Fundamentals of Accounting Question Paper 2023 [Dibrugarh University BCOM 1st SEM NEP 2023]

Fundamentals of Accounting Question Paper 2023
Dibrugarh University BCOM 1^st SEM NEP 2023

1 SEM FYUGP GECCOMM1 (A/B/C/D)

2023 (December)

COMMERCE (Generic Elective Course)

Paper: GECCOM1

Full Marks: 80

Pass Marks: 24

Time: 3 hours

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

Paper: GECCOM1A (Fundamental of Accounting)

1. (a) Write True or False:                             1x4=4

(1) Cash method provides a better indicator of a business’ profits or losses.

(2) Simple cash book is to record both the cash purchases and cash sales.

(3) The unfavourable balance of Profit and Loss A/c should be added in liabilities.

(4) Non-profit seeking organization never undertakes trading activities.

(b) Fill in the blanks:                                    1x4=4

(1) The _______ is an incentive given or received for prompt payment.

(2) Suspense A/c is shown in the _______.

(3) Trial Balance is an _______.

(4) If a transaction is completely omitted from the books, it is a _______ error.

2. (a) Explain the various causes of disagreement between the bank balance as per passbook and that as per cashbook.  8

Or

(b) On 31^st December, the bank balance as per passbook of Dr. Deka shows a balance of Rs. 10,000 but it does not agree with the balance shown by the cashbook due to the following reasons:

(1) Cheques of Rs. 1,000 and Rs. 800 were paid into bank but not cleared before 31^st December.

(2) Cheque of Rs. 4,200 was drawn but not encashed by creditors before 31^st December.

Prepare Bank Reconciliation Statement.

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3. Write short notes on any four of the following:      4x4=16

(a) Accounting information.

(b) Capital expenditure.

(c) Accrual concept.

(d) Rules of debit and credit.

(e) Source document.

(f) Trade discount.

(g) Outstanding expenses.

(h) Sole-proprietorship firm.

4. (a) Mr. Haloi had the following transactions. Determine the accounts to be debited and credited:     16

(1) Commenced business with cash Rs. 10,00,000.

(2) Purchased goods for cash Rs. 2,50,000.

(3) Paid for advertisement Rs. 60,000.

(4) Bought goods from P & Co. on credit Rs. 2,00,000.

(5) Sold goods for cash Rs. 1,20,000.

(6) Sold goods to Rabi on credit Rs. 2,00,000.

(7) Paid commission Rs. 90,000.

(8) Paid Salaries Rs. 80,000.

(9) Paid rent Rs. 60,000.

(10) Loan taken from Hiralal Rs. 5,00,000.

Or

(b) State the meaning of incomplete records. What is meant by Statement of Affairs? Distinguish between Statement of Affairs and Balance Sheet.        4+6+6=16

5. (a) What is depreciation? What are the factors affecting depreciation?        4+4=8

Or

(b) Mr. Gupta purchased a machine on 1^st April, 2021 for Rs. 70,000. He bought another machine for Rs. 50,000 on 1^st November, 2021. Depreciation was charged @ 15% p.a. on straight-line method. Show the Machine A/c for 3 years assuming that accounts are closed on 31^st March each year.   8

6. (a) State the difference between Receipts & Payments A/c and Income & Expenditure A/c.    8

Or

(b) DBM Club had a cash and a bank balance of Rs. 1,500 and Rs. 30,000 respectively on 1^st April, 2022. From the following details, prepare its Receipts & Payments A/c for the year ending 31^st March, 2023:

Subscription received during the year from members:

	Rs.
For 2021-22 For 2022-23 For 2023-24 Furniture purchased Rent received from auditorium Balance at bank on 31/03/2023	6,000 70,000 14,000 40,040 3,200 8,500

 7. (a) Following is the Trial Balance of Bose, a sole trader, as on 31^st March, 2023. Prepare (1) Trading A/c and (2) Profit & Loss A/c:   8+8=16

Particulars	Amount (Rs.)	Particulars	Amount (Rs.)
Opening Stock Purchases Wages Salaries Bad Debts Debtors Furniture Land and Building Drawings Cash	2,400 26,000 1,600 1,725 100 2,025 2,500 7,000 500 150	Returns Outward Rent Received Creditors Outstanding Salaries Sales Capital	375 75 800 100 30,000 12,650
	44,000		44,000

Adjustments:

(1) Closing Stock Rs. 2,700.

(2) Outstanding Wages Rs. 100.

(3) Depreciation on Land and Building @ 10% p.a.

Or

(b) Explain the purpose and components of Final Accounts in the accounting process. Discuss the difference between Trading and Profit & Loss A/c.        8+8=16

Also read: B.COM 1ST SEM (NEP 2023)