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-9525-15875ASIAN SCHOOL OF MANAGEMENT & TECHNOLOGY(Affiliated to Tribhuvan University)Gonganbu, KathmanduPre-Board Examination 2071CourseBIM (Bachelor of Information Management)Full Marks : 60Semester3th Pass Marks : 27SubjectACC 201 : Financial AccountingTime : 3 hrsCandidates are required to give their own words as far as practicable.Group - ‘A’Brief Answer questions: [5x2=10]Mention any two objectives of accounting.Write the meaning of “Business entity concepts” of accounting.Following information are provided:Opening balance of assets cash Rs.60,000, Inventory Rs.40,000 and Fixed assets Rs.50,000Sold goods costing Rs.25,000 on credit at a profit of 10%Paid Rs.20,000 for rent including advanced rent of Rs.5,000Rs. 26,000 cash was received from customer in full settlement of his accountRequired: Accounting EquationRectify the following errors under the assumption that they were detected after preparing the trial balance.Purchases of goods costing Rs.40, 000 from Sunder and Co. were passed through sales book as Rs.24, 000. The amount as sunder and Co. was correctly credited.Wages of Rs.20,000 paid for the erection of a plant were debited to wages account.The following particulars dealing with Retail Shop are reported:Beginning balance of provision for doubtful debt account was Rs.15,000Bad debts already written off was Rs.2,000Sundry debtors outstanding after bad debt was Rs.288,000Further provisions needed to be incorporated are as follows:Further bad debts needed to be written off is Rs.7,000Need to set aside an amount equal to 5 per cent of Sundry debtors for provision for doubtful debt.Required: Provision for doubtful debts accountGroup – ‘B’Short Answer Question[4x5=20]Differentiate between capital expenditure and revenue expenditure with suitable example.Following are the transactions relating to purchase:February 01 Purchased goods from A store 5 Computers @ Rs.55,000 each, less: trade discount of 10%20 Printers at Rs. 10, 000 eachFebruary 06Purchased goods from B store15 UPS for Rs. 100,00012 Printers for Rs. 96,000(Trade discount @ 10%)February 12Purchased goods from C store for cash2 Laptops @ Rs. 50,000 each1 Multimedia projector @ Rs. 35,000February 26 Purchased a second hand Laptop for office use @ Rs.25,000 from D storeRequired: Purchase Book and purchase account.Following transactions are forwarded to you:January 1 Cash in hand Rs.20,000 and bank overdraft Rs. 25,000January 14Received cheque from Sindnu Rs.15,000 and deposited into bank on the same dayJanuary 20 Sold goods on account Rs. 20,000 and party received cash Rs. 10,000January 26Withdraw cash from bank Rs. 5,000 for office use and Rs.10,000 for private useJanuary 31 Deposited the balance of cash if any into bank by keeping cash balance of Rs. 5,000Required: Cash Book with cash and bank columnThe following particulars are given to you as on 31st Falgun:Overdraft balance as per cash book Rs. 12,500Cheque issued but not presented for payment at the end of of Falgun Rs. 2,500Cheque deposited into bank but not collected & credited by the banker Rs.1,500Insurance premium Rs.300 paid by the banker on behalf of customer was not recorded in cash book.Rs. 1,000 directly deposited into the bank by a customer was not recorded in cash bookInterest on investment collected & credited in pass book Rs.2,000 was not recorded in cash bookRequired: Bank reconciliation statement Group – ‘C’Comprehensive Answer Questions: [30]National Trader concern provides the following information during 2011:Business started with cash Rs.5,50,000, Rs.4,00,000 as capital and balance as 10% bank loan.Deposited Rs. 400,000 into the bank.Machine costing Rs. 180,000 purchased by issuing a cheque and installation costing Rs. 20,000 paid in cash.Goods purchased on cash and credit were Rs. 100,000 and Rs. 200,000 respectivelyPaid salary Rs. 60,000 by cheque and office expenses Rs. 20,000 in cash Paid rent Rs. 112,000 by cheque, as rent payable at Rs. 8,000 per monthGoods sold for cash and credit were Rs. 100,000 and Rs. 400,000 respectivelyPaid interest on bank loan. Rs. 10,000Received cheque of Rs. 285,000 from customers for the settlement of Rs. 300,000 debt.Paid to creditors Rs. 142,500 for settlement of Rs. 150,000 due amount by chequeAdditional information:Outstanding interest on bank loan Rs. 5,000Unsold goods at end of the year Rs. 50,000Depreciation charged on Machine at 10% per annumRequired:Journal entries for the financial transactions [6]Triple column cash book with cash, bank and discount column [5]Purchase, sale, customer’s and creditor’s account[4]Financial statement by using work sheet showing cost of goods sold[10] Cash flow statement by using direct method [5] ................
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