Chapter 5
Financial Accounting
TU BCA past exam questions
Past questions and answers
6 questions set from this chapter. Most repeated first.
- 2018 · 1+4 marks
Define accounting. What are its functions.
Answer
Accounting is the art of recording, classifying and summarizing, in a significant manner and in terms of money, transactions and events which are of a financial character, and interpreting the results thereof, so as to provide useful information to users for decision making.
Functions of accounting
- Recording: transactions are recorded systematically in books of original entry (journal and subsidiary books).
- Classifying: entries are grouped into ledger accounts of similar nature.
- Summarizing: trial balance and final accounts (income statement and balance sheet) are prepared to show profit or loss and financial position.
- Analysing and interpreting: financial statements are analysed (ratios, comparisons) to explain performance.
- Communicating: information is reported to owners, managers, creditors, government and other users.
- Control and legal compliance: helps protect assets, prevent fraud, calculate taxes and serve as legal evidence.
Answer checked by Claude Sonnet · Oct 21, 2026
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- 2018 · 5 marks
The following transactions relating to a business were given to you on 31st Chaitra. The cash book showed debit balance Rs. 16,000 on 30th Chaitra.
a. Balance as per cash book Rs. 35,000
b. Cheque issued for payment but not presented at bank Rs. 5,000
c. Cheque sent for collection at bank but not credited by the bank Rs. 15,000
d. A customer directly deposited Rs. 10,000 to the bank but not recorded in cash book.
e. The bank has paid electricity bill of Rs. 4,000 under preapproval from the firm but not recorded in cash book.
Required: Bank reconciliation statement
Answer
The cash book balance on 31st Chaitra is Rs 35,000 (Dr). It is first corrected for items not yet entered in it, and the bank balance as per pass book is then found.
Adjusted cash book
| Particulars | Rs |
|---|---|
| Balance as per cash book (Dr) | 35,000 |
| Add: Direct deposit by customer not recorded | 10,000 |
| Less: Electricity bill paid by bank not recorded | (4,000) |
| Adjusted cash book balance | 41,000 |
Bank Reconciliation Statement as on 31st Chaitra
| Particulars | Rs | Rs |
|---|---|---|
| Balance as per adjusted cash book (Dr) | 41,000 | |
| Add: Cheque issued but not yet presented for payment | 5,000 | |
| 46,000 | ||
| Less: Cheque sent for collection but not yet credited by bank | (15,000) | |
| Balance as per pass book (bank statement) | 31,000 |
Check: pass book 31,000 + cheques collection pending 15,000 - cheques unpresented 5,000 = 41,000, which agrees with the adjusted cash book.
Answer checked by Claude Sonnet · Oct 21, 2026
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- 2018 · 4+1 marks
The following information was provided to you by Gurung Suppliers, Mahendra Pool:
1 November 2018: sales of goods to Shrestha store at Birauta: 50 bags Mansuli rice @ Rs. 2,000 each; 30 bags Pokharali masino rice @ Rs. 2,500 per bag; 70 bags Onion @ Rs. 1,500 per bag.
15 November: Sales of goods to Bindabasini store at Bagar: 30 bags potato @ Rs. 1,000 per bag; 10 bags Sugar @ Rs. 3,000 per bag (Trade discount 10%).
20 November: Goods sold on cash to Raj Bhai 15 bags potato @ Rs. 900 per bag.
28 November: Goods sold to Hirachan store, Matepani: 20 bags Rice @ Rs. 1,500 per bag; 20 bags sugar @ Rs. 3,000 per bag; 100 Kg Ghee @ Rs. 800 per Kg.
Required: a) Sales book b) Sales account
Answer
a) Sales Book of Gurung Suppliers, Mahendra Pool (November 2018)
| Date | Particulars | Qty | Rate (Rs) | Amount (Rs) | Total (Rs) |
|---|---|---|---|---|---|
| Nov 1 | Shrestha Store, Birauta | ||||
| Mansuli rice | 50 bags | 2,000 | 1,00,000 | ||
| Pokharali masino rice | 30 bags | 2,500 | 75,000 | ||
| Onion | 70 bags | 1,500 | 1,05,000 | 2,80,000 | |
| Nov 15 | Bindabasini Store, Bagar | ||||
| Potato | 30 bags | 1,000 | 30,000 | ||
| Sugar | 10 bags | 3,000 | 30,000 | ||
| 60,000 | |||||
| Less: Trade discount 10% | (6,000) | 54,000 | |||
| Nov 28 | Hirachan Store, Matepani | ||||
| Rice | 20 bags | 1,500 | 30,000 | ||
| Sugar | 20 bags | 3,000 | 60,000 | ||
| Ghee | 100 kg | 800 | 80,000 | 1,70,000 | |
| Total credit sales, transferred to Sales A/c | 5,04,000 |
The cash sale to Raj Bhai on 20 November (15 bags potato at Rs 900 = Rs 13,500) is not entered in the sales book, since the sales book records credit sales only; it is recorded in the cash book.
