Principles of Accounting Final Spring 2025 Question Paper

Semester: Spring-2025 Time: 2 Hours Course Code: 0411-115 Section: 68-A/68-B/68-C/68-D Examination: Final Full Marks: 40 Course Title: Principles of Accounting Teacher's Name: DSFA/MAH Answer all the Questions Ons. l: (a) Explain the types of adjusting entries with examples. [CLO 1 and Level 2] 12) (b) Describe the following short notes: [CLO 1 and Level 2] (3) Revenue recognition principle, Permanent account, Balance Ons. 2: Ina Company started operation at March 1, 2024. The trial balance of the company before adjustment was as under: Izna Company Trial Balance March 31, 2024 Accounts Title Debit (Tk.) Credit (Ik.) Cash 46,000 Accounts Receivable 7,500 Prepaid Insurance 2,400 Supplies 2,000 Machine 30,000 Notes Payable Accounts Payable Owner's Capital 20,000 4,500 40,500 Owner's Drawing Service Revenue Salaries Expenses Utilities Expense Rent Expense Miscellaneous Expenses Total 2,000 2,500 1,500 2,500 600 27,000 32,000 27,000 Additional data: • 60% of supplies are still on hand. • Depreciation on Machine was Tk.3,000 per year. • Interest of Tk.300 on the Notes Payable had been accrued during the period. • Rent Expense of Tk.1,000 was accrued for March. • Insurance expires at the rate of Tk.200 per month. Instructions: (i) Examine the above information in preparing the adjusting entries. (ii) Use the above information in preparing the worksheet. [CLO 3 and Level 4] 15] [CLO 2 and Level 3] (ii) Use the information of worksheet in preparing an Income Statement. [CLO 2 and Level 3] [10] (iv) Use the information of worksheet in preparing an Owner's Equity Statement. [CLO 2 and Level 3] (v) Use the information of worksheet in preparing a Classified Balance Sheet. [CLO 2 and Level 31 (vi) Use the information of worksheet in preparing the closing entries. 12] 14] [CLO 2 and Level 3] 1 55. Our 3: Rohan Store completed the following merchandising transactions in the month of June 2024: June 1 Purchased merchandise on account from I han Accessories of Tk. 15,000, terms 3/10, n/45. June 1 Sold merchandise on account of 1k 8,000, teams 2/10, n/30. The cos ofthe merchandise sold was 30% of sales. June 9 Paid Shan Accesories. June 12 Received amount from customers billed on June 4 June 15 Purchased merchandise of Tk 2,000 for cash. Instruction: Use the above transactions in preparing, the journal entries under perpetual inventory system. ICLO2 and Level 3] (5] Ons. 4: Mr. Adyan opened his own consulting firm "Adyan Consulting Solution" on September 1, 2024. During September, the following transactions occurred: September 1 Adyan invested 1k. 75,000 to start the business. 4 Purchased furniture of Tk.15,000 (60% paid in cash). 8 Purchased supplies of Tk. 2,000 for cash. 13 Performed services of Tk.5,000 cash. 17 Adyan invested an additional Tk.10,000 cash in the business. 21 Performed services of 'Tk.3,000 on account. 25 Withdrew Tk2,000 from the business. 30 Paid salaries of Tk.1,500. Instruction: Examine the effects of the above transactions on the accounting equation using the tabular format. [CLO 3 and Level 4] [5] ***All the Best***