Women University of Azad Jammu & Kashmir, Bagh

Department of Economics & Management sciences

Final Term Examination

Program BBA Session 2021-25

Course code ACC-3101 Passing Marks 50%
Title of course Financial Accounting- Semester 2nd
1
Name of teacher Atiya Iftikhar Time allowed 2 hours 30 mints
Total no. of students 31 Total marks 50
Name Roll no.

PART 1
Q1: Attempt all Questions

1. How many types of cash book? Discuss each of them. (3)

2. What is bank reconciliation statement? Discuss any two causes of disagreement? (3)
3. What are final accounts? How many final accounts we prepared at the end of year? (3)
4. What is marshaling? (2)
5. What is difference between fixed assets, current assets, and liquid assets? (3)
6. Ascertain cost of goods sold from the following figures: (3)

Opening stock 8,000

Purchases 30,000
Carriage in 250
Wages 1,500
Purchases return 3,000
Office salaries 6,000
Rent 500
Closing stock 19,000

7. What is imprest system? Write any two advantages of imprest system? (3)
 PART 2
Q2: From the following balances extracted from books of Habib-ur-Rehman & co., prepare a
Trading and profit & loss statement / income statement and a balance sheet. The value of stock
on 31st December, 1991 was Rs. 3,700. (10)

Stock on 1st January Rs. 1,250 wages Rs. 1,589

sales 11,800 Return inwards 1,659
Bad debt 180 Bank overdraft 4,000
Plant & machinery 6,230 purchases 8,679
Return outwards 1,380 Petty cash in hand 47
Cash in hand 895 creditors 1,780
salaries 750 Bills payable 541
Debtors 1,905 Capital 9,228
Discount (Dr) 328 Printing charges 481
Carriage inward 300 Furniture 679
insurance 380 Legal charges 658
Bills receivables 2,730 Carriage outwards 200
Commission (Cr) 211

Q3: Record the following transactions in double column cash book and post them into ledger.
(10)

1991 Started business with cash Rs. 20,000.

July 1

July 2 Paid for purchase of furniture Rs. 2,500.

July 5 Paid insurance premium Rs. 100.
July 6 Paid rent for the month Rs. 150.
July 8 Paid cash for purchases of goods Rs. 2,700.
July 10 Paid to Nazir Rs. 385 and discount received of Rs. 15
July 11 Drew cash for personal use Rs. 250.
July 12 Received cash from Rashid Rs. 1,200 and discount of Rs 50 was given to him.
July 17 Sold goods for cash Rs. 2,700
Q4: a) Prepare a Bank Reconciliation Statement as on 31st December, 1991 from the following
particulars: (6)

Balance as per bank statement. Rs. 25,000

Cheques deposited but not credited by bank 1,000
Cheques issued but not presented for payment 15,000
Dividend collected by bank directly on 29-12-91 but not recorded in 100
cash book

Interest allowed but not recorded Cash book 200

Bank charges debited but not recorded in Cash book 20

b) Discuss any four books of original entry? (4)