b) Sales Account
| Date | Particulars | Dr (Rs) | Date | Particulars | Cr (Rs) |
|---|---|---|---|---|---|
| Nov 30 | Balance c/d | 5,04,000 | Nov 30 | By Sales Book (total) | 5,04,000 |
| 5,04,000 | 5,04,000 |
Answer checked by Claude Sonnet · Oct 21, 2026
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- 2018 · 5 marks
Furniture purchased on 1st January 2013 at Rs. 5,50,000. Another Furniture purchased on 1st July 2016 at Rs. 5,00,000. The Furniture purchased on 1st January 2013 has found unsuitable and sold at Rs. 30,000 on 31st December 2016. The account of the business is closed 31st December each year. The company applied diminishing method of depreciation @ 10 percent per year.
Required: Furniture account for five years
Answer
Working (diminishing balance 10% p.a.; books closed every 31 December)
Furniture I (Rs 5,50,000, bought 1 Jan 2013, sold 31 Dec 2016):
| Year | Opening | Depreciation 10% | Closing |
|---|---|---|---|
| 2013 | 5,50,000 | 55,000 | 4,95,000 |
| 2014 | 4,95,000 | 49,500 | 4,45,500 |
| 2015 | 4,45,500 | 44,550 | 4,00,950 |
| 2016 | 4,00,950 | 40,095 | 3,60,855 |
Sale at Rs 30,000, so loss on sale = 3,60,855 - 30,000 = Rs 3,30,855.
Furniture II (Rs 5,00,000, bought 1 July 2016): 2016 depreciation for 6 months = 5,00,000 x 10% x 6/12 = Rs 25,000, so book value 4,75,000; 2017 depreciation = Rs 47,500, so book value 4,27,500.
Furniture Account
| Date | Particulars | Rs | Date | Particulars | Rs |
|---|---|---|---|---|---|
| 2013 Jan 1 | To Bank | 5,50,000 | 2013 Dec 31 | By Depreciation | 55,000 |
| By Balance c/d | 4,95,000 | ||||
| 5,50,000 | 5,50,000 | ||||
| 2014 Jan 1 | To Balance b/d | 4,95,000 | 2014 Dec 31 | By Depreciation | 49,500 |
| By Balance c/d | 4,45,500 | ||||
| 4,95,000 | 4,95,000 | ||||
| 2015 Jan 1 | To Balance b/d | 4,45,500 | 2015 Dec 31 | By Depreciation | 44,550 |
| By Balance c/d | 4,00,950 | ||||
| 4,45,500 | 4,45,500 | ||||
| 2016 Jan 1 | To Balance b/d | 4,00,950 | 2016 Dec 31 | By Depreciation (Furniture I) | 40,095 |
| 2016 Jul 1 | To Bank | 5,00,000 | By Depreciation (Furniture II) | 25,000 | |
| By Bank (sale proceeds) | 30,000 | ||||
| By Loss on sale | 3,30,855 | ||||
| By Balance c/d | 4,75,000 | ||||
| 9,00,950 | 9,00,950 | ||||
| 2017 Jan 1 | To Balance b/d | 4,75,000 | 2017 Dec 31 | By Depreciation | 47,500 |
| By Balance c/d | 4,27,500 | ||||
| 4,75,000 | 4,75,000 |
Answer checked by Claude Sonnet · Oct 21, 2026
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- 2018 · 5 marks
The following transactions of cash and bank of Tharu for the month of July have been given to you.
2018, July 1: Opening balance of cash Rs. 45,000 and bank Rs. 50,000.
July 5: Goods purchase at Rs. 30,000 and payment made by cheque.
July 8: A cheque of Rs. 40,000 received from a customer and deposited into bank.
