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    Account Paper

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    Jay Williams
    This document contains instructions and questions for an accounting exam. It includes questions asking students to: 1) Briefly explain accounting concepts such as the business entity concept, going concern concept, and conservatism concept. 2) Write about accounting topics such as objectives of financial statements, provisions for bad debts, calculation of depreciation, and management of fixed assets. 3) Calculate inventory values using different costing methods, pass journal entries, and calculate depreciation under different methods. 4) Pass journal entries for additional transactions that occurred in December, prepare a revised trial balance, and finalize the financial statements.

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    Account Paper

    Uploaded by

    Jay Williams
    18 views3 pages
    This document contains instructions and questions for an accounting exam. It includes questions asking students to: 1) Briefly explain accounting concepts such as the business entity concept, going concern concept, and conservatism concept. 2) Write about accounting topics such as objectives of financial statements, provisions for bad debts, calculation of depreciation, and management of fixed assets. 3) Calculate inventory values using different costing methods, pass journal entries, and calculate depreciation under different methods. 4) Pass journal entries for additional transactions that occurred in December, prepare a revised trial balance, and finalize the financial statements.

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    account paper GTU

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    Account Paper[1]

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    This document contains instructions and questions for an accounting exam. It includes questions asking students to: 1) Briefly explain accounting concepts such as the business entity concept, going concern concept, and conservatism concept. 2) Write about accounting topics such as objectives of financial statements, provisions for bad debts, calculation of depreciation, and management of fixed assets. 3) Calculate inventory values using different costing methods, pass journal entries, and calculate depreciation under different methods. 4) Pass journal entries for additional transactions that occurred in December, prepare a revised trial balance, and finalize the financial statements.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    18 views3 pages

    Account Paper

    Uploaded by

    Jay Williams
    This document contains instructions and questions for an accounting exam. It includes questions asking students to: 1) Briefly explain accounting concepts such as the business entity concept, going concern concept, and conservatism concept. 2) Write about accounting topics such as objectives of financial statements, provisions for bad debts, calculation of depreciation, and management of fixed assets. 3) Calculate inventory values using different costing methods, pass journal entries, and calculate depreciation under different methods. 4) Pass journal entries for additional transactions that occurred in December, prepare a revised trial balance, and finalize the financial statements.

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    of 3

    Duration: 2 Hrs Q.1.

    Briefly Explain (Any 5)

    L.J. MBA MBA-I Semester I, First Shift Accounting for Managers Mid- Semester Exam 2010 30/11/2010

    Marks: 60 15 Marks

    1) Business Entity Concept 2) Going Concern Concept 3) Conservatism Concept 4) Explain Users of Financial Accounting 5) Difference between Book Keeping and Accounting 6) Difference between Tangible and Intangible Assets 7) Difference between Accrual vs. Cash Method of Accounting 8) Difference between Financial vs. Management Accounting 9) Difference between Economic versus Physical Life 10) Difference between Profit vs. Income Q.2. Write Any Five 15 Marks 1) Objectives of Financial Statement 2) What are the bad debts? Why should there be provision for bad debt and doubtful debts discuss? 3) Why it is necessary to calculate depreciation? Discuss various factors which are considered for calculating depreciation? 4) Why is it important to manage Fixed Assets? 5) Total tax advantage on the total depreciation under SLM and WDV are same, still it is always advantageous to claim tax advantage under WDV. 6) On which side of the balance sheet Loss appears? Why? Q.3. Calculate 15 Marks 1) The beginning inventory and subsequent purchases of product N follow 10 Marks January 1 Balance 10 units @ Rs.11 per unit March 10 Purchase 14 units @ Rs.12 per unit June 12 Purchase 18 units @ Rs.13 per unit September 16 Purchase 16 units @ Rs.14 per unit December 10 Purchase 20 units @ Rs.15 per unit Account of ending inventory revealed that 32 units were on hand. Compute the ending inventory using the FIFO, LIFO and Weighted Average methods (2) pass necessary journal entries for the following transactions i) Mr. Mittal started the business with capital of rs. 5,00,000 ii) paid rs. 2000 for registration of the business iii) opened a bank account by depositing rs. 4,00,000 iv) purchased goods from Mr. birla @ 10 % trade discount and 5% cash discountworth rs. 2,50,000 and furniture from Mr. tata rs. 50,000. 50% amount paid through cheque. v) sold goods to Mr. Biyani for 3,25,000( 2% cash discount) 70% amt received through cheque. vi) paid commission, electricity, salary & LI premium of rs. 500, 1000,1200 & 800 respectively.

    Q.4. Calculate 15 Marks (1) Please calculate depreciation with SLM, WDV, SYM & Unit of Production Method. Tax rate is 35%, use 10% discount rate and show exact tax benefit under each method Initial acquisition cost : Rs. 8,00,000 Terminal Value : Rs. 40,000 Estimated Life : 5 Years Total Production during the life : 50,000 units Actual Production Year 1 .......................14,000 Year 2..........................13,000 Year 3.........................4,000 Year 4.........................15,000 Year 5.........................4.000 Total = 50,000 OR (1) Following details relate to the ABC Ltd. The accountant of the company resighned on 30th November,2000. He closed the ledger on 30-11-2000and prepared the trial Balance on that date as under. All figures are in Rs. Lacs Trial Balance as on 30-11-2000 Particulars Dr. Balance Cr. Balance Share Capital 400 Reserves 200 15% debenture 400 Fixed asset (at cost) 800 Accumulated depreciation (as on 1-1200 2000) Opening stock 12 Admin & sales expenses 60 Purchase and sales 500 800 Debtors and creditors 200 120 Miscellaneous income 10 Interest on debenture (up to 30-6-2000) 30 Cash on hand 15 Bank balance 513 The company closes the accounts on 31st December. During December 2000, following additional transactions have taken place: Dec. (1) Goods purchased from Mr. Piramal with 10% trade discount rs. 10 Dec. (3) sales rs. 15 Dec (7) insurance premium paid rs. 12 for the coverage of 1st december2000 to 30 th November 2001 Dec. (10) goods sold to sunil rs. 16 on net 60 day`s credit. Dec. (15) past payment made to piramal rs. 3 by cheque. Dec. (25) administrative expenses paid in cash rs 2 Dec. (30) goods sold to sachin rs. 6 Additional information (1) The closing stock on 31-12-2000 was rs. 20 (2)The company provides 10% depreciation on fixed assets.

    Required (1) Pass the relevant journal entries to record December transactions, and post them in the relevant ledger accounts.(2) prepare the revised trial balance as on 31-12-2000 after completing above(1) (3) prepare the final accounts.

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