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Unformatted text preview: Roll No.: Total Printed Pages:- 3 FUNDAMENTALS OF ACCOUNTING Time: 3 Hours Max. Marks: 70 The Question paper is in two sections-A & B. Section-A consists of 10 short answer typ
question of 5 marks each (word limit 100 words). Attempt any ﬂ questions form section-A
Section-B consists of 7 descriptive type questions of 10 marks each (word limit 300 words)
Students are required to attempt any FOUR questions from Section-B. If necessary use graphs
charts and diagrams to explain your answer. SECTION-A Q.l Short answer type questions (Maximum limit 5 5x6=30
0-100) (attempt any six questions)
(' Explain the meaning and signiﬁcance of business entity concept.
(ii) When should revenue be recognized? Are there xceptions to the general rule.
(i" Distinguish between cash basis and accrual basis of accounting.
(iv) Describe the fundamental accounting equation. How are revenue and expenses related to it?
(v) Give an example of two sided error. Also give its ectifying entry.
' State four main causes of depreciation. (vi' Distinguish between revenue reserves and capital reserves.
(viii) What are the recent trends in presenting the ﬁnancial statements?
(ix) What will be the effect of the following on the accounting equation:-
a) Purchased goods for Rs. 20,000
b) Paid wages Rs. 500
( What do you mean by preference shares? Explain the types of preference shares. SECTION-B Attempt any four questions (Answer limit 300 l0x4=40
words) Prepare accounting equation from the following:-
a) Started business with cash Rs. 75,000 and
goods Rs. 25000.
b) Paid for Rent Rs. 2,000.
c) Bought goods for cash Rs. 30,000 and on credit
d) Puchased motor cycle for personal use Rs.
e) Goods costing Rs. 50,000 sold at a proﬁt of
25%, out of which 27,500 received in cash. On lSt April, 2014, Geeta Paper Limited purchased a
plant for Rs. 1,50,000 and paid Rs. 10,000 as freight
on its carriage. Depreciation was provided at 10%
p.a. on the WDV method on ISI July 2017. This plant
was sold for Rs. 80,000. Prepare Plant a/c from
2014/2017. Explain the steps which are taken to calculate the
claim of consequential loss policy. Write short notes on:
a) Conservation b) Deferred Revenue Expenditure
0) Accounting Standards in India
d) Forfeiture of Shares What is the necessity of doing adjustments? Give
four adjustment entries with their explanations. “Incomplete records system is unscientiﬁc,
inaccurate and unsystematic”. Explain the statement. Prepare a Trial Balance from the following balances of Keshav Chand as on 31 July, 2017 "IR
Bank Overdraft 10,000 —.m Interest on Overdraft 1,800
7,800 —- O u ...
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- Fall '15
- Accounting, FUNDAMENTALS OF ACOUNTING