Assam University B.Com 1st Sem Question Papers
Financial Accounting Question Paper 2021
TDC (CBCS) Odd Semester Exam., 2018
COMMERCE
(1ST Semester)
Financial Accounting Question Paper' 2021
Full Marks: 50
Pass Marks: 20
Time: 3 hours
The figures in the margin indicate full marks for the questions
SECTION – A
1. Answer any ten of the following questions:
2x10=20
(a) What is Generally Accepted Accounting Principle?
(b) State any two objectives of Accounting Standards.
(c) Who are the users of Accounting Information?
(d) Write any four sentences about IFRS.
(e) What is voucher entry?
(f)
Mention any five types of
accounting vouchers in Tally.
(g) Mention the components of computerized accounting system.
(h) What is financial report in Tally?
(i)
What is Trial Balance?
(j)
Mention the manner of treatment
of GST paid on purchase or fixed assets.
(k) What is business income?
(l)
What is marshalling?
(m) Explain the term ‘down payment’ with reference to hire-purchase
system.
(n) State any two features of hire-purchase system.
(o) Give the Journal Entry in the books of seller at the time of
delivery of the asset.
(p) Do you think that instalment purchase system have any practical
application? If so, give reason.
(q) What is an independent branch?
(r) Give the treatment in the books of Head Office to purchase fixed
assets by the branch under debtor system.
(s) Give the Journal Entry in the books of HO when goods are returned by
the branch debtor direct to HO under stock and debtor system.
(t) Give the Journal Entry in the books of HO for abnormal loss of the
branch under stock and debtor system.
SECTION – B
Answer any five of the following questions: 6x5=30
2. Explain the meaning and significance of
the Business Entity Concept.
3. “Measurement of business income requires
matching costs with the revenue.” Explain.
4. Distinguish between Manual accounting and
Computerized accounting.
5. Discuss the features of computerized
accounting system.
6. On July 1, 2019, N.E. Printers purchased a
printing machine on hire-purchase basis, payment to be made Rs. 10,000 on the
said date and the balance in three half-yearly instalments of Rs. 8,200, Rs.
7,440 and Rs. 6,300 commencing from December, 2019. The vendor charged interest
at 10% p.a. calculated on half-yearly rests. N.E. Printers close their books of
accounts on 31st December every year. Calculate the cash price of
the machine and interests.
7. Distinguish between Instalment purchase
system and Credit purchase system.
8. Is depreciation an expenditure? Give
reasons in favour of your argument.
9. Given below is the Trial Balance of Janki
Das on 31st March, 2021. Prepare a Trading A/c and Profit & Loss
A/c for the year ended 31st March, 2021 and a Balance Sheet as on
that date:
|
Dr. Balance |
Rs. |
Cr. Balance |
Rs. |
|
Opening
Stock Wages
Salaries
Railway
Freight on Purchases Purchases
Interest
on Overdraft Medical
Insurance Premium of Janki Das Cash
at Bank Building Sales
Return Sundry
Debtors Office
Expenses Drawings Depreciation
Rent
Plant
& Machinery Travelling
Expenses Repairs
to Plant Cash
in Hand |
96,000 28,000 4,000 5,000 1,15,000 200 5,000 1,800 11,000 1,000 35,000 5,500 6,500 2,000 2,400 18,000 5,000 1,600 200 |
Capital
Loan
from Bank Sales
Discount
on Purchases Sundry
Creditors Purchase
Return Provision
for Doubtful Debts |
50,000 20,000 2,50,000 4,000 12,700 1,500 5,000 |
|
|
3,43,200 |
|
3,43,200 |
Adjustments:
(1) Closing stock was valued at Rs. 35,000.
(2) Bank loan was taken on 1st April, 2020 at 10% interest
p.a.
10. A Head Office in Shillong has a branch at
Silchar to which goods are invoiced at cost price. The following are the transactions
between the Head Office and the branch for the year ended 31st
March, 2021:
|
|
Rs. |
|
Balance
on 1st April, 2020: Stock at branch Debtors at branch Petty cash at branch Salary Outstanding Transactions
during the year 2020-21: Goods sent to branch Remittances from branch Cash sales
18,000 Money received from debtors 32,000 Bad debts at branch Discount allowed to branch debtors Goods returned by customers to branch Cheque sent to branch: For salaries (300 x 12)
3,600 For insurance
2,500 For petty cash
900 Petty expenses incurred at branch Debtors at branch on 31.03.2021 |
16,000 13,000 1,200 900 50,000 50,000 270 700 1,500 7,000 1,900 14,000 |
You are required to
calculate the Branch Net Profit under Final Account System.
11. A company with its Head Office in Kolkata
has a branch at Silchar. The branch receives all goods from Head Office who
also remits cash for all expenses. Sales are made by the branch on credit as
well as for cash. Total sales by the branch for the year ended 31st
March, 2021 amounted to Rs. 5,60,000 out of which 20% is cash sales. The
following further information is relevant:
|
|
Rs. |
|
Balance on 01.04.2020: Stock-in-trade Debtors Petty cash Transactions during the year 2020-21: Expenses actually incurred by the branch: Salaries Rent Petty expenses All sales are made by the branch at cost plus 25%. Balance on 31.03.2021: Stock-in-trade Debtors Petty cash |
25,000 60,000 120 36,000 12,000 5,600 36,000 48,000 180 |
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