Financial Accounting Guess Paper
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Q.No: 7
A) on 30 june 200 the cash books showed the balance of Rs 2780 at bank the company had sent cheques amount to Rs 90000 to the bank before 30 june but it appears from the pass book that cheque worth only Rs 84000 had been credited before that date, similarly, out of cheque for Rs 85000 issued during the month of june cheques for Rs 2500 were not presented. The pass book also showed the following payment.
1. Rs 3320 premium according to standing instruction
2. Rs 5000 against a promissory note
The passbook showed that the bank has collected Rs 6000 as interest on government securities. The bank has charged interest Rs 50 and bank charges Rs 20. there were no entry in cash book for the payment of interest and bank charges it was found that the total to the credit bank column in the cash book was short by Rs 110
Prepare the bank reconciliation statement on 30 hune 2000
B) at November 30 one day cleaners has available the following data concerning its bank checking account:
1. at November 30 cash per the bank statement was Rs 37758 per the accounting records 42500
2. the cash receipts of 6244 on November 30 were deposited on December 1
3. included on the bank statement was a credit for 167 interest earned on this checking account during November
4. two cheque were outstanding at November 30 No 921 for Rs 964 and No 825 for Rs 1085
5. enclosed with the bank statement were two debt memorandum for the following items: service changes for November Rs 14 and a Rs 700 cheque of customer Tanya(Miller, Marked ?NSF? Instructions)
Prepare the bank reconciliation at November 30
Q.No: 8
A) mountain Mabel?s is a small general store located just outside of Yellowstone national park. The store uses a periodic inventory system. Every January 1 Mabel and her husband close the store and take a complete physical inventory while watching the rose parade on television. Last year, the inventory amount to 5200 this year it told 3800. during the current year, the business record sales of 125000 and purchasing of 62000
Instruction
1. compute the cost of good sold for current years.
2. explain why a small business such as this might use the periodic inventory system
3. explain some of the disadvantages of periodic system to a large business such as sears store.
B) detail report of accounting of payroll for any specific organization selected by you.
