
Cash in hand
Taxes & Insurance
Provision for Bad Debts
Stock on 31.3.2018 was Rs. 5750
Prepare Trading A/c, Profit and Loss A/c and a Balance Sheet as on 31.3.2018.