15CP21T: Financial Accounting – II CP 2nd Sem Syllabus for Diploma DTE Karnataka C15 Scheme

Financial Accounting – II detail DTE Kar Diploma syllabus for Commercial Practice (CP), C15 scheme is extracted from DTE Karnataka official website and presented for diploma students. The course code (15CP21T), and for exam duration, Teaching Hr/week, Practical Hr/week, Total Marks, internal marks, theory marks, duration and credits do visit complete sem subjects post given below. The syllabus PDFs can be downloaded from official website.

For all other cp 2nd sem syllabus for diploma c15 scheme dte karnataka you can visit CP 2nd Sem Syllabus for Diploma C15 Scheme DTE Karnataka Subjects. The detail syllabus for financial accounting – ii is as follows.

Pre-requisites:

Knowledge of Book Keeping and Accounting.

Course Objectives:

The students shall be able to:

1. Familiarize with Financial Statements of Sole trading Concerns.
2. Familiarize with the preparation of Accounts from Incomplete Records.
3. Know the purpose and preparation of Bank Reconciliation Statement.
4. Know the transactions relating to Bills of Exchange.
5. Acquire knowledge of different methods of providing Depreciation

Course Outcomes:

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UNIT – I: FINAL ACCOUNTS OF SOLE TRADING CONCERNS:

Meaning-Components of Final Accounts – Format of Trading Account, Profit & Loss Account & Balance Sheet. – Preparation of Trading Account, Profit & Loss Account & Balance Sheet from the given Trial Balance & Adjustments.

Treatment of Adjustments in Final Accounts:

1. Closing Stock,
2. Outstanding Expenses,
3. prepaid expenses,
4. Outstanding incomes,
5. Incomes received in advance,
6. Bad debts,
7. Reserve for doubtful debts,
8. Depreciation and appreciation on Assets,
9. interest on capital and interest on Drawings(Problems and Solutions. 14 Hrs

UNIT-II : ACCOUNTS FROM INCOMPLETE RECORDS:

Single Entry System – Meaning -Features – Types- Merits – Demerits of Single Entry System -Difference between single Entry and Double entry system of Book keeping- Ascertainment of Profit — Computation of Net worth at the Beginning and at the End of the Year – Preparation of statement of profit or loss- Preparation of a Revised Statement of Affairs at the End of the Year -Statement of Affairs versus Balance Sheet. (Problems and solutions. 10 Hrs

UNIT- III : BANK RECONCILIATION STATEMENT:

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UNIT- IV: BILLS OF EXCHANGE:

Meaning-features-Bills of exchange, parties in Bill of Exchange, Acceptance of Bill of Exchange, Terms and due date of Bill of exchange, grace days, Recording of Bill of Exchange in the books of drawer, drawee and endorsee.

1. When the bill is retained till the due date and met on the due date.
2. When the bill is discounted with banker.
3. When the bill is endorsed to a third partner.
4. When the bill is sent to the bank for collection.
5. When the bill dishonored on the date. 10 Hrs

UNIT- V: DEPRECITAION:

Meaning- Definition- features- causes for Depreciation- Depreciation versus Fluctuation- Methods of providing of Depreciation- Straight Line Method – Diminishing Balance Method – Annuity Method – Revaluation Method (problems and Solutions. 10 Hrs

RESOURCES : BOOKS FOR REFERECE:

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E – BOOK FOR REFERENCE:

Fundamentals of Accounting- Rao, PHI publications.

