Sample Paper2-Accounting and Finance for Bankers

8/13/2019 Sample Paper2-Accounting and Finance for Bankers

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JAIIB SPECIMEN QUESTIONS

ACCOUNTING & FINANCE FOR BANKERS

MODULE D

1. Select fro t!e follo"#$% ' (t'tee$t "!#c! ()e'*( '+o,t l#'+#l#t#e( of '$ e$t#t-.

'/ T!e l#'+#l#t#e( co$(#(t of cl'#( of t!e o"$er(

+/ The l#'+#l#t#e( co$(#(t of cl'#( of t!e o"$er( '$0 o,t(#0er(

c/ T!e l#'+#l#t#e( co$(#(t of cl'#( of t!e o,t(#0er(

0/ No$e of t!e '+oe

2. If t!e $et "ort! of t!e +,(#$e(( #( R(.344 f#5e0 '((et( 're R(. 344 c,rre$t '((et( R(.644

#$e(te$t( R(.644 c,rre$t l#'+#l#t#e( R(. N#l "!'t #( t!e 'o,$t of cl'# to o,t(#0er(7

'/ R(. N#l

+/ R(. 1144

c/ R(.344

0/ Rs.844.

6. Select fro t!e follo"#$% ' (e$te$ce "!#c! #( "ro$%

'/ If '((et( #$cre'(e '$0 l#'+#l#t#e( 0o $ot t!e c')#t'l "#ll #$cre'(e

+/ If '((et( #$cre'(e '$0 l#'+#l#t#e( 'l(o #$cre'(e +- ('e (, t!e c')#t'l "#ll re'#$ ('e

c/ A re0,ct#o$ #$ t!e 'o,$t of '((et( "#ll 'o,$t to e9,#'le$t re0,ct#o$ #$ t!e $et "ort!

0/ An increase #$ t!e 'o,$t of l#'+#l#t#e( "#t! $o corre()o$0#$% #$cre'(e #$ l#'+#l#t#e( "#ll

#$cre'(e t!e 'o,$t of c')#t'l

:. T!e f#r (ell( %oo0( o$ cre0#t for R(.34444 t!e co(t of t!e %oo0( (ol0 #( R(.64444.T!e effect of

t!e tr'$('ct#o$ #( t!'t t!e c')#t'l of t!e f#r;;;;;

'/ #$cre'(e( +- R(.34444+/ re0,ce( +- R(.:4444

c/ increases+- R(. 24444

0/ re0,ce( +- R(. 24444

.

3. Mr.G!'t%e coe$ce0 !#( +,(#$e(( o$ 1(tA)r#l 2448 "#t! C')#t'l of R(.144444. F#5e0 A((et( R(.1 24444 '$0 +'$* +'l'$ce of R(.66444 '$0 Cre0#tor( R(. 1=444.

?!'t "'( !#( $et )rof#t for t!e -e'r 43;487

'/ Rs. 68444

+/ R(.=4444

c/ R(.364440/ No$e of t!e '+oe

.

8. O$e of t!e )'#r( %#e$ +elo" #( "ro$%. Select t!e "ro$% )'#r.

'/ Outstandinge5)e$(e( ; No#$'l 'cco,$t

+/ Prof#t '$0 Lo(( Acco,$t Dr. +'l'$ce/ @ A))l#c't#o$ of f,$0(

c/ Net "ort! le(( re(ere( & (,r)l,( ; C')#t'l

0/ B'l'$ce (!eet ; F#$'$c#'l )o(#t#o$


2/31

=. C!oo(e t!e (e$te$ce "!#c! ()e'* '+o,t #lle%'l '((oc#'t#o$

'/ T!e ,$re%#(tere0 '((oc#'t#o$ of 14 )er(o$( to 0o +'$*#$% +,(#$e((+/ The ,$re%#(tere0 '((oc#'t#o$ of 34 )er(o$( to 0o $o$ +'$*#$% +,(#$e((

c/ T!e ,$re%#(tere0 '((oc#'t#o$ of 24 )er(o$( to 0o +,(#$e(( ot!er t!'$ +'$*#$%

0/ T!e ,$re%#(tere0 '((oc#'t#o$ of 14 )er(o$( to 0o +,(#$e(( ot!er t!'$ +'$*#$%

. Fro t!e follo"#$% f#$0 ' (e$te$ce "!#c! #( f'l(e #$ re()ect of )'rt$er(!#)

'/ If t!e )'rt$er(!#) #( follo"#$% t!e F#5e0 C')#t'l Acco,$t Met!o0 ('l'r- )'-'+le to '

)'rt$er #( cre0#te0 to t!e )'rt$er( c,rre$t 'cco,$t

+/ Dr'"#$%( '0e +- )'rt$er( 're $eer e$tere0 #$ t!e Prof#t '$0 Lo(( A))ro)r#'t#o$

Acco,$t.

c/ In the Fl,ct,'t#$% C')#t'l Acco,$t Met!o0 t!e +'l'$ce #$ t!e c')#t'l 'cco,$t 'l"'-(

re'#$( t!e ('e

0/ T!e c')#t'l 'cco,$t of ' )'rt$er #( re9,#re0 to +e o)e$e0 #$ +ot! t!e F#5e0 C')#t'l

Acco,$t Met!o0 '$0 Fl,ct,'t#$% C')#t'l Acco,$t Met!o0

. Fro t!e 'cco,$t %#e$ +elo" (elect t!e 'cco,$t "!#c! #( "ro$%l- #$cl,0e0 #$ Prof#t & Lo((

A))ro)r#'t#o$ Acco,$t 't t!e 0e+#t (#0e

'. Drawings Acco,$t

+. P'rt$er( S'l'r- Acco,$t

c. I$tere(t o$ Lo'$ Acco,$t

0. Co#((#o$ to P'rt$er( Acco,$t

14. T!e 'er'%e $et )rof#t( e5)ecte0 're R(.14444 )er '$$, +efore c!'r%#$% re,$er't#o$ of R(. 1444

to )'rt$er . T!e c')#t'l e)lo-e0 #$ t!e +,(#$e(( #( R(.844444. T!e r'te of ret,r$ e5)ecte0 o$ c')#t'l

e)lo-e0 of ' f#r #( 14. ?!'t #( t!e 'l,e of %oo0"#ll o$ t!e +'(#( of t"o -e'r( ),rc!'(e of (,)er

)rof#t(.

'. R(.14444

+. Rs.84444

c. R(.=444

0. No$e of t!e '+oe

11. A '$0 B 're t"o )'rt$er( #$ ' f#r (!'r#$% )rof#t( '$0 lo((e( '( 2>1. t!e- '0#tte0 C '( ' )'rt$er "#t!

23 (!'re #$ t!e )rof#t( of t!e f#r.


3/31

.

12. Mr. Q '$0 Mr. R "ere )'rt$er( of ' f#r (!'r#$% )rof#t '$0 lo((e( #$ t!e r't#o of 6>2. T!e- t'*e S #$to

)'rt$er(!#). It "'( '%ree0 t!'t S "#ll )'- R(.144444 '( !#( (!'re of %oo0"#ll "!#c! "#ll +e ret'#$e0

#$ +,(#$e(( '$0 'l(o +r#$% R(.644444 '( c')#t'l for o$e fo,rt! (!'re #$ t!e f,t,re )rof#t(. T!e +oo*

'l,e of t!e (toc* "'( :1444 +,t "'( to +e re'l,e0 't R(.34444 Acco,$t'$t !'( )'((e0 follo"#$%

e$tr#e( +,t Mr. Q feel( t!'t o$e of t!e e$tr- #( "ro$%. Select t!e "ro$% e$tr- fro t!e follo"#$%.

'/ De+#t c'(! '$0 cre0#t Goo0"#ll for R(.144444

+/ De+#t c'(! '$0 cre0#t S( C')#t'l for R(.644444

c/ Debit Goo0"#ll for R(.144444 '$0 cre0#t Q( C')#t'l +- R(. 84444 & R( C')#t'l +- R(.

:4444

0/ De+#t Stoc* '$0 cre0#t Prof#t & Lo(( A0,(te$t AHc +- R(.444

.

