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Wednesday, August 09, 2017

Dibrugarh University Question Papers: Financial Accounting (November' 2016)

2016 (November)
COMMERCE
(General/Speciality)
Course: 103
(Financial Accounting)
The figures in the margin indicate full marks for the questions
(NEW COURSE)
Full Marks: 80
Pass Marks: 24
Time: 3 hours
1. (a) Fill in the blanks:                                                                                                   1x4=4
a)      Accounting Standard ____ deals with Depreciation Accounting.
b)      The total amount to be paid by the buyer under hire-purchase system is called ____ price.
c)       Under Stock and Debtors system, Branch Stock Account is a ____ account.
d)      Royalty paid on sales is debited to ____ Account.
    (b) Write ‘True’ or ‘False’:                                                                                        1x4=4
a)      Loss of stock by fire is shown on the credit side of Profit and Loss Account.
b)      Cost of goods sold on hire-purchase is transferred to Hire-Purchase Trading Account.
c)       In Departmental Accounts, each department is considered as a separate profit centre.
d)      Royalty Account is a Real Account.



2. Write short notes on (any four):                                                                           4x4=16
a)      IFR Standards.
b)      Instalment Purchase System.
c)       Independent Branch.
d)      Inter-departmental Transactions.
e)      Recoupment of Shortworkings.

3. (a) What are Accounting Standards? What procedure is adopted for formulating Accounting Standards? Discuss the objectives of such standards.                                                    3+5+6=14
Or
(b) Rinku and Tinku share profits and losses equally. From the following Trial Balance of their business as on 31st March, 2016, prepare Trading, Profit & Loss Account for the year ended 31st March, 2016 and a Balance Sheet as on that date:                                                                   4+5+5=14
Particulars
Amount (Dr.)
Amounts (Cr.)
Capital:
             Rinku
             Tinku
Current Account:
             Rinku
             Tinku
Land and Buildings (at cost)
Machinery (at cost)
Purchases (adjusted)
Sales Return
Salaries
Wages
Rent and Taxes
Furniture
Cash at Bank
Accumulated Depreciation
Debtors
Creditors
Sales
Closing Stock




12,000
6,000
60,000
45,000
5,00,000
10,000
60,000
72,000
28,000
25,000
15,000

3,44,000


65,000

15,000
15,000












12,000

4,00,000
8,00,000

12,42,000
12,42,000
    Adjustment: Accumulated depreciation includes Land and Buildings Rs. 5,000, Machinery Rs. 6,000 and Furniture Rs. 1,000.
4. (a) A motorcar was purchased on 1st April, 2012 under hire-purchase system. The payments to be made Rs. 20,000 down and the balance including interest @ 5% p.a. as follows:                                                                                                (Rs.)
On 31st March, 2013
On 31st March, 2014
On 31st March, 2015
60,000
77,500
84,000
    The buyer depreciated the motorcar @ 15% p.a. under Diminishing Balance Method. Ascertain the cash price of the motor car and prepare Motorcar Account and Hire Vendor’s Account in the books of hire purchaser.      4+5+5=14
Or
(b) What is Hire-Purchase System? Distinguish between Hire-purchase Sale and Ordinary Credit Sale. Mention three rights of each of Hire Seller and Hire Purchaser as laid down in the Hire-purchase Act, 1972.                      3+5+3+3=14

5. (a) From the following particulars, prepare Departmental Trading and Profit & Loss Account in columnar form for the two departments and thereafter the Combined Income Account of Dutta Brothers’ for the year ended 31st March, 2016:                                                    4+6+4=14

Department – X (Rs.)
Department – Y (Rs.)
Stock 01.04.2015
Purchase from outside
Wages
Salaries
Transfer from Department – X
Stock 31.03.2016
Sales to outsiders
30,000
2,05,000
10,000
3,600
-
35,000
2,00,000
5,000
20,000
1,000
2,400
50,000
12,000
70,000
The entire closing stock of Department – Y represents goods transferred from Department – X at cost plus 25%. Administrative and Selling Expenses amount Rs. 14,000 which is to be allocated between the two departments in the ratio of 6 : 1.
Or
(b) (i) What do you mean by inter-branch transactions? State the procedure of recording such transactions.3+5=8
(ii) Distinguish between ‘Cash-in-transit’ and ‘Goods-in-transit’.                                                6
6. (a) Explain the following items in relation to Royalty Accounts:                   3+3+4+4=14
a)      Minimum rent.
b)      Shortworkings.
c)       Sub-lease.
d)      Strike and lockout.
Or
(b) Jai Prakash took lease of a coal mine from Ram Prakash at an annual dead rent of Rs. 4,000 subject to a royalty payable @ 50 paise per ton of coal extracted. Shortworkings are recoupable over the first four years of the lease. Jai Prakash sub-leased a part of the mines to Satya Prakash at an annual dead rent of Rs. 2,000 subject to a royalty payable @ 75 paise per ton of coal extracted. The right to recoup Shortworkings was during the next two years following the Shortworkings. The output for five years were as follows:
Year
Jai Prakash
Tons
Satya Prakash
Tons
Total
Output
2011
2012
2013
2014
2015
4400
4640
5200
5600
7200
1600
2160
2800
3600
4800
6000
6800
8000
9200
12000
    Prepare Royalty Payable Account, Royalty Receivable Account and Shortworkings Account in the books of Jai Prakash.                                                                                                5+5+4=14


