Financial Accounting Question Paper' 2020 (Held in 2021) | Gauhati University | CBCS Pattern

Gauhati University B.Com 1st Sem Question Papers 
4 (Sem–1/CBCS) FAC HC/RC
2020 (Held in 2021)
FINANCIAL ACCOUNTING

(Honours/Regular)

Paper: COM-HC-1016/RC-1016

Full Marks: 70

Time: Three hours

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

Answer either in English or in Assamese.

Answer all questions.

gauhati university financial accounting question papers

1. Answer as directed:

A. Select appropriate answer from different alternatives:             1×4=4

(a) Financial statements provide information on

1)         assets and liabilities.

2)         equities or capital.

3)         Incomes/gains and expenses/losses.

4)         All of the above.

(b) As per structure of GAAP, Accounting Entity is considered as

1)         assumption.

2)         principle.

3)         modifying principle.

4)         accounting standard.

(c) Annual Report of a company includes

1)         Directors’ Report.

2)         Auditors’ Report.

3)         Balance Sheet and Statement of Profit & Loss.

4)         All of the above.

(d) Amount paid for acquisition of goodwill is

1)         Revenue expenditure.

2)         Capital expenditure.

3)         Deferred revenue expenditure.

4)         None of the above.

B. State whether the following statements are ‘True’ or ‘False’:                1×3=3

1)         Revenue is generally recorded at the point of sale.

2)         Ind AS 2 prescribes accounting treatment for inventories.

3)         Interest on drawings is added to capital and deducted from drawings.

C. Fill in the blanks with appropriate word/words:            1×3=3

1)         ________ principle states that income should be measured in the period in which it is earned.

2)         To delete a particular ledger we have to select ‘Alter’ option and press Alt + ________.

3)         In case of instalment purchase system, total interest payable by the buyer is debited to ________. (interest account/interest suspense account)

2. Answer the following questions very briefly:  2×5=10

a)         State two mandatory items of information which are to be disclosed in annual report.

b)         Write the names of the major heads of structure of GAAP.

c)          What is the principle of conservatism? Give one example of it.

d)         Write two distinctions between revenue expenditure and capital expenditure.

e)         Write any four items of inventories as per the Companies Act, 2013.

3. Answer the following questions:          5×4=20

(a) Write a brief note on qualitative features of accounting information.

Or

Write five objectives of Accounting Standards.

(b) Write five features of computerized accounting system.

Or

What are the account groups of assets in relation to Tally 9?

(c) From the following information of M/s Rupali, Guwahati, prepare a Trading Account for the year ended on 31st March, 2020:

 

(Rs.)

Stock on 1.4.2019

Purchases

Sales

Purchase Returns

Sales Returns

Wages

Carriage Inward

Wages outstanding

Carriage outward

Salaries

Stock on 31.03.2020

40,000

50,000

1,20,000

2,000

5,000

10,000

2,000

1,000

2,000

15,000

20,000

Or

Pass journal entries in the books of M/s Barnali, Nagaon, a registered dealer under AGST Act, the dealer is entitled to claim input tax credit:

2020, April 1

Purchased goods Rs. 1,00,000 on credit locally (Intra state) from M/s Momee Traders, Nagaon.

2020, April 10

Purchased furniture for office use Rs. 50,000 from M/s Furniture House, Nagaon on credit.

(d) What are the rights of hire purchaser under the Hire Purchase Act, 1972?

Or

M/s Medicos purchased 5 nos. of computers from Computek, Guwahati on hire purchase system and furnished the following information:

Date of agreement

Cash price of the computers

Down payment on the date of agreement

No. of annual equal installment

Amount payable in each installment

Date of payment of annual installment

Rate of interest

1.4.2016

Rs. 3,00,000

Rs. 1,00,000

3

Rs. 1,00,000

31st March each year

22% p.a.

Calculate the amount of interest included in each installment.

4. Answer question no [(a) and (b)] Or (c):

(a) Write the meaning with two examples of:     5

1)         Capital Expenditure.

2)         Revenue Expenditure.

(b) What are the circumstances where revenue expenditure becomes capital expenditure?  5

(c) Write five features of business income and five objectives of income measurement.               5+5=10

5. From the following Trial Balance and other information of M/s Aradhana, Howly, as on 31.3.20 prepare a Trading Account and Profit and Loss Account for the year ended on 31.3.20 and a Balance Sheet as on that date:                  10

Debit

Rs.

Credit

Rs.

Fixed Assets

Opening Stock

Salaries

Rent

Purchases

Wages

Carriage Inward

Account Receivable

Input CGST

Input SGST

Advertisement

90,000

16,000

25,000

8,000

80,000

12,000

3,000

40,000

12,000

12,000

5,000

Capital

Sales

Account Payable

Outstanding Wages

Output CGST

Output SGST

90,000

1,45,000

35,000

2,000

15,500

15,500

 

3,03,000

 

3,03,000

Additional information:

1)         Closing stock Rs. 20,000.

2)         Salaries prepaid Rs. 2,000.

3)         Salaries outstanding Rs. 4,000.

Or

Following is the Trial Balance of Ajay and Bijay as on 31st March, 2020:

Trial Balance

Debit

Rs.

Credit

Rs.

Machinery

Furniture

Rent

Salaries

Debtors

Cash in Hand

Cash at Bank

Drawings:

Ajay

Bijay

Closing Stock

Commission

10,000

20,000

18,000

9,000

42,000

16,000

45,000

 

4,000

3,000

12,000

5,000

Capital:

Ajay

Bijay

Creditors

Commission

Bank Loan

Trading Account

Gross Profit

 

65,000

40,000

19,000

1,000

5,000

 

54,000

 

1,84,000

 

1,84,000

Prepare the Profit & Loss Account and Profit & Loss Appropriation Account for the year ended on 31st March, 2020 and a Balance sheet of the firm as on that date after taking into consideration the following additional information:      10

1)         Depreciate Machinery @ 10% p.a. and Furniture @ 20% p.a.

2)         Partners will get interest on Capital @ 5% p.a.

3)         Ajay is entitled to a salary of Rs. 2,000 p.a.

4)         The Profit sharing ratio between Ajay and Bijay was 3:2.

6. What is meant by instalment purchase system? Write four features of instalment purchase system and state four points of distinctions between hire purchase system and instalment purchase system.                2+4+4=10

Or

M/s Paridhan, having their head office at Guwahati has a branch at Tezpur. Following are the transactions of the head office with its Tezpur branch for the year ended on 31st March, 2020:

 

Rs.

On 1.4.2019:

Stock at Branch

Petty Cash

Furniture

On 31.3.2020:

Stock at Branch

Furniture

Outstanding rent

Prepaid Salary

Petty expenses incurred by the Branch during the year

Goods supplied to Branch during the year

Goods returned by Branch

Cash sales at Branch

Cheque sent to Branch:

Salary                                                                              15,000

Office Expenses                                                               5,000

Petty Cash                                                                         6,000

Rent                                                                                    3,000

 

 

25,000

2,000

20,000

 

30,000

18,000

1,000

2,000

5,000

2,00,000

3,000

3,00,000

 

 

 

 

29,000

Prepare Tezpur Branch Account, Goods sent to Branch Account and Branch Stock Account under Debtors system in the books of Head Office.    6+2+2=10

***