Principles of Accounting – Spring 2025 – Final

Daffodil International University Faculty of Business & Entrepreneurship Depanmcnt of Business Administration Program: BBA Semester: Summer-2025 Time: 2 Hours course code: 0411-115 Section: 69-A/69-B/69-C/69-D/69-E Examination: Final Full Marks: 40 Course Title: Principles of Accounting Teacher' s Name: DSFA/MAH/RM Answer alt the Ouestions Ons. 1: (a) Explain different principles of accounting. (b) Describe briefly the following: ICLO 1 and Level 21 [21 [CLO 1 and Level 21 (31 i) Economic entity assumption, ii) Accrued revenue, iii) Comp Ind entry Qns. 2: Malaika Company started operation at July 1, 2024. The trial balz ce of the company before adjustment was as under: Malaika Company Trial Balance September 30, 2024 Accounts Title Cash Accounts Receivable Pre aid Insurance E ui ment Notes Payable Accounts Pa 'able Unearned Service Revenue Owner's Ca ital Owner's Drawin Service Revenue Salaries Ex enses Utilities Ex ense Travel Ex ense Rent Ex ense Total Additional data: Debit Tk. 54.500 6,000 •3,600 1,500 35,000 1,000 4,600 2.500 2,000 LJ2faoo Credit (Tk.) 24,000 8,500 . —6,000 q 9 0 7,000 27,000 Insurance expires at the annual rate of Tk. 1 ,800. e A cot-lilt of supplies shows that 70% of supplies have been used. Depreciation on Equipment is Tk.200 per month. The equipment was purchased on July 1, 2024. c The interest rate on note payable is 5%. The note was taken out on September 1, 2024. e 60% of unearned service revenue has been earned. Requirements: (i) Examine lhe above infomation in preparing the adjusting entries. (ii) Use the above infonnation in preparing the worksheet. [CLO 3 and Level 41 [CLO 2 and Level 31 (iii) Use the information of worksheet in preparing an Income Statement. [CLO 2 and Level 3J [21 (iv) Use the infomation of worksheet in preparing an Owner's Equity Statement. [CLO 2 and Level 3] [21 (vi) Use the information of worksheet in preparing the closing entries. [CLO 2 and Level 3] 121