Financial Accounting Question Paper' 2021 (Held in 2022)
Dibrugarh University B.Com 1st Sem Non Hons Question Papers
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
Also Read: Financial Accounting Question Papers (Dibrugarh University)
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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