16. Re'0 t!e follo"#$% fo,r o,r$'l e$tr#e( "!#c! 're )'((e0 to co$(#0er re'l,'t#o$ of '((et( '$0

l#'+#l#t#e( 't t!e t#e of '0#((#o$ of ' )'rt$er. O$e of t!e o,r$'l e$tr#e( #( "ro$% c!oo(e t!e e$tr-

"!#c! #( "ro$%.

'/ For #$cre'(e #$ t!e 'l,e of '((et(;De+#t A((et Acco,$t '$0 Cre0#t Re'l,'t#o$ Acco,$t.

+/ For 0ecre'(e #$ t!e 'l,e of l#'+#l#t#e(; De+#t L#'+#l#t#e( Acco,$t '$0 Cre0#t Re'l,'t#o$

Acco,$t.

c/ For Prof#t o$ re'l,'t#o$ of '((et( '$0 l#'+#l#t#e( @ De+#t Ol0 P'rt$er( C')#t'l Acco,$t #$

ol0 )rof#t (!'r#$% r't#o '$0 Cre0#t Re'l,'t#o$ Acco,$t

0/ For 0ecre'(e #$ t!e 'l,e of '((et( ;De+#t Re'l,'t#o$ Acco,$t '$0 Cre0#t A((et Acco,$t

1:. A$- f'ct( o+(er't#o$( occ,rre$ce( 're c'lle0 ;;;;;

(a) data

+/ recor0

c/ f#le

0/ (-(te

13. I$ t!e +oo*( of ABC E$ter)r#(e( ' )'rt$er(!#) f#r "!e$ Mr. C ' )'rt$er 0ec#0e0 to re(#%$ fro

t!e f#r ' re'l,'t#o$ of '((et( '$0 l#'+#l#t#e( "'( 0o$e '$0 Re'l,'t#o$ 'cco,$t "'( )re)'re0 "!#c!

(!o"e0 t!e follo"#$% )o(#t#o$> At t!e cre0#t (#0e of Re'l,'t#o$ Acco,$t Stoc* AHc R(.23444

Pre#(e( AHc R(.32444 '$0 Cre0#tor( AHc R(. 444 "ere (!o"$ "!#le 't 0e+#t (#0e of Re'l,'t#o$

Acco,$t Re(ere for Do,+tf,l De+t( AHc. R(.13444 A( C')#t'l AHc.R(.24444 B( C')#t'l AHc.

R(.24444 '$0 C( C')#t'l AHc. R(.24444 "ere (!o"$. Acco,$t'$t !'( #$ter)rete0 t!e Re'l,'t#o$

Acco,$t '( follo"(. O$e of t!e #$ter)ret't#o$( +- !# #( #$correct. Select t!e #$correct (e$te$ce.

'/ Stoc* #( re'l,e0 ,)"'r0l- +- R(. 23444

+/ Creditors 're re#(e0 ,)"'r0l- +- R(.444


4/31

c/ Pre#(e( 're re#(e0 ,)"'r0l- +- R(.32444

0/ A )ro#(#o$ o$ 0e+tor( of R(. 13444 #( '0e for 0o,+tf,l 0e+t(

.

18. Select t!e Tr,e (t'tee$t fro t!e follo"#$%

'/ Interest o$ 0r'"#$% #( '$ #$coe to t!e )'rt$er(!#) f#r

+/ Jo#$t e$t,re #( ' )er'$e$t )'rt$er(!#) f#r

c/ Goo0"#ll #( ' t'$%#+le '((et of t!e f#r

0/ I$ t!e '+(e$ce of )'rt$er(!#) '%reee$t )'rt$er( (!'re )rof#t '$0 lo(( #$

)ro)ort#o$ to t!e c')#t'l co$tr#+,te0 +- t!e )'rt$er(.

1=. Select t!e #$correct (t'tee$t #$ re()ect of co)'$#e(.

'/ A e+er of ' co)'$- c'$ e$ter #$to co$tr'ct "#t! ' co)'$-

+/ It #( co),l(or- to re%#(ter ' o#$t (toc* co)'$-

c/ If all+,t o$e e+er of ' )r#'te co)'$- +ecoe( #$(ole$t #t 'ffect(

t!e e5#(te$ce of t!e or%'$#('t#o$

0/ S!'re!ol0er( 're $ot l#'+le for t!e 'ct( of t!e co)'$-

1. Select t!e #$correct (e$te$ce

'/ ?!e$eer t!ere #( $o )rof#t or #$'0e9,'te )rof#t 0##0e$0 c'$$ot +e0ecl're0

+/ The right to cl'# 0##0e$0 l')(e( "!e$ t!ere #( $o )rof#t #$ c'(e of

c,,l't#e )refere$ce (!'re(

c/ ?!e$ t!e co)'$- '*e( )rof#t 'rre'r( of )refere$ce 0##0e$0 're cle're0

f#r(t

0/ T!e Act )ro!#+#t( t!e #((,e of '$- )refere$ce (!'re( "!#c! 're

#rre0ee'+le

1. Select t!e #$correct (t'tee$t

'/ A,t!or#e0 c')#t'l #( t!e c')#t'l "#t! "!#c! t!e co)'$- #( re%#(tere0

+/ I((,e0 c')#t'l #( e9,'l to #t( ',t!or#e0 c')#t'l

c/ Authoried c')#t'l #((,e0 c')#t'l (,+(cr#+e0 c')#t'l c'lle0 ,) c')#t'l '$0

)'#0 ,) c')#t'l c'$$ot +e ('e

0/ T!e 'o,$t "!#c! t!e co)'$- !'( '(*e0 #t( (!'re!ol0er( to )'- #( c'lle0

,) c')#t'l of t!e co)'$-.

24. Follo"#$% 're t!e o,r$'l 0,r#$% t!e )roce(( of '))l#c't#o$ to 'llote$t (t'%e . O$e of t!e e$tr#e( #(

"ro$%. Select t!e "ro$% e$tr-.

'/ De+#t +'$* 'cco,$t '$0 cre0#t (!'re '))l#c't#o$ 'cco,$t "!e$ '))l#c't#o$

o$e- #( rece#e0/

+/ De+#t (!'re '))l#c't#o$ 'cco,$t '$0 cre0#t (!'re c')#t'l 'cco,$t

'))l#c't#o$ tr'$(ferre0 to (!'re c')#t'l 'cco,$t/

c/ Debit (!'re c')#t'l '$0 cre0#t (!'re 'llote$t 'cco,$t for recor0#$%

'llote$t o$e- +e#$% f'lle$ 0,e /0/ De+#t +'$* 'cco,$t '$0 cre0#t (!'re 'llote$t 'cco,$t for rece#)t of

'llote$t o$e-/

21. Select t!e #$correct (t'tee$t #$ re()ect of c'll( #$ '0'$ce


5/31

'/ T!e co)'$- '- 'cce)t fro (!'re!ol0er( t!e ,$c'lle0 'o,$t o$

(!'re( ee$ +efore #t #( f'lle$ 0,e

+/ T!e 'rt#cle of '((oc#'t#o$ ,(t )er#t (,c! 'cce)t'$ce of '0'$ce c'll

o$e-

c/ I$tere(t o$ c'll( #$ '0'$ce c'$ +e )'#0 +,t t!e '5#, #( ,)to 80/ The 'o,$t of c'll( #$ '0'$ce #( )'rt of t!e )'#0 ,) (!'re c')#t'l

22. Select t!e #$correct (t'tee$t #$ re()ect of ,t#l#'t#o$ of (!'re )re#,

'/ #t #( ,(e0 for t!e ),r)o(e of +,- +'c* of (!'re(

+/ it ,(e0 for )'-e$t of 0##0e$0 #$ c'(e of #$'0e9,'c- of )rof#t(

c/ #t #( ,(e0 for "r#t#$% off )rel##$'r- e5)e$(e(0/ #t #( ,(e0 for #((,e of f,ll- )'#0 +o$,( (!'re(

26. Mr. "'( #((,e0 144 (!'re( of R(.14 e'c!.


6/31

c/ "hare Pre#, Acco,$t R(.3 L'*!/ C')#t'l Re(ere Acco,$t R(. 6

L'*!/ Ge$er'l Re(ere Acco,$t 13 L'*!/ & Prof#t & Lo(( Acco,$t +-

R(. 2 L'*!

