Financial Accounting Question Paper 2007
[Dibrugarh University BCOM]
Commerce (General/Speciality)
Course: 101
Full Marks: 80
Time: 3 Hours
(a) Fill in the blank;
1.
Valuation of inventories is account for as per
accounting standard __________.
2.
Receipts and payment account is a
_____________ account.
3.
International accounting standard Board’s
headquarter is at______________.
(b) Write whether the following
statement are true or false
1.
Registration of a partnership firm is
compulsory.
2.
Minimum rent is also known as ‘ Rock Rent’ in
Royalty Account.
3.
Hire purchase transaction are controlled by
the Hire Purchase Act,1976.
4.
Unearned Income Account is a liability.
1.
The cost of goods sold on hire purchase is transferred
to –(Sale Account/Purchases Account/ Hire purchase Trading Account)
2.
Revenue is considered as being earned when -9
Cash is received/ Production is done / sale is affected)
3.
If inventory at branch is shown at invoice
price instead of cost price then the account which is used for adjustment is:
(Reserve Stock account/ Stock Suspense Account / Stock Reserve Account)
2. Write brief answer :-
(a) The
provision of Accounting standard 6.
(b) Object
of providing depreciation.
(c) Rule
of Garner Vs. Murray.
(d) Inter
departmental transaction.
(e)
Repossession of assets under Hire Purchase system.
3. Jorhat Head Office send out goods
to its Dibrugarh Branch at cost plus 331/3 %. The branch
remits all cash received to the Head Office and all expenses of the all branch
are met by Head Office. From the following particulars, prepare
a)
Dibrugarh Branch Account.
b)
Goods sent to Branch Account and
c)
Branch Stock Account in the books of the head
office
d)
show Branch Debtors Account in working rate.
|
|
RS
|
|
Stock at Branch on 1-4-2005(Invoice Price)
|
1800
|
|
Stock at Branch on 31.03.2006(Invoice Price)
|
2000
|
|
Goods send tom Branch during the
year(Invoice Price)
|
137500
|
|
Goods Returned by the Branch (Invoice Price)
|
7500
|
|
Cash Sales
|
30000
|
|
Credit Sales
|
99875
|
|
Goods Returned by customers
|
4000
|
|
Discount and Allowances to customers
|
6000
|
|
Bad Debts
|
500
|
|
Cash Received from customers
|
104500
|
|
Branch Debtors as on 1-4-2005
|
24000
|
|
Cash send to Branch:
|
|
|
For Salaries
|
10000
|
|
For Rent
|
2400
|
|
For Sundry Expenses
|
2500
|
4. Bat, Ball and Wicket are in
partnership sharing profit and losses in the ratio of 5:3:2 respectively. On 31st
march 2006, they decided to dissolve the partnership and position the
firm on that date was as following:
|
Liabilities
|
RS
|
Assets
|
RS
|
|
Sundry Creditors
|
80,000
|
Land and Building
|
1,14,000
|
|
Bat’s Loan A/c
|
20,000
|
Stock
|
1,00,000
|
|
Capital Accounts:
|
|
Sundry Debtors
|
1,00,000
|
|
Bat
|
1,20,000
|
Cash at Bank
|
6,000
|
|
Ball
|
80,000
|
|
|
|
Wicket
|
20,000
|
|
|
|
|
3,20,000
|
|
3,20,000
|
Land and Building were sold for
Rs.80000 and Stock and Sundry Debtors realized Rs.60000 and Rs.82000
respectively. The expenses of realization amounted to Rs.2400.
Show the following accounts in the
books of the firm:
a)
Realization Account
b)
Partner’s Capital Accounts.
c)
Bank Accounts
5.(a) How does the money measurement
concepts limits the scope of accounting?
(b) Write four points in support of supports
of the necessity of accounting.
(c) Write a short note on Account
Standard Board set up in India.
6.
Shiva and Sambhu are partners in a Firm. the Trial Balance of the firm
as on 31th March, 2006 was as follows:
|
Debit
|
RS.
|
Credit
|
RS.
|
|
Drawings:
Shiva
Sambhu
Land and Buildings
Machinery
Salaries and wages
Furniture
Trade Expenses
Sundry Debtors
Discount
Insurance
Advertisement
Cash at Bank
Bills Receivable
Closing Stock
(on 31-03-2006)
|
2,000
3,500
40,000
18,000
3,700
6,500
1,900
24,600
1,000
1,200
3,000
2,900
4,000
36,000
1,48,300
|
Capital
Shiva
Sambhu
Provision for Bad Debts
General Reserve
Sundry Creditors
Outstanding Wages
Bank loan (on 1-10-05)
Trading Account (Gross Profit)
|
20000
30000
2000
10000
16000
2000
15000
53300
1,48,300
|
Prepare a profit and loss Account and
profit and loss Appropriation Account for the year ended 31st march,
2006 and also a Balance Sheet as on that date after taking into consideration
the following adjustment.
a)
Write off Rs.600 as bad debt and provide a 5%
provision on the remaining debtors for doubtful debts.
b)
Interest on partners’ capital is to be allowed
@5% p.a.
c)
Interest on Bank Loan is to be provided @10%
p.a.
d)
Depreciation is to be provided on Land and
Buildings @10%p.a., Machinery @121/2 p.a. and Furniture
@5% p.a.
e)
1/5 of Advertisement is to
be written off.
7. Distinguish between the following:- (4+4+4=12)
(i) Rent
and Royalty.
(ii) Cash
in Transit and goods in transit.
(iii) Hire
purchase sale and credit sale.
OR
M/s Dutta Brothers has two
departments- Pubali and Rodali. Department Pubali transfers goods to department
Rodali at normal market price. From the following particulars, prepare Trading
and Profit and Loss accont and the combined Income account for the year ended
31.03.2006 (4+5+3=12)
DEPARTMENTS
|
Particulars
|
Pubali
|
Rudali
|
General
|
|
Stock: 1-4-2005
Purchases
Transfer of goods from Dept. Pubali
Wages Salaries(Deptt.)
Stock: 31-3-2006
Sales
Stationery
Machinery
Advertisement
Salaries(General)
General Expenses
Depreciate machinery by 10%. The general un
allocated expenses are to be apportioned between pubali and Rodali
departments in the ratio of 3:2.
|
10000
230000
--------
10000
6800
50000
230000
2000
|
--------
20000
70000
16000
4200
18000
145000
16000
|
12000
10000
18000
|
In Lieu of Internal Assesment
8. Write short answers: (2+2+2+2+2=10)
(a) What is the meaning of GAAP?
(b) What is the importance of minimum
rent in lease agreement?
(c) What is called “ commercial
goodwill”?
(d) What do you mean by “Independent
Branch”?
(e) What is meant by ‘Accounting
Standard’?