Fundamentals of Accounting Model Question Paper

B.
VOC - RETAIL MANAGEMENT
Course Code: VRM1DSC02

Name of the Course: Fundamentals of Accounting
Time: 2.00 Hours Max Marks: 60

Section – A
(Conceptual Questions)
1. Answer any five of the following. Each Sub-question carries two marks. (5 x 2 = 10)
a. Why is Accounting necessary?

b. What do you mean by computerized Accounting?
c. What do you mean by Final Accounts?
d. What do you mean by Business Entity Concept?
e. What do you mean by Prepaid Expenses?
f. What do you understand by “Balancing an account”?
g. Why do you prepare Bank Reconciliation Statement?
Section – B
(Application Questions)
Answer any Four of the following. Each question carries six marks. (4 x 5=20)
2. Explain the objectives of Computerised accounting system.
3. Journalise the following transactions.
2021 March
1st Started business with cash ₹ 150000
th
8 Cash Purchases ₹15000
9 Cash Sales ₹12500
17 Goods sold to Mr.Raghu ₹7500
18 Purchased office furniture ₹30000
23 Purchased goods for Mr.Prakesh ₹20000
27 Received cash from Mr. Raghu ₹5000
29 Received Commission₹ 1000
30 Paid Rent by Cash ₹500.
4. Prepare Trial balance in the books of Mr.Arun from the following ledger:
Particulars ₹ Particulars ₹
Capital ? Debtors 10,000
Creditors 25,000 Sales 1,00,000
Purchases 1,25,000 Outstanding Expenses 7,500
Establishment Expenses 6,000 Prepaid Expenses 2,500
Building 1,00,000 Closing Stock 30,000
5. Record the following transactions of M/s PQR in Simple Column Cash Book.
1st Cash Balance ₹ 50,000
5th Cash received from PQR ₹ 30,000.
9th Fire Insurance Premium Paid ₹ 10,000
14th Purchased furniture ₹ 15,000
18th Sold goods for cash ₹ 80,000
19th Purchased goods for cash ₹30,000 from Mr.K.
22nd Purchased stationary ₹.3,000
25th Cash paid to Mr.kirthan on account ₹10,000
30th Sold Goods to Mr. Arun for cash ₹ 5000
31st Paid salary ₹ 5000
31st Deposited in Bank ₹10,000.
6. Jashvan a businessman Enters into the following transactions in the month of Jan 2018.
Prepare purchase book and Purchase returns book.
1st Jan 2018 Purchased goods from Janani Subject to Trade Discount of 10% ₹2000
2d Jan 2018 Returned goods to Janani ₹200
3rd Jan 2018 Sent a debit note to Janani for an over charge made by him ₹ 100
4th Jan 2018 Purchased Goods from Sumo ₹500
Section – C
(Analyses and Understanding Questions)
Answer any two of the following. Each question carries Twelve marks. (2 x 12=24)
7. Journalize the following transactions in the books of Mr.Babu and prepare necessary ledger
accounts.
a. Started business with capital ₹ 100000
b. Deposited into Bank ₹ 80000
c. Purchased goods and Paid by cheque ₹ 40000
d. sold goods to Nishanth ₹ 50000
e. Purchased goods from Amar ₹ 100000
f. Paid carriage ₹ 20000
g. Receives cash from Nishanth ₹ 30000
h. Paid to Amar by cheque ₹ 50000
8. Prepare a Three Column Cash Book from the following transactions.

June 2018
1st Cash in hand ₹50,000
Cash at bank ₹20,000
2nd Paid into bank 2,000
th
5 Bought furniture and issued cheque ₹4,000
8th Purchased goods for cash ₹1,000
th
12 Received cash from Manoj ₹7,800
Discount allowed to him ₹200
th
14 Cash Sales ₹4,000
16th Paid Amar by Cheque ₹3,900
Discount received by him ₹100
th
19 Paid into bank ₹800
23rd Withdrawn from bank for personal use ₹1,200
th
24 Received Cheque from Pankaj ₹2,860
Allowed him discount ₹40
th
26 Deposited Pankaj’s Cheque into bank
28th Withdrawn cash from bank for personal use ₹4,000
30th Rent Paid by Cheque ₹1,600.
9. The Trial Balance of Sarathi Co. Ltd as on 31-12-2018 is given below:
Dr. (₹) Cr. (₹)

Capital Account - 20,000
Drawings 2,000 -
Salaries 3,600 -
Debtors and Sales 8,000 76,000
Purchases and Creditors 47,000 6,500
Opening Stock 14,500 -
Printing and Stationery 1,750 -
Carriage Inwards 700 -
Returns 1,700 1,200
Bills Receivable 1,000 -
Bills Payable - 3,500
Insurance 300 -
Bad Debts 5,000 -
Plant & Machinery 5,000 -
Furniture 1,500 -
Wages 2,800 -
Rent & Taxes 1,250 -
Commission - 800
Land & Building 10,000 -
Cash in hand 1,900 -
Adjustments:
1. Depreciation on Plant & Machinery at 10%.
2. Depreciation on Furniture at 5%.
3. Outstanding salary ₹ 600
4. Insurance Paid in advance ₹100
5. Closing Stock ₹ 24,600.
6. Create 5% provision for doubtful debts on debtors.
Prepare Final Accounts of Sarathi Co. Ltd.
Section – D
(Skill Development Questions)
Answer any one of the following questions, carries six marks (1 x 6 = 06)
10. List out any 6 pre-determined Groups and Ledger created by tally software.
11. List out any 6 accounting concepts.
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B.

VOC - RETAIL MANAGEMENT

Course Code: VRM1DSC02

Time: 2.00 Hours Max Marks: 60

a. Why is Accounting necessary?

8. Prepare a Three Column Cash Book from the following transactions.

Dr. (₹) Cr. (₹)

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