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22nd September 2014, 11:44 AM
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Re: Financial Accounting Solved paper

You are looking for Financial Accounting Solved question paper, i am giving here:

1. (a) Explain any two of the following :
(i) Financial statements
(ii) Petty cash book
(iii) Cash system of accounting.

(b) State, with reasons in brief, whether the following statements are true or false :
(i) A bank reconciliation statement is prepared at the end of an accounting period
(ii) At the time of receiving the goods, the consignee treats the consignor as a
(iii) Trade discount is not recorded in the books of account.
(iv) Interest on capital and salary to proprietor are incomes and hence are shown on
the credit side of profit and loss account of the proprietary firm.
(v) If the date of payment of a bill after taking into account the days of grace falls
on a holiday, the payment of the bill is to be made on the following working

2. (a) Re-write the following sentences after filling-in the blank spaces with appropriate
word(s)/figure(s) :
(i) When the bank column of the columnar cash book shows a credit balance, it
means that there is a bank ____________.
(ii) Acceptance of a bill of exchange is an acknowledgement of ____________.
(iii) ____________ account is prepared at the time of dissolution of a firm.
(iv) Real account usually shows a ____________ balance.
(v) When goods are returned to a supplier, a ____________ note is sent to him.
(vi) Joint venture account is a ____________ account prepared to find out profit or
loss of the joint venture.
(vii) ____________ is the amount which a non-trading concern receives as per the
will of a deceased person.
(viii) Promissory note contains an unconditional ____________ to pay a certain sum
of money to a certain person or to his order after the specified period of time.

(b) Distinguish between any two of the following :
(i) ‘Reserve’ and ‘provision’.
(ii) ‘Bill of exchange’ and ‘promissory note’.
(iii) ‘Sale’ and ‘consignment’.

For detailed paper here is attachment:
Attached Files
File Type: pdf Financial Accounting Paper.pdf (85.4 KB, 364 views)

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