Financial Accounting Question Paper 2010 [Dibrugarh University BCOM Question Paper]

Financial Accounting Question Paper 2010
[Dibrugarh University BCOM]
Commerce (General/Speciality)
Course: 101
Full Marks: 80
Time: 3 Hours
Q.1. Ratanlal supplies the following information:
Particulars
1/4/2005
31/3/2006
Sundry debtors
Stock
Machinery
Furniture
Sundry creditors
9050
7500
12500
2000
5500
9650
7000
?
?
6250
Summary of cash transactions during the year:
                Receipts
Amount
Payments
Amount
To opening balance
To cash sales
To Debtors
To sundry receipts
To loan from Barun @ 9% p.a. on 1.10.05
250
3050
37650
400
5000
By creditors
By wages
By salaries
By Drawings
By Expenses
By machinery purchased  On 1.10.05
By Closing Balance
17500
8000
7500
2000
5500
4750
1100

46350

46350

Discount allowed was Rs 500 and discount received was Rs 300. Bad debts written off were Rs 550. Depreciations to be provided on furniture @ 5% p.a. and on machinery @ 10% p.a. expenses include insurance premium of Rs 500 paid up to 30th June, 2006. Wages Rs 1000 are still due. From the above particulars, prepare trading, profit & loss a/c for the year ended 31st March, 2006 and a balance sheet as on that date.
OR
Distinguish between receipts & payments a/c and cash book. How will you convert income & expenditure a/c in to receipts & payments a/c? Explain.

Q.2. Kumarendra purchased a motorcycle on hire purchase system from M/s Bora & Co. The terms of the sale are:
Particulars
Amount
Down payment
1st installment
2nd installment
3rd installment
40000
43500
39000
34500

All installments are payable at the end of the year and each installment includes equal amount of cash price in addition to interest. Prepare necessary ledger accounts in the books of the buyer.
OR
Distinguish between credit sale and hire purchase. Mention five rights of hire seller and five rights of hire purchaser as laid down in the hire purchase act, 1972.

Q.3. A, B and C are partners sharing profits in the ratio of 3:3:2. Their capitals as on 1st January, 2005 were as follows:
                                                                      Rs.
                A                                             2, 00,000
                B                                             2, 00,000
                C                                             1, 60,000
The firm took out individual life policies, the values of which were as follows:
                                                                      Rs
                A                                             1, 60,000
                B                                             1, 20,000
                C                                                 80,000
C died on 30th September, 2005. The partnership deed provided that:
i)                    Insurance premium paid will be treated as ordinary business expense.
ii)                   The legal representative of the deceased partners would receive—
1)      The balance of his capital;
2)      The share of profit of the deceased partner calculated on the basis of two and a half years purchase of the average net profit of the last three years;
3)      Goodwill will be valued at three years purchase of the average net profit of the last three years;
4)      Interest on capita to be allowed at 5% p.a.
iii)                 Profits of the last three years were :
Rs
                                2002                       2, 40,000
                                2003                       3, 00,000
                                2004                       1, 80,000
                On C’s death, the surrender values of the policies were equal to 80% of the face value of the policies. The financial year closes on 31st December each year. Prepare C’s capital A/c showing the amount due to his legal representative.
OR
A, B and C were partners sharing profits and losses as 4:3:3. On 31st March, 2004 they agreed to sell their business to K Ltd. When their position was as follows:
Liabilities
Amount
Assets
Amount
                Capital :A
B
C
Creditors
20000
15000
13000
12000
fixed assets
Debtors
Stock
Cash
30000
15000
13000
2000

60000

60000

The company took over fixed assets, debtors and stock. The purchase price of the fixed assets which was determined at Rs 35,000 was paid by the company in its shares of Rs 10 each at par. Debtors and stock were paid in cash at 10% discount. Creditors were paid off by the firm at 5% discount. Expenses of realisation amounted to Rs 800.Show realisation A/c, partner’s capital A/c’s and cash A/c in the books of the firm.

Q.4. Energy Company of Guwahati started a branch at Tinsukia on 1st April, 2005 to which goods are sent at cost plus 25%. Branch expenses are met from Branch cash and balance money is remitted to head office. The following details are given for the year ended 31st March, 2006:
Particulars
Amount
Cost of goods sent to branch
Goods received by branch up to 31.3.2006
Credit sales
Debtors as on 31.3.2006
Bad debts
Cash remitted to head office
Cash in hand at branch on 31.3.2006
Cash remitted by head office to branch
Closing stock at branch on 31.3.2006 at invoice price
Expenses incurred at branch
500000
540000
580000
208000
2000
430000
20000
30000
60000
120000
Prepare necessary ledger A/c’s in the books of head office.
OR
Define departmental accounts. What is the necessity of apportionment of indirect departmental expenses? How are inter-departmental transfers accounted for in books?

Q.5. Explain the salient features of government accounts. Discuss the process of classification of expenditure in government accounts.
OR
Distinguish between commercial accounting and government accounting. Explain the role of treasury in government accounts.

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