Financial Accounting

Examination 2019

Group B

Attempt any Six question

Following cash and banking transactions were given to you.

1, December, Balance of cash in hand Rs. 6,200 and at bank Rs. 25,500.
9, December, Received a cheque of Rs. 5,000 from Pravin.
15, December, Goods purchased at Rs. 12,000 and paid in cash 4,000 and balance by Cheque.
22, December, Cash drawn from bank for office use Rs. 8,000.
31, December, Paid salary Rs. 7,000 by cheque and Rs. 3,000 office rent in cash.
Required: Cash book with a cash and bank column.

3. Following sales transactions were given to you

1, Chaitra, sold following items to Gurung Store, Pokhara.
  20 table fans @ Rs.1500 each.
  10 ceiling fans @ Rs.1000 each.
10, Chaitra, sold following items to Saru Brothers, Damauli
  15 Pressure cookers @ Rs.1000 each
  10 Rice cookers Rs.800 each
 (Trade discount 10 percent)
18, Chaitra, sold 13 pressure cookers @ Rs.900 each on cash to Shrestha store, Gorkha
25, Chaitra, sold following items to Puri Store Parbat
  25 table fans @ Rs.1500 each with trade discount 5 percent.
  10 ceiling fans @ Rs.1000 each.
Required: Sales book and sales-account

4. A company purchase a machinery at Rs. 5,00,000 on 1 January 2015. The company charged 10 percent depreciation under diminishing method. The machine has found unsuitable and sold at Rs. 2,40,000 on 1% July 2017. On the same date another machinery of costing Rs. 7,50,000 was purchased and charged 10 percent depreciation under diminishing depreciation method on 31% Dec. each year

Required: Machinery account from2015 to 2017.

5. Nepal Supply company is registered at 2,00,000 equity shares @ Rs. 100 each. But the company issued 1.00,000 shares to publics. The money called up Rs. 50 on application, Rs. 25 on allotment and Rs.20 on first and final call. The company received application for ) 90,000 shétes and accepted in full. A shareholder Rina holds 200 shares unpaid money of “first and final call.

Required: Journal entries for share application, allotment and first and final call.

6. A manufacturing company provides abstracts of material transactions of July.

1, July, Opening balance of materials 1,000 units @ Rs.10 each.
5, July, Issued 700 units
12, July, Purchased 800, units @ Rs.11 each. 2B,
18 July, Issued 700 units 26 — 280
22, July, Returns 50 units from work order July,5.
24, July, Purchased 700 units @ Rs.12 per unit.

Required: Store ledger under LIFO method

7. What are the features of company? Explain.

8. Describe matching and periodic concepts of accounting with example.

Group C

Attempt any Two question

9. Mr Raj started business from Baishak 2075. He had given following information of business for the month.

1, Baishakh, started business in cash Rs. 3,00,000 and computer Rs. 50,000.
3, Baishakh, Purchased goods on cash Rs. 1,00,000 and credit Rs. 1,00,000 from Thapa supplier.
4, Baishakh, Opened bank account at Prime Commercial Bank Rs. 90,000.
5, Baishakh, goods sold on cash Rs. 50,000 and on credit to Shrestha Rs. 30,000.
10 Baishakh, Goods purchased at Rs. 50,000 on credit from Thapa supplier.
15, Baishakh, Cash received from Shrestha Rs. 28,500 as full settlements.
22, Baishakh, Cash paid to Thapa supplier Rs. 98,000 and discount received Rs.2000.
24, Baishakh, Goods purchased from Nepal suppliers at Rs. 50,000, partial payment made by Cheque Rs. 20,000.
29. Baishakh, Electricity bill Rs. 3,000 and house rent Rs. 10,000 paid by issue of Cheques and salary Rs. 7,000 in cash.

Required: Journalized the above transactions and prepared ledger account of purchase, and Thapa supplier.

10. Following is the trial balance of a tharu Store on the year ending December, 31, 2018

Adjustment
a) Provide depreciation on furniture, 10 percent and vehicle 20 percent.
b) Prepaid insurance expired Rs. 10,000 only.
c) Outstanding salary Rs. 12,000.
d) Closing stock Rs. 40,600

Required: a. Trading account
i) Profit and loss account
ii) Balance sheet (3)

11. Define accounting. Explain scopes of accounting and its functions