Thursday, October 16, 2014

Dibrugarh University Question Paper - Financial Accounting (Nov' 2013)

2013 (November)
Commerce (General/Speciality)
Course: 103
Full Marks: 80
Pass Marks: 32
1. (a) Write True or False:                             1x3=3
(i) Loss of stock by fire is shown on the credit side of Profit and Loss account.
(ii) Hire-purchase transactions are governed by the Hire Purchase Act, 1972.
(iii) When firms are amalgamated, Realisation accounts are prepared to close the books of such firms.

(b) Fill in the blanks:                        1x3
(i) Royalty paid on sales debited to __________ Account.
(ii) A branch is simply a ___________ of a business enterprise.
(iii) When a partner is not able to meet his liabilities, he is said to be ____________.

(c) Choose the correct answer:                  1+1=2
(i) Accounting standard deals with depreciation is (5/6/7).

(ii) Under the stock and debtors system, Branch Stock Account is a (Personal Account/ Real Account/ Nominal Account).

2. Write brief short notes on (any four)                 4x4=16
(a) Features of Accounting Principles
(b) Goods in Transit
(c) Termination of Hire-Purchase agreement
(d) Capital Expenditure
(e) Treatment of goodwill on dissolution of a partnership firm.

3.(a) Following is the trial balance of Jaipal and Rampal as on 31st March, 2013:
Debit
Amount
Credit
Amount
Stock on 1.4.2012
Bills receivable
Purchases
Return Inward
Plant and Machinery
Furniture
Sundry Debtors
Cash at Bank
Salaries
Wages
Rent and Taxes
Insurance
Printing & Stationery
General Expenses
Power and Fuel
Drawings:
Jaipal
Rampal
200000
25000
275000
5000
100000
50000
120000
76000
12000
19000
11500
3000
2000
6500
4500

20000
15000
Capital Accounts:
Jaipal
Rampal
Sales
Bills Payable
Return Outwards
Sundry Creditors


180000
150000
400000
20000
4500
190000


944500

944500
From the following additional information, you are required to prepare Trading and Profit & Loss Accounts and also Balance sheet of Jaipal and Rampal for the year ended on 31st March, 2013:                          3+4+5=12
(i)      Stock as on 31.03.2013
(ii)    A credit sale of Rs. 4000 has not been recorded in the books
(iii)   Uninsured stock worth Rs. 6000 has been destroyed by fire.
Or
(b) What do you mean by “Accounting Standards”? Mention the procedure for issuing Accounting standards. Distinguish between Accounting Standard and Accounting Principles.                            2+5+5=12

4. (a) What is “Hire-Purchase System? Mention its important features. Distinguish between hire-purchase system of sales and ordinary credit sales.                             2+4+5=11
Or
(b) Delta Company purchases a motor car from Meghna motor company on the instalment system on 1.4.2010. the terms of payment were Rs. 120000 payable immediately on delivery and the balance by three annual instalments of Rs.120000 each on 31st March every year. The cash price of the motor car was Rs.450000.
The vendor charges interest @5% p.a.  on the yearly balances. Depreciation @10% p.a. was written off on the written down value system.
From the above particulars, prepare the following ledgers in the books of delta company for the period:              4+4+3=11
(i)      Motor Car Account
(ii)    Meghna motor Company’s Account
(iii)   Interest Suspense Account

5.(a) Duliajan head office sent out goods to its digboi branch at cost plus 25%. The branch remits all cash received to the head office and all expenses of the branch are met by the head office. From the particulars, prepare the following in head office books:
(i) Digboi Branch Account
(ii) Goods sent to Branch Account
Show Branch Debtors Account as a part of working note.                                              6+3+2=11
Stock at Branch on 1.4.2012 (invoice price)           Rs.1800
Stock at Brach on 31.3.2013 (invoice price)            Rs.2000
Goods sent to Branch during the year (Invoice Price)      Rs.137500
Goods returned by the Branch (Invoice Price)                    Rs. 7500
Cash Sales                                                                           Rs. 30000
Credit Sales                                                                        Rs.99875
Goods returned by customer                                     Rs. 4000
Discount and allowance to customers                     Rs.6000
Bad debts                                                                            Rs. 500
Cash Received from customers                                 Rs.104500
Cash sent to Branch:
For Salaries                         10000
For Rent                               2400
For Sundry Expenses      2500                       Rs. 14900
Branch Debtors as on 1.4.2012
Or
(b) What is a “Branch”? What are the main objectives of maintaining Brach Accounts? How are inter-branch transactions recorded in a branch account?                   2+5+4=11

6. (a) (i) What is “Minimum Rent” in Royalty Account? Why is it important in Royalty Account?    3+3=6
(ii) What do you mean by “Recoupment of Shortworkings”? What conditions are to be satisfied for recoupment of shortworkings?                 2+3=5
Or

(b) Sri Mohini Baruah took a colliery from Sri Kitip Singh on lease for a period of 20 years from 1st April, 2008, on a royalty of Rs.16 per ton of coal raised with a dead rent of Rs.80000 p.a. and power to recoup shortworkings in the first four years of the lease.
The annual coal raised were as follows:
Year
Output (in tons)
2008-09
2009-10
2010-11
2011-12
2012-13
3000
3500
5000
8000
10000
From the above particulars, prepare: (i) Royalties Account (ii) Kitip Singh’s Account and (iii) Shortworkings Account in the books of Sri Mohini Baruah.                                        4+4+3=11

7.(a). What do you mean by “amalgamation of firms”? What are the main objectives of amalgamation? What journal entries are required to pass for the closing the books of an amalgamating firm?                 2+4+5=11
Or
(b) The following is the Balance sheet of a partnership firm of Shiv, Shankar and Sambhu as on 31st March, 2013:
Liabilities
Amount
Assets
Amount
Capital:
Shiv
Shankar
Sambhu
Sundry Creditors

25000
20000
15000
10000
Land and Building
Investments
Sundry Creditors
Cash at Bank
40000
10000
5000
15000

70000

70000
The Firm was dissolved on 31st march, 2013 subject to the following conditions:
(i)      The creditors were paid off at a discount of 5%
(ii)    Shiv agreed to take over the land and building at Rs.45000
(iii)   Shankar agreed to take over the investments at 2500
(iv)  Sambhu took over the debtors account at Rs.3000

Prepare (i) Realization account, (ii) Partners Capital Account, and (iii) Bank Account showing the effect of dissolution.                4+4+3=11.

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