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AKGEC/IAP/FM/01 Rev No-00

AJAY KUMAR GARG ENGINEERING ,COLLEGE,GZB.

DEPT. OF APPLIED SC. AND HUMANITIES

SESSIONAL TEST -1 [2011-2012]

MCA-I SEM Subject- AFM Max.Marks:- 30 PART -1 Q1. Answer the followings: (0.5 x 8=4 marks) (a) Window dressing is prohibited due to (a) Convention of full disclosure (b) Concept of Materiality (c) Double entry system of book keeping (b). The last date of the accounting year is known as --------------------(c). Which of the following is a direct expense:- (a) VAT on sales (b) Import duty (c) Sales tax (d).If the total of credit side of an account exceeds the total of its debit side, it indicates ------------balance. (e). ----------- all expenses and losses and ----------------- what comes into the business (f). The process of recording in the ledger is called. (g). The assumption that a business enterprise will not be sold or liquidated in the near future is known as the: (a). Economic Entity (b). Monetary unit (c) Conservatism (d) Periodicity (e) none of the above (h).Payment of salary is recorded by : (a) Debiting Salary a/c; Crediting Cash a/c (b) Debiting Cash a/c; Crediting Salary a/c (c) Debiting Employees a/c; Crediting Cash a/c (d) none of these Code: - MCA-112 Section:-A, B Time: - 1 hrs.

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PART-2
Q2. All questions are compulsory (4x4marks =16)

[A]. Discuss the Principle of Full Disclosure and Principle of Consistency? [B]. Classify the types of accounts and give their rules and also give examples. [C]. What are the main objectives of accounting process? [D]. What is meant by a ledger and what is ledger posting give example.

PART -3
Q3. All questions are compulsory [A]. Compute Journal Entries of the followings: (2x5marks =10)

(i) Purchases made worth 10000 at 10% Trade discount, 5% Cash discount for half the values paid in cash, and the balance to be paid after 20 days. (ii) Amount paid by Harikishan recovered. 20000 which was earlier written off as bad debts were

(iii) Furniture purchased and paid by Cheque 5000 (iv) Opened an account in Punjab National Bank by 25000 (vi) Goods costing 4500 market price 4900 distributed as free samples
[B]. Prepare the Trial Balance from the following balances as on the date 31st March 2011.

Purchases 100000; Sales 100000; Capital of Mr. X (owner) 300000; Interest Paid 8500; Rent paid 2500; Salaries paid 30000; Loan from Bank 50000; Furniture 40000; Opening Stock 20000; Drawings 45000 Cash 88000; Bank 110000; Debtors: A & Co. 50000 and B & Co. 25000; Creditors: P & Co. 35000 and R & Co. 34000. GOOD LUCK