0/ S!'re Pre#, Acco,$t R(.3 L'*!/ C')#t'l Re(ere Acco,$t R(. 1

L'*!/ Ge$er'l Re(ere Acco,$t : L'*!/ & Prof#t & Lo(( Acco,$t +-R(. 13 L'*!

.

2=. Select t!e #$correct (t'tee$t #$ c'(e of S!'re C')#t'l '$0 Re(ere( '$0 S,r)l,( '( (!o"$ #$ t!e

+'l'$ce (!eet.

'/ U$0er (!'re c')#t'l t!e follo"#$% or0er #( '#$t'#$e0> A,t!or#(e0 c')#t'l

#((,e0 c')#t'l (,+(cr#+e0 c')#t'l

+/ T!e c'lle0 ,) 'o,$t )er (!'re #( #$0#c'te0 '$0 #$ t!e 'o,$t col,$ tot'l'o,$t #.e. $,+er of (!'re( ,lt#)l#e0 +- 'o,$t c'lle0 ,) )er (!'re #(

(!o"$

c/ T!e 'o,$t of ,$)'#0 c'll( #( 0e0,cte0 fro +/ '+oe

0/ The 'o,$t of forfe#te0 (!'re( 'cco,$t #( (!o"$ ,$0er Re(ere( & (,r)l,(

2. Select t!e #$correct (t'tee$t #$ re()ect of for of +'l'$ce (!eet of co)'$#e(L#'+#l#t#e( (#0e/.

'/ sin#ing f,$0 #( (!o"$ ,$0er ,$(ec,re0 lo'$(

+/ Lo'$( '$0 A0'$ce( fro +'$*( 're %ro,)e0 ,$0er t!e !e'0 Sec,re0 Lo'$(c/ U$cl'#e0 D##0e$0 #( %ro,)e0 ,$0er t!e !e'0 c,rre$t l#'+#l#t#e(

0/ Pro)o(e0 0##0e$0 #( %ro,)e0 ,$0er )ro#(#o$(.

2. Select t!e #$correct (t'tee$t #$ re()ect of for of +'l'$ce (!eet of co)'$#e( A((et (#0e/.

'/ $i!e "toc# #( %ro,)e0 ,$0er t!e !e'0 c,rre$t A((et

+/ B'l'$ce of ,$,t#l#e0 o$#e( r'#(e0 +- #((,e #( %ro,)e0 ,$0er t!e !e'0

I$e(te$t(

c/ I$tere(t )'#0 o,t of c')#t'l 0,r#$% co$(tr,ct#o$ #( %ro,)e0 ,$0er t!e !e'0

M#(cell'$eo,( E5)e$0#t,re

0/ e!#cle( 're %ro,)e0 ,$0er t!e !e'0 F#5e0 A((et

64. I$ c'(e '$- (, !'( +ee$ "r#tte$ off o$ ' re0,ct#o$ of c')#t'l or re'l,'t#o$ of '((et( e'c! +'l'$ce

(!eet (,+(e9,e$t to (,c! re0,ct#o$ or re'l,'t#o$ ,(t (!o" t!e re0,ce0 f#%,re( '$0 0'te ofre0,ct#o$ for ' )er#o0 of ;;;;;

'/ 1 -e'r t!ere'fter

+/ 2 -e'r( t!ere'fter

c/ 6 -e'r( t!ere'fter

0/ 3 -e'r t!ere'fter

61. O$e of t!e 'cco,$t( #( "ro$%l- %ro,)e0 ,$0er t!e !e'0 I$e(te$t( "!#le )re)'r#$% t!e +'l'$ce

(!eet of t!e co)'$-. S#$%le o,t t!e "ro$% 'cco,$t.

'/ I$e(te$t( #$ %oer$e$t or tr,(t (ec,r#t#e(

+/ I$e(te$t( #$ (!'re( 0e+e$t,re( or +o$0(

c/ Io'+le )ro)ert#e(

0/ Interest'ccr,e0 o$ #$e(te$t(

62. O$e of t!e 'cco,$t( #( "ro$%l- 0e+#te0 to Prof#t '$0 Lo(( A))ro)r#'t#o$ AHc of ' co)'$-. N'e

t!e "ro$% 'cco,$t 0e+#te0

'/ I$ter# 0##0e$0

+/ Pro)o(e0 0##0e$0

c/ %ro!ision for t'5

0/ C')#t'l re0e)t#o$ re(ere


7/31

66. Select t!e f'l(e (t'tee$t #$ re()ect of '((et(

'/ ' +'$*#$% co)'$- #( 'llo"e0 to 'c9,#re '((et( for #t( o"$ ,(e

+/ ' +'$*#$% co)'$- #( 'llo"e0 to %r'$t lo'$( '%'#$(t t!e (ec,r#t- of '((et( +elo$%#$% to #t(c,(toer(

c/ ' +'$*#$% co)'$- #( 'llo"e0 to t'*e )o((e((#o$ of (,c! '((et( #$ c'(e of 0ef',ltco#tte0 +- t!e +orro"er

0/ a ban#ing co)'$- #( $ot 'llo"e0 to ('le t!e '((et( '%'#$(t t!e (ec,r#t- of "!#c! #t !'(

%r'$te0 lo'$(

6:. T!e (c!e0,le0 +'$*( 're re9,#re0 +- RBI to tr'$(fer 't le'(t ;;;;;; of t!e#r 0#(clo(e0 )rof#t 'fter

'0,(te$tH)ro#(#o$ to"'r0( +o$,( to (t'ff'. 20

+. 13

c. 14

0. No$e of t!e '+oe

63. Select t!e #$correct (t'tee$t #$ re()ect of f#$'$c#'l St'tee$t( of B'$*(

'/ ' +'$*#$% co)'$- # ( $ot re9,# re0 to )re)'re f #$'$c#' l (t'tee$t(

#$ 'ccor0'$ce "#t! Sc!e0,le I of t!e Co)'$#e( Act 138.

+/ T !e Ac t )r e(cr #+e( ()ec #' l f or( o f +'l '$ce (!ee t '$0 ) rof #t '$0

lo(( 'cco,$t for t!e )re)'r't#o$ of #t( f#$'l 'cco,$t(

c/ Th es e 're (et o,t #$ for A '$0 for B of t!e f#r(t (c!e0,le to t!e

B'$*#$% re%,l't#o$ Act 1:

0/ F or A %#e( fo r't o f ' +' l'$ce (!ee t '$0 fo r B % #e( t !e

for't of ' )rof#t '$0 lo(( 'cco,$t

68. T!e f#$'$c#'l (t'tee$t of +'$* co$(#(t( of ;;;;;;; (c!e0,le(

' / &' Sc!e0,le(

+/ 18 Sc!e0,le(

c/ 1= Sc!e0,le(

0/ Sc!e0,le(

6=. I$e(te$t( A0'$ce( F#5e0 A((et( '$0 ot!er A((et( 're )'rt of Sc!e0,le No(.;;

re()ect#el-

'. 8=

+. = 1 4

c. ' 1411

0 . 1 411 1 2

.


8/31

6. L#'+# l# t- for )'rt #'l l- )'#0 #$e(te$t( #$ re()ect of +'$*#$% co)'$#e( #( %ro,)e0

,$0er t!e !e'0;;;;;

'/ I$e(te$t(

+/ Ot!er '((et(

c/ Ot! er l #'+#l#t #e( '$0 ) ro #(# o$(

0/ Co ntingent l#'+#l#t#e(

6. O$e of t!e #te( #( ' #(f#t #$ ' %ro,) $'el- ot!er #$coe of ' +'$*#$% co)'$-.Select t!#( #te fro t!e follo"#$%

' / Inco e o$ I$e(te$t(

+/ Prof#t o$ ('le of #$e(te$t(

c/ Prof#t o$ re'l,'t#o$ of #$e(te$t(

0/ Prof#t o$ e5c!'$%e tr'$('ct#o$(

:4. I$ +'$*#$% co)'$- 't,re0 ter 0e)o(#t to +e (!o"$ ,$0er;;;;;

' / deand 0e)o(#t(

+/ ('#$% +'$* 0e)o(# t(

c/ ter 0e)o(#t (

0/ ot!er l#'+#l#t#e( '$0 )ro#(#o$(

:1. A0'$ce( %#e$ to ' (t'ff +- ' +'$* '( ' e)lo-er (!o,l0 +e #$cl,0e0 #$;;;;;

'/ ot her '((et(

+/ '0'$ce(

c/ #$e(te$t(

0/ $o$e of t!e '+oe

:2. =.De)rec#'t #o$ o$ +'$*( )ro)ert- #( )'rt of O)er't #$% E5)e$(e(. Soe of t!e

#te( #$cl,0e0 ,$0er t!#( c'te%or- 're l#(te0 +elo". O$e of t!e e5)e$(e( #( "ro$%l-

#$cl,0e0. I0e$t#f- t!'t #te of e5)e$(e.