July 16: Goods sold at Rs. 50,000 out of which partial payment received Rs. 20,000 in cash.
July 19: A cheque of Rs. 20,000 issued to Himal supplier.
July 22: Cash sales of Rs. 30,000.
July 23: Cash deposited into bank Rs. 20,000.
July 27: Rent paid to house owner Rs. 13,000 by cheque.
July 28: Salary paid in cash Rs. 8,000.
July 30: Electricity bill of Rs. 5,000 and telephone bill of Rs. 3,000 paid by cheque.
Required: Double column cash book with Cash and Bank column.
Answer
Double Column Cash Book of Tharu (July 2018)
Debit side
| Date | Particulars | L.F. | Cash (Rs) | Bank (Rs) |
|---|---|---|---|---|
| Jul 1 | To Balance b/d | 45,000 | 50,000 | |
| Jul 8 | To Customer (cheque deposited) | 40,000 | ||
| Jul 16 | To Sales (cash received) | 20,000 | ||
| Jul 22 | To Sales | 30,000 | ||
| Jul 23 | To Cash (contra) | C | 20,000 | |
| Total | 95,000 | 1,10,000 | ||
| Aug 1 | To Balance b/d | 67,000 | 39,000 |
Credit side
| Date | Particulars | L.F. | Cash (Rs) | Bank (Rs) |
|---|---|---|---|---|
| Jul 5 | By Purchases | 30,000 | ||
| Jul 19 | By Himal | 20,000 | ||
| Jul 23 | By Bank (contra) | C | 20,000 | |
| Jul 27 | By Rent | 13,000 | ||
| Jul 28 | By Salary | 8,000 | ||
| Jul 30 | By Electricity | 5,000 | ||
| Jul 30 | By Telephone | 3,000 | ||
| Jul 31 | By Balance c/d | 67,000 | 39,000 | |
| Total | 95,000 | 1,10,000 |
The balance of Rs 30,000 on the 16 July sale is a credit sale, so it is not entered in the cash book.
Answer checked by Claude Sonnet · Oct 21, 2026
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- 2018 · 5 marks
The following material transactions of a manufacturing company are provided to you:
2018, December 1: Opening stock of raw material 1,100 units @ Rs. 10 each.
December 5: Purchased 300 units @ Rs. 9 each.
December 9: Issued 800 units.
December 14: Issued 500 units.
December 18: Purchased 1,000 units @ Rs. 11 each.
December 22: Returned 50 units from issued of 9 December.
December 25: Purchased 500 units @ Rs. 10 each.
December 30: Issued 900 units.
Required: Closing stock of material on 31 December 2018 under First In First Out (FIFO) method.
Answer
Stores Ledger (FIFO), December 2018
| Date | Receipts | Issues | Balance |
|---|---|---|---|
| Dec 1 | 1,100 @ 10 = 11,000 | ||
| Dec 5 | 300 @ 9 = 2,700 | 1,100 @ 10 + 300 @ 9 = 13,700 | |
| Dec 9 | 800 @ 10 = 8,000 | 300 @ 10 + 300 @ 9 = 5,700 | |
| Dec 14 | 300 @ 10 + 200 @ 9 = 3,000 + 1,800 = 4,800 | 100 @ 9 = 900 | |
| Dec 18 | 1,000 @ 11 = 11,000 | 100 @ 9 + 1,000 @ 11 = 11,900 | |
| Dec 22 | Return 50 @ 10 = 500 | 50 @ 10 + 100 @ 9 + 1,000 @ 11 = 12,400 | |
| Dec 25 | 500 @ 10 = 5,000 | 50 @ 10 + 100 @ 9 + 1,000 @ 11 + 500 @ 10 = 17,400 | |
| Dec 30 | 50 @ 10 + 100 @ 9 + 750 @ 11 = 500 + 900 + 8,250 = 9,650 | 250 @ 11 + 500 @ 10 = 7,750 |
The 50 units returned on 22 December came from the 9 December issue, so they are taken back at Rs 10.
Closing stock on 31 December 2018: 750 units, valued at 250 x 11 + 500 x 10 = 2,750 + 5,000 = Rs 7,750.
Check: total receipts 29,700 (11,000 + 2,700 + 11,000 + 5,000) less net issues 21,950 (8,000 + 4,800 - 500 + 9,650) = Rs 7,750.
Answer checked by Claude Sonnet · Oct 21, 2026
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