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[15 Marks] 1. What do you mean by Accounting? Explain the functions of Accounting. 1. What do you mean by GAAP? How Indian GAAP is different than US GAAP? 2. What do you mean by concepts and conventions in Accounting? Explain the following concepts with suitable examples. a. Separate entity concept b. Matching concept [10 Marks] 2. Prepare the three columnar cashbook from the following transaction of Nair, which took place on 30 th September, 2015. a. Balance brought forward from the previous day: Cash in hand Rs. 100 and at bank Rs. 8,000. b. Instructed the bank to issue a bank draft for Rs. 5,000 in favor of Mr. Sugar. The bank charged Rs. 10 for issuing the draft. c. Received a bank draft for Rs. 5,760 from Mr. Michael in full settlement of Rs. 6,000 due from him. Sent the draft to the bank. d. Received a cheque from Rajesh for Rs. 2,000. Allowed him discount Rs. 120. e. Endorsed Rajesh’s cheque in favour of Mr. Hardy. f. Sent a cheque for Rs. 50 in payment of school fees of Nair’s son. g. Withdrew Rs. 500 from the bank. h. Placed an order with Ms. Vicars for goods of the value of Rs. 1,000 and sent cheque for Rs. 1,000 with the order. [15 Marks] 3. On 1 st October 2015 Mr. Xavier opened a Bank Account by depositing Rs. 12,000 in cash. All remittances are to be deposited into bank on the same day on which they are received and all payments are made by cheques. Enter the following transactions in the journal: October 2015 2 nd Goods sold to Mohan for cash Rs. 500. 5 th Settled Harry’s account of Rs. 400 at a discount of 5%. 7 th Received from Suresh a cheque for Rs. 1,450. Discount allowed Rs. 50 10 th Purchased a typewriter for Rs. 400. Spent Rs. 100 on its repairs.

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Financial accounting

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[15 Marks]

1. What do you mean by Accounting? Explain the functions of Accounting.1. What do you mean by GAAP? How Indian GAAP is different than US GAAP?2. What do you mean by concepts and conventions in Accounting? Explain the

following concepts with suitable examples.a. Separate entity conceptb. Matching concept

[10 Marks]2. Prepare the three columnar cashbook from the following transaction of Nair, which

took place on 30th September, 2015. a. Balance brought forward from the previous day: Cash in hand Rs. 100 and at

bank Rs. 8,000.

b. Instructed the bank to issue a bank draft for Rs. 5,000 in favor of Mr. Sugar. The bank charged Rs. 10 for issuing the draft.

c. Received a bank draft for Rs. 5,760 from Mr. Michael in full settlement of Rs. 6,000 due from him. Sent the draft to the bank.

d. Received a cheque from Rajesh for Rs. 2,000. Allowed him discount Rs. 120.e. Endorsed Rajesh’s cheque in favour of Mr. Hardy. f. Sent a cheque for Rs. 50 in payment of school fees of Nair’s son.g. Withdrew Rs. 500 from the bank.h. Placed an order with Ms. Vicars for goods of the value of Rs. 1,000 and sent

cheque for Rs. 1,000 with the order. [15 Marks]

3. On 1st October 2015 Mr. Xavier opened a Bank Account by depositing Rs. 12,000 in cash. All remittances are to be deposited into bank on the same day on which they are received and all payments are made by cheques. Enter the following transactions in the journal:

October 20152nd Goods sold to Mohan for cash Rs. 500.5th Settled Harry’s account of Rs. 400 at a discount of 5%.7th Received from Suresh a cheque for Rs. 1,450. Discount allowed Rs. 5010th Purchased a typewriter for Rs. 400. Spent Rs. 100 on its repairs.12th Suresh’s cheque was dishonored.15th Received cash Rs. 50 from Harry.20th Suresh settled his account by means of a cheques for Rs. 1,510 (Rs. 10

being for interest charged)27th Purchased machinery from Ramesh for Rs. 10,000 and paid him by bank

draft (bank charged Rs. 10 for bank draft commission).4.

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