DU Financial Accounting Question Paper' 2022 [Dibrugarh University B.Com 1st Sem Hons]

DU Financial Accounting Question Paper' 2022 [Dibrugarh University B.Com 1st Sem Hons]


Dibrugarh University B.Com 1st Sem Hons Question Papers 
DU Financial Accounting Question Paper' 2022

COMMERCE (Core)
Paper: C-101 (Financial Accounting)
Full Marks: 80
Pass Marks: 32
Time: 3 hours

The figures in the margin indicate full marks for the questions



1. (a) Select the correct answer:  1x4=4

(1) Accounting Standard deals with depreciation accounting is

(a) 5.

(b) 6.

(c) 7

(2) Revenue is considered as being earn when

(a) cash is received.

(b) production is done.

(c) Sale is effected.

(3) Unearned Income A/c is

(a) assets.

(b) liability.

(c) expenses.

(4) Unrecorded liability paid at the time of dissolution of a firm is debited to

(a) Current A/c.

(b) Realization A/c.

(c) Creditor’s A/c.

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

(1) Discarding the old machinery due to new invention is called _______.

(2) Carriage incurred on purchases on an asset is debited to _______ A/c.

(3) A branch which does not maintain its own set of books is called _______ branch.

(4) After making the payment to third parties, the _______ due to a partner is paid.

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

(a) Accounting period concept.

(b) Straight-line method of depreciation.

(c) Four rights of hire vendor.

(d) Causes of dissolution of a partnership firm.

(e) Branch Stock A/c.

3. (a) What are Accounting Standards? Distinguish between Accounting Standard and Accounting Principles.                 3+3=6

(b) Write four points of necessary of accounting.            4

4. (a) Distinguish between Capital Receipts and Revenue Receipts.            5

(b) Explain how expenses are recognized to match them against revenues.        5

Or

From the following Trial Balance of Mr. X and other additional information, prepare a Profit and Loss a/c for the year ended 31st March, 2022 and a Balance Sheet as on that date: 10

Trial Balance of Mr. X

Dr.

Rs.

Cr.

Rs.

Closing inventory (marked value Rs. 42,000)

Repairs

Factory

Debtors (including bills receivable) Rs. 2,000

Travelling expenses

Export duty

Cash and bank balance

Trademark

Advertisement

Drawings

40,000

5,000

30,000

42,000

5,000

2,000

12,000

10,000

12,000

3,000

Creditors

Royalty received

Reserve

Capital

Profit on sale of investment

Provision for bad debts

Advance from bank

Trading A/c (gross profit)

30,000

8,000

10,000

45,000

5,000

2,000

53,000

8,000

 

1,61,000

 

1,61,000

Adjustment:

(1) Bills receivable dishonoured is not realisable as the debtors become insolvent.

(2) Provision for bad and doubtful debts @ 10% on debtors.

(3) 50% of advertisement is to be carried forward.

5. (a) Write a note on ‘accounting as a measurement discipline’.                                 6

Or

(b) State which of the following receipts are of capital nature and which of revenue nature:       1x6=6

(1) Amount realized from sale of old furniture.

(2) Amount received from debtors whose a/c was previously written-off.

(3) Amount of loan taken from a bank.

(4) Fees received from apprentices.

(5) Amount contributed by the proprietor to augment his capital.

(6) Rs. 10,000 received from sale of machinery which had w.d.v. Rs. 6,000.

6. (a) (1) Explain two merits and two demerits of hire-purchase system.                  4

(2) Distinguish between Hire-purchase System and Instalment-purchase System.      6

Or

(b) Dilip & Co. purchased a machine on hire-purchase basis on 01/01/2019. The payments were to be made as follows:

 

Rs.

On signing the agreement

At the end of first year

At the end of second year

At the end of third year

10,000

12,000

7,000

4,400

 

33,400

Interest included in Rs. 33,400 was charged on the cash price @ 10% per annum.
You are required to ascertain the cash price of the machine and write up Machinery A/c and Hire Vendors A/c in the books of Dilip & Co.         3+4+3=10

7. (a) (1) What are the objectives of keeping Branch Accounts?            4

(2) With respect to Branch Accounts, how will you deal with the following matters?   2x3=6

(a) Depreciation of Branch Fixed Assets.

(b) Cash-in-transit.

(c) Inter-branch Transactions.

Or

(b) X Ltd. of Kolkata has a Branch at Delhi. Goods are invoiced to the Branch at cost plus 33.33%. The Branch remits all cash received to the head office and all expenses paid by the head office. From the following particulars, prepare Branch Stock A/c, Branch Debtors A/c, Branch Adjustment A/c and Branch Expenses A/c:                3+3+4=10

 

Rs.

Branch Debtors on 1st April, 2021

Branch Stock on 1st April, 2021

Sales:

Cash

Credit

Goods from Head Office (Invoice Price)

Cash Received from Debtors

Discount Allowed to Debtors

Bad Debts

Branch Expenses paid by Head Office

Branch Stock on 31st March, 2022

6,000

2,400

 

3,000

60,000

72,000

57,600

1,400

300

10,000

11,400

 8. (a) (1) State and explain the decisions and rules laid down in Garner vs. Murray Case.   5

(2) Distinguish between Maximum Loss Method and Proportionate Capital Method of piecemeal distribution.       5

Or

(b) X, Y and Z were partners. Their Balance Sheet stood as under on the date when the firm was dissolved:

Liabilities

Rs.

Assets

Rs.

Sundry Creditors

X’s Capital A/c

Z’s Capital A/c

60,000

22,000

10,000

Sundry Assets

Profit & Loss A/c

Y’s Capital A/c

55,000

12,000

25,000

 

92,000

 

92,000

 The assets realized Rs. 40,000. The expenses of realization amounted to Rs. 1,000. The position of the partners was as follows:

 

Private Estate (Rs.)

Private Liabilities (Rs.)

X

Y

Z

18,000

12,000

12,000

20,000

21,000

10,000

Prepare Realization A/c, Capital Accounts, Bank A/c and Deficiency A/c. 3+3+2+2=10

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