Advanced Financial Accounting Question Paper 2021
Dibrugarh University B. Com 5th Sem Question Papers CBCS Pattern
(Held in January/February, 2022)
Paper: DSE-502 (Group-I) (Accounting and Finance)
Full Marks: 80
Pass Marks: 32
Time: 3 hours.
The figures in the margin indicate full marks for the questions.
1. (a) Write ‘True’ or ‘False’: 1x4=4
(1) Banking companies are governed by the Banking Regulation Act, 1989.
(2) Life insurance business is carried on by Life Insurance Corporation
of India since 1956.
(3) General insurance includes all types of insurances.
(4) Investments may be fixed or current asset.
(b) Fill in the blanks: 1x4=4
(1) A banking company cannot grant loan to any of its _______.
(2) _______ is prepared to know surplus or deficiency of life insurance.
(3) In case of marine insurance, the provision against unexpired risk is
_______.
(4) Investments are freely bought and sold in the _______ through banks
and brokers.
2. Write short notes on (any four): 4x4=16
(a) Rebate on Bills Discounted.
(b) Surrender Value.
(c)
Fire Insurance.
(d) Valuation Balance Sheet.
(e) Columnar Investment Account.
3. (a) Discuss the following items relating
to a banking company: 3½ x 4=14
(1) Cash Credit and Overdraft.
(2) Non-performing Assets.
(3) Statutory Reserve.
(4) Liability for Bills Discounted.
Or
(b) From the following information, prepare
Profit & Loss A/c of North East Bank Ltd. for the year ended on 31st
March, 2021: 14
|
|
Rs. (‘000) |
|
Interest
on Loans Interest
on Fixed Deposits Commission
Payment
to Employees Discount
on Bills Discounted Interest
on Cash Credit Rent,
Taxes and Lighting Interest
on Overdraft Directors’
fees Auditors’
fees Interest
on Savings Bank Deposits Postage
and Telephone Expenses Printing
and Stationery Sundry
Expenses |
5,180 6,340 164 1,080 2,120 4,460 360 3,080 60 24 1,360 28 58 34 |
Additional information:
|
|
Rs. (‘000) |
|
(1)
Provide for contingencies (2)
Transfer to reserve (3)
Transfer to Central Government |
400 300 400 |
4. (a) What is ‘life insurance’? What are the
statutory and subsidiary books maintained by a Life Insurance Company? 2+6+6=14
Or
(b) The following information has been
supplied relating to Jai Bharat Life Insurance Company for the year ending on
31st March, 2021:
|
|
Rs. |
|
Life
Assurance Fund Insurance
Premium Interest,
Dividend and Rent Received Fines
and Fees Bonus
in cash Income
Tax Management
Expenses Bonus
in Reduction of Premium Commission
Surrender
Value Surplus
on Revaluation of Reversion Purchased Reassurance
Balance Irrecoverable Claims
Consideration
for Annuities Granted |
24,50,000 13,80,000 7,50,000 720 1,58,400 1,18,500 1,75,000 1,976 54,000 85,200 4,800 1,250 8,90,000 45,000 |
According to actuarial valuation, the net
liability on the policies of the company including the annuity transactions
amounted to Rs. 22,50,000. The surplus is to be allocated as 25% to shareholders,
70% to policyholders and the balance to be carried forward to the next period.
The company also paid interim bonus amounting to Rs. 1,03,806. Prepare the
Revenue a/c on the basis of the above information and also show the Valuation
Balance Sheet. 10+4=14
5. (a) From the following particulars, you
are required to prepare the Fire Revenue A/c of the North Bank Fire Insurance
Company Ltd. for the year ending on 31st March, 2021: 14
|
|
Rs. |
|
Claims
Paid Claims
Outstanding on 01-04-2020 Claims
Intimated and Accepted but not Paid Premium
Received Reinsurance
Premium Commission
on Direct Business Claims
Intimated but not Accepted on 31-03-2021 Commission:
Reinsurance Ceded Reinsurance Accepted Expenses
of Management Reserve
for Unexpired Risk on 01-04-2020 Additional
Reserve for Unexpired Risk on 01-04-2020 Bonus
in Reduction of Premium |
4,20,000 42,000 65,000 10,60,000 1,80,000 2,20,000 8,000 12,000 6,000 2,80,000 3,90,000 40,000 15,000 |
You are asked by the management to provide
for additional reserve for unexpired risk at 1% of the net premium in addition
to the opening balance.
Or
(b) What is ‘general insurance’? How does it
differ from life insurance? Explain ‘reserve for unexpired risk’ in case of
general insurance. 3+5+6=14
6. (a) Write notes on the following: 5+5+4=14
(1) Cum-interest purchase and ex-interest purchase.
(2) Cum-interest sale and ex-interest sale.
(3) Features of Investment Account.
Or
(b) Assam Investment Ltd. holds 1,000, 15%
Debentures of Rs. 100 each in Brahmaputra Industries Ltd. as on 1st
April, 2020 at a cost of Rs. 1,05,000. Interest is payable on 30th
June and 31st December every year. On 1st May, 2020, 500
Debentures are purchased cum-interest at Rs. 53,500. On 1st
November, 2020, 600 Debentures are sold ex-interest at Rs. 57,300. On 30th November,
2020, 400 Debentures are purchased ex-interest at Rs. 38,400. On 31st
December, 2020, 400 Debentures are sold cum-interest for Rs. 55,000. Prepare
Investment A/c valuing holdings on 31st March, 2021 at cost. 14
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Advanced Financial Accounting Question Papers (Dibrugarh University) 2023
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