(OLD COURSE)
Full Marks: 80
Pass Marks: 32
Time: 3 hours
1. (a) Write whether the following statements are ‘True’ or ‘False’:                                                         1x4=4
a)      Accounting principles are formulated by the Government.
b)      Hire-purchase transactions are governed by the Hire-Purchase Act, 1972.
c)       Cash sent by the branch not receive by the head office by the end of the year is debited to arrear cash account.
d)      Royalty paid on sales is credited to Profit and Loss Account.
    (b) Fill in the blanks:                                                                                                                    1x4=4
a)      Valuation of inventories is accounted for as per Accounting Standard ____.
b)      Profit on repossession of goods sold on Hire-Purchase System is considered as a ____ profit.
c)       In Branch Accounting, each branch has separate ____.
d)      On dissolution of a partnership firm, cash in hand is transferred to ____ Account.
2. Write short notes on (any four):                                                                                           4x4=16
a)      Features of Accounting Principles.
b)      Termination of Hire-purchase Agreement.
c)       Inter-branch transactions.
d)      Amalgamation of partnership firms.
e)      Provisions of strike and lockout in Royalty Account.
3. (a) The following is the Trial Balance of M/s Baruah and Sharma Partnership Firm as on 31st March, 2016. Prepare Trading and Profit & Loss Account for the year ended 31st March, 2016 and a Balance Sheet as on that date: 3+5+3=11
Trial Balance
Debit
Rs.
Credit
Rs.
Bills Receivable
Cash in Hand
Bad Debts
Trade Expenses
Advertisement
Machinery
Sundry Debtors
Goodwill
Leasehold Premises
Fuel
Wages
Purchases
Opening Stock
Rent and Taxes
Discount
4,000
4,000
3,000
12,000
10,000
76,000
70,000
75,000
1,60,000
20,000
1,50,000
1,50,000
85,000
18,000
3,600
Bank Loan
Sundry Creditors
Sales
Bills Payable
Capital:
             Baruah
             Sharma
80,000
50,000
4,10,600
20,000

1,40,000
1,40,000

8,40,600

8,40,600
    Adjustments:
a)      Closing Stock Rs. 60,000
b)      Machinery is to be depreciated @ 10% p.a.
c)       Provision should be made for bad debts @ 2% p.a. on sundry debtors.
d)      Partners share the profit equally.
Or
(b) Outline the need for accounting. Briefly describe the principles of accounting to be followed in preparation of Financial Statements.                                                       5+6=11


4. (a) Mention four features of Hire-Purchase System. Distinguish between Hire-purchase System and Instalment Purchase System.                                                                5+6=11
Or
(b) On 1st April, 2013, M/s Hazarika Traders purchased a car on Instalment Purchase System. The terms of the contract were as follows:
a)      The cash price of the car was Rs. 1,20,000
b)      Amount payable on signing the agreement was Rs. 45,000
c)       The balance of the purchase consideration was to be paid in three annual instalments of Rs. 25,000 each together with interest at 4% p.a. on the outstanding balance.
d)      The car was depreciated at 10% p.a. under Fixed Instalment Method.
e)      Accounts were closed on 31st March, each year.
Prepare the following accounts in the books of M/s Hazarika Traders up to 31st March, 2016:       4+4+3=11
a)      Car’s Account.
b)      Vendor’s Account.
c)       Interest Suspense Account.
5. (a) Write the accounting treatment in Branch Account as regard to following:                                                 3+4+4=11
a)      Cash-in-transit.
b)      Goods-in-transit.
c)       Depreciation of branch fixed assets.
Or
(b) A Head Office at Kolkata supplies goods to its branch at Dibrugarh on cost. The branch sells the goods for cash and credit and remits the proceeds to the Head Office promptly. The branch expenses are being met by the Head Office by cheque. The following are the transactions relating to the branch for the year ended on 31st March, 2016:              Rs.
Stock at branch on 01.04.2015
Debtors at branch on 01.04.2015
Goods sent to branch during the year
Total sales at branch (including cash sales Rs. 1,10,000)
Goods returned by branch
Goods returned by customers
Cash collected from debtors
Discount allowed to debtors
Bad debts written off
Cheque sent by Head Office towards branch expenses:
       Salaries                             25,000
       Rent                                  14,500
       Petty expenses                     500
Stock at branch on 31.03.2016
30,000
40,000
2,25,000
3,70,000
10,000
10,000
2,10,000
10,000
5,000



40,000
45,000
Prepare Dibrugarh Branch Account and goods sent to Branch Account in Head Office books. Show Branch Debtors Account as a part of your working notes.                                                                5+3+3=11
6. (a) Define Royalty. Discuss its various types. Also distinguish between royalty and rent.                            3+4+4=11
Or
(b) Meghna Coal Ltd. took a lease of coal mine for ten years on a royalty of Rs. 3 per ton of coal raised. The minimum rent was fixed at Rs. 13,000 and there was no any provision of right to recoup Shortworkings. The coal raised was as follows:
Year
Output (in tons)
2012
2013
2014
2015
3000
4000
6000
2000
Pass Journal Entries in the books of Meghna Coal Ltd.                                                                                     11
7. (a) State and explain the decisions and rules laid down in Garner vs. Murray case. Are these rules applicable in India?                                                                                                                                7+5=12
Or
(b) P and Q were in partnership sharing profits or losses in the ratio of 2 : 1 respectively. They dissolved the partnership and their Balance Sheet on that date was as follows:
Balance Sheet
Liabilities
Rs.
Assets
Rs.
Capital Accounts:
            P
            Q
Trade Creditors

10,000
8,000
2,000
Building
Inventory
Cash
16,000
2,500
1,500

20,000

20,000

The assets realized Rs. 20,000. The creditors were paid in full. You are required to pass Journal Entries and prepare Ledger Accounts for closing the books of the partnership firm.                                  6+6=12

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