Model Question Paper:

PART- A 6*5=30

1. Distinguish between Depreciation versus Fluctuation.
2. Define the bills of exchange? State the parties to a bill of exchange
3. From thefollowing transactions prepare Bank Reconciliation statement as on 31-3-2014.
1. Bank balance as per cash book Rs 11,500/-
2. Cash and cheques paid into the bank but not credited in the passbook before 31st march Rs 2800/-
3. Cheques issued but not presented for payment before 31st march Rs 1700/-
4. Bank charges debited in the passbook only Rs 100/-
5. Interest on deposit credited in the passbook only Rs 500/-
4. On 1-4-2014 Harish sold goods to Suresh on credit for Rs 5000/-for the amount Harish drew a three months bill on Suresh which was duly accepted by him. On the due the bill was met by Suresh. Pass the journal entries in the drawer and drawee.
5. On 1-1-2014 the value of furniture stood in the books of the firm amounted to Rs 8000/- on 16-2014 additional furniture was purchased to Rs 4000/- on 31-12-2014 the furniture was valued at Rs 10,000/- prepare furniture account under revaluation method.
6. On 1-1-2013 a firm purchased machinery costing Rs 30,000/- its life was established to be 3 years with a scrap (5) value of Rs 3000/- prepare furniture account for 3years under straight line meth
7. From the following particulars prepare a balance sheet as on 31-12-2014.
1. Capital Rs 16,000/-
2. Bank loan (cr) Rs 4,000/-
3. Creditors Rs 2,400/-
4. Bills payable Rs 1,000/-
5. Cash in hand Rs 600/-
6. Plant and machinery Rs 7,520/-
7. Sundry debtors Rs 7,700/-
8. Drawings Rs 2,000/-
9. Cash at bank Rs 2,000/-
10. Closing stock Rs 9,160/-
11. Net profit Rs 5,580/-
8. Ganga sells goods worth Rs 4,000/- to Yamuna on 1-6-2014 and draw bill on her for the amount for 4 months. On the same day the bill is endorsed over to her creditor Saraswathi. The bill is paid on maturity. Pass the journal entries in the books of all parties.

PART- B 5*10=50

1. From the following information calculate opening and closing capital.
1. Particulars 1-1-2012 Rs 31-12-201 Rs
2. Cash in hand 1,500/- 2,800/-
3. Cash at bank 2,200/- 4,700/-
4. Bills receivable 3,500/- 5,300/-
5. Sundry debtors 10,800/- 12,400/-
6. Stock 8,400/- 9,200/-
7. Sundry creditors 6,300/- 4,200/-
8. Furniture 5,000/- 5,000/-
9. Machinery 10,000/- 10,000/-
10. Building 20,000/- 20,000/-
2. From the following Trial balance of the Paradise hotel Mysore. Prepare a Trading and Profit and Loss Account as on 31-12-2010.

[Particulars Debit Credit]

1. Loan to Prasad 1,000 –
2. Cash on hand 3,000 –
3. Purchases and sales 36,000 70,000
4. Buildings 16,000 –
5. Office and expenses 2,000 –
6. Debtors and creditors 1,000 2,000
7. Salaries 5,000 –
8. Wages to workers 6,000 –
9. Over draft – 2,000
10. Stock on 1-1-2010 1,000 –
11. Drawings and capital 6,000 25,000
12. Fixed deposit 10,000 –
13. Rent received – 1,000
14. Furniture 8,000 –
15. Bad debts 200 –
16. Power and light 1,000 –
17. Advertisements 800 –
18. Adjustments:
1. Stock on 31-12-2012 RS 10,000/-
2. Create Reserve for bad debts at 10%
3. Depreciation on furniture at 10%
3. From the following particulars prepare a balance sheet as on 31-12-2012.

