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

KSLU Solved Question Papers

Financial Accounting

Previous Year Question Paper with Solution

B.Com. LL.B. (Five Years) · Sem 1

2018 Dec (100 marks) Examination

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Mumbai

First published on munotes.in on 21 October 2026.

Published by munotes.in, Mumbai.

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The questions below are the paper as Karnataka State Law University set it at the 2018 Dec (100 marks) examination, in the order it was set.

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The Paper as Set

The questions in this volume are the questions asked at the 2018 Dec (100 marks) examination, reproduced as Karnataka State Law University set them, in the order it set them. Long reading passages are shortened to their first and last lines and our summary; the original paper prints them in full. Only the answers are ours. See the original question paper.

Duration 3 hours · Total marks 100 · 13 questions answered

How to use this volume

Solve the paper first, under exam conditions and against the clock. Then read the answers here and mark your own. Reading a solution before attempting the question feels productive and teaches very little, because recognising an answer is not the same as being able to write one.

Read the original question paper

Q1Journalise the following transactions in the books of Mr. Sachin.[16]

Answer

The figures given in the question

2012 October

Date	Transaction
01	Started business with cash Rs. 75,000, Goods Rs. 25,000 and Furniture worth Rs. 75,000.
02	Deposited into the Bank of Baroda Rs. 25,000.
04	Purchased goods for cash Rs. 28,000 from Girish and Rs. 20,000 from Harish on credit.
06	Sold goods for cash Rs. 30,000 and on credit to Suresh Rs. 20,000.
10	Paid postage Rs. 1,000.
13	Bought machinery from Wipro Ltd. for Rs. 20,000.
14	Drew for office use Rs. 10,000.
18	Suresh paid us Rs. 19,500 in full settlement of his account of Rs. 20,000.

Date	Transaction
22	We paid to Harish Rs. 19,900 in full settlement of our account Rs. 20,000.
30	Advanced loan to Srinath Rs. 20,000.
31	Paid electricity charges Rs. 1,000.

For full marks, cover: the compound opening entry for cash, goods and furniture; the deposit and the cash drawn back for office use (contra entries); the compound entries for the purchase and the sale that are part cash and part credit; the machinery bought on credit; the two settlements, with discount allowed to Suresh and discount received from Harish; the loan advanced; the expenses; the journal with narrations and agreed totals; and the balances that result.

Analysis of the transactions

Date	Debit	Credit	Reason
Oct 1	Cash, Stock, Furniture	Capital	Assets come in; Sachin gives
Oct 2	Bank	Cash	The bank receives; cash goes out

Date	Debit	Credit	Reason
Oct 4	Purchases	Cash, Harish	Goods come in; part paid, part owed
Oct 6	Cash, Suresh	Sales	Cash comes in; Suresh receives goods
Oct 10	Postage	Cash	Expense
Oct 13	Machinery	Wipro Ltd.	Asset comes in; Wipro Ltd. gives
Oct 14	Cash	Bank	Cash comes in; the bank gives
Oct 18	Cash, Discount Allowed	Suresh	Cash comes in; a loss; Suresh gives
Oct 22	Harish	Cash, Discount Received	Harish receives; a gain
Oct 30	Loan to Srinath	Cash	Srinath receives
Oct 31	Electricity Charges	Cash	Expense

Journal of Mr. Sachin, October 2012

Date	Particulars	Dr. (Rs.)	Cr. (Rs.)
Oct 1	Cash A/c Dr.	75,000
	Stock A/c Dr.	25,000
	Furniture A/c Dr.	75,000
	To Capital A/c		1,75,000
	(Being business started with cash, goods and furniture)
Oct 2	Bank A/c Dr.	25,000
	To Cash A/c		25,000
	(Being cash deposited into the Bank of Baroda)
Oct 4	Purchases A/c Dr.	48,000
	To Cash A/c		28,000
	To Harish A/c		20,000

Date	Particulars	Dr. (Rs.)	Cr. (Rs.)
	(Being goods bought for cash from Girish and on credit from Harish)
Oct 6	Cash A/c Dr.	30,000
	Suresh A/c Dr.	20,000
	To Sales A/c		50,000
	(Being goods sold for cash and on credit to Suresh)
Oct 10	Postage A/c Dr.	1,000
	To Cash A/c		1,000
	(Being postage paid)
Oct 13	Machinery A/c Dr.	20,000
	To Wipro Ltd. A/c		20,000

Date	Particulars	Dr. (Rs.)	Cr. (Rs.)
	(Being machinery bought on credit)
Oct 14	Cash A/c Dr.	10,000
	To Bank A/c		10,000
	(Being cash drawn from the bank for office use)
Oct 18	Cash A/c Dr.	19,500
	Discount Allowed A/c Dr.	500
	To Suresh A/c		20,000
	(Being cash received from Suresh in full settlement)
Oct 22	Harish A/c Dr.	20,000
	To Cash A/c		19,900
	To Discount Received A/c		100

Date	Particulars	Dr. (Rs.)	Cr. (Rs.)
	(Being Harish paid in full settlement)
Oct 30	Loan to Srinath A/c Dr.	20,000
	To Cash A/c		20,000
	(Being loan advanced to Srinath)
Oct 31	Electricity Charges A/c Dr.	1,000
	To Cash A/c		1,000
	(Being electricity charges paid)
	Total	3,90,000	3,90,000

Points to note

Oct 1. Capital equals the three assets: 75,000 + 25,000 + 75,000 = 1,75,000. Goods brought in are debited to Stock account.

Oct 4 and Oct 6 are compound entries. Purchases: 28,000 + 20,000 = 48,000. Sales: 30,000 + 20,000 = 50,000. Girish is paid in cash at once, so no account is opened for him.
Oct 13. The machinery names a supplier and no payment, so Wipro Ltd. is credited.
Oct 14. "Drew for office use" means cash drawn from the bank for the business, a contra entry, not drawings.
Oct 18. Suresh owed 20,000 and paid 19,500: discount allowed 20,000 - 19,500 = 500.
Oct 22. Sachin owed Harish 20,000 and paid 19,900: discount received 20,000 - 19,900 = 100.
Oct 30. A loan advanced is an asset (a personal account of Srinath), not an expense.

Balances at the month end

Cash. Received: 75,000 + 30,000 + 10,000 + 19,500 = 1,34,500. Paid: 25,000 + 28,000 + 1,000 + 19,900 + 20,000 + 1,000 = 94,900. In hand: 1,34,500 - 94,900 = 39,600.
Bank: 25,000 - 10,000 = 15,000.
Wipro Ltd. is owed 20,000; Srinath owes 20,000; Suresh and Harish are settled.
Discounts: allowed 500, received 100.

Conclusion. Mr. Sachin's October transactions give eleven journal entries totalling Rs. 3,90,000 on each side. Five are compound: the opening capital of Rs. 1,75,000, the part-credit purchase, the part-credit sale and the two settlements at a discount. At the month end he has cash of Rs. 39,600 and a bank balance of Rs. 15,000. He owes Wipro Ltd. Rs. 20,000, and Srinath owes him Rs. 20,000.

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