Financial Accounting Question Paper 2010
[Dibrugarh University BCOM]
Commerce (General/Speciality)
Course: 101
Full Marks: 80
Time: 3 Hours
Q.1. Ratanlal supplies the following information:
Particulars
|
1/4/2005
|
31/3/2006
|
Sundry
debtors
Stock
Machinery
Furniture
Sundry
creditors
|
9050
7500
12500
2000
5500
|
9650
7000
?
?
6250
|
Summary of
cash transactions during the year:
Receipts
|
Amount
|
Payments
|
Amount
|
To opening balance
To cash sales
To Debtors
To sundry receipts
To loan from Barun @ 9% p.a. on 1.10.05
|
250
3050
37650
400
5000
|
By creditors
By wages
By salaries
By Drawings
By Expenses
By machinery purchased On 1.10.05
By Closing Balance
|
17500
8000
7500
2000
5500
4750
1100
|
46350
|
46350
|
Discount allowed was Rs 500 and discount received was Rs 300. Bad
debts written off were Rs 550. Depreciations to be provided on furniture @ 5%
p.a. and on machinery @ 10% p.a. expenses include insurance premium of Rs 500
paid up to 30th June, 2006. Wages Rs 1000 are still due. From the
above particulars, prepare trading, profit & loss a/c for the year ended 31st
March, 2006 and a balance sheet as on that date.
OR
Distinguish between receipts & payments a/c and cash book. How
will you convert income & expenditure a/c in to receipts & payments
a/c? Explain.
Q.2. Kumarendra purchased a motorcycle on hire purchase system
from M/s Bora & Co. The terms of the sale are:
Particulars
|
Amount
|
Down payment
1st installment
2nd installment
3rd installment
|
40000
43500
39000
34500
|
All installments are payable at the end of the year and each installment
includes equal amount of cash price in addition to interest. Prepare necessary
ledger accounts in the books of the buyer.
OR
Distinguish between credit sale and hire purchase. Mention five
rights of hire seller and five rights of hire purchaser as laid down in the hire
purchase act, 1972.
Q.3. A, B and C are partners sharing profits in the ratio of
3:3:2. Their capitals as on 1st January, 2005 were as follows:
Rs.
A 2,
00,000
B 2,
00,000
C 1,
60,000
The firm took out individual life policies, the values of which
were as follows:
Rs
A 1,
60,000
B 1,
20,000
C 80,000
C died on 30th September, 2005. The partnership deed
provided that:
i)
Insurance premium paid will be treated as
ordinary business expense.
ii)
The legal representative of the deceased
partners would receive—
1)
The balance of his capital;
2)
The share of profit of the deceased partner
calculated on the basis of two and a half years purchase of the average net
profit of the last three years;
3)
Goodwill will be valued at three years purchase
of the average net profit of the last three years;
4)
Interest on capita to be allowed at 5% p.a.
iii)
Profits of the last three years were :
Rs
2002 2, 40,000
2003 3, 00,000
2004 1, 80,000
On C’s death,
the surrender values of the policies were equal to 80% of the face value of the
policies. The financial year closes on 31st December each year. Prepare
C’s capital A/c showing the amount due to his legal representative.
OR
A, B and C were partners sharing profits and losses as 4:3:3. On
31st March, 2004 they agreed to sell their business to K Ltd. When
their position was as follows:
Liabilities
|
Amount
|
Assets
|
Amount
|
Capital
:A
B
C
Creditors
|
20000
15000
13000
12000
|
fixed assets
Debtors
Stock
Cash
|
30000
15000
13000
2000
|
60000
|
60000
|
The company took over fixed assets, debtors and stock. The
purchase price of the fixed assets which was determined at Rs 35,000 was paid
by the company in its shares of Rs 10 each at par. Debtors and stock were paid
in cash at 10% discount. Creditors were paid off by the firm at 5% discount.
Expenses of realisation amounted to Rs 800.Show realisation A/c, partner’s
capital A/c’s and cash A/c in the books of the firm.
Q.4. Energy Company of Guwahati started a branch at Tinsukia on 1st
April, 2005 to which goods are sent at cost plus 25%. Branch expenses are met
from Branch cash and balance money is remitted to head office. The following details
are given for the year ended 31st March, 2006:
Particulars
|
Amount
|
Cost of goods sent to branch
Goods received by branch up to 31.3.2006
Credit sales
Debtors as on 31.3.2006
Bad debts
Cash remitted to head office
Cash in hand at branch on 31.3.2006
Cash remitted by head office to branch
Closing stock at branch on 31.3.2006 at
invoice price
Expenses incurred at branch
|
500000
540000
580000
208000
2000
430000
20000
30000
60000
120000
|
Prepare necessary ledger A/c’s in the books of head office.
OR
Define departmental accounts. What is the necessity of
apportionment of indirect departmental expenses? How are inter-departmental
transfers accounted for in books?
Q.5. Explain the salient features of government accounts. Discuss
the process of classification of expenditure in government accounts.
OR
Distinguish between commercial accounting and government
accounting. Explain the role of treasury in government accounts.