OUR OWN PUBLICATION FROM 1ST JULY, 2018 FOR B.COM

1. B.COM FIRST SEMESTER COMPLETE NOTES (CHOICE BASED) WITH SOLVED FINANCIAL ACCOUNTING BOOK
2. B.COM 3RD SEM COMPLETE NOTES WITH SOLVED BOOKS OF:
*ADVANCED FINANCIAL ACCOUNTING
*BUSINESS STATISTICS SOLVED PAPERS OF LAST 7 YEARS
* FINANCIAL MANAGEMENT BOOK
3. B.COM 5TH SEMESTER COMPLETE NOTES WITH SOLVED BOOKS OF MANAGEMENT ACCOUNTING OF JAIN AND NARANG

Thursday, August 01, 2013

Dibrugarh University - Financial Accounting (Nov' 2012)

2012 (November)
Commerce (General/Speciality)
Course: 101
Full Marks: 80
Time: 3 Hours


1. (a) Fill up the blanks:
(i) Heavy advertising to launch a new product is a __. (Capital Expenditure / Revenue Expenditure / Deferred Revenue Expenditure)
(ii) Valuation of inventories is account for as per Accounting Standard __.
(iii) If inventory at branch is shown at invoice price instead of cost price, then the account which is    used for adjustment is __.
(iv) Royalty Account is __. (Nominal Account / Real Account / Personal Account)
(v) An unrecorded liability when paid on dissolution is debited to __. (Realisation Account / Partner’s Capital Account / Revaluation Account)

(b)   (i) Branch Stock Account is always prepared at cost price.
(ii) Under Stock and Debtor System, Branch Stock Account is a Nominal Account.
(iii) Under Stock and Debtor System, no entry is required for normal loss of stock.

2.   (a) Write on the provision of Accounting Standard 1.
(b) Write on the features of hire-purchase system.
(c) What is the purpose of fixing minimum rent?
(d) Mention the objectives of amalgamation of firms.

 3. (a) Karan and Jawahar are partners in a firm. The Trail Balance of the firm as on 31st March, 2011 was as following:
Trial Balance
Particulars
Amount
Particulars
Amount
Drawings:
Karan
Jawahar
Land and Building
Machinery
Salaries and Wages
Trade Expenses
Sundry Debtors
Discount
Insurance
Advertisement
Cash at Bank
Bills Receivable
Closing Stock (31.03.2011)
Furniture

2000
3500
40000
18000
3700
1900
24600
1000
1200
3000
2900
4000
36000
6500
Capital:
Karan
Jawahar
Provision for Bad debt
General Reserve
Sundry Creditors
Outstanding Wages
Bank Loan (1.10.2010)
Trading Account (Gross Profit)

35000
25000
800
4000
15000
500
8000
60000


148300

148300

Prepare a profit and loss Account and a Profit and Loss Appropriation Account for the Year ended on 31st March, 2011 and also a balance sheet as on that date after taking into consideration the following adjustments:
(i) write off Rs. Bad Debt provide a 5% provision on the remaining Debtor for Doubtful Debts.
(ii)Interest on partner’s capital is to be allowed @ Rs.5% p.a.
(iii)Interest on Bank Loan id to be provide @ Rs. 10%
(iv)Depreciation is to be provided on Land and Buildings @ 10% p.a.; Machinery @ 12.50% p.a. and Furniture @5 p.a.
(v) 1/5th of the Advertisement is to be written off

Or

(b) Discuss the utility and significance of the financial statements to various parties in the business concern.

4. (a) Manabendra purchased a motorcycle on hire-purchase system from M/s Sarmah & C. The sale are as follows:
Down Payment
1st Instalment
2nd Instalment
3rd Instalment
40000
43500
39000
34500






All the Instalments are payable at the end of the year and each instalment include equal amount of cash price in addition to interest. Prepare necessary Ledger Accounts in the book of to the buyer.
Or
(b)   (i) Explain the feature of instalment purchase agreement.
(ii) Distinguish between hire purchase and credit sale.


5. (a) The following information relates to Guwahati Branch:
Particulars
Amount
Particulars
Amount
Stock on 1st January
Branch Debtors On 1st January
Cash sent to Branch For:
Rent                                    
Salaries
Petty Cash
111200
6300

1500
3000
500
Sales at Branch:
Cash           
Credit
Cash Received from Debtors
Stock on 31st December

25000
39000
41200
13600

You are required to prepare Branch Account for the year and also the Branch Debtors Account.

Or

(b) Briefly explain the treatment of the following items in Branch Account:
(i) Cash in transit
(ii) Goods in transit
(iii) Interbranch transaction
(iv) Cash paid by Branch on behalf of Head Office

6. (a) Raju tooks a lease of mine for a period of 20 years. Royalty is payable Rs. 1 per ton subject to a minimum rent Rs.12000 per annum The short working are recoupable during the first three years of the lease. The output was followings:
2008  =  Nil
2009  =  4000 tons
2010  =  20000 tons
2011  =  40000 tons
Give the following Entries in the books of Raju.

Or

(b)   (i) What is Royalty and Surface Account?
(ii) Distinguish between rent and royalty.

7   (a) P,Q and R are partners sharing profits and losses equally. On 31st March, 2011 their Balance Sheet stood as followings :
Liabilities
Amount
Assets
Amount
Bills Payable
Creditors
Loan from Q
General Reserve
P’s Current Account
Q’s Current Account
P’s Capital Account
Q’s Capital Account
R’s Capital Account
16000
119000
25000
30000
15000
15000
20000
100000
100000
Cash at Bank
Debtors
Stock
Furniture
Machinery
R’s Current Account
15000
125000
290000
40000
120000
30000


620000

620000

The firm was dissolve on the above mentioned date. P agreed to pay creditors at par . Q took over the remaining assets were sold for Rs 553000. Bills Payable were retained for a discount of 100 received for a payment before the due date of maturity. Expenses of discount amounted to Rs. 12000. Prepare important Ledger Accounts and Cash Book.

Or


(b)  Briefly explain the causes of dissolution of a partnership firm. Discuss the Garner vs. Murray decision and its applicability in dissolution of the partnership firm.