Loyola College B.C.A. Computer Application April 2009 Accounts & Business Applications Question Paper PDF Download

         LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.C.A. DEGREE EXAMINATION – COMPUTER APPLICATION

KP 08

THIRD SEMESTER – April 2009

CO 3104 / 3102 – ACCOUNTS & BUSINESS APPLICATIONS

 

 

 

Date & Time: 27/04/2009 / 9:00 – 12:00  Dept. No.                                              Max. : 100 Marks

                           PART –A

                             Answer ALL Questions

(10 x 2 = 20)

  1. What do you understand by dual aspect concept?
  2. What are ‘Nominal Accounts’? Give examples.
  3. Briefly explain the term “Current Assets”.
  4. What is meant by Compensating error?
  5. Define Cash Flow Statement.
  6. Siva bought a machine on 1.1.2006 for Rs.50000. This is expected to last for 5 years. The estimated residual value at the end of five years is Rs.12000. Calculate the rate of depreciation under Original Cost Method.
  7. From the following details of a trader calculate “Gross profit Ratio

Sales Rs.200000, Return outwards Rs.30000, Opening Stock Rs.40000, Purchases Rs.120000, Return inwards Rs.20000 & Closing Stock Rs.13000

  1. Rectify the following errors:
  • Purchase of old furniture Rs.5000 was passed through purchase book.
  • 20000 received from Raja has been wrongly entered as from Raju.
  1. Prepare Cash account from the details:
Date Particulars Amount (Rs.)
1/1/2009 Started business with cash 50000
5/1/2009 Paid into Bank 10000
12/1/2009 Purchased goods for Cash 20000
21/1/2009 Sold goods for Cash 30000
29/1/2009 Withdrew from business for own use 5000

 

 

 

 

 

 

 

 

  1. Enter the following transactions in the Purchase Book of Mr.Pandian:
Date Particulars Amount (Rs.)
1/1/2009 Bought goods from Basheer 50000
5/1/2009 Banu sold goods to us 20000
20/1/2009 Bought goods from Anto for Cash 100000
25/1/2009 Sold goods to Kannan on credit 15000

 

                             PART –B

                Answer any FIVE Questions

(5 x 8 = 40)

  1. Prepare a bank reconciliation statement from the following data as on 31.3.2009
Particulars Amount (Rs.)
Balance as per cash book 25000
Cheques  issued but not presented for payment 1800
Cheques  deposited in bank but not collected 2400
Bank paid insurance premium as per the standing instruction 1000
Direct deposit made by a customer 1600
Interest on investment collected by bank 400
Bank charges 200
A wrong credit relating to some other account was found in the Pass book 2400
  1. On 1.4.2000, Mr. Suresh bought a machine for Rs.8000 and spent Rs.3000 on its installation. Depreciation is written off @10% p.a. on the original cost. On 30.6.2003, the machine was found to be unsuitable and sold for Rs.6500. On the same date, another machine was bought for Rs.10000. Prepare Machinery account and depreciation account from 2000 to 2003 assuming that the accounts are closed on 31st December every year.

 

  1. Enter the following transactions in Gopal’s cash book with discount and cash columns:
Date Particulars Amount (Rs.)
2009, Mar  1 Cash balance 50000
5 Cash sales 30000
8 Bought goods from Davis for cash 5000
12 Cash sales to Manoj 20000
15 Sold goods to Mohan on credit 10000
18 Cash withdrawn from business for own use 3000
21 Bought goods from Cherian on credit 20000
22 Paid into bank 7000
24 Cash received from Mohan as final settlement 9950
25 Drew a cheque for office use 1000
28 Final settlement made to Cherian 19500
30 Cash Purchases 2000
30 Paid for advertising 500
31 Received commission 3500

 

  1. Saleem is not an expert in accounting. He has prepared the following trial balance. You are requested to correct it and prepare a corrected Trial balance.
S.No Name of Account LF Debit (Rs.) Credit (Rs.)
1 Capital 15560
2 Sales 27560
3 Sales returns 980
4 Drawings 5640
5 Debtors 5300
6 Premises 7410
7 Purchases 12680
8 Return outwards 2640
9 Loan from Sharma 2500
10 Creditors 5280
11 Legal charges 7840
12 Cash 1420
13 Bills payable 1000
14 Wages 5980
15 Opening stock 2640
16 Factory expenses 4650
54540 54540
  1. The following information is extracted from the books of Mr. Panner:

