Loyola College B.C.A. Computer Application Nov 2008 Accounts & Business Applications Question Paper PDF Download

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

   B.C.A. DEGREE EXAMINATION – COMPUTER APPLICATIONS

QB 04

 

THIRD SEMESTER – November 2008

CO 3104/CO 3102 – ACCOUNTS & BUSINESS APPLICATIONS

 

 

 

Date : 11-11-08                     Dept. No.                                        Max. : 100 Marks

Time : 9:00 – 12:00

            PART –A

                                                                   

              ANSWER ALL QUESTIONS                              (10x 2 =20)

  1. Define Accounting.
  2. State the rules for debit and credit under double entry system.
  3. What is meant by error of principle?
  4. Write a note on going concern concept?
  5. Bring out any four differences between cash discount and trade discount.
  6. John bought a machine for Rs.750000 and spent Rs.25000 towards its installation. The useful life of the machine is 7 years and the estimated scrap value is Rs.100000. Calculate the rate of depreciation under Straight Line method.
  7. Rectify the following errors:

(a) Rs.10000 received from Sam & Co. has been wrongly entered as from Shyam&Co

(b) An amount of Rs.1000 withdrawn by the proprietor for his own use has been  debited  to office expenses account.

  1. Pass necessary adjusting entries for the following transactions:
  • Wages due Rs.1000 (b) Rent received in advance Rs.20000
  1. Balance Sheet of M/s.Peacock Ltd. as on 31.03.2008
Liabilities Rs. Assets Rs.
Share Capital 300000 Land 825000
Reserves & Surplus 225000 Cash 375000
Bank Overdraft 350000 Stock 175000
Creditors 600000 Goodwill 100000
  1475000   1475000

Calculate Proprietary ratio

  1. Prepare Bank Reconciliation Statement: (Rs.)

Balance as per Pass Book 9000                Cheques issued but not presented 15000

Cheques deposited but not credited 1500 Bank has given credit for interest 150

PART –B

                            ANSWER ANY FIVE QUESTIONS                             (5 x 8= 40)

  1. Write short notes on: (a)Current assets (b) Bank Reconciliation Statement (c)Common Size statements (d)Trial Balance
  2. Briefly explain the objectives of accounting.
  3. What is cash flow statement? What are its utilities?
  4. Journalise the following transactions:
  • Started business with cash Rs.100000, Furniture Rs.200000, Machinery Rs.300000 and Bank Loan Rs.50000
  • Purchased goods for cash Rs.25000, of which 50% of the payment made by cheque.
  • Sold goods to Rashid Rs.50000
  • Final settlement received from Rashid Rs.49500
  • Paid advertising charges Rs.5000
  • Cash withdrawn from bank for office use Rs.20000 and for personal use of the proprietor Rs.15000
  • Paid Salaries Rs.20000 and wages Rs.5000
  • Received rent by cheque and deposited at once Rs.4000
  1. On 1.1.2000 M/s. Welcome Ltd. bought a second-hand machine for Rs.50000 and spent Rs.10000 for repairs. On 1.7.2001, the company bought a new machine costing Rs.100000. On 30.6.2002, the machine bought on 1.1.2000 was sold for Rs.40000. The company writes off depreciation at 12% p.a. on original cost method and closes its accounts on 31st December every year. Show Machinery account and depreciation account for 3 years ending 31-12-2002.
Date Particulars Rs.
2008, Jan   1 Cash in hand 40000
2 Paid Cash into bank 8000
7 Purchased goods from Gopal 1000
10 Paid Rent 1500
12 Purchased furniture by cheque 2000
15 Sold goods to Daniel 10000
16 Final Settlement made to Gopal 975
18 Final Settlement received from Daniel 9975
20 Withdrew from bank 4000
25 Paid wages 500
30 Received from Basheer 7500
31 Withdrew for own use by cheque 1000
  1. Prepare a three column cash book of a merchant to record the following transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. The following are the Balance Sheets of East Ltd. & West Ltd. As on 31-3-2008. You are required to prepare Common Size Balance Sheets.
Liabilities EAST(Rs) WEST(Rs.) Assets EAST (Rs) WEST(Rs.)
Share Capital 50000 120000 Land & buildings 100000 200000
Reserves 20000 180000 Plant & Machinery 20000 40000
15% Debentures 80000        — Stock 40000 60000
Bank Loan 120000 30000 Debtors 100000 45000
Creditors 40000 60000 Bills Receivable 20000 30000
Bills Payable 10000 30000 Cash 40000 45000
  320000 420000   320000 420000

