BBS First Year Financial Accounting and Analysis | MGT211 | Model Question 2020 | TU | Set B | Download in PDF

BBS First Year Financial Accounting and Analysis MGT211 Model Question 2020 TU Set-B Download PDF
drg vlogs
BBS-First-Year-Financial-Accounting-Analysis-MGT211-Model-Question-2020-TU-Set-B-Download-PDF
TRIBHUVAN UNIVERSITY
Faculty Of Management
Office Of The Dean
BBS / 4 Years Programme / First year / MGMT
Financial Accounting and Analysis ( MGT 211 )
Full Marks :100
Pass Marks : 35
Time : 3 hrs.
MODEL QUESTION – 2020
Set - B
Candidates are required to give their answers in their own words as far as practicable. The figures in the margin indicate full marks.

Section A

Brief Answer Questions. (10X2=20)

1. What is financial accounting?
Also Check:
BBS First Year Business English Model Question 2019-2020 | TU | Download in PDF.
3. Write about the perpetual system of inventory.

4. Write any two differences between stock dividend and stock splits.

5. What is matching concept of accounting?

6. An enterprise has total assets of Rs. 500,000 and liabilities of Rs. 300,000 at the beginning of the year. During the year, the company earned Rs. 200,000 and distributed Rs. 50,000 dividend.
Required: Equity at the end of the year

7. The following transactions of the company are given below:
Jestha 2 Acceptance was given to Hari for 3 months for Rs.30,000
Ashad 9 Received from Rajendra an acceptance for 1 month for Rs.8,000
Ashad 27 Discounted Rajendra’s acceptance for Rs.7,900
Shrawan 25 Acceptance was given to Ram for 2 months for Rs.22,000
Required: Bills Payable Book

8. ABC Company receives a one year loan from Nepal Bank Ltd. On 1st Shrawan 2075. The face value of the Note of Rs.100,000 must be repaid on 31st Ashad 2076 along with 12% interest.
Required: Journal entries to record the loan and its repayment.

9. Pashupati Company redeemed Rs. 100,000 face value bond issued at premium Rs. 10,000. The unamortized premium was Rs. 6,000 and the bond contains a call provision of Rs. 103.
Required: Gain or loss on early redemption of bond.

10. Following information are given to you:
Insurance expenses Rs.10,000
Salary Rs.12,000
Commission received Rs.5,000
Interest (Cr.) Rs.7,000
Utilities Rs.8,000
Depreciation Rs.10,000
Supplies expenses Rs.4,000
Required: Closing entries

Section B

Short Answer Questions (5x10=50)

Attempt any FIVE Questions [5x10=50]
11. On 31st Chaitra 2075 Bank Statement of Citi College disclosed a balance of Rs.12,400 and Cash Book showed the balance of Rs.12,500
a. Number of cheques were deposited in the bank but on 31st Chaitra, 2075, a cheque for Rs.2,000 was not credited in the Bank Statement.
b. Cheques issued of Rs.6,000 but only Rs.2,000 presented before 31st Chaitra.
c. Notes receivable collected by the bank Rs.1,500
d. Cash of Rs.4,800 deposited by the college on Chaitra was recorded by the bank as Rs.4,200.
e. A cheque for Rs.3,000 received from a student was returned by the bank due to insufficient fund with the bank.
Required:
i. Journal entries
ii. Bank Reconciliation Statement as on 31st Chaitra 2075
iii. Bank balance on 31st Chaitra balance sheet. (4+5+1=10)

12. Alpha Enterprises provides you the following information related to the inventories for April 2019. Alpha makes counting and recording of inventories items only at end of each month.
April 1 Beginning inventory 600 units @ Rs10 each
April 5 Purchased 800 units @ Rs.11 each
April 12 Purchased 1,200 units @ Rs.12 each
April 19 Sold 1,000 units @ 18 each
April 23 Purchased 600 units @ Rs.12 each
April 26 Purchased 220 units @ Rs.15 each
April 30 Sold 1.200 units @ Rs.20 each
Required:
(a) What inventory system the Alpha is adopting? (2)
(b) Ending inventory and cost of goods sold under the LIFO method assuming a periodic inventory system. (6)
(c) Income statement showing net income, assume depreciation expenses Rs. 8,000 and other operating expenses Rs. 12,000. (2)

13. a. ABC Company bought a machine, expected to render 72,000 hours of service for Rs.380,000. Its transportation and installation cost are 10,000 each with salvage value of Rs.40,000. It has been estimated that the time requires for manufacturing a finished product is 2 machine hour per unit.
During first 3 years, the company manufactured the goods as under
Year 1 2 3
Output in units 9,000 10,000 11,000
Required: Machinery account for 3 years. (5)
b. Differentiate between accounting and accountancy. (5)

