In this Post we have Uploaded 2022 Rabindranath Tagore University Hojai (RTU) , Financial Accounting Question Paper, B.Com 1st Sem . Which Can be Very Useful For Your RTU B.Com 1st Semester Sessional or Final Examination.
2022
RTU Financial Accounting Question Paper
(FINANCIAL ACCOUNTING)
Full Marks: 80
Time: Three hours
Rabindranath Tagore University B.Com 1st Sem Question Paper
The figures in the margin indicate full marks for the questions.
New course students should attempt all the questions (Q.1 to Q.7)
Old course students should attempt (Q.1 to Q.6)
Answer either in English or in Assamese.
Q.No.1 (a) Fill in the blanks : 1×5=5
(i) In hire purchase system, the buyer charges depreciation on the_____price.
(ii) According to_____principle closing stock is to be valued cost price or market price whichever is lower.
(iii) Amount paid for insurance building will be treated as______ expenditure.
(iv) Branch Account prepared unde debtor system is in the nature of______Account.
(v) ______is an Accounting software.
b) State whether the following statements are true or false. 1×5=5
(i) AS-9 deals with Depreciation Accounting.
(ii) The first IFRS was published in June, 2001.
(iii) Income tax paid by proprietor from his business cash is debited to Profit and Loss A / c.
(iv) The buyer has the option to return the goods in case of installment purchase.
(v) Discount allowed to debtors is shown in Branch Account.
Also Read :
- Business Law Question Paper' 2022 1st sem RTU
- Financial Accounting Question Paper' 2022 1st sem RTU
- Microeconomics Question Paper' 2022 1st sem RTU
2. Answer the following questions briefly :(Any five) 2x5 = 10
(a) Explain in brief the 'matching principle.
(b) Give two distinction between capit receipts and revenue receipts.
(c) State two utilities of Accounting Standards.
(d) Briefly explain why hire-purchase system is advantageous in comparison to normal purchase.
(e) What is Branch Adjustment A / c?
(f)Briefly explain the need of IFRS.
3.Answer the following questions: (Any four) 5 x 4 = 20
(a)Distinguish between hire purchase system and installment purchase system.
(b) What are the rights of hire-vendor under the Hire Purchase Act, 1972 ?
(c) Explain the 'debtor system' and stock system and debtor system of Branch Accounting.
(d)Mention the differences between Manual Accounting and Computeris Accounting.
(e)Distinguish between Cash and Accrue basis of Accounting.
(f)Discuss the qualitative characteristics of Accounting Information.
4.On 1st January, 2021, ABC Ltd. purchased a machine from XYZ Ltd. on installment system. The cash price of the machine was Rs. 11,175 and payment was to be made as follows:Rs. 3,000 on signing the agreement and the balance in three equal instalments of Rs. 3,000 each at the end of each year. 3% De interest is to be charged by XYZ Ltd. per annum ABC Ltd. decided to write-off 10% annually on diminishing balance method Books are closed on 31st December each year. Prepare Machinery A/c, and @) XYZ Ltd.
A/c for three years in the books of ABC Ltd. Calculations are to be made to the nearest rupee. 5+5=10
Or
M/s Nath Brothers, having their Head-of at Guwahati, has a branch at Sualkuchi.
Following are the transactions of the He office with its Sualkuchi branch for the year ended on 31st March, 2020:
Stock at Branch on 01/04/2019 Rs 20,000
Petty Cash at Branch on 01/04/20 40000
Furniture at Branch on 01/04/2019 17,000
Good Supplied to Branch during the Year 1,65,000
Good Returned by Branch 2,500
Cash Sales at Branch. 2,40,000
Cheque Sent to Branch
Salary 12,000
Office Expenses 3600
Petty Cash 3000
Rent 1400
Total - 20,000
Stock at Branch on 31/03/2020 30,000
Petty Expenses incurred by the Branch during the Year 3,100
Prepaid Salary on 31/03/2020 1500
Outstanding Rent on 31/03/2020 600
Branch Furniture on 31/03/2020 16,150
-Prepare Sualkuchi Branch A/c in the branch of the Head-office under 'debtor system.
5. State with reasons whether the follow receipts would be treated as Capital Revenue receipts: 2x5=10
(i) Started business with Rs. 80,000
(ii) Amount realised by Sale of Goods Rs. 25,000
(ii) Rent received from premises sub-let Rs. 4,000
(iv) Sale of Land costing Rs. 10,000 at Rs. 12,000
Amount received from sale of scraps, i.e., empty boxes, bottles etc. Rs. 250
Or
What are the objectives of Branch Accounting ? Distinguish between Branch Debtor's A/c and Memorandum Branch Debtor's A/c. 5+5=10
6.Following is the Trial Balance of Mr. Rupam Gupta for the year ended on 31st March, 2020 :
Debit Balance Amount (Rs.)
Opening Stock on 01/04/2019. 12000
Cash in Hand. 4,000
Purchase
Return Inward
Building
Furniture and fittings
Debtors. 30,000
Petty cash and stamps in hand
Carriage inward
Salaries. 11,000
Sundry Trade expenses. 6,000
Intereste charge by bank. 500
Insurance premium paid for
repear up to 30/06/22
Telephone charge. 500
Total 1,76,000
Credit balance. Amount
Cash at Bank 25,000
Sale : 95,000
Returns Outward 4,000
Capital Account 30,000
Creditor 18,000
Bad debt Provision. 2000
Commission. 2000
Total. 1,76,000
Considering the following additional information, prepare Trading A / c and profit and Loss A/c for the year ended on March, 2020 and a Balance Sheet as that date :
(i) Stock of Goods on 31/03/2020 Rs. 15,000
(ii) Commission received in advance Rs. 1,000.
(iii)On 23rd March, 2020, a fire broke out in the godown and consequently goods worth Rs. 8,000 were destroyed. Goods being insured, the insurance co. admitted a claim of Rs. 5,000.
7.Aradhana Motor Ltd. purchased a machine from Jaiswal Motor Co. on hire-purchase system on 1st April, 2018. The cash price of the machinery on the date of purchase was Rs. 60,000. As per agreement, Rs. 12,000 was paid on the date of purchase and the balance was paid equally in 6 quarterly installments together with interest. Jaiswal Motor Co. charged interest at 5% p.a. Aradhana Motors provide depreciation on machinery @ 10% p.a. on reducing balance method. Prepare Machinery A/c and Jaiswal Motor Co. A/c in the books of Aradhana Motors Ltd. under full cash price method. Account are closed on 31st March each year. 10
Or
Pass Journal entries for the following transactions in the books of M/s Sumon Stores, Guwahati, Assam, a registered deale under the AGST Act. The dealer is entitle to claim input tax credit:
2020
Feb 10 Purchased goods Rs. 1,50,000 on credit from Delhi.
Feb 12 The firm purchased furniture for office use for Rs. 30,000 from M/s Furniture Ltd., Guwahati.
Feb 14 The firm purchased goods on credit Rs. 60,000 locally.
Feb 20 The firm sold part of the goods for Rs. 2,00,000 to customer in Assam for cash.
Feb 25 The firm sold goods for Rs. 1,00,000 to customers Meghalaya on credit.
Feb 26 Out of goods purchased in Delhi, goods costing Rs. 5,000 withdrawn by proprietor for personal use.
Feb 28 Out of goods purchased local goods costing Rs. 4,000 was withdrawn by proprietor for personal use.
Mar 12 Deposited the GST after set-off.
Assume the CGST rate @ 6% and SGST rate @6%. Show proper working notes.
*****
Also Read :