Financial Accounting Question Paper' 2022, Dibrugarh University B.Com 1st Sem Hons Question Papers

Financial Accounting Question Paper' 2022
Dibrugarh University B.Com 1st Sem Hons Question Papers 
2022 (Nov/Dec)
COMMERCE (Core)
Paper: C-101 (Financial Accounting)
Full Marks: 80
Pass Marks: 32
Time: 3 hours

The figures in the margin indicate full marks for the questions

1. (a) Select the correct answer:                 1x4=4

(1) Accounting Standard deals with depreciation accounting is

(a) 5.

(b) 6.

(c) 7

(2) Revenue is considered as being earn when

(a) cash is received.

(b) production is done.

(c) Sale is effected.

(3) Unearned Income A/c is

(a) assets.

(b) liability.

(c) expenses.

(4) Unrecorded liability paid at the time of dissolution of a firm is debited to

(a) Current A/c.

(b) Realization A/c.

(c) Creditor’s A/c.

(b) Fill in the blanks:                    1x4=4

(1) Discarding the old machinery due to new invention is called _______.

(2) Carriage incurred on purchases on an asset is debited to _______ A/c.

(3) A branch which does not maintain its own set of books is called _______ branch.

(4) After making the payment to third parties, the _______ due to a partner is paid.

2. Write short notes on any four of the following:              4x4=16

(a) Accounting period concept.

(b) Straight-line method of depreciation.

(c) Four rights of hire vendor.

(d) Causes of dissolution of a partnership firm.

(e) Branch Stock A/c.

Also Read: Financial Accounting Question Papers (Dibrugarh University)

3. (a) What are Accounting Standards? Distinguish between Accounting Standard and Accounting Principles.                 3+3=6

(b) Write four points of necessary of accounting.            4

4. (a) Distinguish between Capital Receipts and Revenue Receipts.            5

(b) Explain how expenses are recognized to match them against revenues.        5

Or

From the following Trial Balance of Mr. X and other additional information, prepare a Profit and Loss a/c for the year ended 31^st March, 2022 and a Balance Sheet as on that date: 10

Trial Balance of Mr. X

Dr.	Rs.	Cr.	Rs.
Closing inventory (marked value Rs. 42,000) Repairs Factory Debtors (including bills receivable) Rs. 2,000 Travelling expenses Export duty Cash and bank balance Trademark Advertisement Drawings	40,000 5,000 30,000 42,000 5,000 2,000 12,000 10,000 12,000 3,000	Creditors Royalty received Reserve Capital Profit on sale of investment Provision for bad debts Advance from bank Trading A/c (gross profit)	30,000 8,000 10,000 45,000 5,000 2,000 53,000 8,000
	1,61,000		1,61,000

Adjustment:

(1) Bills receivable dishonoured is not realisable as the debtors become insolvent.

(2) Provision for bad and doubtful debts @ 10% on debtors.

(3) 50% of advertisement is to be carried forward.

5. (a) Write a note on ‘accounting as a measurement discipline’.                                 6

Or

(b) State which of the following receipts are of capital nature and which of revenue nature:       1x6=6

(1) Amount realized from sale of old furniture.

(2) Amount received from debtors whose a/c was previously written-off.

(3) Amount of loan taken from a bank.

(4) Fees received from apprentices.

(5) Amount contributed by the proprietor to augment his capital.

(6) Rs. 10,000 received from sale of machinery which had w.d.v. Rs. 6,000.

6. (a) (1) Explain two merits and two demerits of hire-purchase system.                  4

(2) Distinguish between Hire-purchase System and Instalment-purchase System.      6

Or

(b) Dilip & Co. purchased a machine on hire-purchase basis on 01/01/2019. The payments were to be made as follows:

	Rs.
On signing the agreement At the end of first year At the end of second year At the end of third year	10,000 12,000 7,000 4,400
	33,400

Interest included in Rs. 33,400 was charged on the cash price @ 10% per annum.