Dhaka International University
Faculty of Business Studies
BBA Program Day (Batch 28th )
3'd Semester Final Examination, 201 0
Course No. CC-304 (lntermediate Accounting)
Time: 3:00 Hours
1.
Full Marks: 50
The trial balance ofLoren Foelsky whole sale company contained the following accounts at Dec. 31. The end ofthe company,s
fiscalyear.
Loren Foelsky whole sale company
Trial balance
Dec-31, 2005
Debit (Tk.)
25,400
A/R
37,600
Merchandise Inventory
90,000
Land
92,000
Buildings
1,97,000
Acc. Depreciation- Buildings
Equipment
v
Credit (Tk.)
Cash
54,000
83,500
Acc. Depreciation- Equipment
42,400
Notes-payable
Accounts payable
50,000
39,000
Capital
2,6',1,800
Drawing
r
0,000
Sales
9,04,100
Sales Discount
6,100
7,09,900
Cost of Good sold
Salaries expenses
69,800
Utilities expenses
r9,400
Repair expenses
5,900
Gas and oil expenses
7,200
Insurance expenses
3,500
13.s7300
13.s7J00
Adiustment data:
i) Depreciation is Tk. 10,000 on buildings and Tk.9,000 on equipment (both are administrative).
-a<.
ii) Interest on Tk.5,000 is due and unpaid.
iii) Merchandise Inventory actually on Iand is Tk. 88,900.
Other data:
i) salaries is 80% selling and 20% administrative.
ii) Utilities expenses, repair expenses and Insurance expense are 100% adminishative.
iii) Tk. 10,000 ofthe note payable are next year.
iv)
Gas and
oil
expenses is a selling expense.
Required: Prepare a multiple-step [ncome Statement and balance sheet at December-3 1,2005.
2,
Thetrial balance columns of the work sheet for undercover Roofing at March
3
l,
2005 are as follows:
Undercover-Roofing
Work-Sheet
For the month ended March 31, 2005
Accounts Title
Trail Balance
Dr (Tk.)
Cash
Accounts receivable
Roofing Supplies
Equipment
Acc. Depreciation- equipment
A.^^,rnr.
n,r,ohl-
Cr (Tk.)
2,500
1,800
1,100
6,000
1,200
300
Uneamed Revenue
Capital
7,000
Drawing
3,000
Service Revenue
700
Salaries exPenses
200
Miscellaneous exPenses
12.900
Other data:
i) A physical count reveal only Tk. 140 ofroofing supplies on handii) Depreciation for March Tk. 200.
iii) Uneamed revenue amounted Tk. 130 after adjustment on March 31'
iv) Accrued salaries are Tk. 350.
Required: Complete the work sheet and income statement'
3.
a) What
is the debivcredit effect
of an uneamed rcvenue adjusting elltry?
shows th€ following
bj Terry Thomas opens the Creen Thumb Lawn Care Company on April l. At APril 30, the trial balance
balances for selected accounts.
Tk.
3,600
PrePaid insurance
EquiPment
28,000
Notes Payable
Uneamed revenue
20,000
4,200
1,800
Service revenue
Analysis reveals the following additional data.
Prepaid insurance is the cost ofa 2 year insurance policy'
Depreciation on the equipment is Tk. 500 per month'
iii) The notes payable is dated April l. It is a 6 month, l2o/o notes'
i)
ii)
in April These customers were
iv) Seven customers paid for the company's 6 months lawn service package ofTk. 600 beginning
serviced in April.
Lawn services provided other custome$ but not billed at April 30 totaled Tk'1'500'
Required: Prepare the adjusting entire for the month of April'
v)
4)
a) Define Bank Reconciliation statement?
bj rhe cash book
of
Raida Ltd. Showed a balance
ofTk.27gl
on
3l December 2oo5 when the bank reconciling the
statement.
i) A draft deposited but not credited Tk. 520.
ii) A cheque issued to a customers was not presented for encashment Tk' 2500'
iii) Bank Cheues debited in the bank statement Tk' 35'
iv) A cheque issued for Tk. 84 on account ofadvertising expenses'
v) A credii of Tk. 495 was directly given by the bank being proceeds of
Tk. 500 and bank charges were Tk. 5.00
vi) Interest credited by the bank of the statement \{as Tk 185 '
vii) Bank statem6nt balance was Tk. 5500'
5.
a
bill deposited by
a
custome^ The bill amount was
a) Differentiate between periodic and perpetual inventory system'
syslem' during July the company had the follouing
b) Ramos Co. began operation on July 1' It uses a perpetual inventory
purchases and sales:
Purchases
Units
4
Date
July-l
July-6
Juli-rl
JulY- 14
July-2l
JulY'27
R"qrir.a , 6et"r.ine
6.
Units Cost
(Tk')
5
en
3
106
FIFO, LIFO
the ending inyentory under a pelpetual and periodic iuveutory system using
Write short notes on any four.
a) NSF Cheque.
b) Outstanding
c) Error Cheque.
d) Closing and Reversing Entries.
e\ Rrnk service charee.
Sates
90
Units
-3
,
a nd
w A cost method