'/ 0e)rec#'t#o$ o$ otor c'r(

+/ de*reci ati on o$ (t't#o$'r- '$0 (t')(

c/ 0e)rec#'t#o$ o$ f,r$#t,re

0/ 0 e) re c# 't #o $ o $ $ o$ ;+ '$ *#$ % ' (( et (


9/31

:6. Select t!e correct (t'tee$t #$ re()ect of 0o,+tf,l 0e+t(

'/ ?!#c! !'( re'#$e0 NPA for ' )er#o0 $ot e5cee0#$% 1 o$t!(7

+/ +hich !'( re'#$e0 NPA for ' )er#o0 e5cee0#$% 1 o$t!(

c/ ?!#c! # ( co$( #0ere0 ,$collec t#+ le +- +'$*H #$ter$'l ',0#tor or RBI

I$()ect#o$

0/ No$e of t!e '+oe

::. T!e )ro#(#o$'l re9,#ree$t for (t'$0'r0 '((et #(;;;;;

'/ 4.,0re#(e0/ of tot'l o,t(t'$0#$%

+/ 14re#(e0/ of tot'l o,t(t'$0#$%

c/ :4re#(e0/ of tot'l o,t(t'$0#$%

0/ 144re#(e0/ of tot'l o,t(t'$0#$%

:3. T!e #$e( te$t ,$0er !el0 to 't,r# t- (!o,l0 $ot e5cee0 ; ; ; ;;of +'$*( tot'l

#$e(te$t.

'/ 23

+/ = 3

c/ 3

0/ No$e of t!e '+oe

:8. T!e l#(t %#e$ +elo" co$(#(t( of 'r#o,( (ec,r#t#e(. I0e$t#f- t!e (ec,r#t- "!#c! #( SLR

(ec,r#t-

'/ Sec,r# t#e( #((,e0 +- loc'l ',t!or #t#e(

+/ S !'re(

c/ B o$ 0(

0/ (,+(#0#'r#e(

:=. Acce)t'$ce( e$0or(ee$t( '$0 %,'r'$tee( 're (!o"$ '(;;;;;

'/ ot!er '((e t(

+/ conti ngent l#'+#l#t#e(

c/ '0'$ce(

0/ ot!er l#'+#l#t#e( '$0 )ro#(#o$(

:. Select t!e f'l(e (t'tee$t #$ re()ect of +'$*#$%

'/ A co)'$- 'cce)t#$% 0e)o(#t( for t!e ),r)o(e of le$0#$% or #$e(te$t #( '

+'$ *# $% co )' $-


10/31

+/ A anufactur ing co)'$- 'cce)t#$% 0e)o(#t( fro t!e ),+l#c '$0 (oe

)or t# o$ of #t #( le$ 0# $% to #t ( e )l o-ee ( '( !o e lo '$ ( #( ' +' $* #$ %

co)'$-

c/ A co)'$- +e(#0e( 'cce)t#$% 0e)o(# t( '$0 le$0#$% #( 0e'l #$% #$ %oo0( #$co$$ect#o$ "#t! t!e re'l#('t#o$ of ' (ec,r#t- #( ' +'$*#$% co)'$-

0/ A co)'$- +e(#0e( 'cce)t#$% 0e)o(# t( '$0 le$0#$% #( #$ t!e +,(#$e(( ofcollect#o$( or $e%ot#'t#$% +#ll( of e5c!'$%e #( ' +'$* #$% co)'$-.

:. T!e l #(t %#e$ +elo" )ro#0e( t!e clo(e rel't #o$(!#) +et"ee$ t!e # te( of e'c! )'#r .

O$e of t!e )'#r( !'( $o (,c! clo(e rel't#o$(!#). I0e$t#f- t!#( )'#r.

'/ B'$*#$% co)'$- @ tr,(tee( '$0 e5ec,tor(

+/ For B ; Prof#t '$0 Lo(( Acco,$t

c/ $edger +oo * ; Lett er of cr e0 #t re %# (t er

0/ Ot!er l#'+#l#t#e( '$0 )ro#(#o$( ; Sc!e0,le 3

34. C!oo(e t!e "ro$% )'#r f ro t!e fol lo"#$%. T!e #$for't#o$ %#e$ #$ t!e )'# r # (

)er t' #$ #$ % to +'$ *# $% co ) '$ #e (

'/ Re(ere( & (,r)l,( ; S!'re )re#,

+/ Tie0e)o(#t( ; M't,re0 t#e 0e)o(#t(

c/ Borro"#$%( #$ I$0#' ; Ref#$'$ce fro NABARD

0/ Ot!er L#'+#l#t#e( & Pro#(#o$( ; I$ter off#ceH+r'$c! '0,(te$t($et

31. C!oo(e t!e "ro$% )'#r f ro t!e fol lo"#$%. T!e #$for't#o$ %#e$ #$ t!e )'# r # (

)er t' #$ #$ % to +'$ *# $% co ) '$ #e (

'/ De'$0 De)o(# t( ; Co),l(or- 0e)o(# t( ,$0er e5c#(e r,le(

+/ re+'te o$ +#ll( 0#(co,$te0 ; ,$e5)#re0 0#(co,$t

c/ O*er at ing E5)e$(e( Sc!e0,le 1:

0/ Ot!er I$coe ; Prof# t o$ (' le of #$e( te$t( le(( lo(( o$ ('le of

#$e(te$t(

32. T!e $'e of t!e 'cco,$t( "#t! t!e coer'%e of 'r#o,( #te( #$ +,#l0#$% t!'t 'cco,$t

#( %#e$ +elo". O$e of t!e #te( coere0 #$ o$ of t!e 'cco,$t( #( "ro$%. Select t!#(

'cco,$t

'/ Clo(#$% +'l'$ce of )ro#(#o$( !el0 to"'r0( NPA ; O)e$#$% B'l'$ce )l,(

)ro # (# o$ ( ' 0e 0, r# $% t! e -e'r le (( "r #t e of f of +'0 0e+ t( H"r #t e +' c* ofe5ce(( )ro#(#o$(

+/ Int eres t E'r$e0 ; #$tere(t o$ '0'$ce( )l,( #$coe o$ #$e(te$t( )l,(

#$tere(t o$ 0e)o(#t "#t! RBI )l,( #$coe e'r$e0 +- "'- of 0##0e$0( fro

(,+(#0#'r#e( )l,( 0#(co,$t o$ +#ll( le(( ,$e5)#re0 0#(co,$t


11/31

c/ Re(ere( & (,r)l,( ; O)e$#$% +'l'$ce )l,( '00#t#o$( 0,r#$% t!e -e'r le((

0e0,ct#o$( 0,r#$% t!e -e'r

0/ Ter 0e)o(#t( ; fro +'$*( '$0 fro Ot!er(

36. I0e$t #f- ' )'#r "!#c! #( #('tc! fro t!e follo"#$% )'#r( #$ re()ect of Co)'$-

Acco,$t(

'/ M#(cell'$eo,( E5)e$0#t,re @ Prel##$'r- E5)e$(e(

+/ Co$t#$%e$t L#'+#l#t#e( @ foot$ote to +'l'$ce (!eet

c/ Deben tur es @ U$ (e c, re0 Lo'$ (

0/ O,t(t'$0#$% E5)e$(e( @ C,rre$t L#'+#l#t#e(

3:. I0e$t #f- ' )'#r "!#c! #( #('tc! fro t!e follo"#$% )'#r( #$ re()ect of Co)'$-

Acco,$t(

'/ Dis coun t o$ #((,e of (!'re( @ Prof#t '$0 Lo(( Acco,$t

+/ B#ll 0#(co,$te0 @ co$t#$%e$t l#'+#l#t#e(

c/ I$tere(t 'ccr,e0 '$0 0,e o$ 0e+e$t,re( @ Sec,re0 Lo'$(

0/ Mort%'%e Lo'$ @ Sec,re0 Lo'$(

33. Co)'$#e( 're re9,#re0 to t r'$(fer cer t' #$ )erce$t'%e of t!e #r )rof# t ' fter t '5 to

re(ere( to 0ecl're 0##0e$0. T!e 'r#o,( r'te( of t r'$(fer +'(e0 o$ t!e r'te( of

0##0e$0 're %#e$ +elo" #$ )'#r. Select t!e "ro$% )'#r.

