# Financial Accounting BCOM 1st Year Mock Paper – II Short Question Answer

Financial Accounting BCOM 1st Year Mock Paper – II Short Question Answer :- This Post is very helpfull for all student BCOM, M.COM, M.A, B.SC. In this post, all the mock test papers and question answers related to BCOM have been provided in full. By reading this, students will get maximum help in their studies.

## (Short Answer Questions)

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Note: This Section contains one question of ten parts requiring short answers. Each part carries 4 marks.

1. (i) What are the various branches of accounting?

(ii) Describe two conventions of accounting.

(iii) ‘Ledger is the principal book of accounts in the business? Explain.

(iv) Define capital and revenue expenditures.

(v) What do you mean by insolvency?

(vi) Distinguish between fixed assets and current assets.

(vii) Explain inter-branch transaction.

(viii) The cash price of a machine is 33,000, which is sold under hire-purchase system for 39,000. Purchaser had to pay 9,000 immediately at the time of agreement and balance in four equal instalments of 7,500 each. Find out the interest included in each instalment.

(ix) What do you mean by minimum rent?

(x) Sita and Geeta share profits in the ratio of 3:1 and Reeta is admitted taking 1/8 of profit from each partner: Calculate new profit sharing ratio among Sita, Geeta and Reeta.

## (Descriptive Answer Questions)

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Note: Each Section contains two questions. Attempt one question from each Section. Each question carries 15 marks. Answer must be descriptive.

## Section-B

1. Prepare final accounts of Gaurav Provisions for the year ending at March 31st, 2012 from the following:
 Particulars Amount (Rs) Amount (Rs) Purchase and sales 70,007 82,500 Sales return 505 – Opening stock 24,600 Bad debts 3,000 Depreciation 1,800 General expenses 700 Provision for bad debts 1,200 Salaries 3,00 0 Capital 55,310 Cash 8,708 Debtors and creditors 21,300 20,625 Furniture 4,500 Outstanding salaries 785 Plant 25,000 1,60,420 1,60,420

(i) Closing stock 21,499.

(ii) Credit purchase of 4,200 has not been recorded.

(iii) Write off 300 for bad debts and make a provision of 1,000 for bad and doubtful debts.

(iv) Purchase of furniture of 2,000 has been recorded in purchase book.

1. Journalise the following transactions in the books of Mr. Anil Kumar: Year 2000

Jan. 1 He paid into bank Rs 2,000.

Jan. 2 He distributed goods by way of free sample Rs 1,000.

Jan. 5 He withdrawn goods for personal use Rs 4,000.

Jan. 8 He purchased goods worth 5,000 for cash less 20% trade discount and 5% cash discount.

Jan. 10 He paid salary to Ratan 1,000.

Jan. 15 He received interest from Madhu 400.

Jan. 20 He returns goods to Amrit Rs 400.

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