Reg. No.
B.M.S COLLEGE FOR WOMEN AUTONOMOUS
BENGALURU – 560004
SEMESTER END EXAMINATION – JANUARY/FEBRUARY 2023
Open Elective - I Semester
ACCOUNTING FOR EVERYONE
(NEP Scheme 2021-22 onwards - Repeaters)
Course Code: COM1OE01A QP Code: 1201
Duration: 2 ½ Hours Max. Marks: 60
Instructions: Answer should be written completely either in English or Kannada.
SECTION – A
1. Answer any FIVE of the following questions. Each question carries TWO Marks. (5X2=10)
a. Define Accounting.
b. Write any two features of journal.
c. What do you mean by corporate governance?
d. Expand SEBI.
e. What do you mean by shares?
f. Mention any two Stock Exchange.
g. Write the rule of personal Account.
SECTION – B
Answer any FOUR of the following questions. Each question carries FIVE Marks. (4X5=20)
2. Explain the following accounting terms.
a. Profit
b. Asset
c. Debtor
d. Sales
e. Drawings
3. Write a short note on board of directors’ report.
4. Journalize the following transactions in the books of Mrs. Sudha.
1st June 2022 Started business with cash Rs. 3,00,000
7th June 2022 Cash purchases Rs. 30,000
12th June 2022 Sold goods to Mr. Raghu on credit Rs. 50,000
20th June 2022 Deposited cash into bank Rs. 4,000
25th June 2022 Paid Rent Rs. 4,000
25th June 2022 Purchased office furniture Rs. 60,000
30th June 2022 Received commission Rs. 2,000
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5. Prepare Trial Balance for the following balances as on 31st March 2021.
Account Amount (Rs.)
Purchases 5,20,000
Closing Stock 50,000
Salary and Wages 50,000
Sales 8,00,000
Plant & Machinery 2,00,000
Drawing 50,000
Investment 4,00,000
Creditors 1,00,000
Capital 4,00,000
6. From the following prepare personal account of Mr. John.
1st Jan 2022 Sold goods to him worth R.s 1,000
3rd Jan 2022 Purchased goods from him worth Rs. 500
5th Jan 2022 Received from him Rs. 900 and allowed him Rs. 100 as discount
10th Jan 2022 Returned goods to him worth Rs. 50
20th Jan 2022 Sold goods to him worth Rs. 400
25th Jan 2022 He returned goods worth Rs. 100
27th Jan 2022 Received from him Rs. 300
SECTION – C
Answer any TWO of the following questions. Each question carries TWELVE Marks. (2X12=24)
7. What do you mean by Accounting? Explain its Advantages and Disadvantages.
8. Prepare simple cash book and bring down the opening balance for the start of next month.
Date Particulars Amount (Rs.)
1st Dec 2022 Cash in hand 5,100
3rd Dec 2022 Cash sales 5,600
5th Dec 2022 Received from vinay on account 800
7th Dec 2022 Paid into bank 10,000
10th Dec 2022 Paid for postage 200
12th Dec 2022 Paid for wages 100
15th Dec 2022 Received commission 200
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20th Dec 2022 Withdrew from bank for office expenses 2,200
25th Dec 2022 Cash purchases 3,000
27th Dec 2022 Cash sales 2,400
28th Dec 2022 Received from Raj 1,100
29th Dec 2022 Cash withdrawn for personal use 900
30th Dec 2022 Paid into bank 2,200
9. From the following Balances of M/s Pawan Sales on 31/3/2021, prepare a Trading and Profit &
Loss Account and a Balance Sheet as on that date.
Particulars Amount Particulars Amount
Drawings 8,000 Sales 2,58,000
Capital 48,000 Return Inwards 2,000
Sundry creditors 80,000 Return Outwards 2,200
Debtors 1,26,000 Office salaries 18,000
Bills receivable 10,000 Manufacturing wages 8,000
Opening stock 90,000 Commission 9,000
Fixtures and Fitting 13,000 Trade expenses 5,000
Cash in hand 2,000 Rent 4,400
Machinery 24,800 Discount received 8,000
Bank overdraft 10,000 Bills payable 14,000
Purchases 1,00,000
The closing stock on 31.3.2021 was Rs. 1,04,000
SECTION – D
Answer any ONE of the following questions which carries SIX Marks. (1X6=6)
10. Prepare the format of statement of profit and loss account according to Schedule III of
companies Act 2013.
11. Explain users of accounting information.
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