'/ Rate of 0##0e$0 e5cee0( 14 +,t $ot 12.34; Tr'$(fer to re(ere N#l

+/ R'te of 0##0e$0 e5cee0( 12.34 +,t $ot 13; Tr'$(fer to re(ere 3

c/ R'te of 0##0e$0 e5cee0( 13 +,t $ot 24; Tr'$(fer to re(ere =.34

0/ R'te of 0##0e$0 e5cee0( 24 ; Tr'$(fer to re(ere 14

38. ?!#le )re)'r#$% t!e f#$'l 'cco,$t( of t!e co)'$- t!e '0,(te$t( #/ to #/ 're to

+e ' 0e +- )' (( #$% $e ce (( 'r - e$t r# e( . O$ e of t! e e$ tr #e ( )'( (e 0 #( "ro$ % e$ tr-.Select t!e "ro$% e$tr-.#/ De)rec#'te )l'$t ?D of "!#c! #( R(.664444 't 13 ##/

?r#te off R(.3444 fro Prel##$'r- E5)e$(e( ###/


12/31

'/ De+ #t De)rec #' t# o$ o$ ) l '$ t +- R(. : 344 c r e0 #t ) l '$ t +- : 344 AND

De+#t Prof# t & Lo(( Acco,$t +- :344 '$0 Cre0# t De)rec#'t#o$ o$

)l '$ t +- : 3 44

+/ D e+ #t P ro f# t ' $ 0 L o( ( Ac co ,$ t + - R( .3 4 44 ' $0 C re 0# t P re l# #$ 'r -E5)e$(e(

c/ De+#t De+e$t,re I$tere(t +- R(.1444 & O,t(t'$0#$% L#'+#l #t- for De+.I$tere(t +- 1444 AND De+#t Prof#t '$0 Lo(( Acco,$t +- R(.1444

'$0 Cre0#t De+e$t,re I$tere(t +- R(.1444

0/ Debit ?'%e( +- R(.23444 & Cre0#t O,t(t'$0#$% L#'+#l#t- for ?or*er(

co)e$('t#o$ AND De+#t Prof#t '$0 Lo(( Acco,$t +- R(.23444 '$0

Cre0#t ?'%e( +- R(.23444

.

3=. ?!#le )re)'r#$% t!e f#$'l 'cco,$t( of t!e co)'$- t!e '0,(te$t( #/ to #/ 're to

+e ' 0e +- )' (( #$% $e ce (( 'r - e$t r# e( . O$ e of t! e e$ tr #e ( )'( (e 0 #( "ro$ % e$ tr-.Select t!e "ro$% e$tr-.#/ Pro#0e 0##0e$0 3 of )'#0 ,) (!'re c')#t'l S!'re c')#t'l

of R(. 344444 co$(#(t #$% of (!'re( of R(. 14 e'c! f,l l- )'#0/ # # / I$(,r'$ce for

,$e5)#re0 )er#o0 #( R(.2444 ###/ A )ro#(#o$ of R(. 23444 #( to +e '0e for #$coe

t'5 #/ ' )ro#(#o$ of R(. 3444 #( to +e '0e for 0o,+tf,l 0e+t (

'/ Debit D##0e$0 +- R(.23444 & Cre0#t B'$* +- R(.23444

+/ P re)' #0 I$(,r'$ce +- R( .2444 & I$(,r'$ce +- R( .2444

c/ De+#t P rof #t & Lo(( Acco,$ t +- R(. 23 444 & Cre0# t Pro #( #o$ for T '5

+- R( .2 3 44 4

0/ De+#t P rof# t & Lo(( +- R(.3444 & Cre0# t Pro#( #o$ for 0o,+tf,l 0e+t(

+- R( .3 4 44

.

3. I$ re()ect of '((et ( #0e of t!e +'l'$ce (!eet o$e of t!e # te( #( )re(e$te0 #$ ' )ro)er

or0er re(t( 're 0#(or0erl-. Select t!e or0erl- )re(e$te0 #te fro t!e follo "#$%.

'/ I$e(te$t( F #5e0 A((et( C,rre$t A((et( & Lo'$ A0'$ce( P rof# t &

Lo(( Acco,$tDr. +'l'$ce/ M#(cell'$eo,( E5)e$0#t,re

+/ F #5e0 A((et( I$e( te$t( C,rre$t A((et( & Lo'$ A0'$ce( P rof# t &Lo(( Acco,$tDr. +'l'$ce/ M#(cell'$eo,( E5)e$0#t,re

c/ Fi -e d A((et ( I$e(te$t ( C,r re$t A((et ( & Lo'$ A0'$ce(

M#(cell'$eo,( E5)e$0#t,re Prof#t & Lo(( Acco,$tDr. +'l'$ce/

0/ F#5e 0 A((et( C, rre$t A((et( & Lo '$ A0 '$ ce ( Pro f#t & Lo ((

Acco,$tDr. +'l'$ce/ M#(cell'$eo,( E5)e$0#t,re


13/31

3. O$e of t!e (t'tee$t( #$ re()ect of Prof#t & Lo(( A0,(te$t 'cco,$t #( #$correct

re(t 're correct. M'r* t!e #$correct (e$te$ce.

'/ T!e 'cco,$t # ( cre0#te0 "#t! clo( #$% +'l'$ce of )rof #t '$0 lo(( 'cco,$t

of l'(t -e'r

+/ T!e 'cco,$t #( cre0#te0 "# t! c,rre$t -e'r( $et )rof #tc/ The 'cco,$t #( 0e+#te0 "#t! )ro#(#o$ for t'5e(

0/ T !e 'cco,$t # ( 0e+# te0 "# t! ) ro# (#o$ for 0 # #0e$0

84. T !e t"o )or t# o$ o f e'c! )'# r r el 't #$% t o )'r t$er (! #) 'cco,$t ( !'( %ot (oe

rel't#o$(!#).


14/31

##/ P ,(e0 R(.14444 +elo$%#$% to t!e f#r '$0 (,ffere0 ' lo(( of R(. 6444.


15/31

'/ Rs .2 444

+/ R(.144444

c/ R(.2444

0/ N#l

.

8. ?!e$ ' $e" )'rt$er %#e( c'(! for %oo0"#ll t!e 'o,$t #( cre0#te0 to;;;;;

'/ /oodwi ll 'cco,$t

+/ C') #t'l 'cc o,$t of $e" )'rt $er

c/ C'(! 'cco,$t

0/ No$e of t!e '+oe

8. If t!e %oo0"#ll 'cco,$t #( r'#(e0 for R(.34444 t!e 'o,$t #( 0e+#te0 to;;;;;

'/ T!e c' )#t'l 'cco, $t( of )'rt$er(

+/ /oodwi ll 'cco,$t

c/ C'(! 'cco,$t

0/ No$e of t!e '+oe

=4. A '$0 B (!'r#$% )rof#t( '$0 lo((e( #$ t!e r't#o of 2>1. C #( '0#tte0 '( )'rt$er %##$%

!# (!'re. T!e $e" )rof#t (!'r#$% r't#o "#ll +e;;;;;

'/ 2>&>&

+/ :> :>6

c/ 6> 6> 2

0/ No$e of t!e '+oe

.


