FIANANCIAL ACCOUNTING

ASSIGNMENT I BCOM V SEM (2019-20)

ANSWER THE FOLLOWING QUESTIONS

1) Define financial accounting?

2) What do you mean by single entry system of book keeping?
3) Explain the special features of single entry system?
4) Explain the steps in peparation of the statement of affairs?
5) Explain the steps involved in conversion of single entry to double entry system?
6) What do you mean by deparrtmental accounts?
7) Explain the advantages of departmental accounts?
8) What do you mean by inter departmental transfer?
9) What is the difference between the financial accounting and cost accounting?
10) List out the different branches of accounting?
 ADARSH ARTS AND COMMERCE COLLEGE

I INTERNAL EXAM

SUB: FIANANCIAL ACCOUNTING MARKS: 20

SEM: BCOM I EXAMINER: Mr. Shobharaj B Hegde

Section A: Anwer any 2 of the following questions 10x2=20

1) A business is carried in three departments. The expenses are not directly chargable to any
of the departments are to be allocated in the proprotion of ½ to A, 3/10 to B, and 1/5 to C.
From the following particulars prepare the departmental trading and profit account for the
year 31-12-2016
parrticulars Dept A Dept B Dept C
Stock on 1-1-2016 3500 2500 1500
Stock on 31-12-2016 2500 1500 500
Outside purchase during the year 10000 8000 6000
Outside sales during the year 26000 25000 17000
Wages 5000 6000 7000
salaries 1800 2000 1600

Interdepartmental transfer sales:

A to B 1000, A to C 2000, B to A 3000, C to B 4000
Additional inforrmation:
Rent and taxes 3000, printing 2000, postage 400, insurance 200, depreciation written off
500, bad debt written off: A = 150, B = 170, C = 180.

2) From the following parrticulars taken out from the books of the A company has kept the
books under the single entry system prepare the total debtors account and bills
recievables account.
Total debtors on 1-1-2016 10000
Bills recievables on 1-1-2016 5000
Credit sales 60500
Cash rrrecieved fron debtors 30000
Bills received from debtors 25000
Cash received against bills 23500
Bad debt 600
Discount allowed 1400
Bills recievables dishonour 500
Sales return 2000
3) A company keeps his book under the single entry system the following information are
available
Assets and Liabilities 1-1-2016 31-12-2016
Investment --- 4000
Sundry creditors 10000 8000
Bills payable 7000 9000
Bills recievables 5000 6000
Sundry debtors 16000 20000
Stock 12000 14000
Cash 1000 2000
Summary of the cash transaction:
Reciept Amount Payments Amount
Balance b/d 1000 Paid to creditors 18000
Received from 40000 Paid against bills 11000
debtors
Received against bill 13000 Investment 4000
Interrest on 400 Salaries 5500
investment
Rent and taxes 900
Puchases 13000
Balance c/d 2000
54400 54400
Make the provision for the doubt ful ddebt at 5% on debtors.
Prrepare the trrading profit and loss account and the balance sheet.