Breaking News

Monday, February 03, 2020

Dibrugarh University B.Com First Sem: Financial Accounting Question Papers (Nov' 2019)


2019
(November)
COMMERCE
(General/Speciality)
Course: 103
 (Financial Accounting)
The figures in the margin indicate full marks for the questions
(NEW COURSE)
Full Marks: 80
Pass Marks: 24
Time: 3 hours
1. (a) Answer in one sentence:                                                              1x4=4
1)         What is IFRS?
2)         What do you mean by repossession of goods?
3)         Mention any one objective of a branch.
4)         What is royalty?
(b) Fill in the blanks:                                                                  1x4=4
1)         Accounting Standard Board was set up in India in the year ______.
2)         The cost of goods sold on hire purchase is transferred to ______ Account.
3)         Cash sent by the branch not received by the head office by the end of the year is debited to ______ Account.
4)         Shortworking is the excess of ______ over actual royalty.
2. Write short notes on (any four):                                            4x4=16
a)         Features of Accounting Principles.
b)         Termination of Hire-purchase Agreement.
c)          Inter branch Transactions.
d)         Features of Departmental Account.
e)         Strike and Lockout.
3. (a) What are Accounting Standards? Discuss the objectives of such standards. Also distinguish between Accounting Standards and Accounting Principles.                  2+7+5=14
Or
(b) Following is the Trial Balance of Ajay and Bijay as on 31st March, 2019:
Dr. Balances
Rs.
Cr. Balances
Rs.
Opening Stock
Purchases
Bills Receivable
Cash in Hand
Bad Debts
Plant and Machinery
Advertisement
Sundry Debtors
Goodwill
Land and Building
Fuel
Wages and Salaries
Rent and Taxes
Discount
Commission
Furniture
1,60,000
4,00,000
4,000
26,000
2,000
1,32,000
16,000
1,00,000
1,40,000
4,50,000
30,000
80,000
40,000
17,200
20,000
30,000
Sundry Creditors
Bank Loan
Sales
Bills Payable
Interest
Capital:
Ajay
Bijay
1,50,000
87,200
8,40,000
40,000
10,000

3,20,000
2,00,000
From the following additional information, you are required to prepare Trading and Profit & Loss A/c for the year ended 31st March, 2019 and a Balance Sheet as on that date:          4+5+5=14
1)         Closing Stock as on 31st March, 2019 – Rs. 1,20,000.
2)         Depreciation machinery by 10% and furniture by 5%.
3)         Create a reserve of 5% on sundry debtors for doubtful debts.
4)         Write-off 1/4th of advertising.
4. (a) What is Instalment Purchase System? What are its characteristics? Distinguish between Instalment Purchase System and Credit Sales.                        3+5+6=14
Or
(b) On 1st April, 2016, Assam Traders purchased a machine from M/s Jai Hind Machinery on hire-purchase system. As per agreement, an amount of Rs. 5,000 paid on signing the agreement and balance in three equal annual instalment of      Rs. 20,000 each on 31st March each year. The hire vendor charged interest @ 5% p.a. on yearly balance. Depreciation was charged @ 15% p.a. on straight-line method.           4+5+5=14
Ascertain the cash price of the machine and prepare (1) Machinery A/c and (2) M/s Jai Hind Machinery’s A/c in the books of Assam Traders.
5. (a) What is Departmental Account? How are the inter-departmental transactions recorded in Departmental Accounts? Explain the basis of allocation of common expenses over the various departments in Departmental Accounts.  2+4+8=14
Or
(b) Jorhat Head Office sent out goods to its Dibrugarh Branch at cost plus 25%. The branch remits all cash received to the Head Office and all expenses of the branch are met by the Head Office. From the particulars, prepare the following in Head Office books:
1)         Dibrugarh Branch Account.
2)         Goods sent to Branch Account.

(Rs.)
Stock at branch on 01.04.2018 (invoice price)
Stock at branch on 31.03.2019 (invoice price)
Goods sent to branch during the year (invoice price)
Goods returned by the branch (invoice price)
Cash sales
Credit sales
Goods returned by customers
Discount and allowances to customers
Bad debts
Cash received from customers
Cash sent to branch:
For salaries                                                                                          10,000
For rent                                                                                                  2,400
For sundry expenses                                                                            2,500
Branch debtors as on 01.04.2018
1,800
2,000
1,37,500
7,500
30,000
99,875
4,000
6,000
500
1,04,500



