Total number of printed pages — 2 MCA
MCC 105

First Semester Examination — 2012-13
FINANCIAL ACCOUNTING
Full Marks -70
Time: 3 Hours

Answer Question No.1 which is compulsory and any five from the rest.

The Figure in the right hand margin indicate marks.

Q1. Answer the following questions: 2*10

(a)Write two privileges enjoyed by Preference shares.

(b)Write the difference between issued capital and paid up capital.

(c) Why- Business Entity concept of accounting important ?

(d) PassJournal Entry :
Depreciation is charged @20% on Machinery worth 40,000

(e) What is Ledger?

(f) What do you understand by pro-rata allotment of share ?

(g) Write two examples of contra entry.

(h)Give two exampless of Representative personal account.

(i) Write two transactions recorded in Journal Proper?

(j)What is the implication of debiting the capital?

2. Define accounting equation? How do you prepare accounting equation?Illustrate with five transactions. 10

3. Define double entry system of accounting. Also discuss the different users of accounting information.10

4. Sintex Ltd issued 10,000 shares of Rs.100 each at a premium of Rs. 20 per share payable Rs 20 on application, Rs 45 on allotment(including premium), Rs 30 on first call and Rs 25 on 2nd call. Applications were received for Rs 15,000 shares and application money of 5,000 shares were refunded. Prakash to whom 1000 shares were alloted failed to pay the allotment money and subsequent calls surya to whom 500 shares were alloted failed to pay the two calls.
Pass Journamentry to record the above transactions.10

5. Concept is backbone of accounting. Discuss the concepts guiding the generally accepted principles of accounting.10

6. From the Following Trial Balance of M/S Raghu, Prepare Trading, P & L A/c for the year ending 31.12.2010 and the Balance sheet as on that date after taking into consideration the following adjustments10

7.(a) what do you mean by. Capital Expenditure ?How it is different from revenue expenditure ?5

(b) Wheather the following item is capital or revenue 5
Wheather the following item is capital or revenue :
(i)Comission Received
(ii)Repair expenditure of second hand machine.
(iii)Repair and maintance of existing building.
(iv)Electricity charges of factory building.
(v)Direct wages paid for the installing a newly purchased plant.

8. Write short notes on any two5*2
(a) Triple column cash book.
(b) Trial Balance.
(c) Marshalling of Balance sheet