[Particulars Rs]

1. Capital 50,000/-
2. Drawings 10,000/-
3. Land and buildings 20,000/-
4. Machinery 18,000/-
5. Furniture 5,000/-
6. Motor vans 12,000/-
7. Cash in hand 2,000/-
8. Bank over draft 4,000/-
9. Sundry debtors 6,000/-
10. Bills receivable 4,000/-
11. Sundry creditors 9,000/-
12. Bills payable 5,000/-
13. Loans (cr. 6,000/-
14. Investments 10,000/-
15. Net profits 22,000/-
16. Closing stock 12,000/-
17. Outstanding salary 1,000/-
18. Prepaid rent 1,000/-
4. From the following information supplied by Avinash, prepare a bank Reconciliation statement as on 31st march 2014.
1. Ban k overdraft as per pass book Rs 8,500/-
2. Cheques issued but not presented for payment prior to 31st march 2014. Rs 4500/-
3. Cheques paid into bank but not cleared before march 2014 Rs 2,800/-
4. Interest on investment collected by the bank and credited in the passbook Rs 1,000/-
5. Bank charges debited in the pass book only Rs 400/-
6. A direct deposit made by a customer credited only in passbook Rs 2,000/-
7. A cheque issued Rs 1,500/- returned on technical grounds.
8. Cash payment of Rs 800/- made to a supplier wrongly entered in bank column of cash book.
5. For the goods sold tall drew a three months bill on thin for Rs 4,000/- on 1-3-2014. Thin accepted the same and returned it to tall. After receiving the bill tall endorsed it to his creditor short. Short discounted the bill in the bank at 8% per annum. On the due date the bill is dishonoured. Pass the journal entries in the books of all parties to record the above transaction
6. A firm purchased motorcar costing Rs 20,000/- on 1-1-2010. It is decided write off 10% per annum as depreciation on diminishing balance method at the end of every year. Show the motor car account and depreciation account for 3 years. (10)
7. The cash book of Mr. Shrikant shows a bank balance of Rs 6,800/- on 31-12-2014. On checking the pass book entries with those made in the cash book, the following entries made in the cash book were not found in the pass book. (10)
1. Cheque received from Giridhar sent to Bank Rs 800.
2. Cheque issued to Jagadeesh Rs 750.
3. The following entries were found in the pass book and they were not made in the cash book during Dec 2014.
1. Interest on investment collected by the bank Rs 800.
2. Interest on overdraft Rs 400.
3. Bank charges Rs 100.
4. Insurance premium paid by the bank Rs 500.

Prepare the bank Reconciliation statement of Mr.Srikant.

PART C

1. Amar keeps his books by single entry. From the following information prepare a statement of profit and losses for the year ended 31-12-2014 and a statement of affairs on that date.

[Particulars 1-1-2014 31-12-2014]

1. Cash in hand 500 800
2. Cash at bank 13,000 14,300
3. Sundry debtors 14,000 13,200
4. Stock 11,200 8,900
5. Bills payable 7,000 9,000
6. Sundry creditors 22,400 15,100
7. Furniture 5,000 5,000
8. machinery 10,000 10,000

The additional capital introduced during the year amounted to Rs 2,000/- and the drawings during the year the year amounted to Rs 3,200/- Depreciate the furniture by 10% and machinery 6% create reserve of 5% on sundry debtors for doubtful debts.
OR
From the following Trial balance of Rajesh, prepare the Trading and profit and loss account for the year ended 31-12-2012 and the balance sheet as at the date after taking into account the adjustments given below.
Trial balance as on 31-12-2012
[Particulars Debit Rs Credit Rs]

9. Rajiesh’s capital 29,000
10. Rajesh’s drawings 760
11. Sales and purchases return 8,900 15,000
12. Stock (1-1-2012. 280 450
13. Wages 1,200
14. Buildings 800
15. Freight and carriage 22,000
16. Trade expenses 2,000
17. Advertisement 200
18. Interest 240
19. Taxes and insurance 350
20. Debtors and creditors 130
21. Bills receivable and bills payable 6,500 1,200
22. Cash at bank 1,500 700
23. Cash in hand 1,200
24. Salaries 190
25. Adjustments
1. Stock on 31-12-2012 was valued at Rs 1,500/-
2. Insurance was prepaid to the extent of Rs 40/-
3. Outstanding liabilities were: salaries Rs 200/-
4. Depreciate building at 2% p.a.

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