FYBBI Sem- I Financial Accounting-I 75 Marks

Q.1.a Multiple choice questions (any eight) 08

1. Journal
2. Real
3. Going Concern
4. Sales book
5. Depreciation
4. Capital
6 Casting
7. FIFO
8 Capital Expenditure
9 Current Asset
10 Last
b. State whether true or false 07

1. False
2. False
3. False
4. False
5. False
6. False
7. False
8. False
9. False
10. False

Q.2. In the Journal of Mr. Aniket 07

a
01/09/2017 Cash……..Dr 70,000
Goods/Purchase…….Dr 55,000
Furniture……..Dr 75,000
To Capital 2,00,000
03/09/2017 Goods/Purchase…Dr 72,000
To Philip 72,000
05/09/2017 Goods/Purchase…Dr 75,000
To Cash 75,000
12/09/2017 Manish…Dr 20,000
To Sales/Goods 20,000
20/09/2017 Bank…Dr 20,000
To Manish 20,000
27/09/2017 Drawing…Dr 500
To Goods taken by Proprietor 500
30/09/2017 Insurance ...Dr 700
To Cash 700
 b. In the books of M/S Pratik. 08
Prepare Trail Balance as on 31st march 2018

Rs. Rs.
Debtors 50,000 Capital 2,00,000
Fixed Assets 120,000 Sales 1,00,000
Opening Stock 25,000 Returns Outward 2,000
Purchase 90,000 Bills Payable 18,000
Returns Inward 2,000 Bank Overdraft 10,000
Wages and Salaries 45,000 Creditors 40,000
Rent 8,000
Bills Receivable 30,000
370,000 370,000

OR

Q.2 a State giving reasons, whether you will consider the following items as Capital, Revenue 15
or Deferred
1. Revenue Expenditure
2. Capital Expenditure
3. Capital Expenditure.
4. Revenue Receipt.
5. Revenue Receipt
6. Revenue Expenditure
7. Deferred Revenue Expenditure

Q.3 In the Books of Robin 1

Statement Showing calculation of Interest
Date Particulars
1/04/2013 Cost 5,00,000
1/04/2013 Less Down payment 1,00,000
1/04/2013 Balance 4,00,000
31/03/2014 Add Interest @10% 40,000
31/03/2014 Balance 4,40,000
31/03/2014 Less First Installment 1,40,000
31/03/2014 Balance 3,00,000
31/03/2015 Add Interest @10% 30,000
31/03/2015 Balance 3,30,000
31/03/2015 Less Second Installment 1,30,000
31/03/2015 Balance 2,00,000
31/03/2016 Add Interest @10% 20,000
31/03/2016 Balance 2,20,000
31/03/2016 Less Third Installment 1,20,000
31/03/2016 Balance 1,00,000
31/03/2017 Add Interest @10% 10,000
31/03/2017 Balance 1,10,000
31/03/2017 Less Fourth Installment 1,10,000
31/03/2017 Balance NIL
 Machinery A/c
Date Particulars Amt Date Particulars Amt
1.4.10 To Vendor 5,00,000 31.3.11 By Dep 50,000
By Bal c/d 4,50,000
5,00,000 5,00,000
1.4.11 To Bal b/d 4,50,000 31.3.12 By Dep 45,000
By Bal c/d 4,05,000
4,50,000 4,50,000
1.4.12 To Bal b/d 4,05,000 31.3.13 By Dep 40,500
By Bal c/d 3,64,500
4,05,000 4,05,000
To Bal b/d 3,64,500 By Dep 36,450
By Bal c/d 3,28,050
3,64,500 3,64,500

Vinayak A/c
Date Particulars Amt Date Particulars Amt
1.4.11 To Cash 1,00,000 1.4.11 By Machinery 5,00,000
31.3.12 To Cash 1,40,000 31.3.12 By Interest 40,000
31.3.12 To bal c/d 3,00,000
5,40,000 5,40,000
31.3.13 To Cash 1,30,000 1.4.12 By Bal b/d 3,00,000
To bal c/d 2,00,000 31.3.13 By Interest 30,000
3,30,000 3,30,000
31.3.14 To Cash 1,20,000 1.4.13 By Bal b/d 2,00,000
To bal c/d 1,00,000 31.3.14 By Interest 20,000
2,20,000 2,20,000
To Cash 1,10,000 By Bal b/d 1,00,000
By Interest 10,000
1,10,000 1,10,000
OR
Q.3 In the books of Swapnil Ltd 15
FIFO
Purchase Issue Balance
Date Units Rate Amt Units Rate Amt Units Rate Amt

