APPENDIX-IIA (IREM) EXAMINATION, 2024
SUBJECT: ELEMENTARY BOOK KEEPING
Time: 3 Hours
Maximum Marks: 100
Note:
Questions may be answered in Hindi or English.
Question 1 is compulsory. Attempt any four of the remaining questions.
QUESTION 1 — 20 Marks
From the following Trial Balance of ABCD Ltd. and additional information, prepare the Trading and Profit & Loss Account and Balance Sheet for the year ended 31st March 2017.
| Particulars | Debit (₹) | Credit (₹) |
|---|---|---|
| Plant and Machinery | 1,30,000 | — |
| Debtors | 50,000 | — |
| Creditors | — | 2,50,000 |
| Interest | 2,000 | — |
| Wages | 1,200 | — |
| Salaries | 2,500 | — |
| Carriage Inwards | 500 | — |
| Carriage Outwards | 700 | — |
| Returns Inwards | 2,000 | — |
| Returns Outwards | — | 2,500 |
| Factory Rent | 1,450 | — |
| Office Rent | 2,300 | — |
| Insurance Expense | 780 | — |
| Furniture | 22,500 | — |
| Buildings | 2,80,000 | — |
| Bills Payable | — | 70,000 |
| Provision for Bad Debts | — | 1,550 |
| Bills Receivable | 3,000 | — |
| Cash in Hand | 22,500 | — |
| Cash in Bank | 35,000 | — |
| Capital | — | 2,20,000 |
| Commission | 500 | — |
| Opening Stock | 60,000 | — |
| Purchases | 2,50,000 | — |
| Sales | — | 3,00,000 |
| Rent Received | — | 10,380 |
| Bad Debts | 3,500 | — |
| Commission Received | — | 16,000 |
Additional Information:
Provision for Bad Debts is to be maintained at 5% and further bad debts amount to ₹2,000.
Rent received in advance is ₹6,000.
Prepaid Insurance is ₹200.
Depreciation is to be provided as follows:
Furniture @ 5%
Plant and Machinery @ 6%
Buildings @ 7%
QUESTION 2 — 20 Marks
Write short notes on any four of the following:
Promissory Note
Accrual Accounting
Sinking Fund
Reserve for Bad Debts
Intangible Assets
Debentures
(4 × 5 = 20 Marks)
QUESTION 3 — 20 Marks
Differentiate between any four of the following:
Journal and Ledger
Revenue Reserve and Capital Reserve
Trade Discount and Cash Discount
Loan and Overdraft
Dividend and Interest
Authorised Capital and Issued Capital
(4 × 5 = 20 Marks)
QUESTION 4 — 20 Marks
What are Subsidiary Books? What are the advantages of maintaining them? Briefly describe the different types of Subsidiary Books.
(20 Marks)
QUESTION 5
(a) Define Current Assets. Give five examples.
(10 Marks)
(b) What do Fixed Capital and Functional Capital mean?
(10 Marks)
QUESTION 6
(a) What is the difference between Single Entry System and Double Entry System?
(7 Marks)
(b) What is a Partnership Deed? Briefly explain its important clauses.
(8 Marks)
(c) What is Goodwill?
(5 Marks)
QUESTION 7
(a) What is the significance of a Bank Reconciliation Statement?
(5 Marks)
(b) From the following particulars, prepare a Bank Reconciliation Statement as on 31st March 2014.
(15 Marks)
Balance as per Cash Book is ₹10,000 and balance as per Pass Book is ₹13,529.
A cheque for ₹1,000 was deposited but not recorded in the Cash Book.
A cash deposit of ₹200 was made but was not recorded in the bank column.
A cheque issued for ₹250 was not recorded.
The debit balance of ₹1,500 as on the previous day was brought forward as a credit balance.
The payment side of the Cash Book was undercast by ₹100.
A cash discount allowed of ₹112 was recorded as ₹121 in the bank column.
A cheque of ₹500 received from a debtor was recorded in the Cash Book but was not deposited in the bank for collection.
One outgoing cheque of ₹300 was recorded twice in the Cash Book.
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