B.Com. LL.B. (Five Years) Sem 1 Financial Accounting 2017 Dec Question Paper - KSLU

Questions asked in this paper

1. Q1 What are the Accounting concepts and conventions ? Explain any six concepts and four conventions.
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2. Q2 Journalise the following transactions in the books of Chethan and post them in to Respective ledger.
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3. Q3 Prepare Suresh's Account in the Books of Ramesh and Ramesh's Account in the Books of Suresh from the following transactions.
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4. Q4 Enter the following transactions in a three-column cash book of Mr. Venkatesh.
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5. Q5 Enter the following transactions in the appropriate subsidiary books.
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6. Q6 Prepare Final A/c from the following Trial Balance and Adjustments for the year ended 31-3-2017
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7. Q7 Following is the Receipts and Payment Account of Sports Club for the year ended 31-3-2017
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Write short notes or solve any two of the following.

1. Q8 (a) Mr. Rakesh drew a bill on Umesh on 1-1-2017 for 3 months for Rs. 20,000. The same was accepted by Umesh. Rakesh discounted the bill for Rs. 19,500, before the due date Umesh Requested Rakesh to Renew the bill for 1 month for Rs. 21,000. Which was agreed by Rakesh ? Pass journal Entries in the books of Rakesh and Umesh.
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2. Q8 (b) What is Final Accounts ? Discuss the important elements of Final Accounts along with the proforma of elements i.e. Trading A/c, Profit and Loss A/c and Balance Sheet.
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3. Q8 (c) Write short notes on Indian Accounting Standards.
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Answer any two of the following.

1. Q9 (a) Group the following Accounts in to personal, real and (the rest of the line is cut off in the scan)
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2. Q9 (b) Prepare Income and Expenditure A/c from the following for the year ended 31-3-2017.
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3. Q9 (c) What do you mean by accounting standards ? Explain any ten accounting standards issued by Institute of Chartered Accountants of India.
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Typed from the KSLU paper above. The paper is the original. Long reading passages are shortened here to their first and last lines and a summary.