16/31

=1. I f t!e '0,( te$t #$ t!e 'l,e( of '((et ( ' t t!e t #e of t!e '0#(( #o$ of ' )'r t$er

(!o"( ' )rof#t #t (!o,l0 +e cre0#te0 to t!e c')#t'l 'cco,$t( of ;;;;;

'/ T !e o l0 )' rt$e r( # $ t !e #r $e" )rof# t; (!'r #$% r' t# o

+/ All )' rt $e r( #$ t!e# r $e" )rof #t (!'r #$% r 't #o

c/ The ol0 )'rt$er( #$ t!e#r ol0 )rof#t (!'r#$% r't#o

0/ No$e of t!e '+oe

=2. A B '$0 C 're t!ree )'rt$er (!'r#$% )rof# t( #$ t!e r't #o of 6>1>1. C ret # re( '$0 !#(

(!'re #( ),rc!'(e0 +- B. t!e $e" )rof#t (!'r#$% r't#o (!'ll +e;; ;;;

'/ 6>1

+/ =>6

c/ >2

0/ No$e of t!e '+oe

.

=6. O$ t!e ret #ree$t of t!e )'rt$er t!e )rof# t ( o$ re'l,'t #o$ of '((et ( (!o,l0 +e

cre0#te0 to t!e 'cco,$t( of;;;;;

'/ All t!e )'rt$er( #$ t!e#r )rof#t (!'r#$% r't#o

+/ T!e re'#$#$% )'r t$er( #$ t!e# r $e" )rof# t (!'r #$% r't #o

c/ T !e r e'#$#$% )'r t$er ( #$ t !e #r o l0 ) ro f# t (!'r #$% r' t# o

0/ No$e of t!e '+oe

=:. A B '$0 C (!'re )rof#t( '( 6>2>1. C ret#re(. C'lc,l'te t!e %'#$ r't#o of A '$0 B

'/ >2

+/ 1>1

c/ 2>1

0/ No$e of t!e '+oe


17/31

.

=3. C!oo(e t !e # $cor rect ( t' tee$t # $ c'(e o f 0 #( (o l, t# o$ o f )'r t$er (! #) f ro t!efollo"#$% (t'tee$t(

'/ O$ t!e 0 # ((ol,t #o$ o f t !e f # r f #r (t c r e0 #t or ( l #*e "'%e( o, t( t'$0 #$%

etc. "#ll !'e to +e )'#0

+/ /oodwi ll "#ll +e r'#(e0 #$ t!e +oo*( "!e$ ' f#r #( 0#((ole0

c/ T !e l o'$ fro t!e ()o,(e of ' )' rt $e r #( t re't e0 ,(t l #*e ' l o'$ fro

o,t(#0e )'rt#e(

0/ After t!e +oo*( 're clo(e0 $o 'cco,$t "# ll (!o" '$- +'l'$ce.

=8. C!oo(e t!e #$correct (t'tee$t fro t!e follo"#$% (t'tee$t "!#c! 're )ert'#$#$% to

co)'$- 'cco,$t(

'/ T! e co ) '$ - # ( ' $ 'r t# f# c# 'l ) er( o$

+/ A eber of ' co)'$- '- +#$0 t!e co)'$- +- #t( 'ct#o$(.

c/ T!e (!'re!ol0er( 're $ot l #'+le for t!e 'ct ( of t!e co)'$-

0/ T!e )re#, rece#e0 o$ (!'re( '- +e 0#(tr#+,te0 'o$%

(!'re!ol0er(.

==. A $e" co)'$- c'$$ot #((,e (!'re(;;;;;

'/ 't )'r

+/ at 0#(co,$t

c/ 't )re#,

0/ $o$e of t!e '+oe

=. A co)'$- "#(!e( to )'- 0##0e$0 o$ (!'re(. St'te "!#c! of t!e fol lo"#$% '- +e

,(e0 for t!e ),r)o(e.

'/ Pre#, of (!'re(


18/31

+/ Prof#t o$ re;#((,e of forfe#te0 (!'re(

c/ /eneral Re(ere

0/ No$e of t!e '+oe

=. If R(.14 (!'re !'( +ee$ #((,e0 't ' )re#, of R(.3 o$ "!#c! e$t#re 'o,$t !'( +ee$

c'lle0 ,) !'( +ee$ forfe#te0 for $o$ )'-e$t of R(. : t!e S!'re C')#t'l Acco,$t

"#ll +e 0e+#te0 +-;;;;;

'/ R (. 13

+/ Rs .1 4

c/ R(.:

0/ R(. 8

.

4. Mo$e- rece#e0 #$ '0'$ce fro (!'re!ol0er +efore # t #( 'ct,'ll- c'l le0 ,) +- t!e

co)'$- #( ;;;;;

'/ De+#te0 to C'll( #$ 'rre'r( Acco,$t

+/ De+#te0 to C'll( #$ A0'$ce Acco,$t

c/ Credited to C'll( #$ A0'$ce Acco,$t

0/ Cre0#te0 to S!'re C')#t'l Acco,$t

1. If ' (!'re of R(.14 #((,e0 't ' )re#, of R(.1 o$ "!#c! R(. #$cl,0#$% )re#,/

!'e +ee$ c'lle0 '$0 R(.= #$cl,0#$% )re#,/ )'#0 #( forfe#te0 t!e c')#t'l 'cco,$t

(!o,l0 +e 0e+#te0 +-;;;;;

'/ Rs .

+/ R(. 14

c/ R(.

0/ R (. =

.


19/31

2. D##0e$0 're ,(,'l l- )'#0 o$

'/ C'lle0 ,) c')#t'l

+/ %aid ,) c')#t'l

c/ A,t!or#(e0 c')#t'l

0/ No$e of t!e '+oe

6. Pre l##$'r- E5)e$(e( # ( ; ;; ; ;

'/ F ict itio us A((et

+/ C,rre$t l #'+# l #t-

c/ C,rre$t '((et

0/ No$e of t!e '+oe

:. A '$0 B 're )'rt$er( (!'r#$% )rof#t( #$ t!e r't #o of 6>2. C #( '0#t te0 '( ' )'rt$er .

T!e $e" )rof#t (!'r#$% r't#o 'o$% A B '$0 C #( :>6>2. F#$0 o,t t!e ('cr#f#c#$% r't#o

'/ 1>

+/ : >6

c/ 1>1

0/ No$e of t!e '+oe

.

3. C!oo(e t!e correct tre'te$t for )re#, )'#0 o$ Jo#$t L#fe Pol#c- "!e$ )re#,

)'# 0 #( tr e' te 0 '( '$ e5 )e$ (e .

'/ %re iu 'o,$t #( 0e+#te0 to P & L 'cco,$t eer- -e'r '$0 "!e$ cl'#

+eco e( 0,e t! e$ to +e (! 'r e0 +- 'l l )' rt $e r(

+/ Eer- -e'r 'o,$t 0e+# te0 to Jo#$t L#fe Pol#c- Acco,$t '$0 +'l'$ce #(

(!o"$ o$ '((et (#0e 't (,rre$0er 'l,e . T!e 0#ffere$ce +et"ee$ (,rre$0er

'l,e '$0 )re#, )'#0 #( "r#tte$ off to Prof#t '$0 Lo(( 'cco,$t


20/31

c/ Jo#$t L#fe Pol#c- '$0 Jo#$t L#fe re(ere Acco,$t 're '0,(te0 to +r#$% t!e

0o"$ to (,rre$0er 'l,e of )ol#c-.

0/ No$e of t!e '+oe.

.Accounting Concepts AND IMPORTANT QUESTONS

The following are the generally accepted Accounting Assumptions.1) Concepts at the recording stage These are concepts to !e o!ser"ed at the

recording stage o# transaction i$n !oo%s o# account The& are discussed in !rie#!e'o(

a) Business Entity Concept.Accounting treat !usiness as di##erent #ro the person (ho o(ns it *ithout sucha distinction the a##airs o# the !usiness (ou'd !e i+ed up (ith pri"ate a##airs o#the o(ners and the true picture o# the #inancia' position o# the !usiness and it,spro#it (i'' not !e a"ai'a!'e

b) Dual Aspect Concept.Each transaction in accounts has t(o aspects (hich are e+pressed as De!itsand Credits and are recorded in the !oo%s o# the account according'& Thisprincip'e is the Core o# Dou!'e Entr& S&ste o# -oo% .eeping and i# it iso!ser"ed strict'&/ the s&ste o# recording transactions in !oo%s o# account isca''ed Dou!'e Entr& S&ste o# -oo% .eeping

c) money measurement Concept.Accounting records on'& those transactions (hich can !e recorded in onetar&ters.

d) Cost concept.As per this concept transactions are recorded at the aount in"o'"ed (hi'e

assets are a'(a&s recorded at cost 0or eg one !oo% o# Rs23 is !ought #orRs1223 !& ista%e then a'so the entr& in the !oo%s o# the !oo%s o# account is to!e ade at the cost price ie Rs1223

e) Objectie eidence concept.According to this concept a'' transactions recorded in the !oo%s o# accountsshou'd !e e"idenced and supported !& o!4ecti"e docuentar& e"idence

f) !istoric record concept.Transactions are recorded in the !oo%s o# account as and (hen the& ta%e p'aceIe in chrono'ogica' anner date (ise

") Concept at reporting stage

These are concepts to !e o!ser"ed at the reporting stage ie the tie o#preparation o# #ina' accounts #ro the transactions recorded in the !oo%s o#account The& are

a) #atching cost against $eenue concept.Accounting records at the sae tie and at the sae period not on'& the incoe!ut a'' the e+penses incurred to earn the incoe Thus it atches the incoe(ith the cost incurred to earn it !e#ore sho(ing an& pro#it or 'oss o# that acti"it&

b) Accrual concept.


