Financial Accounting Question Paper 2022 [Assam University B.COM 1st Sem]

Financial Accounting Question Paper 2022

Assam University B.COM 1st Sem

2021/TDC (CBCS)/ODD/COMHCC-101T/334

TDC (CBCS) Odd Semester Exam., 2021 held in March, 2022

COMMERCE (1ST Semester)

Course No: COMHCC-101T (Financial Accounting)

Full Marks: 50

Pass Marks: 20

Time: 3 hours

The figures in the margin indicate full marks for the questions

In this Post you will get Financial Accounting Question Paper 2022 [Assam University B.COM 1st Sem]Past exam question papers will be very much usefull for upcoming exams.

SECTION – A

Answer any ten of the following questions:         2 x 10 = 20

1. What is Accounting Information?

2. State two authorities involved in formulating Accounting Standards in India.

3. What do you mean by dual aspect concept?

4. What is meant by ‘selecting or shutting a company’ in Tally?

5. State two accounting reports available in Tally.

6. Write two uses of computerized accounting system.

7. What do you mean by contingent liabilities?

8. Give two examples of revenue receipts.

9. Mention two objectives of measurement of business income.

10. What do you mean by repossession goods?

11. State two advantages of hire-purchase system.

12. What is meant by instalment money in hire-purchase system?

13. Mention two distinctions between dependent branch and independent branch.

14. Give the meaning and accounting treatment of goods-in-transit under debtors system.

15. Explain wholesale branch system of accounting.

SECTION – B

Answer any five of the following questions:        6 x 5 = 30

16. Narrate the role of accounting principles in the preparation of Financial Statement.

17. Mention six branches of accounting and discuss briefly any two of them.

18. How can Balance Sheet be prepared in Tally accounting software?

19. Explain the salient features of Tally ERP. 9.

20. Mr. P. Kumar, a businessman purchased a machine on 1-1-2019 for Rs. 72,000 and the payment was made by cheque. He paid Rs. 8,000 in cash for its installation. The machine is to be depreciated at 10% p.a. on original cost method. Mr. P. Kumar follows the calendar year as his accounting year. On 1-10-2021, the machine was sold for Rs. 68,000. On the same date, Mr. P Kumar purchased another machine costing Rs. 40,000 on credit from M/s Paul & Sons Co.

Show the Machinery A/c and Provision for Depreciation A/c for the year 2019, 2020 and 2021. A Provision for Depreciation A/c was maintained.

21. From the following Trial Balance, you are required to prepare a Profit and Loss A/c for the year ended 31st March, 2021:

Trial Balance as on 31st March, 2021

Particulars

Amount (Rs.)

Particulars

Amount (Rs.)

Cash in Hand

Cash at Bank

Rent

Salaries

Carriage on Sales

Furniture

Debtors

Prepaid Insurance

Drawings

Advertisement

Bad Debts

Closing Stock

2,000

4,000

2,600

3,000

400

18,000

29,000

1,000

15,000

5,000

500

18,000

Creditors

Bills Payable

Capital

Sale of Scrap

Sundry Receipts

Provisions for Doubtful Debts

Wages Outstanding

Trading A/c

(Gross Profit)

25,000

15,300

20,000

1,200

300

2,000

1,500

33,200

98,500

98,500

Adjustments:

(1) Outstanding Salary Rs. 500.

(2) 1/5th of Advertisement to be written off.

(3) Prepaid Rent Rs. 200.

(4) Furniture to be depreciated by 10% p.a.

22. Briefly explain at least six special features of Instalment Purchase System.

23. A colliery company obtained wagons on the hire purchase system over a term of two years starting from 1st January, 2018. The instalments of Rs. 20,000 each were payable half yearly, the first payment being made on 30th June, 2018. The cash value of the wagon was Rs. 74,350. The wagon company charged interest at 6% p.a. with half-yearly rests. It charged depreciation @ 10% p.a. on diminishing balance system. Record Journal entries in the books of the Colliery Company.

24. Write a short note on Branch Adjustment Account.

25. A Kamrup head office has a branch at Silchar to which goods are invoiced by the head office at cost-plus 25%. All cash received by the branch is daily remitted to the head office. All expenses are paid from head office. From the following particulars, show how the Branch A/c will appear in the head office books:

Rs.

Stock on 1-4-2020

(at invoice price)

Debtors on 1-4-2020

Goods invoiced from Kamrup

Remittance to Kamrup:

Cash Sales                                      16,000

Cash received from Debtors          29,500

Goods returned to Head Office

Cheque received from Head Office:

Wages and Salary                         11,000

Rent, Rates, etc.                              3,000

Sundry Expenses                               510

Stock on 31-3-2021

(at invoice price)

Debtors on 31-3-2021

12,500

12,000

40,000

45,500

2,400

14,510

15,000

22,500

This is all about Financial Accounting Question Paper 2022 [Assam University B.COM 1st Sem]. For BCOM Notes you can follow our official website or can download our mobile application.

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