Total Sales Rs.100000, Cash Sales Rs.20000, Sales returns Rs.7000, Debtors (31.12.2008) Rs.9000 Bills Receivable (31.12.2008) RS.2000, Provision for bad debts Rs.1000, Total purchases Rs.200000 Cash Purchases Rs.20000, Purchase returns Rs.34000, Creditors (31.12.2008) Rs.70000 Bills Payable (31.12.2008) Rs.40000. You are required to calculate: (a) Debtors Turnover ratio   (b)Average collection period   (c) Creditors turnover ratio    (d)Average payment period

  1. What are the objectives of accounting?
  2. How do you classify accounting conventions?
  3. Write a note on common size statements.
                 PART –C

                                      Answer any TWO Questions   (2 x 20 =40)                                       

  1. X started business on 1.1.2009. Following were the transactions for one month. You are required to pass journal entries.
Date Particulars Amount (Rs.)
2009,     Jan 1 Started business with:       Cash 50000
                                               Furniture 30000
                                               Goodwill 20000
3 Bought goods from Shankar on credit 10000
5 Sold goods to Raman for Cash 20000
7 Paid into Bank 5000
9 Received cheque from Shaji and banked at once 15000
10 Paid Commission 500
11 Sales returns made 3000
12 Returned goods to Shankar 2000
15 Final Settlement made to Shankar by cheque 7500
16 Withdrew from bank 1000
18 Goods withdrawn for own use 1500
19 Paid for stationery 500
21 Received interest 750
24 Bought a second-hand computer for Cash 7500
28 Paid salaries by cheque 6000
31 Received rent 4000
  1. Summarized balance sheet of Karun Ltd. as on 31.3.2008 and 31.3.2009 are as follows:
Liabilities 31.3.2008(Rs.) 31.3.2009(Rs.) Assets 31.3.2008(Rs.) 31.3.2009(Rs.)
Share Capital 450000 450000 Fixed Asset 400000 320000
General Reserve 300000 310000 Investment 50000 60000
P & L account 56000 68000 Stock 240000 210000
Creditors 168000 134000 Debtors 210000 455000
Tax Provision 75000 10000 Bank 149000 197000
Mortgage Loan             — 270000
1049000 1242000 1049000 1242000

Additional Details:

  • Investment costing Rs.8000 were sold for Rs.8500
  • Tax provision made during the year was Rs.9000
  • During the year, part of the Fixed Asset costing Rs.10000 was sold for Rs.12000 and the profit was included in P& L account.

You are required to Prepare Cash Flow Statement for the year ending 31-3-2009.

 

  1. From the following trial balance of Kumar, prepare Trading and Profit & Loss account for the year ended 31-3-2009, and a Balance Sheet as on that date:
S.No Name of Account LF Debit (Rs.) Credit (Rs.)
1 Opening stock 13500
2 Cash in hand 1250
3 Cash at Bank 3750
4 Power 300
5 Furniture 2250
6 Purchases 70500
7 Machinery 22500
8 Drawings 1800
9 Capital 22500
10 Salaries 5400
11 Sales 126225
12 Wages 6000
13 Carriage Inwards 750
14 Carriage Outwards 450
15 Rent 1350
16 Creditors 5750
17 Provision for bad & doubtful debts 60
18 Printing charges 840
19 General expenses 180
20 Goodwill 4500
21 Discount 105
22 Insurance 210
23 Debtors 18900
154535 154535

 

Adjustments:

  • Stock as on 31-3-2009 was Rs.50000
  • Wages unpaid Rs.1500
  • Depreciate Furniture @10% p.a. and Machinery @ 5% p.a.
  • Charge interest on Capital @2% p.a.
  • Write off bad debts Rs.900 and provide for bad & doubtful debts @5% on remaining debtors.

 

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