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Accounting is nora''& done on accrua' !asis Ie incoe and e+penses arerecorded as and (hen the& !ecoe due and not as and (hen the& are actua''&paid and recei"ed. !oweer this concept is not followed by Ban%s to day.Bans recogni&e interest income on loans only when cash is receied fromthe borrower.

c) 'oing concern concept.Accounting presues that the !usiness (i'' e+ist #or a 'ong tie and it,s o(nersare not desirous o# c'osing it

d) Accounting period concept.*hen accounts are prepared genera''& #or a period o# 15 onths in India/ thisperiod is nora''& 1stApri' to 61stMarch o# the ne+t co'ander &ear This concept isiportant as it pro"ides a cut o## #or easureent o# pro#its in the other(isecontinues !usiness process

() Accounting conentions.This is an accepted accounting princip'e The #o''o(ing are the Accountingcon"entions

a)

ConsistencyAccounting s&stes shou'd !e consistent 7et us sa& a copan& is adoptingstraight 'ine ethod o# depreciation then it shou'd #o''o( the sae ethodconsistent'& a'' the &ears

b) Disclosure.Signi#icant accounting s&stes shou'd !e disc'osed (hi'e preparing accounts

c) Conseratism.A'' #uture 'osses shou'd !e accounted in the &ear itse'# -ut a'' the e+pectedincoe are not accounted #or ti'' rea'i8ation

d) #aterialityA good accounting practice shou'd disc'ose a'' the ateria' e"ents/ po'icies etc

used in the preparation o# #inancia' stateentCommon Accounting system for *rimary Agricultural Credit +ociety,*AC+)PACS is a !usiness entit& underta%ing credit and non credit !usinessNon Credit !usiness o# PACS are di"ided into #i"e !road groups depending upon the nature o# acti"ities and ateria's the PACS dea' in These groups are #ortrading in

i) Agricultural inputs.ii) *D+ commoditiesiii) -on *D+ consumer itemsi) ood grains and other commodities under procurement schemes

) +ocially releant schemes li%e #id Day #eal +cheme.Double entry system.E"er& !usiness transactions in"o'"es trans#er o# one& #ro one account toanother and thus the trans#er necessari'& in"o'"es t(o accounts in oppositedirections The Dou!'e entr& s&stes o# -oo% .eeping records !oth aspectso# e"er& transaction and there#ore #o''o(s the ru'e that e"er& de!it ust ha"e acorresponding credit and "ice "ersa This ru'e he'ps to chec% the arithetica'accurac& o# records !& preparing the Tria' -a'ance stateent Accounts


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aintained under the sing'e entr& s&ste record on'& one aspect o# thetransaction and the record is there#ore incop'ete.Certain ru'es ust !e o!ser"ed in recording transactions under dou!'e entr&s&ste The t(o e'eents o# e"er& transaction ust !e grouped under threet&pes o# accounts and each t&pe o# account has it,s ru$'e #or recording the de!it

and credit aspect o# the transactionThe t(o principa' t&pe o# accounts are one persona' accounts and otherIpersona' accounts Persona' accounts are su!di"ided into a) Rea' or assetaccounts and !) noina' accounts Persona' account contains record o#transaction (ith a person that cou'd !e an indi"idua' group or societ& !an%s etcRea' accounts are accounts o# properties or assets and contain a record o#purchases and sa'es o# the properties or assets 'i%e 'and !ui'ding goods cash etcNoina' accounts are accounts o# e+penditure and incoe and record gains and'osses The accounting ru'es to !e #o''o(ed #or the three t&pes o# accounts are

Type of Accounts $ules of entry.

Debit Credit.

*ersonal $eceier 'ier

$eal /hat comes in /hat goes out

-ominal E0penses and losses 1ncomes and gains.

The #o''o(ing are the ost iportant aspects in an& dou!'e entr& accountings&ste/

Tria' -a'ance/

Trading Account and Pro#it and 7oss Account/

9enera' 7edger

Capita'/

Assets/

7ia!i'ities/

Creditors/

De!tors/

Sa'es/

Purchases/

Dra(ings/

Purchase

Returns/ Sa'es Returns/

Stoc%/ Incoe/

E+penses etc/

:arious Assuptions "i8 Accounting Entr&/ Mone& Measureent/ Accounting

period/ 9oing concern


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-asic concepts 'i%e Dou!'e Entr&/ Re"enue Rea'i8ation concept/ ;istorica' cost

concept/ Period atching concept/ 0u'' disc'osure concept/ E"idence conceptetc/

#odifying principles li%e Cost !ene#it/ consistenc&/ ateria'it&/ etc/

Double entry concept li%e De!it Aspect/ Credit Aspect

'olden rules of Accountancy i&

Type of Accounts $ules of entry.

Debit Credit.

*ersonal $eceier 'ier

$eal /hat comes in /hat goes out

-ominal E0penses and losses 1ncomes and gains.

+ome 2uestions with answers on Accountancy/rite down 3ournal entries.

1) Mr Raa gi"es a che


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5) Mr Na"in reits Rs 125 #or !u&ing a Deand Dra#t pa&a!'e at ChennaiiDe!it Cash Rs1253Credit N-O Rs12223Credit Coission BE+change) on DDS issued Rs 53

6) The -an% (ant to !u& a Tu!e 'ight #or &our !ranch at a cost o# Rs 123De!it= Charges E+penditure A3c=Rs123Credit cash a3c Rs 123BThe !i''s #ro the shop shou'd !e attached to the De!it"oucher 7ater on a'' entries a& undergo Inspection or Audit This is E"idence)

1n all the aboe one transaction hae gien rise to many changes indifferent accounts also.The #o''o(ing 'earning points a& !e discussed during 9roup presentation on thecase stud&Case study on preparation of a Balance sheet.0ro the #o''o(ing particu'ars e+tracted #ro the !oo%s o# accounts o# M3s F

PAC at the c'ose o# the &ear ended 6165212 prepare a -a'ance Sheet as onthat date in order o# 'i


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+olution of Balance sheet case studyBalance +heet of *AC as on (7.(."575.

;iability Amountin $s

Asset Amount in $s

+aings Ban% account 45555Cash in !and "45

Balance with +B1 7455

Current DepositAccount.

746551nestment 75555

Term Deposit 77545;oans and adances 7:955

+undry Creditors 7455Cash Credit :555

Bills purchased 8955

+undry Debtors 7"55

Business premises "4555

urniture andi0tures

6555

Total 96(45Total 96(45

?uestions with Answers for few 2uestions.1) Dua' aspect concept eans recording o# ============ e##ect o# a transaction BAns

Dou!'e)5) In -usiness transactions are ========= is the coon unit o# easureent BAns

Mone&)6) Sing'e entr& s&ste o# recording transactions in -oo%s is not a scienti#ic one

True or #a'se BAns True )@) Account in the nae o# Shri Mu%esh is ===== Account BAns Persona')) Motor car account is ========= BAns Rea' )G) de!it (hat coes in is the ru'e #or rea' accounts as per 9o'den Ru'e o#

Accountanc&True or #a'se B Ans True)

H) In respect o# persona' accounts the ru'e is de!it the recei"er and credit the gi"erTrue or #a'se Bans True)

$) In Dou!'e entr& accounting s&ste a'' transactions are recorded in cash !oo%True or #a'seBAns True)

J) -an% account is a persona' account True or #a'se BAns True)


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12)ourna' is -oo% o# origina' entr& True or #a'se BAns True)77)Accounting re#ers to the art o# recording the !usiness transactions in an

ana'&tica' #or True or #a'se Ans True15)Accountanc& and !oo% %eeping are the sae True or #a'se Ans 0a'se16)In ======== ethod o# accounting pro#it represents e+cess o# receipts o"er

e+penditure Ans Cash

?uestions Answers.

