Financial Accounting Question Paper' 2021 (Held in 2022), Dibrugarh University B.Com 1st Sem (Non-Hons), CBCS Pattern

 Dibrugarh University B.Com 1st Sem Question Paper
1 SEM TDC FACC (CBCS) DSC CC 102
2021 (Held in January/February, 2022)
COMMERCE (Discipline Specific Course)
Paper: CC-102 (Financial Accounting)
Full Marks: 80
Pass Marks: 32
Time: 3 hours

The figures in the margin indicate full marks for the questions.

1. (a) Answer in one sentence each:         1x4=4

(1)      What is the full form of IFRS?

(2)      What is Financial Statement?

(3)      What do you mean by instalment?

(4)      What is del credere commission?

(b) Select the correct alternative answer:                              1x4=4

(1)       ‘Anticipate no profit, provide for all possible losses’ is based on

(a)       Business entity concept.

(b)       Cost concept.

(c)        Convention of conservatism.

(d)       Convention of materiality.

(2)       GST has been introduced in India on

(a)       1st July, 2016.

(b)       1st July, 2017.

(c)        1st April, 2017.

(d)       1st April, 2018.

(3)       The statement submitted by the consignee to the consignor is called

(a)       An invoice.

(b)       A proforma invoice.

(c)        An account sale.

(d)       A statement of account.

(4)       When a partner becomes insolvent, his capital deficiency is to be borne by

(a)       All partners.

(b)       Insolvent partner.

(c)        Sleeping partner.

(d)       Solvent partner.

2. Write short notes on (any four):            4x4=16

(a)       Need of Accounting Standard.

(b)       Qualitative characteristics of accounting.

(c)        GAAP.

(d)       Obligation of hire purchaser.

(e)       Deferred revenue expenditure.

(f)         Garner vs. Murray rule.

3. Ajoy, Bijoy and Chinmoy are partners in a firm. The firm is dissolved on 1.1.2021 with the following assets and liabilities:

Liabilities

Rs.

Assets

Rs.

Capital:

Ajoy

Bijoy

Reserve

Creditors

 

1,00,000

60,000

30,000

60,000

Sundry Assets

Profit & Loss Account

Chinmoy Capital

1,50,000

90,000

10,000

 

2,50,000

 

2,50,000

Assets realized Rs. 95,000 and expenses amounted to Rs. 5,000. Chinmoy became insolvent and his estate paid Rs. 14,000 of his debt. Close the books of the firm applying Garner vs. Murray rule. 14

Or

(a) What is dissolution of a firm? State under what circumstances a firm may be dissolved.           2+6=8

(b) Distinguish between partnership dissolution and firm dissolution.                       6

4. Rainbow Company has a branch at Guwahati. Rainbow company invoices goods to the branch at selling price which is cost plus 33.33%. From the following particulars, prepare a Branch Account and Goods sent to Branch Account in the books of Rainbow Company: 14

Particulars

Rs.

Stock on 1.1.2020 (at invoice price)

Debtors on 1.1.2020

Goods sent to branch (at invoice price)

Cash sales

Credit sales

Cash received from debtors

Goods received by Head Office from debtors

Discount allowed to customers

Bad debts written off

Cheque sent to branch

For salaries

For sundry expenses

Stock on 31.12.2020 (at invoice price)

45,000

34,200

2,13,000

93,000

1,24,200

1,20,000

12,000

900

750

 

15,000

5,100

40,200

Or

(a) What are the main classes of Branch Accounts? Discuss the need of Branch Accounts. 2+3=5

(b) Briefly explain the following items with suitable illustrations:      3x3=9

(1)       Goods-in-transit.

(2)       Cash-in-transit.

(3)       Inter branch transaction.

5. Following is the Trial Balance of Rajdeep Borthakur of Jorhat on 31.3.2021:

Debit Balances

Rs.

Credit Balances

Rs.

Purchases

Carriage inward

Carriage outward

Wages

Coal and gas

Salaries

Office expenses

Staff welfare expenses

Discount

Machinery

Interest on bank loan

Sundry debtors

CGST

SGST

Cash in hand

Cash at bank

Depreciation of machinery

21,45,000

22,200

15,400

2,45,800

4,200

1,46,000

23,500

41,400

5,200

2,16,000

5,000

3,84,000

65,000

65,000

27,900

2,43,600

24,000

Sales

Capital

Sundry creditors

Miscellaneous

Bad debts recovered

Bank interest

10% Bank loan (1.10.2020)

29,80,000

5,10,000

32,500

2,300

2,500

1,900

1,50,000

 

 

36,79,200

 

36,79,200

Taking into consideration the following adjustments, prepare the Trading Account and Profit & Loss Account for the year ended 31st March, 2021 and a Balance Sheet as on that date:             4+5+5=14

(1)       Closing stock Rs. 60,000.

(2)       Goods worth Rs. 2,000 were taken for personal use by the proprietor.

(3)       Uninsured goods valued at Rs. 4,000 were destroyed by fire.

(4)       Create provision for bad debt @ 5%.

Or

What do you mean by Revenue Recognition? State four aspects to which revenue recognition does not apply. Write about different circumstances of revenue recognition.    4+2+8=14

6. On 1st January, 2018, R. G. Ltd. purchased a Mini Truck from J. P. Ltd. on hire purchase system, the cash price of which was payable as Rs. 1,20,000 down and the balance in three equal annual installments together with interest at 10% p.a. The amount of last instalment including interest was Rs. 1,76,000. Depreciation was to be provided at 20% p.a. on reducing balances. At the end of three years, the R. G. Ltd. sold the Mini Truck for Rs. 3,00,000 in cash.

(1)       Calculate cash price and interest.

(2)       Show Mini Truck A/c in the books of R. G. Ltd.

(3)       Show R. G. Ltd. A/c in the books of J. P. Ltd.        3+6+5=14

Or

(a) What is meant by consignment business? Write the differences between sales and consignment.  2+5=7

(b) What is a joint venture? Distinguish between joint venture and partnership business.                2+5=7

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