Financial Accounting Question Paper 2021 [Assam University BCom 1st Sem CBCS Pattern]

 Assam University B.Com 1^st Sem Question Papers

Financial Accounting Question Paper 2021

TDC (CBCS) Odd Semester Exam., 2018
COMMERCE (1^ST Semester)
Course No.: COMDSC – 101T
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 31^st 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 31^st March, 2021. Prepare a Trading A/c and Profit & Loss A/c for the year ended 31^st 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 1^st 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 31^st 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 31^st 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

You are required to prepare the Silchar Branch A/c in the books of HO for the year ended 31^st March, 2021.