Financial Accounting Question Paper' 2020 (Held in 2021)
Dibrugarh University B.Com 1st Sem Hons Question Papers
2021 (Nov/Dec)
Paper: C-101 (Financial Accounting)
Pass Marks: 32
Time: 3 hours
The figures in the margin indicate full marks for the questions
The figures
in the margin indicate full marks for the questions
1. (a) Answer in one sentence each: 1×4=4
1)
What is Financial Accounting Principle?
2)
What is meant by Errors of Commission?
3)
What is independent branch?
4)
What do you mean by Realization Account?
(b) Select the correct alternative answer: 1×4=4
(1) On which one of the following concepts is determination of
expenses for an accounting period based?
1)
Accounting period concept.
2)
Matching concept.
3)
Cost concept.
(2) _____ explains how revenue is to be determined in Profit & Loss
Account of an enterprise.
1)
AS–6.
2)
AS–19.
3)
AS–9.
(3) Inventory should normally be valued
1)
at historical cost or net realisable value whichever is lower.
2)
at net realisable value.
3)
at historical cost or net realisable value whichever is higher.
(4) On the date of agreement, hire purchaser pays an amount which is
called
1)
hire-purchase price.
2)
down payment.
3)
Instalment.
2. Write short notes
on (any four): 4×4=16
a)
Bases of accounting.
b)
Causes of depreciation.
c)
Applicability of IFRS in India.
d)
Matching concept.
e)
Characteristics of dependent branch.
f)
Joint venture and consignment.
3. Romen and Prakash
have in business together for last three years ending 31st December, 2019 at
which date they agreed to dissolve. The capitals at the commencement of the
business were Rs.
60,000
and Rs. 40,000. Profits and losses
were shared in the ratio of 3 : 2. The results of three years before allowing
10% interest on capitals were as follows:
|
|
Rs. |
|
2017 (profit) 2018 (profit) 2019 (profit) |
60,000 44,400 10,760 |
Drawings of each
partner were Rs.
8,000
per year. Creditors on the date of dissolution were Rs. 32,800. The assets
realised Rs.
1,50,000.
Expenses of dissolution amounted to Rs. 1,100. Give the necessary accounts to close the books of the
firm. 14
Or
a) Write the underlying
principles of Garner vs. Murray decision in the dissolution of
partnership. Is it applicable in India? 5+2=7
b) Explain the various methods of piecemeal distribution of cash. 7
Also Read: Financial Accounting Question Papers (Dibrugarh University)
4. The Bikiron Co.
Ltd., Jorhat, opened a branch at Dibrugarh on 1st January, 2019. The goods were
sent by Head Office to the branch at selling price being 125% of cost price.
The following particulars are available in respect of the branch:
|
Particulars |
Rs. |
|
Goods
sent to branch (at cost to Head Office) Total
sales Cash
sales Cash
collected from debtors Returns
from debtors Bad
debts Branch
expenses paid for cash Damaged
goods written off (at invoice price) Stock
on 31st December, 2019 (at invoice price) |
3,25,000 4,25,000 2,50,000 1,36,000 7,000 3,800 16,000 4,000 27,000 |
Write up the Ledger
A/c in the books of Head Office to record the above transactions under stock
and debtors system. 14
Or
a) What is branch
accounting? What are its objectives? 2+5=7
b) What are the main
types of branches from accounting point of view? Write three points of
distinction between Dependent Branch and Independent Branch. 4+3=7
5. Following are the
balances of Mr. Ranjit as on 30th June, 2020:
|
Dr. Balances |
Rs. |
Cr. Balances |
Rs. |
|
Cash
in hand Cash
at Bank Patent
Salaries
Purchase Returns
Inward Wages Fuel
and Power Carriage
on Sales Carriage
on Purchases Stock
(1st July, 2019) Buildings Freehold
Land Machinery
Investment
Sundry
Debtors General
Expenses Insurance Drawings |
1,080 5,260 15,000 30,000 81,350 1,360 16,960 9,460 6,400 4,080 11,520 44,000 20,000 40,000 20,000 29,000 6,000 1,200 10,490 |
Sales Returns
Outward Capital
Sundry
Creditors Rent |
1,97,560 1,000 1,24,000 12,600 18,000 |
|
|
3,53,160 |
|
3,53,160 |
Taking into account
the following adjustments, prepare the Trading and Profit & Loss A/c and
Balance Sheet as on 30th June, 2020: 14
1)
Stock on hand on 30th June, 2020 is Rs. 13,600.
2)
Depreciate machinery by 10% and patent by 20%.
3)
Salaries for the month of June 2020 amounting to Rs. 3,000 were unpaid.
4)
Insurance includes a premium of Rs. 340 on a policy expiring on 31st December, 2020.
5)
Bad debts are Rs. 1,450.
6)
Rent received in advance—Rs. 2,000.
7)
Interest on investment of Rs. 4,000 is accrued.
Or
a)
What is meant by business income? What are the main objectives
of income measurement? 2+5=7
b)
Distinguish between Capital Expenditure and Revenue Expenditure.
7
6. On 1st November,
2019, Jili Enterprise of Nagaon consigned 250 sewing machines to Monami
Enterprise of Sivasagar. The price of the machine is fixed at Rs. 1,500 each being 25%
above cost. Jili Enterprise paid packing expenses Rs. 1,000, insurance Rs. 200 and carriage Rs. 2,500. On 31st
December, 2019, an Account Sale was received from Monami Enterprise which
showed that they had sold 225 machines for Rs. 3,40,000 and had incurred Rs. 1,200 as expenses. Their commission was 5% on sale and del
credere commission was 2·5%. They sent a bank draft for Rs. 2,55,000 along with
the Account Sale. Prepare the necessary Ledger Accounts in the books of Jili
Enterprise. 14
Or
What do you mean by
hire-purchase system? Write the features of it. Write the differences between
Hire purchase and Credit sales. 2+6+6=14
***
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