B.Com. LL.B. (Five Years) Sem 1 Financial Accounting 2018 Dec (100 marks) Question Paper - KSLU

Questions asked in this paper

1. Q1 Journalise the following transactions in the books of Mr. Sachin.
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2. Q2 Post the following transactions into the ledger and balance them.
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3. Q3 Enter the following transactions in the proper subsidiary books for the month of March 2018 in the Janapriya Traders.
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4. Q4 Record the following transaction in three column cash book and balance it.
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5. Q5 On 1st July 2018, Baseer bought goods from Abdul for Rs. 15,000 and accepted two bills settlement, one for 8,000 due after 3 months and the other Rs. 7,000 due after 4 months. The first bill was met on the due date. The second bill was discounted on 4th August 2018 at 12% per annum. On the due date, the second bill was dishonoured and Abdul paid the amount due to the bank including noting charges Rs. 600. Pass journal entries in the books of Abdul and Baseer.
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6. Q6 Briefly explain accounting concepts and accounting conventions.
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7. Q7 From the following balances, prepare Trading and Profit and Loss Account and Balance Sheet as on March 31, 2018.
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Write short note on any two of the following :

1. Q8 (a) Difference between single entry and double entry system.
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2. Q8 (b) Accounting standards.
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3. Q8 (c) Difference between journal and ledger.
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Answer any two of the following :

1. Q9 (a) Difference between Receipts and Payments a/c and Income and Expenditure a/c.
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2. Q9 (b) Classify the following into Personal, Real and Nominal Accounts.
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3. Q9 (c) From the following information of a Citizens Club, prepare the Receipts and Payments Account for the year ending 31-3-2018
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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.