Financial Accounting Question Paper 2023
Gauhati University BCOM 1st Sem CBCS Pattern
(Honours/Regular)
Paper: COM-HC-1016/RC-1016
Full Marks: 70
Time: Three hours
The figures in the margin indicate full marks for the questions.
Answer either in English or in Assamese.
In this post you will get Financial Accounting Question Paper 2023 for Gauhati University B.Com 1st Sem CBCS Pattern.
1. Answer any ten questions as directed: 1x10=10
(a) Closing stock is valued
at
(1) Cost price.
(2) Cost price or market
price whichever is higher.
(3) Cost price or market
price whichever is lower.
(4) Market price. (Select
appropriate answer)
(b) As per Dual Aspect
Concept:
(1) Assets = Liabilities –
Capital.
(2) Assets = Capital –
Liabilities.
(3) Assets = Liabilities +
Capital.
(4) Capital = Assets +
Liabilities. (Select appropriate answer)
(c) Which of the following
is not a constituent of Central Processing Unit?
(1) Arithmetical Logical
Unit.
(2) Memory Unit.
(3) Input Unit.
(4) Control Unit. (Select
appropriate answer)
(d) According to going
concern concept, a business is viewed as having
(1) A limited life.
(2) A definite life.
(3) A very long life.
(4) An indefinite life. (Select
appropriate answer)
(e) Discount allowed to
debtors is not shown in the Branch A/c. (State whether the statement is True or
False)
(f) Where a buyer under
instalment system makes default in making payment of instalment, the seller has
a right to repossess the goods sold. (State whether the statement is True or
False)
(g) Branch stock account is
always prepared at cost price. (State whether the statement is True or False)
(h) Accounting is the
language of _______. (Fill in the blank with appropriate word/words)
(i) Under stock and debtors
system, Profit/Loss of the branch is ascertained by opening a _______. (Fill in
the blank with appropriate word/words)
(j) The first IFRS was
published in June _______. (Fill in the blank with appropriate word/words)
Also Read: Financial Accounting Question Papers (Gauhati University BCOM 1st SEM)
Financial Accounting Question Paper 2019
Financial Accounting Question Paper 2020
Financial Accounting Question Paper 2021
Financial Accounting Question Paper 2022
Financial Accounting Question Paper 2023
2. Answer the following questions very
briefly: 2x5=10
(a) Mention two limitations
of Accounting Principles.
(b) What is Prudence or
Conservatism concept?
(c) Mention any two
distinctions between ‘gross profit’ and ‘net profit’.
(d) Mention any two
features of Tally 9.
(e) Explain any two
features of Accounting Principles.
3. Answer any four questions: 5x4=20
(a) Explain any five
distinctions between cash basis and accrual basis of accounting.
(b) What is Computerised
Accounting System? What are the advantages of using Computer in Accounting? 1+4=5
(c) Discuss four
methods/approach of measurement of Business Income.
(d) From the following
information, prepare a Trading A/c for the year ended 31-03-2023:
|
|
Rs.
|
|
Rs.
|
|
Stock on 1-4-2022 Wages Purchases Purchase return Carriage inward Manufacturing expenses |
25,000 5,000 30,000 450 500 4,000 |
Sales Sales return Wages outstanding Carriage outward Stock on 31-3-2023 |
80,000 500 100 1,000 7,000 |
(e) One motor bike is purchased on hire
purchase system. The term of payment is four annual instalments of Rs. 16,920
at the end of each year. The rate of interest charged is 5% p.a. Accounting
year closes on 31st March each year. Calculate the amount of
interest and cash price.
(f) Mention five distinctions between manual
accounting and computerised accounting system.
4. Answer any three questions: 10x3=30
(a) From the following Trial balance of Shri
BK Das as on 31st March, 2023 and other information given below,
prepare a Trading and Profit & Loss A/c for the year ended 31st
March, 2023 and the Balance Sheet as on that date.
Trial Balance
|
Particulars |
Amount
(Rs.) |
Particulars |
Amount
(Rs.) |
|
Opening Stock Purchases Sales Return Carriage Inward Carriage Outward Wages Salaries Insurance Prepaid Advertising Advertising Debtors Cash Machinery |
25,000 80,000 2,000 2,000 1,000 10,000 14,000 1,200 400 2,000 20,000 2,000 10,000 |
Sales Outstanding Wages Creditors Capital Purchase Returns Discount Received |
1,16,600 1,000 15,000 35,000 1,000 1,000 |
|
|
1,69,600 |
|
1,69,600 |
Adjustments:
(1) Outstanding Salary Rs.
1,000.
(2) Closing Stock Rs.
30,000.
(3) Prepaid Insurance Rs.
300.
(b) On 1-1-2022, Ahuja
& Co. purchased a plant on hire purchase system. The cash price of the
plant was Rs. 25,000. The payment was to be made Rs. 5,000 down and the balance
by five instalments of Rs. 4,000 per year with interest at 5% p.a.
You are required to prepare
necessary ledger accounts in the books of Ahuja & Co., assuming
depreciation to be written off at 5% annually on straight line method.
(c) Explain in brief
Accounting Standard 2. Discuss the procedure of setting Accounting Standards in
India. 3+7=10
(d) Vishal Traders Ltd. of
Tezpur sends goods to its Kolkata branch at cost plus 25%. From the following
particulars, prepare the necessary Ledger Accounts in the books of the Head
Office under Stock and Debtors system:
|
Particulars |
Amount
(Rs.) |
|
Opening Stock at Branch
at cost to Branch Goods sent to Branch at
invoice price Loss in transit at
invoice price Pilferage at invoice
price Normal loss through
wastage at invoice price Cash sales at Branch Expenses Closing Stock at Branch
at Cost to Branch Recovered from Insurance
Company against loss in transit |
30,000 1,50,000 15,000 8,000 4,000 2,40,000 60,000 45,000 15,000 |
(e) Explain how revenue is recognised as per
AS – 9.
(f) Explain the rights of Hire Purchaser and
Hire vendor under Hire Purchase System. 5+5=10
***
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