CLASS: U.G. SKILL BASED ELECTIVE – I
14N/294
St. JOSEPH’S COLLEGE (AUTONOMOUS) TIRUCHIRAPPALLI – 620 002
SEMESTER EXAMINATIONS – NOVEMBER 2014
TIME: 3 Hrs.
MAXIMUM MARKS: 100
SEM
SET
PAPER CODE
TITLE OF THE PAPER
V
2012
11UCO540601A
ACCOUNTING FOR EXECUTIVES
SECTION – A
Answer all the questions:
20 x 1 = 20
Choose the correct answer:
1. Cash a/c is a ______ account.
a) Personal
c) Real
b) Representative personal
d) Nominal
2. Which one of the following concepts states that a business is
distinguished as a separate person from its owner?
a) Business entity concept
b) Money measurement concept
c) Dual aspect concept
d) Going concern concept
3. Which one of the following subsidiary books acts as a journal as
well as a ledger
a) Cash book
b) Day book
c) Invoice book
d) Returns inward book
4. ______ is a list of balance of all the accounts and prepared at the
end of the accounting period.
a) Balance sheet
b) Trial balance
c) Profit and loss a/c
d) Journal
5. Which one of the following is not debited to trading a/c?
a) Purchase a/c
b) Carriage inward a/c
c) Wages a/c
d) Carriage outward a/c
Fill in the blanks:
6.
7.
8.
______ concept makes an assumption that business will go on
forever.
According to the rules of double entry system, debit ______ and
credit ______ in the case of real accounts.
Credit sales are recorded through ______ book.
9.
In a trial balance, the total of debit balances must be equal to the
total of ______ balances.
10. A ______ is a statement of assets and liabilities and prepared on a
specified date.
State True or False:
11. Capital is a personal account.
12. Purchase book is used to record all the cash and credit purchase of
goods.
13. Nominal accounts include accounts of expenses and incomes.
14. Trial balance discloses all kinds of errors in book keeping.
15. Balance sheet is an account.
Match the following:
16. Journal
17. Ledger
- a) Nominal account
- b) A statement
18. Subsidiary book
- c) Return outward book
19. Trial balance
- d) A main book
20. Profit and loss a/c - e) A book of primary entry
SECTION – B
Answer any FOUR questions:
21. Pass journal entries for the following transactions
4 x 20 = 80
2014
April 1
2
4
6
7
9
11
13
15
17
20
22
24
26
30
30
Started business with a capital of ` 2,00,000
Opened a bank account by depositing ` 1,50,000
Bought furniture and payment made in cash ` 20,000
Bought goods and payment made by cheque ` 50,000
Bought goods from Mary on credit ` 1,00,000
Sold goods for cash ` 35,000
Sold goods to Savita ` 1,25,000
Sold goods and cheque is received for the same ` 70,000
Goods returned by Savita ` 1,500
Goods returned to Mary ` 1,000
Paid Mary through cheque ` 6,000 and discount received
from her ` 1,000
Received a cheque from Savita ` 75,000 and discount
allowed to her ` 1,200
Paid wages ` 10,000
Paid rent ` 5,000
Cash withdrawn from office for personal use ` 6,000
Cash withdrawn from bank for office use ` 20,000
22. Record the following transactions in the journal and post them to
the respective accounts in the ledger.
2014
June 1 Started business with a capital of ` 1,00,000
5 Goods bought from Sania on credit ` 75,000
10 Goods returned to Sania ` 500
15 Goods sold to Luka ` 1,00,000
17 Goods returned by Luka ` 750
20 Paid cash to Sania ` 50,000 discount received from her
` 500
25 Received cash from Luka ` 75,000 and discount
allowed to her ` 1,000
23. Prepare a daybook and an invoice book from the following
particulars and also post hem to the respective accounts in the
ledger.
2014
June 1 Purchased 50 carpets from M/s Perumal and Co. at
` 100 each. Trade discount 10%
8 Sold 30 carpets to Rahim at ` 120 each. Trade discount 10%
14 Purchased 40 carpets from Palani trading co. at ` 90 each
20 Purchased 14 carpets from Tirupoor trading co. at ` 80 each
22 Sold 30 carpets to Ravi at ` 108 each
24 Sold 20 carpets for cash at ` 105 each
30 Bought 10 carpets for cash at ` 75 each
24. Prepare Trial Balance from the following balances of M/s
Shankaran on 31-3-2014.
`
Cash in hand
600
Capital
40,000
Salaries
28,000
Machinery
20,000
Purchase returns
2,000
Sales returns
1,000
Bad debts
400
Commission paid 2,200
Motor car
16,000
Insurance
800
Discount allowed 1,400
Sundry creditors
9,600
`
Cash at bank
9,400
Building
30,000
Rent
8,000
Purchases
1,48,000
Sales
2,80,000
Sundry debtors
30,000
Furniture
2,000
Rent and taxes
1,200
Opening stock
32,000
Discount received
1,000
General expenses
1,600
25. The following is the Trial Balance of Sundaram Picchai as on 31st
March 2014.
`
`
Opening stock
6,200 Creditors balance
82,920
Buildings
34,000 Sales
24,000
Furniture
2,000 Capital
6,000
Purchase
42,400 Bank loan
9,840
Salaries
4,400 Sundry creditors
840
Rent
1,200 Return outwards
Miscellaneous expenses
1,000 Interest and
Postage and stationery
1,080 dividend
Wages
10,400
received
480
Freight on purchases
1,120
Carriage on sales
1,600
Repairs
1,800
Sundry debtors
12,000
Bad debts
240
Cash in hand
2,600
Return inwards
2,040
1,24,080
1,24,080
Closing stock ` 7,000. Prepare Trading and profit and loss a/c and
a balance sheet as on 31.3.2014.
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