15N/179
CLASS: SKILL BASED ELECTIVE
St. JOSEPH’S COLLEGE (AUTONOMOUS) TIRUCHIRAPPALLI – 620 002
SEMESTER EXAMINATIONS – NOVEMBER 2015
TIME: 3 Hrs.
MAXIMUM MARKS: 100
SEM
SET
PAPER CODE
TITLE OF THE PAPER
V
2013
11UCO540601 A
ACCOUNTING FOR EXECUTIVES
SECTION – A
Answer all the questions:
20 x 1 = 20
Choose the correct answer:
1. _______ concept is the basis for double entry system of bookkeeping which is universally used.
a) Business entity
b) Money measurement
c) Dual aspect
d) Going concern
2. Capital a/c is a _______ account.
a) Real
b) Personal
c) Nominal
d) Impersonal
3. _______ is the list of debit and credit balances of all the accounts.
a) Cash book
b) Balance sheet
c) Statement of affairs
d) Trial Balance
4. Credit purchase of goods is recorded through _______.
a) Sales book
b) Purchase book
c) Cash book
d) Proper Journal
5. _____ is a statement showing financial position of an organization.
a) Balance sheet
b) Trial Balance
c) Profit and loss account
d) Trading account
Fill in the blanks:
6.
The _______ concept excludes all business transactions which
cannot be measured in terms of money.
7.
_______ is a book of original or primary entry of financial
transactions.
8.
_______ is a book of accounts.
9.
_______ is a subsidiary book in which cash a/c and/or bank a/c are
prepared at the time of original or primary entries.
10. _______ account gives you the net profit or net loss.
State True or False:
11. Business is separated from the owner as per the separate/ business
entity concept.
12. Ledger is the main book of Financial Accounting.
13. Trial balance is an account.
14. Cash and credit sales of goods are recorded through sales book.
15. Balance sheet is a statement showing profit or loss from the
business.
Match the following:
16. Cash a/c
- a) Sales return
17. Trading a/c
- b) List of assets and liabilities
18. Salaries a/c
- c) Final account
19. Return inwards book
- d) Nominal account
20. Balance sheet
- e) Real account
SECTION – B
Answer any FOUR questions:
4 x 20 = 80
21. Pass journal entries for the transactions given below.
2015 April
1 Anto Raj commenced business with cash Rs. 30,000
3 Purchased goods for cash Rs. 1,500
4 Cash deposited into bank Rs. 21,000
5 Withdrew from bank for office use Rs. 1,500
6 Sold goods to Ramu Rs. 1,500
10 Purchased goods on credit from Kannan Rs. 680
19 Cash received from Ramu Rs. 1450 and discount
allowed to him 50
20 Cash sale of goods Rs. 2,400
27 Paid Kannan by cheque Rs. 650 and discount received
Rs. 30.
29 Paid rent Rs. 200
30 Paid wages Rs. 300
30 Purchased Furniture for office use and paid by cheque
Rs. 1,000
22. Prepare Trial balance from the following ledger balances for the
year ending 31-3-2015
Drawing a/c
Capital a/c
Sundry Creditors
Bills payable
Sundry debtors
Rs.
5,800
24,000
47,000
4,000
61,000
Stock
Cash in hand
Cash at bank
Purchases
Duty and clearing
Charges
Rs.
47,000
900
12,500
50,000
3500
Bills receivable
Loan from bank
Fixtures and fittings
Purchase return
Trade expenses
Discount received
10,200
5,000
4.500
1,100
Sales
1,34,000
Salaries
9,500
Sales return
1,000
Commission and
Travelling expenses
4,700
2,500 Rent paid
2,000
1,000 Discount allowed
1,000
23. Enter the following transactions in Purchase book, Sales book,
Returns Inward book and Returns outward book of Mr. Surya
Prakash.
2015 May
1
2
6
10
11
13
18
23
25
31
Bought goods from Arun
Sold goods to Balu
Bought goods from Sasikala
Sold goods to Bharathi
Goods returned by Balu
We returned goods to Arun
Sold goods to Velu
Purchased goods from Madan
Returned goods to Sasikala
Sold goods to Anwar
Rs.
6,000
3,000
3,000
1,800
240
200
1,400
1,600
200
2,400
24. From the following balances of Arvind, Prepare a Trading a/c,
profit and loss a/c and Balance sheet as on 31-12-2014
Credit
Rs.
Debtors
Rs. 7,770
Balances
Capital
72,000 Salaries
8000
Creditors
17,440 Discount allowed
2,000
Bills Payable
Sales
Loan
Purchase return
Debit Balances
Stock(Opening)
Wages
Furniture
5,054
1,56,364
24,000
184
Postage
Bad debts
Interest(Dr)
Insurance premium paid
Machinery
19,890 Purchases
8,600 Buildings
32,310 Sales return
546
574
2590
834
20,000
1,24,184
47,380
364
Closing stock Rs. 20590
25. Record the following transactions in the Journal and post them to
the respective accounts in the ledger.
2015 March
Rs.
1
Started business with cash
20,000
5
Bought goods for cash
5,000
8
Sold goods for cash
6,000
9
Bought goods from Ramesh
8,000
13
Sold goods to Suresh
12,000
20
Received cash from Suresh
5,000
21
Paid Ramesh
4,000
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