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Assam University Silchar TDC 1st Sem Financial Accounting Question Paper 2021
2021
COMMERCE
(1ST Semester)
Course No.: COMDSC – 101T
Financial Accounting
Full Marks: 50
Pass Marks: 20
Time: 3 hours
The figures in the margin indicate full marks for the questions
SECTION – A
1. Answer any ten of the following questions: 2x10=20
(a) What is Generally Accepted Accounting Principle?
(b) State any two objectives of Accounting Standards.
(c) Who are the users of Accounting Information?
(d) Write any four sentences about IFRS.
(e) What is voucher entry?
(f) Mention any five types of accounting vouchers in Tally.
(g) Mention the components of computerized accounting system.
(h) What is financial report in Tally?
(i) What is Trial Balance?
(j) Mention the manner of treatment of GST paid on purchase or fixed assets.
(k) What is business income?
(l) What is marshalling?
(m) Explain the term ‘down payment’ with reference to hire-purchase system.
(n) State any two features of hire-purchase system.
(o) Give the Journal Entry in the books of seller at the time of delivery of the asset.
(p) Do you think that instalment purchase system have any practical application? If so, give reason.
(q) What is an independent branch?
(r) Give the treatment in the books of Head Office to purchase fixed assets by the branch under debtor system.
(s) Give the Journal Entry in the books of HO when goods are returned by the branch debtor direct to HO under stock and debtor system.
(t) Give the Journal Entry in the books of HO for abnormal loss of the branch under stock and debtor system.
SECTION – B
Answer any five of the following questions: 6x5=30
2. Explain the meaning and significance of the Business Entity Concept.
3. “Measurement of business income requires matching costs with the revenue.” Explain.
4. Distinguish between Manual accounting and Computerized accounting.
5. Discuss the features of computerized accounting system.
AUS Financial Accounting Question Paper 2021
6. On July 1, 2019, N.E. Printers purchased a printing machine on hire-purchase basis, payment to be made Rs. 10,000 on the said date and the balance in three half-yearly instalments of Rs. 8,200, Rs. 7,440 and Rs. 6,300 commencing from December, 2019. The vendor charged interest at 10% p.a. calculated on half-yearly rests. N.E. Printers close their books of accounts on 31st December every year. Calculate the cash price of the machine and interests.
7. Distinguish between Instalment purchase system and Credit purchase system.
8. Is depreciation an expenditure? Give reasons in favour of your argument.
9. Given below is the Trial Balance of Janki Das on 31st March, 2021. Prepare a Trading A/c and Profit & Loss A/c for the year ended 31st March, 2021 and a Balance Sheet as on that date:
Adjustments:
(1) Closing stock was valued at Rs. 35,000.
(2) Bank loan was taken on 1st April, 2020 at 10% interest p.a.
10. A Head Office in Shillong has a branch at Silchar to which goods are invoiced at cost price. The following are the transactions between the Head Office and the branch for the year ended 31st March, 2021:
You are required to calculate the Branch Net Profit under Final Account System.
11. A company with its Head Office in Kolkata has a branch at Silchar. The branch receives all goods from Head Office who also remits cash for all expenses. Sales are made by the branch on credit as well as for cash. Total sales by the branch for the year ended 31st March, 2021 amounted to Rs. 5,60,000 out of which 20% is cash sales. The following further information is relevant:
You are required to prepare the Silchar Branch A/c in the books of HO for the year ended 31st March, 2021.
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