14 a. During the year of 2075, XYZ Company made total sales of Rs.12,00,000 of which 70% are on credit. Company collected cash of Rs.768,000 from the open account in that year. In the year 2075 it has also wrote off Rs.20,000 as an uncollectible account.
The following are balance of accounts at the end of 2074.
Account Receivables Rs.200,000
Allowance for doubtful debt Rs.18,000
Company past performance shows that 5% of its ending balance of account receivable is
expected to be doubtful debt account.
Required:
  • a. Journal entries for sales, collection and write-off of uncollectable accounts
  • b. Estimated bad debt for 2075 based on the percentage on account receivable. Also, journalize it. (3+2=5)
b. Differentiate between capital and revenue expenditure. (5)

15. “A lease is a legal contract under which one party agrees to pay rent properly owned by other party”, discuss. (10)

16. Explain the meaning of the source of documents. Also, write down the importance of source of documents. (5+5=10)

Section C

Long Answer Questions (attempt any two) (2x15=30)

17. The ABC Company’s Statement of Profit and Loss a/c and Statement of Financial Position for two years have been given below:
Statement of Profit and Loss a/c for the year 2075
Particulars Amount (Rs.)
Sales (Including Rs.800,000 credit sales) 15,00,000
Less: Cost of goods sold 900,000
Gross Profit 600,000
Less: Operating Expenses

 
Depreciation 300,000
Debenture Premium 20,000
Interest paid 10,000
Other Operating Expenses 150,000
Net Income before other income 120,000
Add: Profit from sale of fixed assets (book value Rs.40,000) 20,000
Net profit 140,000

Statement of Financial Position of a company for 2074 and 2075
Capital & Liabilities 2074 2075
Share Capital @ Rs.100 per share 1,200,000 1,500,000
Share Premium 120,000 150,000
General Reserve 40,000 60,000
10% Debenture 200,000 100,000
Account Payable 160,000 240,000
Bank Overdraft 230,000 160,000
Retained Earnings 150,000 290,000
Total 2,100,000 2,500,000
Assets

 

 
Fixed Assets 1,500,000 2,000,000
Investment 100,000 200,000
Inventories 50,000 100,000
Account Receivable 235,000 90,000
Cash 200,000 100,000

Preliminary expenses

 15,000 10,000
Total 2,100,000 2,500,000
Required for 2075:
a. Current Ratio b. Quick Ratio
c. Debt to Total Capital Ratio
d. Inventory Turnover Ratio
e. Total Assets Turnover Ratio
f. Net Profit Ratio
g. Return on Equity
h. Return on Investment
i. Interest Coverage Ratio
j. Account Receivable Turnover Ratio (10x1.5=15)

18. An unadjusted trial balance of a company are given below.
Particulars Debit (Rs.) Credit (Rs.)
Cash 300,000

 
Bank 350,000

 
Discount Allowed 5,000

 
Furniture 200,000

 
Purchases 200,000

 
Debtors 80,000

 
Interest on loan 7,000

 
Salary 60,000

 
Rent 52,000

 
Capital

 

 600,000
Creditors

 

 45,000
Discount Received

 

 10,000
Sales

 

 500,000
12% Bank Loan

 

 100,000

 

 1,255,000 1,255,000
Adjustment:
a. Closing stock Rs.50,000
b. Prepaid rent was Rs.4,000
c. Outstanding interest on bank loan was Rs.5,000
d. Depreciation on furniture at 25% per annum
Required:
i. Adjusted Trail Balance (2)
ii. Statement of Profit and Loss a/c as per NFRS (4)
iii. Statement of Financial Position as per NFRS (4)
iv. Statement of Cash flow Statement as per NFRS (5)

19. a. Who are the external users of accounting information? Why do they need such information? (8)
b. Explain about the value added statement with its advantages. (7)

DOWNLOAD:
BBS First Year Financial Accounting and Analysis Code-MGT211 Model Question 2020 TU Set-B | Download in PDF.
[alert type=alert_outline alert_info]Solution for BBS First Year Financial Accounting and Analysis Code-MGT211 Model Question 2020 TU SetB is coming soon ... 😊[/alert]

View BBS First Year Financial Accounting and Analysis Code-MGT211 Model Question 2020 Set-B Tribhuvan University and download in PDF.

Tags
drg vlogs
A Learner (अज्ञान जस्तो ठूलो शत्रु अरु केही छैन।) 👈
Comments
First of all, thank you for taking the time to read my blog. It's much appreciated! If you would like to leave a comment, please do, I'd love to hear what you think!

Suggestions and/or questions are always welcome, either post them in the comment form or send me an email at drgurung82@gmail.com.

However, comments are always reviewed and it may take some time to appear. Always keep in mind "URL without nofollow tag" will consider as a spam.

[image] image_url [/image]

To add a code block:
[code] your_code [/code]

To add a quote:
[quote] your_quote [/quote]

To add a link:
[link] your_link_text | link_url [/link]
Newer Posts Older Posts