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Financial Accounting II Question Paper

The document is an examination paper for a B.B.A. Financial Accounting II course, consisting of multiple parts with questions on consignment, abnormal loss, single entry systems, and farm accounting. It includes short answer questions, calculations, and account preparation tasks. The exam is structured to assess students' understanding of financial accounting principles and practices.

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10 views5 pages

Financial Accounting II Question Paper

The document is an examination paper for a B.B.A. Financial Accounting II course, consisting of multiple parts with questions on consignment, abnormal loss, single entry systems, and farm accounting. It includes short answer questions, calculations, and account preparation tasks. The exam is structured to assess students' understanding of financial accounting principles and practices.

Uploaded by

12nobitadoremon222
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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B.B.A.

- II Semester - Financial Accounting - II


Time: 3 Hours Max. Marks: 80

PART - I (10 × 2 = 20 Marks)

Answer any TEN of the following questions.

1. Define consignment.

2. What is meant by abnormal loss?

3. What do you understand by account sales?

4. Write any two differences between consignment and a regular sale.

5. What is loading in consignment?

6. Define single entry system.

7. What is the purpose of preparing a Statement of Affairs?

8. Define Bills Receivable.

9. What is farm revenue?

10. Name any two books maintained in farm accounting.

11. What is the difference between poultry and livestock in farm accounting?

12. What is total debtors account?

PART - II (4 × 5 = 20 Marks)

Answer any FOUR of the following questions.

13. From the following details, calculate abnormal loss:

Goods sent on consignment: Rs.40,000

Goods lost in transit (20% of total goods)

Consignor's expenses: Rs.2,000

Insurance received: Rs.6,000


14. Prepare Consignment Account in the books of consignor:

Goods sent: Rs.50,000

Freight and insurance: Rs.2,500

Goods sold by consignee: Rs.40,000

Commission: 5% on sales

Closing stock: Rs.10,000

15. From the following data, prepare Total Debtors Account:

Opening balance: Rs.25,000

Credit sales: Rs.40,000

Cash received: Rs.30,000

Bills Receivable accepted: Rs.8,000

Bad debts: Rs.2,000

16. Write a note on farm accounting and explain any two objectives.

17. From the following data, prepare Bills Payable Account:

Opening balance: Rs.15,000

Bills accepted: Rs.30,000

Bills paid: Rs.25,000

Bills dishonoured: Rs.5,000

18. Calculate closing stock in consignment:

Goods sent at invoice price: Rs.60,000

Loading: 25% on cost

Unsold goods: 1/4 of total


Expenses: Rs.5,000

Consignee's expenses on unsold stock: Rs.1,000

PART - III (3 × 10 = 30 Marks)

Answer any THREE of the following questions.

19. Ram & Co. of Delhi consigned 1,000 units of goods costing Rs.100 each to Ramesh of Chennai.

Freight and insurance paid by Ram & Co. Rs.5,000.

Ramesh sold 800 units @ Rs.150 each. His selling expenses were Rs.2,000 and he is entitled to

5% commission.

Prepare:

(a) Consignment Account

(b) Ramesh's Account

(c) Valuation of closing stock

20. From the following details, convert the single entry into double entry and prepare:

(a) Statement of Affairs

(b) Trading and Profit & Loss Account for the year

Opening Capital: Rs.50,000

Cash received from debtors: Rs.40,000

Cash paid to creditors: Rs.30,000

Closing debtors: Rs.20,000

Closing creditors: Rs.10,000

Drawings: Rs.5,000

Cash in hand (end): Rs.3,000


21. From the following farm-related information, prepare:

(a) Farm Revenue Account

(b) Farm Balance Sheet

Crop income: Rs.80,000

Livestock sales: Rs.30,000

Poultry income: Rs.15,000

Fertilizers & seeds: Rs.20,000

Wages paid: Rs.25,000

Veterinary expenses: Rs.5,000

Closing livestock value: Rs.40,000

Closing poultry value: Rs.10,000

22. Prepare the Total Creditors Account and Bills Payable Account from the following:

Opening Creditors: Rs.12,000

Credit purchases: Rs.45,000

Cash paid: Rs.40,000

Bills accepted: Rs.10,000

Discount received: Rs.2,000

23. A company consigned goods costing Rs.1,20,000 to a dealer. The goods were invoiced at 25%

profit on cost. Freight and insurance paid Rs.6,000. 3/4th of the goods were sold at a 10% loss on

invoice price.

Consignee's expenses: Rs.2,500

Commission: 8% on sales

Prepare:

(a) Consignment Account


(b) Stock Valuation

(c) Consignee's Account

PART - IV (1 × 10 = 10 Marks)

(Compulsory Question)

24. Prepare a Farm Revenue Statement and Balance Sheet from the following information:

- Opening stock: Rs.30,000

- Sales of farm produce: Rs.1,20,000

- Livestock sold: Rs.25,000

- Expenses:

Fertilizers: Rs.10,000

Labour: Rs.20,000

Veterinary: Rs.5,000

- Closing stock:

Livestock: Rs.35,000

Farm produce unsold: Rs.15,000

- Depreciation on farm equipment: Rs.5,000

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