Punjab University B.Com Part 1
2014 Paper Analysis
Q. No 1: Bill of Exchange
Q. No 2 : Bank Reconciliation
Q. No.3: Rectification of Errors
Q. No. 4 : Statement of Profit and Loss
Q. No.5 : Short Notes Final Accounts
Q No.6 : Receipts and Payments
Q. No.7: Partnership Capitals Adjustment Goodwill
Partnership Accounts Realization Q.No.8 : Double Entry Book Keeping
Tips for Attempting Accounting Paper 2014
The Major Problem that comes in the way is the time management, Students Do Not Practice questions well, and finally they were unable to complete this paper in 3 hours Duration
Question No. 1 On Accounting For Bills of Exchange, It is one of the most Complicating question of B.Com Syllabus, Margin of Errors are quite High, We Advice to Leave This Question on Time.
Question No.2 Was Very Easy For those who understand the concepts of cash book and banking transactions, this almost takes 10 minutes to solve this question
Question No.3 is Frequently tested by Punjab University Examiner, Rectification on Journal Entries Requires clear understanding of the rules of Debits and Credits, Some Errors are One Sided While Other are Two, Suspense Account is Prepared in One Sided Errors Only, This Question could easily Be Solved in 20 Minutes time.
Question No.4 is a bit tricky one, also takes sufficient amount of time to solve it, Step by Step Approach Should be Followed to avoid any Confusion, First Prepare Opening Statement of Affairs, You will get Capital Amount as Balancing Figure, Secondly, Prepare the closing statement of affairs put the value of Opening Capital and Find out the Closing Capital as Balance, Fresh Capital Introduced and Any Drawings During the Year shall be adjusted for the ascertainment of Profit.
Question No.5 on final accounts is tested in every year b.com accounting paper, It is a very lengthy question, Solve this question by filling all the available values in relevant accounts, Adjustments to the accounts are important and carry more marks, outstanding expenses at the year end are added to the current year expenses, while Prepaid expenses are subtracted from the current year.
Similarly in case of revenue received in advance is subtracted from current year revenue while Revenue receivable for the services delivered is added to the current year Income accounts. if your balance sheet becomes equal on both sites then well and good otherwise do not waste you precious time in equalizing the debits and credits of balance sheet
Question No. 6 was a Difficult question of Accounting Paper 2014, if you choose to attempt this , you should have one hour to complete it, In the preparation of Income and expenditure account, the The adjustment of Subscription in important. Should also take care of Items being capitalized or treated as revenue / expense.
Question No. 7 Case of Admission of Partner is frequently asked in exams, Students should understand How to Calculate good will by various method, Calculation of New Profit Sharing Ratio, and at the end adjustments of Partnership Capitals on the Basis of Amount of cash to be brought in on Withdrawal by Each Partner.
Question No.8 is a theory based question which only requires a good memory to remember, You can get full marks in this question by explaining the Double Entry Book Keeping in the precise manner, Advantages and Disadvantages should also be listed neatly in Bullets Form.