0804 FA (CFA510) - Question Paper Financial Accounting...

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1 Question Paper Financial Accounting (CFA510) : April 2008 Answer all 70 questions. Marks are indicated against each question. Total Marks : 100 1. The system of recording accounting transactions based on duality concept is called (a) Double account system (b) Dual control system (c) Double entry system (d) Single entry system (e) Multiple entry system. (1 mark) <Answer> 2. Which of the following is a liability of a firm? (a) Total of discount column on the debit side of cash book (b) Total of discount column on the credit side of cash book (c) Debit balance of bank column of cash book (d) Debit balance of cash column of cash book (e) Credit balance of bank column of cash book. (1 mark) <Answer> 3. The periodical total of discount column on receipts side of a triple column cash book is posted to the (a) Credit side of discount allowed account (b) Credit side of discount received account (c) Debit side of discount allowed account (d) Debit side of discount received account (e) Debit side of creditor’s account. (1 mark) <Answer> 4. The total purchases of Linda Ltd., during the year 2007-08 was Rs.1,90,000. If the gross profit of Linda Ltd., was 20% on sales and closing stock was more than the opening stock by Rs.30,000, the gross profit earned by Linda Ltd., during the year 2007-08 was (a) Rs.38,000 (b) Rs.50,000 (c) Rs.40,000 (d) Rs.32,000 (e) Rs.44,000. (2marks) <Answer> 5. Navneeth, a sole proprietor, maintains a three column cash book to record his business transactions. Consider the following data pertaining to his business for the month of March, 2008: Particulars Rs. Cheque received from a customer (after allowing a discount of Rs.2,500) 50,000 Paid the supplier by cheque (discount allowed by the supplier: Rs.10,000) 1,00,000 Received a cheque from Daulat Ram, a customer (after allowing a discount of 10% on the balance outstanding) 14,850 Paid Bharani and Co. in full settlement of their dues of Rs.28,500 26,250 Received from Rama & Bros. in full and final settlement (against an amount of Rs.38,900) 36,200 The total amount of discount recorded on the debit side of the three column cash book for the month of March, 2008 was (a) Rs. 5,200 (b) Rs. 4,350 (c) Rs. 6,850 (d) Rs.12,250 (e) Rs.18,100. (2marks) <Answer>
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2 6. The accountant of M/s. Abhay Enterprises reported a net profit of Rs.5,90,000 for the year 2007-08. Subsequently, the following errors and omissions were noticed: The company had invested Rs.1,00,000 in 13% Debentures and the entire interest for the year 2007-08 was not accounted for. Salary to manager was still outstanding for the month of March 2008 and was not taken while preparing profit and loss account. The manager draws an annual salary of Rs.18,000. Ms. Sumana returned goods worth Rs.29,000 which were not recorded in the books of account.
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This note was uploaded on 07/20/2010 for the course ICFAI CFA taught by Professor Cfa during the Fall '09 term at Indian School of Business.

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0804 FA (CFA510) - Question Paper Financial Accounting...

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