Financial Accounting and Analysis 2081 Board Question Paper

What is matching concept of accounting?

State the meaning of book keeping accounting.

Define the meaning of NFRS.

Write down the meaning of contingent liabilities.

What is Trial Balance?

On January 1, a Company borrowed Rs. 600,000 from bank by singing a 6 month, 12% notes payable. It paid the principal and interest at due date.
Required: Journal entries for issue and retirement of note

The following information are provided to you:
Sales ........................................................................... Rs. 800,000
Opening stock of finished goods ................................ Rs. 150,000
Closing stock of finished goods .................................. Rs. 50,000
Materials purchased .................................................... Rs. 500,000
Store supplies .............................................................. Rs. 200,000
Power and fuel ............................................................ Rs. 80,000
Required: Amount of Value added

The following information are given:
Started business with cash of Rs, 50,000 and goods of Rs. 150,000
Received commission Rs. 26,000 including advance commission of Rs. 2,000
Required: Accounting equation

The following transactions of the Furniture House are given below: Feb7 Returned by SH Furniture and Company
10 Chairs @ Rs 2,000 each
3 Sofa sets @ Rs 10,000 each
(Trade discount 10%)
Feb16 Returned from KK Furniture 6 Tables for Rs 5,000 each
Feb28 Returned to MM Furniture 2 Study Tables for Rs 6,000 each
Required: Return Inward Book

The following information is provided:

The following information is provided:
Net working capital Rs.300,000 that represents Rs.100,000 inventory value Current liabilities Rs.200,000 Capital employed Rs.1,000,000 Debentures Rs.300,000 Accounts receivable Rs.80,000 Operating profit of the year Rs.100,000 being 10% of Sales. Income tax is 25% Required:
a. Net profit after tax   b. Current ratio
c. Debt to total capital ratio   d. Inventory turnover ratio
e. Average of receivable   f. Return on shareholder's equity
g. Net profit margin   Started business with cash of Rs.50,000 and goods of Rs.150,000
Received commission Rs.26,000 including advance commission Rs.2,000
Required: Accounting equation [1+ 6+1.5=10]

Write down the meaning of the sources of document. Also, explain the importance of sources of documents. [4+6=10]

ABC Company provides you the following information related to the inventories for 6 months.
Jan 1: Beginning Inventory 600 units @ Rs 10 each.
Feb 9: Purchased 1,100 units @ Rs.12 each
March16: Sold 1,500 units @ 15 each
April 24: Purchased 500 units @ Rs.13 each
May 27: Purchased 300 units @ Rs.14 each
June 30: Sold 800 units @ Rs.17 each
Required:
a. Ending inventory and cost of goods sold under the FIFO and weighted average costing method
b. Income statement showing net income, assume depreciation expenses Rs.5,000 and other operating expenses Rs.10,000. [6+4=10]

a) A company purchased a machine costing Rs.220,000 on 1st Baishakh 2078. The useful life of the machine is 5 years with expected salvage value of Rs.20,000. The company decided to follow the straight line depreciation policy. At the end of Ashwin 2080, the company sold the machine for Rs.270,000 and purchased another machine for Rs.500,000. The books are closed on 31st Chaitra every year.
Required: Machinery account for the 1st three years. [5]

b. Differentiate between capital revenue and revenue expenditure. [5]

a. On Chaitra 2080, Bank Statement disclosed a balance of Rs.11,400 and Cash Book showed the balance of Rs.11,000
i) Deposit in transit Rs.2,000
ii) Cheque issued of Rs.6,000 but only Rs.2,000 presented for payment.
iii) Notes receivable and interest collected by the bank Rs.2,500 and Rs.600 respectively.
iv) Cheque of Rs.4,800 deposited by the company on Chaitra was recorded by the bank as Rs.4,200
v) A customer's cheque for Rs.3,000 was returned by the bank due to insufficient fund.
vi) EFT payment Rs.1,000.
vii) Bank charge Rs.100 for the service provided by the bank
Required: Bank Reconciliation Statement [5]

b. What is receivable? What are the different types of receivable? [2+3=5]

What is lease? Why is it needed? Also, explain the importance of lease. [4+3+3=10]

Following are the transaction of a company:
a. Started business with cash Rs.1,000,000.
b. Deposited into bank Rs.300,000
c. Paid rent in advance Rs.52,000
d. Sold merchandise goods for Rs.400,000 on account.
e. Purchased merchandise goods for Rs.200,000 on account
f. Pre paid insurance paid Rs.12,000
g. Received Rs.380,000 after deduction of 5% discount from the customers.
h. Paid Rs.190,000 in full settlement by cheque.
i. Paid electricity bill Rs.8,000.
j. Paid office salary Rs.36,000 by issuing cheque.
Additional Information
a) Unsold stock recorded at Rs.20,000.
b) Salary remain unpaid Rs.4,000.
c) Insurance premium expired Rs.8,000
Required:
a. Journal entries for above transactions [6]
b. T accounts (ledger) for accounts receivable and accounts payable [2]
c. Triple column cash book [4]
d. Adjusted Trial balance [3]

The income statement and other related information have been provided below: Income Statement for the year end 2080

What is accounting information? Who are the user of accounting information and why do they need such information ? Explain.