Financial Accounting Question Paper’ 2021 (Held in 2022), Gauhati University B.Com 1st Sem, CBCS Pattern

Gauhati University B.Com Question Papers

4 (Sem-1/CBCS) FAC HC/RC

FINANCIAL ACCOUNTING QUESTION PAPER 2021 (Held in 2022)

(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.

1. Answer as directed:

A. Select appropriate answer from different alternatives:               1×4=4

(a) Inventories are to be valued at

(1)       Cost price.

(2)       Cost price or net realisable value whichever is lower.

(3)       Cost price or net realisable value whichever is higher.

(4)       Net realisable value.

(b) Which of the following is a limitation of a computer?

(1)       Speed.

(2)       Accuracy.

(3)       Intelligence.

(4)       None of the above.

(c) According to going concern concept, a business is viewed as having

(1)       A limited life.

(2)       A very long life.

(3)       An indefinite life.

(4)       None of the above.

(d) A Balance Sheet shows the financial position of a firm

(1)       For a given period.

(2)       On a particular point of time.

(3)       Over the years.

(4)       For the whole life of the firm.

B. State whether the following statements are True or False:                        1×3=3

(1)       Instalment system is a credit sale.

(2)       Goods returned by the branch debtors to head office is not recorded in Branch Account.

(3)       IFRS are issued by IASC.

C. Fill in the blanks with appropriate word/words:          1×3=3

(1)       The full form of C.P.U. is ______.

(2)       Any expenditure which ______ earning capacity is called capital expenditure.

(3)       The arrangement of assets and liabilities in the Balance Sheet is known as ______.

2. Answer the following questions very briefly:                           2×5=10

(a)       What is a hire-purchase agreement?

(b)       Mention any two objectives of Branch Accounting.

(c)       Mention any two objectives of IFRS.

(d)       Explain any two distinctions between manual accounting and computerized accounting.

(e)       State any two distinctions between capital receipt and revenue receipt.

3. Answer the following questions:           5×4=20

(a) Explain any five distinctions between cash basis and accrual basis of Accounting.               5

Or

Briefly explain the procedure for issuing Accounting Standards in India.                 5

(b) How is revenue recognised as per AS-9?                              5

Or

What is Balance Sheet? Mention any four objectives of preparing a Balance Sheet.      1+4=5

(c) Explain the significance of inventory valuation.                 5

Or

From the following particulars of Sankar Barua, Prepare a Trading Account and ascertain his gross profit for the year ending on 31st March, 2021:        5

Particulars

Amount (Rs.)

Opening Stock

Customs Duty

Clearing Charges

Wages and Salaries

General Expenses

Rent

Loading and Unloading Charges:

On Purchase                   Rs. 12,000

On Sales                            Rs. 1,400

Purchases

Dock dues

Freight and Carriage on purchases

Octroi Duty

Carriage on sales

Excise Duty

Demurrage

Return Inwards

Returns Outwards

Sales

Closing Stock

25,000

5,000

500

15,000

1,000

3,000

 

 

13,400

3,00,000

5,000

10,000

500

2,500

1,500

2,000

5,000

4,000

6,50,000

90,000

(d) On 1st January, 2019, Assam Tea Traders purchased a machine from Roy & Co. on hire purchase system. As per agreement, Rs. 20,000 is to be paid on delivery and the balance in three annual installments of Rs. 24,000 each payable on 31st December each year. The cash price of the machine was Rs. 80,000. Calculate the amount of interest charged each year.    5

Or

Explain any five features of hire-purchase system.                           5

4. Answer question either (a) and (b) or (c) and (d):             5+5=10

(a)       Explain any five distinctions between capital expenditure and revenue expenditure.       5

(b)       Mention any five advantages of computerised accounting system.           5

(c)       Define Accounting Standards. Mention any three of the objectives of Accounting Standards.       2+3=5

(d)       Write a brief note on ready accounting software.                            5

5. From the following Trial Balance of M/S Ram Traders and the other information given below, prepare a Profit and Loss Account for the year ended 31st March, 2021 and a Balance Sheet as on that date:    10

Trial Balance

Debit

Amount

(Rs.)

Credit

Amount

(Rs.)

Buildings

Salaries

Rent

Furniture

Bad Debt

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Drawings

Sundry Debtors

Bills Receivable

Closing Stock

18,000

12,400

3,500

4,950

600

2,000

3,000

15,000

6,000

9,750

Provision for bad debts

Interest Received

Creditors

Outstanding Wages

Capital

Bills Payable

Trading Account (Gross Profit)

400

400

4,200

900

45,000

2,000

22,300

Total

75,200

Total

75,200

Adjustments:

(1)       Outstanding Salaries Rs. 2,000.

(2)       Furniture to be depreciated by Rs. 950.

(3)       Increase provision for bad debts by Rs. 500.

Or

From the following Trial Balance of Anima and Pratima as on 31st March, 2021 and other information given below, prepare Profit and Loss Account and Profit and Loss Appropriation Account of the firm for the year ended on 31st March, 2021 and the Balance Sheet as on that date:        10

Trial Balance

Debit

Amount(Rs.)

Credit

Amount(Rs.)

Machinery

General Expenses

Furniture

Salaries

Cash in hand

Investments

Cash at Bank

Bad Debts

Sundry Debtors

Buildings

Publicity

50,000

5,000

10,000

20,000

5,000

12,000

8,000

2,000

40,000

50,000

8,000

Capital:

Anima            60,000

Pratima         40,000

Trading Account (Gross Profit)

Sundry Creditors

Commission

 

 

1,00,000

90,000

10,000

10,000

Total

2,10,000

Total

2,10,000

Adjustments:

(1)       Depreciate machinery @ 10% per annum.

(2)       Partners will get interest on capital @ 10% per annum.

(3)       Salary paid in advance Rs. 2,000.

6. Probhat Company of Nalbari has a branch at Tezpur. From the following particulars, prepare Tezpur Branch Account in the books of Head Office for the year ended on 31st March, 2021:         10

Particulars

Details

(Rs.)

Amount

(Rs.)

Stock at Branch on 1st April, 2020

Goods sent to Branch during the year

Total Sales at Branch

Cash Sales at Branch

Cash received from debtors

Bank draft received from debtors directly

Branch debtors on 1st April, 2020

Petty cash at Branch on 1st April, 2020

Goods returned by Branch

Cash sent to Branch for expenses:

Salaries

Petty Cash

Rent

Stock at Branch on 31st March, 2021

Petty cash at Branch on 31st March, 2021

Abnormal loss of goods (not insured)

 

 

 

 

 

 

 

 

 

 

12,800

2,600

3,000

 

15,700

45,600

73,300

19,700

50,200

2,000

16,900

110

3,000

 

 

 

18,400

18,800

90

1,000

Or

M/s. Bakshi Bros. of Tezpur purchased some plants on 1st January, 2019 on instalment payment system. The cash price of the plants was Rs. 4,00,000 payable as Rs. 1,00,000 down and the balance in three equal annual installments ofRs. 1,00,000 each, interest was to be charged on the unpaid balance at 5% per annum. M/s. Bakshi Bros. closes their accounts on 31st December each year and depreciation on plants was written off at 10% per annum on reducing balance method. Pass necessary Journal entries in the books of M/s. Bakshi Bros. for three years.               10

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