Boo% %eeping means +ystem of maintaining boo% ofaccounts.

Accounting 1ncludes Boo% %eeping balancing ofboo%s @accounts preparation offinal accounts and drawingconclusion.

Cost accounting *rocess of accounting for cost

#anagement Accounting Concerned with supply of usefulinformation to the #anagement toenable to ta%e useful decision.

Business entity Business is treated as a separateentity from the owners@ proprietor.

#oney measurement All business transactions aremeasured in terms of money.

Objectie eidence Bills Cash memo Che2ue boo% ouchers etc are objectie eidencefor recording an entry.

Dual aspect Each transactions hae two effect.

'oing concern Business entity has indefinite life ofe0istence.

3ournal Boo% of original entry.

3ournalising The process of recordingtransactions in a journal.

Capital account is Account *ersonal Account

Amount inested in business byits owner is %nown as

Capital.

A boo% which contains all

accounts

;edger

A process of transferringtransactions from 3ournal intoledger account

*osting

A statement as on a particular dateshowing all the ledger balances.

Trial Balance


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7) ;edger is the boo% of accounts. Ans *rincipal") Eery entry must be posted into Ans ledger() The difference between the two sides ofn account is called Ans Balance) A person who owes some thing is called Ans Debtor.4) A person to whom some thing is owed is called Ans Creditor.

:) The left hand side of the account is called Ans Debit side9) The right hand side of the account is called Ans credit side6) A debit in the nominal account denotes Ans E0penses.8) Balancing of all the accounts must be done at end of Ans +ame day.75)Total of debit side is greater than credit side.This means Ans Debit balance

?uestion on Trial Balance.On (7stmarch the total bebit and Credit sides of arious ledger accountsand receipts and payment sides of Cash and Ban% column of cash boo% of+hri Baghaan Das were as under

Total of Debit side. -ame of the account. Total of Credit side.

75555 Bhagaan Das Capital 7(4555

"4555 Drawings

74555 +toc% on (7.( 788:

785555 *urchases 555

-il *urchase returns 76555

:555 +ales "4555

7(555 +ales returns

7"555 E0penses nil

(54555 Customers "45555

"55555 +uppliers "(4555

755555 Car

"67555 Central Ban% "94555

(555 Cash (6555

=ou are as%ed to prepare a Trial Balance of +hri Baghaan Das as on thatdate.So'ution 9ross Tria' -a'ance as on 6161JJG

Nae o# the account 70 De!it Credit

Bhagaan Das Capital 75555 7(4555

Drawings "4555

+toc% on (7.( 788: 74555

*urchases 785555 555

*urchase returns 76555

+ales :555 "4555


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+ales returns 7(555

E0penses 7"555

Customers (54555 "45555

+uppliers "55555 "(4555

Car 755555 Central Ban% "67555 "94555

Cash (555 (6555

Total 15/22/222 15/22/222

Entr& 'e"e' and E+it 'e"e' Test1) Dua' aspect concept eans recording o# ============ e##ect o# a transaction5) In -usiness transactions are ========= is the coon unit o# easureent

6) Sing'e entr& s&ste o# recording transactions in -oo%s is not a scienti#ic oneTrue or#a'se

@) Account in the nae o# Shri Mu%esh is ===== Account) Motor car account is =========G) de!it (hat coes in is the ru'e #or rea' accounts as per 9o'den Ru'e o#

Accountanc&True or #a'se

H) In respect o# persona' accounts the ru'e is de!it the recei"er and credit the gi"erTrue or #a'se

$) In Dou!'e entr& accounting s&ste a'' transactions are recorded in cash !oo%True or #a'se

J) -an% account is a persona' account True or #a'se12)ourna' is -oo% o# origina' entr& True or #a'se

Answers to the Entry leel Test 2uestions.1@)Dua' aspect concept eans recording o# ============ e##ect o# a transaction BAns

Dou!'e)1)In -usiness transactions are ========= is the coon unit o# easureent BAns

Mone&)1G)Sing'e entr& s&ste o# recording transactions in -oo%s is not a scienti#ic one

True or #a'se BAns True )1H)Account in the nae o# Shri Mu%esh is ===== Account BAns Persona')1$)Motor car account is ========= BAns Rea' )1J) de!it (hat coes in is the ru'e #or rea' accounts as per 9o'den Ru'e o#

Accountanc&True or #a'se B Ans True)

52)In respect o# persona' accounts the ru'e is de!it the recei"er and credit the gi"erTrue or #a'se Bans True)


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51)In Dou!'e entr& accounting s&ste a'' transactions are recorded in cash !oo%True or #a'seBAns True)

55)-an% account is a persona' account True or #a'se BAns True)56)ourna' is -oo% o# origina' entr& True or #a'se BAns True)


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JAIIB PAPER NO. II ACCOUNTING & FINANCE FOR BANKERS1. What is the Rate of Inteest if Rs.!"""#$ %hen ineste' on Si()*e Inteest +e,o(es

Rs.-"""#$ in /eas00

'. 16.23 +. 16.34

c. 12.3 0. 12.=3

!. Rs.!"""#$ %hen ineste' on Si()*e Inteest +e,o(es Rs.-"""#$ in /eas in ho%

(an/ /eas it %i** +e,o(e Rs."""#$0...

'. 12 +. 18

c. 24 0. 2:2. What is the Pesent 3a*4e of Rs.56""#$ to +e e,eie' afte - /eas if the ,4ent

inest(ent ate is 5.67 )a00

'. 3818 +. 33=8

c. 38 0. 3=13

-. I nee' Rs.-""""#$ to ena+*e (e to )4,hase a Bi8e afte ! /eas. 9o% (4,h a(o4nt I

sho4*' inest if the ate of inteest is 7 )a. Co()o4n'e' :4ate*/00.

'. 6:1:4 +. 633=4

c. 62:4 0. 66:36. ;i(inishin< +a*an,e (etho' of 'e)e,iation is one a,,o'in< to %hi,h00

'. T!e 'o,$t o$ "!#c! 0e)rec#'t#o$ #( c!'r%e0 0ecl#$e( fro -e'r to -e'r+. T!e r'te 't "!#c! 0e)rec#'t#o$ #( c!'r%e0 0ecl#$e( fro -e'r to -e'r

c. T!e r'te '( "ell '( t!e 'o,$t 0ecl#$e( fro -e'r to -e'r

0. T!e r'te & t!e 'o,$t re'#$( t!e ('e +,t t!e 0e)rec#'t#o$ 'o,$t 0ecl#$e( fro -e'r to

-e'r '( )er %oer$e$t %,#0el#$e(=. E>)en'it4e in,4e' on ?Resea,h & ;ee*o)(ent@ is an e>a()*e of00

'. C')#t'l e5)e$0#t,re+. Ree$,e e5)e$0#t,re

c. Deferre0 ree$,e e5)e$0#t,re0. It #$0#c'te( c'(! "#t!0r'"'l


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5. Thee is oe'aft of Rs.15"""#$ as )e ,ash +oo8 of the ta'e he 'e)osite' a ,he:4e

of Rs.5"""#$ in the +an8 %hi,h is not /et ,e'ite' to the ta'e@s a,,o4nt. What is the

+a*an,e as )e +an8 )ass +oo800

'. R(.14444H; +. R(.1=444H;

c. R(.2:444H; 0. No$e of t!e(e

. A B & C shae )ofits in 2!1. If B eties an' his shae is ta8en +/ A & C in atio

!1 %hat is thei ne% )ofit shain< atio00.

'. : > 3 +. 3 > =

c. 16 > 3 0. 3 > 16

. RBI has )4t (ini(4( ?Ca)ita* to Ris8$Wei

Sample Paper2-Accounting and Finance for Bankers

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Transcript of Sample Paper2-Accounting and Finance for Bankers