Financial Accounting — CAAC152 (2nd Sem)

A Tribhuvan University aE eS Faculty of Humanities & Social Sciences A Ox OFFICE OF THE DEAN is Na ; Raake 2021 | Bachelor in Computer Applications Full Marks: 6 Course Title: Financial Accounting Pass Marks: fs Code No: CAAC152 Time: 3 hours Semester: II Candidates are required to answer the questions in their own words as far as possible. : Group B : Attempt any SIX questions. [6x5 = 30] 2. Define accounting and discuss any three functions of accounting. ; 3. Discussed about accounting process/ cycle. | 4, On 15* October 2018 a company purchased a machine at Rs.4,50,000. On 1* January 2020 the company purchased second Machinery at Rs.3,50,000. On IS July 2021the company has found first machine out of order and sold at Rs.2,30,000. The company applied diminishing method of depreciation @ 10 percent per year. The company closed the book of account 31* December each year. _ . Required: Machinery Account 2018, 2019, 2020 and 2021. : a The following information of a Cloth Merchant has been provided to you. ; Magh 1* Sold to Sagar Store, Simle 2 15 pieces Coat @ Rs.7000 each : : 10 pieces shirt @ Rs. 2,000 each | (Trade discount 10 percent) 12 Magh sold to Tamang Store Malekhu 200 pieces T shirt @ Rs.2000 each trade discount 20 percent 100 pieces ladies ware @ Rs.1000 each ! 20 Magh sold to Rajan Admghat rote 50 pieces coat @ Rs.5000 each on cash 10 pieces ladies Kurtha @ Rs.1000 each on cash Required: Sales book and sales account [4+1] _& On 31% July 2020 the pass book of the firm showed credit balance of Rs. 17,000. The following transactions were found disagree with cash book — Acheque of Rs. 4,000 issued for payment but not presented at bank — Ses = A debtor directly deposited Rs. 5,000 at bank but not recorded in cash book. — — Dividend from Everest Bank deposited in bank Rs. 4000 but not recorded j | — The bank has directly paid Rs.5000 bank interest but : pecs book ae ut not recorded in cash book — The credit side of pass book has found under cast By Rs.2000 + ot Required: Bank reconciliation statement as on 31* July. |  ot he following are the store transactions of a manufacturer for the month of Ashadh, 2079. Ashadh, 1 Opening stock 2000 units @Rs.50 each Ashadh, 4 purchased 4000 units @ Rs.60 3 : Ashadh, 7 issued 3000 units Ashad, 12 purchased 1000 units @ Rs.70 each Ashadh, 16 Returned to store 500 units (Issued out of opening stock) Ashadh, 20 Purchased 2000 units @ Rs.80 each Ashadh, 25 Issued 4000 units Ashadh 28 Store surpluses 200 units Ashadh 30 issued 1000 units Required: Store ledger under LIFO method _8< Accompany issued 50,000 share @ Rs.100 each. The company called money Rs.30 on application, Rs. 40 on allotment and Rs.40 on final call. The company received application for 55,000 shares. The board of director return over application money and allotted in full. A shareholder holds 300 shares unpaid money of allotment and final call and forfeited after final call. Required: Journal entries application, allotment, final call and share forfeiture. i elee lS etd Group C 3 Attempt any TWO questions. [2x10 = 20] a You are given following transactions of Kalanki Supplier 1S‘ Baishakh started business cash Rs.4,00,000 and Computer Rs. 50,000. 2"4 Baishakh, open bank account at Nabil Rs.1,00,000 5 Baishakh goods purchased on cash Rs. 50,000 and credited from Himal supplier Rs.3,00,000 ~~. 7 Baishakh Goods sold to Bhaktapur Supplier on cash Rs.1,00,000 gnd on credit Rs.1,00,000 12 Baishakh Cash received from Bhaktapur supplier Rs. 97,000 in full settlement. 16 Baishakh payment made Himal supplier supplier Rs. 98,000 by cheque and discount received Rs.2000 | 19 Baishakh loan taken from SBI bank Rs.1,50,000 20" Baishakh, Furniture purchased at Rs.50,000 payment made by Cheque. 224 Baishakh, Goods purchased at Rs.2,00,000 and partial payment made by Cheque Rs.40,000. 23" Baishakh Commission earned Rs.20,000 partial payment received Rs.5000 only 24% Baishakh Goods of Rs.10,000 lost by fire and insurance claim admitted by insurance company Rs.5000 only. 29" Baishakh house rent paid Rs.20,000, salary 10,000 and salary payable Rs 30, Baishakh electricity bill Rs.3000 and telephone bill Rs.2000 vevable a Required: a. Journal lee b. Himal supplier account, Purchase account and commission account. . :  10. The following trial balance of Trading concern as on 31‘ Chaitra 2078 [sas Debs. | Credit Rs Sales 16,00,000 —| Return outward — eae é a Dital 2 > reditors | a + Bank loan or Interest on investment = — ers ¢- Commission a , oe ‘| Provision for bad debts FF 00.000 x2 ~—| Opening stock : 1,00, Purchase<— | Se Perit 5 ? _|Gartying inward ae ; Building ae | | Wages IU, Plant a Need | rvestn > a —— == — = 1.50,000 | -Debters a 1,30,000 “ a 20,000 - Salary 1,80,000 Advertisement 30,000 | Bad debts 20,000 interest on bank loan 5000 eae 12,000 | Insurance 20,000 er __|:23;12,000° | 23,12:000 Additional information es of closing stock, Rs. 1,30,000 — - Salary outstanding Rs. 5,000 fy ical bad debts Rs. 3,000 Provision for bad debt 5 percent of good debtors Pee furniture 10% and plant and machinery by 15% Required: Trading Account (3), Profit and loss account (4) and balance sheet (3) 11. Defined depreciation, what are the causes of depreciati : : Preciation? Discuss about disadvantages of depreciation. a advantages and