Financial Accounting Question Paper 2022
Assam University BCom 1st Sem CBCS Pattern
TDC (CBCS) Odd Semester Exam., 2022
COMMERCE (Honours) (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 wil get Financial Accounting Question Paper 2022 for Assam University BCOM 1st CBCS Pattern.
1. Answer any two questions from the following: 2 x 2=4
(a) Mention the different external users of accounting information.
(b) What are the bases of accounting?
(c) Mention two needs of accounting information.
2. Answer any one question from the following: 6
(a) Discuss the qualitative aspects of accounting information.
(b) What is meant by accounting standards? Discuss its benefits.
3. Answer any two questions from the following: 2 x 2=4
(a) Write two advantages of computerized accounting system.
(b) Discuss how vouchers can be created using Tally ERP software.
(c) Mention two differences between manual accounting and computerized accounting.
4. Answer any one question from the following: 6
(a) What are the features of Tally ERP software? Discuss.
(b) How is Profit and Loss A/c prepared by using Tally ERP software? Discuss.
5. Answer any two questions from the following: 2 x 2=4
(a) Mention two objectives of measuring business income.
(b) Mention two methods of charging depreciation.
(c) What is meant by deferred revenue expenditure?
6. Answer any one question from the following: 6
(a) Mr. Prakash purchases some machines for Rs. 80,000 cash on 01/04/2019. He purchased another machine on 01/10/2020 for cash Rs. 35,000. Half of machines that were purchased on 01/04/2019 was sold for Rs. 33,000 cash on 30/06/2021. Depreciation is charged @ 10% p.a. on written down value method. Accounts are closed on 31st March each year.
Show Machinery A/c up to 31/03/2022. (Show your calculations clearly.)
(b) From the following Trial Balance of Mr. Kamal you are required to prepare a Profit & Loss A/c for the year ending 31/03/2020 and a Balance Sheet as on that date:
Cash in hand
Taxes and insurance
Trading A/c (Gross Profit)
(1) Prepaid rent = Rs. 300.
(2) Outstanding Sundry Expenses = Rs. 500.
(3) Furniture to be depreciated by 10% per annum.
(4) Goods valuing Rs. 2,000 was lost on fire but the insurance company has admitted a claim upto Rs. 1,700.
7. Answer any two questions from the following: 2 x 2=4
(a) Mention two features of hire-purchase system.
(b) What is repossession of assets?
(c) What is Interest Suspense Account?
8. Answer any one question from the following: 6
(a) On 1st April 2018, Kapil & Co. purchased a machine from Automobiles Ltd. on hire-purchase basis. The cash price of the machine was Rs. 25,000. The payment was to be made Rs. 5,000 on the date of the contract and the balance in four annual installments of Rs. 5,000 plus interest at 5% per annum payable on 31st December each year, the first installment being payable on 31/12/2018.
Depreciation is to be written off @ 10% p.a. on the original cost. Show the details of calculation for interest and capital value and draw up the Machinery A/c in the books of the purchaser.
(b) M/S Burman Ltd. purchased a truck on installment payment system from M/S Tata Ltd. on 01/01/2019. The cash down price for the truck was Rs. 4,00,000. The price was to be paid as Rs. 1,20,768 down and the balance in 3 equal annual installments commencing from 31/12/2019 at 5% interest per annum. M/S Burman Ltd. charges depreciation at 20% on Diminishing Balance System. Re. 1 can buy an annuity or Re. 0.367215 at 5% for 3 years.
Show Truck A/c and M/S Tata Ltd A/c in the books of M/S Burman Ltd.
9. Answer any two questions from the following: 2 x 2=4
(a) What are the different branches from accounting point of view?
(b) What is Branch Adjustment Account?
(c) What is meant by Independent Branch?
10. Answer any one question from the following: 6
(a) A head office at Kolkata invoiced to their Guwahati Branch during the year ended 31/03/2022 goods at selling price (being 33 one by 3% added to cost) amounting to Rs. 74,000. The credit sales of the branch were Rs. 31,000 and cash sales Rs. 17,000. The branch returned Rs. 2,000 stock at invoice price and had returns from customers Rs. 1,000.
The discounts allowed to customers by the branch amounted to Rs. 1,200. The branch remitted to head office Rs. 38,600 being the amount of cash sales and receipts from customers. The opening balance of stocks of the branch were Rs. 1,500 and Rs. 39,000 respectively at selling price. The branch had debtors of Rs. 12,000 at the beginning. Loss through pilferage was ascertained to be Rs. 1,000 at selling price.
Show Guwahati Branch A/c in head office books.
(b) Write short notes on the following:
(2) Stock Reserve A/c.
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