Basics of Financial Accounting — DU B. Voc – Banking Operations Previous Year Question Papers

Basics of Financial Accountin B.Voc. Banking stron paper. Write a short on : (any three of the following) : (a) Going Concern ConcePt (c) Eamings Management (d) Any two liquidity Ratios 2. The following transactions took place in April 2024: Mr. Soham opened a grocery store with Rs. 6,00,000 cash, Rs. 5,00,000 as bank balance, and furniture worth Rs. 2,00,000 Purchased machinery for Rs. 100,000 Bought goods from local market for Rs. 1,00,000 and sold them at a profit of Rs. 20,000. Paid to landlord rent of the month by cheque Rs. 3000 Bought from M/s Gupta & Sons goods of the total value of Rs.4,00,000 and paid Rs. 1,50,000 them by cheque 12'L April2024 Goods worth Rs. 4,00,000 were purchased in an auction sale from Ramesh Brothers and paid Rs. 50,000 in cash l5'h April 2024 Paid for the goods bought at auction on l2'h April by cheque for the balance. 17th April2024 Sold goods on credit to Anil for Rs. 1,00,000 and paid Rs. 3000 for lieight, which is to be collected from Anil. 21"' Aprrl2024 Deposited cash in the bank Rs. 2,00,000 22'd April2024 Withdrawn fiom bank for office use Rs. 30,000 and for private use 25i Ap.ril2024 Paid Salary to Mr. Narayana, Rs. 5,000 through cheque You are required to : (a) Record the above transactions in the Journal (b) Also, prepare a bank account. (a) What is the difference between a Trading Account and a profit and Loss Account? What are the objectives of making both these accounts? (10) (b) Explain the meaning and importance of Generally Accepted Accounting The following Trial Balance has been extracted from the books of Mr Sohan Lal and Sons as on 3 I st March 2024 : Particulan Dr (Rs) Particulars Cr (Rs) Machinery 4,00,000 Capitat 9,00,000 Cash at Bank 1,00,000 Sales 16,00,000 Cash in Hand 50,000 Sundry Creditors 4,50,000 Wages 1,00,000 Interest Received 30,000 Stock as on lst April 2023 6,00,000 Sundry Debtors 4,40,000 Bills Receivables 2,90,000 General Expenses 80,000 Total 29,80,000 Toal 29,80,000 Additional Information : (i) Outstanding salaries were t45,000. (ii) Depreciate Machinery at l0%. (iii) Wages outstanding were t5,000. (iv) Rent prepaid { 10,000. (v) Provide for interest on capital @ 5Yo per anntm (vi) Stock on 3 l st March, 2024 ?8,00,000 From the above information, (a) Prepare Trading and Profit and Loss Account for the year ended 3 I st March, (b) Also, prepare the Balance Sheet on that date. (5) (a) The Cash Book of Mr. Raj Kumar shows Rs. 8,36,400 as the balance at Bank as on 3 I st Decemb er, 2022, but you find that it does not agree with the balance as per the Bank Pass Book. On scrutiny, you see the following discrepancies : ( 10) (i) On 15th December 2022, the payment side of the Cash Book was undercast by Rs. 10,000. (ii) A cheque for Rs. 1,31,000 issued on 25,h December 2022 was not taken in the bank column. (iii) One deposit of Rs. 1,50,000 was recorded in the Cash Book as if there is no bank column.