        

  1. From the following Balance Sheets of Ankit Ltd.,  prepare a Cash Flow Statement:

 

Liabilities 2006 (Rs) 2007(Rs.) Assets 2006 (Rs) 2007(Rs.)
Share Capital 400000 500000 Land 100000 132000
Profit & Loss A/c. 20000 46000 Cash 60000 94000
Creditors 140000 90000 Stock 160000 180000
Debtors 240000 230000
  560000 636000   560000 636000

 

 

 

 

 

 

 

PART –C

        ANSWER ANY TWO QUESTIONS                         (2 x 20=40)

  1. From the following particulars prepare a trading and profit& loss account for the year ended 31-3-2008 and a Balance Sheet as on that date.
Debit balance Rs. Credit balance Rs.
Bank 20500 Capital 80000
Drawings 6000 Creditors 10000
Machinery 25000 Sales 120000
Stock (1.4.2007) 15000 Purchase Returns 1000
Purchases 82000 Provision for bad & Doubtful debts 400
Sales returns 2000 Discount received 800
Debtors 20600 Interest received 1200
Furniture 5000
Direct expenses 2000
Carriage outwards 500
Rent 4600
Bad debts 800
Trade expenses 400
Postage 800
Insurance 700
Salaries 21300
Cash 6200
213400   213400

Adjustments:

(a)Stock as on 31-3-2008 – Rs.50000  (b)Salaries due Rs.2700   (c)Prepaid Insurance Rs.200 (d) Depreciate Machinery @10% p.a. (e) Write off further bad debts Rs.600 and provide for  bad and doubts debts @5% on debtors.

 

  1. Enter the following transactions in the subsidiary books of M/s. Blue Star Electricals.
Sep1.  Purchased from M/s.Robin Electricals Sep. 4 Sold to M/s.Mukesh Apartments
20 Dozen -100 W Electric Bulbs @ Rs.20 each 5 Dozen – 100 W Electric bulbs @ Rs.30 each
4 Gross -40 W Tube-lights @ Rs.600 per dozen 3 No. – Mercury Bulbs @ Rs.300 each
10 No. -Mercury Bulbs @ Rs.250 each 10 Dozen – 40 W Tube-lights @ Rs. 80 each
10% Trade discount on all items 5% Trade discount on all items
Sep 10. Sold to Karun Stores Sep .15 Bought from M/s. Wind Electricals
10 No. – 100 W Electric bulbs @ Rs.25 each 4 dozen – Ceiling fans @ Rs.750 each
2 Dozen – 40 W Tube-lights@ Rs.60 each 20 No. – Table fans @ Rs.1000 each
10% Trade discount on all items 5% Trade discount on all items
Sep. 20 Purchase returns to M/s. Robin Electricals Sep. 30 Sales Returns from M/s.Mukesh Apartments
10 No. – 100 W Electric bulbs vide Debit note no.5 10 No -100 W bulbs vide Credit note no.3
10 No. – 40 W Tube-lights vide Debit note no.6 4 No.- 40 W Tube-lights vide Credit note no.4

 

  1. The following details related to Michael Traders for the year ended 31-3-2008
Particulars Rs. Particulars Rs.
To Opening Stock 75000 By Sales                             520000
To Purchases 325000 Less: Sales Returns              20000 500000
To Gross Profit 200000 By Closing Stock 100000
600000   600000
To operating expenses By Gross Profit 200000
Administration exp.         40000 By non-operating income:
Selling Expenses              25000 65000  Dividend                                   9000
To Non-operating expenses  Profit on sale of shares           11000 20000
                  Loss on sale of assets 5000
To Net Profit 150000
220000   220000

                                  Trading & Profit & Loss account

 

                Balance sheet of Michael Traders as on 31-3-2008

Liabilities Rs. Assets Rs.
Share Capital 200000 Land & buildings 150000
Reserves 100000 Plant & Machinery 80000
Creditors 150000 Stock 100000
Bills Payable 90000 Debtors 80000
Cash 90000
500000 500000

 

Calculate:

  • Gross Profit Ratio (b) Net Profit ratio           (c) Operating Profit ratio

(d) Operating Ratio                 (e) Stock Turn over ratio (f ) Current Ratio

(g) Debtors turn over ratio      (h) Creditors turn over ratio

(i) Fixed Asset turn over ratio (j) Fixed Asset ratio

 

 

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