Principles of Accounting Midterm Summer 2025 Question Paper

Semester: Summer-2025 Time: 1.5 Hours Course Code: 0411-115 Section: 69-A/69-B/69-C/69-D/69-E Examination: Mid-term Course Title: Principles of Accounting Teacher's Name: DSFA/MAH/RM Answer all the Questions Ons. 1: (a) Explain the external users of accounting information. [CLO 1 and Level 2] [2] [CLO 1 and Level 2] 13] (b) Describe the following short notes: Going concern assumption, Accrual basis accounting, Fiscal year Ons. 2: On August 1, 2024, Rohan established his own law firm "Rohan Legal Solution". The following transactions occurred during the month of August: August 1 Rohan invested Tk.90,000 cash to start the business. August 3 Purchased furniture of Tk.15,000, out of which 60% paid in cash. August 8 Received cash of Tk.8,000 for providing legal services. August 12 Incurred Tk.500 of utilities expense on account. August 17 Paid Tk.5,000 to the accounts payable. August 22 Performed services of Tk.3,000 on account. August 24 Paid Tk. 2,000 to purchase supplies. August 25 Borrowed Tk.5,000 from the bank on a note payable. August 29 Paid Tk. 1,500 for advertising. August 30 Paid Tk.3,500 for employee salaries. Instructions: (i) Examine the above transactions in preparing a tabular summary. [CLO 3 and Level 4] [10] (ii) Use the information of tabular summary in preparing Income Statement, Owner's Equity Statement and Balance Sheet. [CLO 2 and Level 3] 3] Ons. 3: Mr. Ehan started a repair shop "Ehan Repairs" on April 1, 2025. During the month of April, the following transactions took place: April 1 Ehan invested Tk.85,000 cash in the business. April 6 Purchased machine for Tk. 10,000, paying Tk.3,000 cash and the balance on account. April 15 Provided repair services to the customers of Tk.5,000 on account. April 24 Received Tk.3,500 from customers for April 15 repair services performed. Instructions: [CLO 2 and Level 3] (i) Use the transactions in preparing the journal entries. [3] (il) Use the journal entries in preparing the ledger accounts. 13] (i) Use the ledger accounts in preparing a trial balance at April 30, 2025. 11] ***All the Best*** 1