1-01-2018 4000 10 40,000 4000 10 40,00

2-01-2018 3000 11 33,000 4000 10 40,00

3000 11 33,000

5-01-2018 1000 12 12000 4000 10 40,000

3000 11 33,000
1000 12 12000

8-1-2018 4000 10 40,000

1000 11 11,000 2000 11 22,000
1000 12 12000

15-1-2018 2000 11 22,000 1000 12 12000

20-1-2018 1500 15 22,500 1000 12 12000

1500 15 22,500

25-1-2018 1000 12 12000

1000 15 15000 500 15 7500
Weighted Average method
Purchase Issue Balance
Date Units Rate Amt Units Rate Amt Units Rate Amt
1-01-2018 4000 10 40,000 4000 10 40,00
2-01-2018 3000 11 33,000 7000 10.43 73,000
5-1-2018 1000 12 12000 8000 10.625 85,000
8-1-2018 5000 10.625 53,125 3000 10.625 31,875
15-1-2018 2000 10.625 21,250 1000 10.625 10,625
20-1-2018 1500 15 22,500 2500 13.25 33,125
25-1-2018 2000 13.25 26,500 500 13.25 6625
Q.4. In the books of Gaurav. Ltd 08
a
Manufacturing A/c

Particulars Amt. Particulars Amt

To opening Stock WIP 70,000 By Closing Stock 25,000
WIP
To Raw Matrs Consumed By Cost of 6,11,500
Opening Stock Raw Matrs 40,000 Production
+ Purchases 4,40,000 Transferred to
- Purchase Return 10,000 Trading A/c
+Freight 1500
- Closing Stock Raw Matrs (60,000)
To Direct Wages 90,000
To Factory Power 27,500
To Dep on Plant 15,000
To Dep Factory Shed 2500
6,36,500 6,36,500

4. b In the Journal of………… 07

Date Particulars Dr. amt Cr. Amt

31/2/2017 Office rent A/C _____Dr 7,700
To Outstanding Expenses 7,700
Prepaid Expenses A/C _____Dr 58,000
To Wages 40,000
To Insurance 18,000
Goods lost by fire A/c___ Dr. 4,000
To Trading A/c 4000
Goods taken by proprietor A/c___ Dr. 500
To Trading A/c 500
Profit and Loss A/c _____Dr 4,500
To Provision for Doubtful debts A/c 4,500
Depreciation A/c _____Dr. 30,500
To BuildingA/c 25,000
To Furniture A/c 5,500
Closing Stock A/C_____ Dr. 3,50,000
To Trading A/c 3,50,000
OR
Q.5.c 15

In the books of Vaibhav Ltd

Manufacturing Account
Particulars Amt Amt Particulars Amt Amt
To opening Stock WIP 1,60,000 By Closng Stck 4,10,000
To Raw Matrs Consmd WIP
Openg Stock Raw Matrs 5,00,000
+ Purchases 4,30,000
+ Carriage 5,000
- Closg Stck Raw Matrs (1,70,000) 7,65,000

Direct Wages 1,66,000

Factory Expenses 36,000 By Cost of 8,21,000
- Prepaid (4000) 32,000 Production Transfd
to Trading A/c
Dep on Machinery 1,08,000
12,31,000 12,31,000

Trading Account
Particulars Amt Amt Particulars Amt Amt
To opening Stock FG 4,40,000 By Sales 15,60,00
To Cost of Production 8,21,000 Less: Returns 22,000 15,38,000
To Gross Profit 3,07,000 By Closing Stock FG 30,000

15,68,000 15,68,000

Profit and Loss Account

Particulars Amt Amt Particulars Amt Amt

To Printing & Stat. 10,400 By Gross Profit 3,07,000
To Bank Charges 5,000 By Discount received 5,000
To Travelling Exp 20,000
To Discount Allowed 6,600
To Advertisement 11,000
To Salaries 22,000
To Office Rent 21,000
To General Exp 11,000
To Dep.
Biding 15,000
Furniture 8,000
Trademark 12,000
To Net Profit 1,70,000

3,12,000 3,12,000
 Balancesheet

Liabilities Amt Amt Assets Amt Amt

Capital 17,00,000 Building 3,00,000
+ Net Profit 1,70,000 18,70,000 - Depreciation 15,000 2,85,000
Bills payable 68,000 Machinery 7,20,000
Creditors 1,04,000 - Depreciation (1,08,000) 6,12,000
Furniture 80,000
- Depreciation (8,000} 72,000
Trademark 60,000
- Depreciation 12,000 48,000
Sundry Debtors 1,65,000
Bills Receivable 32,000
Cash 1,96,000
Bank 18,000
Prepaid Factory Exp 4,000
Closing stock
Raw Matrs 1,70,000
WIP 4,10,000
FG 30,000
20,42,000 20,42,000
Q.5 a Define the term ‘Accounting’ and explain the Importance of accounting. 08

b. Discuss in detail- Subsidiary Books 07

OR

Give Short Note (Any three)

1 Bank Reconciliation Statement

2 IFRS

3 Hire Purchase system

4 Capital Expenditure

5 Entity and Money Measurement Concept

***************