DEPARTMENT OF

MANAGEMENT STUDIES
(BBA)

I Internal Assessment – January 2021

Semester: I Semester BBA

Subject Name: Financial Accounting

Time: 1 hour TOTAL: 25 MARKS

Instructions:
Answers should be written in English only.
All the answers should be handwritten only.
Presentation carries One mark.

Section – A
Answer any TWO questions. Each question carries 2 marks 2 X 2 = 04
1.
a) Define Accounting?
b) What is a Journal
c) Write the golden rules of Accounting.

Section – B
Answer any TWO of the following questions. 2 X 5 = 10

2. The following Balances have been extracted from the books of M/s DSSBL Pvt.
Ltd., Kolkata, on 31st March 2020. You are required to draw out a Trial Balance.
Particulars ₹ Particulars ₹
Capital 11,60,000 Purchases 2,25,000
Cash balance 1,20,000 M/s DTTC-Dr 3,00,000
M/s CLTS (Cr) 1,00,000 General Expenses 75,000
Furniture 80,000 Land & Buildings 1,30,000
Goods 45,000 Return outwards 25,000
Drawings 75,000 Advertisement 60,000
Sundry Debtors 1,45,000 Salaries 35,000
Commission Received 3,000 Discount (Cr) 2,000
3. Classify the following into Personal, Real and Nominal A/cs
Furniture A/c, Interest A/c, Outstanding Wages A/c, Capital A/c, Bindu Sagar A/c,
Investment A/c Repairs A/c, Goodwill A/c
4. Deepak is a dealer in stationery items. From the following transactions, pass journal
entries for the month of January 2018.

Jan. 1 Commenced business with cash Rs.2,00,000

2 Opened a bank account by depositing cash Rs. 1,00,000
 3 ‘A 4 papers’ sold on credit to Padmini and Co. Rs. 60,000
4 Bills received from Padmini and Co. for the amount due
5 Bills received from Padmini & Co. discounted with the bank Rs.58,000
Section – C

Answer any ONE of the following questions. 1X10 = 10

5. Joshita is a sole proprietor having a provisions store. Following are the transactions
during the month of January, 2018. Journalise the transactions.

Jan. Rs.

1. Commenced business with cash 80,000

2. Deposited cash with bank 40,000
3. Purchased goods by paying cash 5,000
4. Purchased goods from Lipton & Co. on credit 10,000
5. Sold goods to Joy and received cash 11,000
6. Paid salaries by cash 5,000
7. Paid Lipton & Co. by cheque for the purchases made on 4th Jan.
8. Bought furniture by cash 4,000
9. Paid electricity charges by cash 1,000
10. Bank paid insurance premium on furniture as per standing instructions 300

6. Prepare Pavan’s Account in the Ledger of Rajesh and Rajesh A/c in the Ledger of
Pavan from the following transactions between them: Rs.
2019 Jan 1 Opening debt of Rajesh to Pavan 700
5 Pavan sold goods to Rajesh 3,000
9 Rajesh sold goods to Pavan on Credit 2,000
14 Rajesh returned goods to Pavan 200
17 Pavan received cash from Rajesh 2,000
Discount to Rajesh 300
20 Pavan returned goods to Rajesh 400
25 Rajesh received cash from Pavan 1,500

*** ALL THE BEST***