14,900
24,000
Show Branch Debtor’s A/c as a part of working note.                   8+4+2=14
6. (a) (1) Discuss about the different types of royalty. Why is minimum rent important in Royalty Account?           5+5=10
(2) Distinguish between Rent and Royalty.                                  4
Or
(b) Sri Ajit Das took a colliery on lease from Sri Ratan Singh for a period of 20 years from 1st April, 2014 on a royalty of  Rs. 16 per ton of coal raised with a minimum rent of Rs. 80,000 per annum and power to recoup shortworking was first four years of the lease.
The annual coal raised were:                 5+5+4=14
Year
Output (in tons)
2014-15
2015-16
2016-17
2017-18
2018-19
3000
3500
5000
9000
10000
From the above particulars, prepare the following in the books of Sri Ajit Das:
1)         Royalty A/c.
2)         Shortworking A/c.
3)         Sri Ratan Singh’s A/c.
(OLD COURSE)
Full Marks: 80
Pass Marks: 32
Time: 3 hours
1. (a) Fill in the blanks:                                                                  1x4=4
1)         Accounting Standard ______ deals with Depreciation Accounting.
2)         Hire-purchase transactions are governed by the Hire-purchase Act, ______.
3)         Cash sent by the branch not received by the head office by the end of the year is debited to ______ Account.
4)         Registration of a partnership firm is ______.
(b) Write True or False:                                                 1x4=4
1)         Accounting principles are formulated by the government.
2)         There is no difference between Hire-purchase System and Instalment-purchase System.
3)         In Branch Accounting, each branch has separate entity.
4)         Minimum rent is also known as ‘rock rent’ in Royalty Account.
2. Write short notes on (any four):                                             4x4=16
a)         Instalment-purchase system.
b)         Independent branch.
c)          Sublease.
d)         Realization Account.
e)         The provisions of Accounting Standard-1.
3. (a) (1) How does the money measurement concept limit the scope of accounting?                      4
(2) Write four points of the necessity of accounting.                     4
(3) Write a short note on Indian Accounting Standard Board.                       4
Or
(b) The following is the Trial Balance of Ajay and Bijay, a partnership firm as on 31st March, 2019:
Dr. Balances
Rs.
Cr. Balances
Rs.
Opening Stock
Purchases (adjusted)
Machinery
Salaries 
Wages
Building
Insurance
Freight
Conveyance
Carriage Inward
Rent
Returns Inward
Carriage Outward
Sundry Debtors
Bills Receivable
Cash in Hand
Drawings:
Ajay
Bijay
Closing Stock
24,500
1,30,000
50,000
10,000
14,000
60,000
500
3,000
1,400
3,850
2,400
1,600
2,400
18,000
5,250
2,300

3,600
4,200
38,000
General Reserve
Reserve for Doubtful Debts
Sales
Sundry Creditors
Bills Payable
Commission
Capital:
Ajay
Bijay
38,000
500
2,35,000
33,700
17,350
450

30,000
20,000

3,75,000

3,75,000
Prepare a Trading and Profit & Loss A/c for the year ended 31st March, 2019 and a Balance Sheet as on that date after considering the following information:                      3+4+5=12
1)         On 29.02.2019, a fire broke out in the godown and goods worth Rs. 7,000 were destroyed. Goods being insured, the insurance company admitted a claim for Rs. 6,000.
2)         Reserve for Doubtful Debts is to be maintained at 5% of Sundry Debtors.
4. (a) Distinguish between Hire-purchase System and Ordinary Credit Sales. Mention any three rights of hire vendor and three rights of hire purchaser as laid down in the Hire-purchase Act, 1972.                    5+3+3=11
Or
(b) On 1st April, 2016, X Ltd. purchased a machine on hire-purchase basis of payments which were as follows:

(Rs.)
On signing the agreement
At the end of the first year
At the end of second year
At the end of third year
5,000
6,000
3,500
2,200

16,700
Interest included in Rs. 16,700 was charged on the cash price @ 10% p.a.
You are required to ascertain the cash price of the machine and write up Machinery a/c and Hire Vendor’s A/c in the books of X Ltd.                                  3+4+4=11
5. (a) Dutta Co. Ltd. Jorhat invoiced goods to its Dibrugarh Branch at cost plus 30%. The following are the transactions between the Head Office and Branch for the year ended 31st March, 2019:7+4=11

(Rs.)
Stock at branch on 01.04.2018 (invoice price)
Sundry Debtors on 01.04.2018
Petty Cash on 01.04.2018
Goods sent to branch (invoice price)
Total sales effected during the year 
Cash sales
Cash received from branch debtors
Expenses incurred by the branch for the year
Sundry debtors on 31.03.2019
Stock at branch on 31.03.2019 (invoice price)
Petty cash on 31.03.2019
13,000
25,000
125
65,000
1,10,000
85,000
42,000
11,500
8,000
52,000
65
From the above information, prepare Dibrugarh Branch A/c and goods sent to Branch A/c in the books of Head Office.
Or
(b) In the context of Branch Accounts, explain the following:                 4+4+3=11
1)         Goods in transit.
2)         Cash in transit.
3)         Inter-branch transactions.
6. (a) (1) What is called ‘rock rent’ in Royalty Account?                                                                    4
(2) What do you mean by recoupment of shortworking? What conditions are to be satisfied for recoupment of shortworking?                                                                   3+4=7
Or
(b) A took a lease of a colliery with a minimum rent of Rs. 30,000 per annum merging into a royalty of Rs. 5 per ton of coal raised with a right to recoup shortworking within the first four years of lease. The output for first five years was given below:
Year
Output (in tons)
1
2
3
4
5
Nil
3000
5000
7000
8000
Prepare necessary Ledger A/c in the books of the lessee.                                                       11
7. (a) A, B, C and D are partners of a partnership firm sharing profits and losses in the ratio of 2:2:1:1. Their Balance Sheet as on 31st March, 2019 was as follows:
Liabilities
Rs.
Assets
Rs.
Capital A/c:
A                                         14,000
B                                         12,000
C                                           2,000
D                                           1,600
Creditors
Bills Payable




29,600
12,000
2,400
Fixed Assets
Debtors
Cash at Bank
Surplus A/c (Dr.)
20,000
10,000
2,000
12,000


44,000

44,000
On 1st April, 2019, the firm was dissolved. All assets except cash were realized for Rs. 24,800. Realization expenses were Rs. 200. All the liabilities were discharged at book values. C became insolvent and he could not bring anything from his private estate.
Close the books of the firm.                   4+4+3=11
Or
(b) What do you mean by ‘amalgamation’? What are the different methods of amalgamation? Mention about the objectives and advantages of amalgamation.          2+3+3+3=11

***

No comments:

Post a comment

Kindly give your valuable feedback to improve this website.

Popular Posts for the Day