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FBA 2023

FBA QUESTION PAPER

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6 views

FBA 2023

FBA QUESTION PAPER

Uploaded by

royalinstitute.commerce
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ROYAL INSTITUTE OF COMMERCE

PREPARATORY EXAMINATION-2023

SUB- Fundamentals Of Business Accounting

PART - A

Answer any five of the following questions. [5x2=10]

1. What is Accounting cycle?


2. Write any two limitations of accounting.
3. What is contra entry?
4. Write the meaning of tally software.
5. Mention any two importance of Accounting standards.
6. What is Trail Balance.
7. Write the meaning of Drawings.
PART - B

Answer any two of the following questions. [10x2=20]


8. What is subsidiary books ? Write the formats of
a. Purchase book
b. Sales book
c. Purchase returns book
d. Sales returns book
9 .Explain briefly the different Accounting concepts .
10 . Classify the following into personal , real and nominal accounts.
a. Drawings A/C
b. University A/C
c. Discount A/C
d. Buildings A/C
e. Depreciation A/C
f. Insurance A/C
g. Cash A/c
h. Bank A/C
i. Capital A/c
j. Bad debts A/C

11. From the following details prepare Trail balance.


Capital 24,000
Stock 8,500
Furniture 2,600
Purchase 8,950
Cash at bank 7,300
Carriage 300
Sales 22,500
Buildings 12,000
Return inwards 1,900
Return outwards 350
Trade expenses 1,000
Discount received 970
Salary 3,000
Office rent 2,270

PART-C

12 . Discuss in detail the basic reports generated in tally 15X2=30


13 . Prepare a three column cash book from the following information:
01-04-2021 cash in hand rs 7,000
01-04-2021 bank overdraft rs 15,560
03-04-2021 pait into bank rs . 2,000
05-04-2021 received a cheque for rs.19,800 from sanju& allowed him a
discount rs of Rs200
08-04-2021 purchased furniture for rs 1,000
12-04-2021 sold goods for rs.16,250
16-04-2021 purchased goods for rs.11,200 and paid by cheque
18-04-2021 sanjus cheque was sent for collection
20-04-2021 withdraw for office use from bank rs 2,400
23-04-2021 paid salaries rs 6,420 by cheque
26-04-2021 bank informed that sanjus cheque has returned dishonoured
30-04-2021 issued informed that sanjus cheque for RS 5,900 to preethi &she
allowed discount of RS.100

14 Journalise the following transaction in books of smt. Vedavathi and also prepare
a) Cash account
b) Salary A/C

2021- January 1 commenced business with cash Rs,75,000


“ 3 goods purchased for cash RS45,000
“ 7 goods sold to jaykumar RS 15,000
“ 8 paid rent RS. 5,000
“ 10 drew cash for personal use RS 4,500
“ 16 bought goods from hari worth RS 25,000
“ 20 received caash from jayakumar RS..14,000 an allowed him adiscount of rs 1000
“ 28 paid salaries RS. 6,000
“ 30 wage paid Rs 3,00
15 From the following trail balance of hari as at 31-12-2022. Prepare trading & profit & loss account
and balance sheet
Particulars Debit Rs Credit RS.
Capital 30,000
Drawings 2,600
Plant and machinery 12,000
Stock on 1.1.2022 5,000
Purchases 35,000
Sales 50,000
Returns 2,000 1,000
Debtors & creditors 8,000 6,000
Carriage inwards 500
Carriage outwards 500
Wages 3,000
Salaries 2,000
Factory rent 200
Office rent 500
Insurance 500
Discount 300 600
Furniture 2,000
Bad debts 400
Commission 300
Buildings 8,000
Bills payable 2,000
Bills received 6,000
Cash on hand 200
Cash on bank 600
89,600 89,600
Adjustments:
A) Closing stocks RS,20,000
B) Prepared insurance Rs. 200
C) Outstanding wages Rs,300: outstanding salaries Rs,200
D) Additional bad debts Rs.400
E) Provide reserve for bad debts at 5%
F) Provide 10% depreciation on furniture & plant and machinery .

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