Financial Accounting Question Paper 2021 GU [Bcom 1st Sem Gauhati University]

We have shared the Gauhati University BCom 1st Semester Financial Accounting Question Paper 2021 in this post. This Question Paper is highly valuable for exam preparation as it provides a concise overview of the questions asked in the Guwahati University BCom 1st semester Financial Accounting examination of 2021.

2021

(Held in 2022)

FINANCIAL ACCOUNTING

(Honours/Regular)

Paper: COM-HC-1016/RC-1016

Full Marks: 70

Time: Three hours

The figures in the margin indicate

full marks for the questions. 

1. Answer as directed:

A.Select appropriate answer from different alternatives: 1x4=4

(a) Inventories are to be valued at

(i) cost price

(ii) cost price or net realisable value whichever is lower

(iii) cost price or net realisable value whichever is higher 

(iv) net realisable value 

(b) Which of the following is a limitation of a computer?

(i) Speed

(ii) Accuracy

(iii) Intelligence

(iv) None of the above

(c) According to going concern concept, a business is viewed as having

(i) a limited life 

(ii) a very long life 

(iii) an indefinite life 

(iv) None of the above

(d) A Balance Sheet shows the financial position of a firm

(i) for a given period

(ii) on a particular point of time:

(iii) over the years

(iv) for the whole life of the firm

B. State whether the following statements are True or False: 

1×3=3

(i) Instalment system is a credit sale.

(ii) Goods returned by the branch debtors to head office is not recorded in Branch Account. 

(iii) IFRS are issued by IASC.

C. Fill in the blanks with appropriate word/ words : 1x3=3

(i) The full form of C.P.U. is_____.

(ii) Any expenditure which______earning capacity is called capital expenditure.

(iii) The arrangement of assets and liabilities in the Balance Sheet is known as______.

2. Answer the following questions very briefly : 2×5=10

(a) What is a hire-purchase agreement? 

b) Mention any two objectives of Branch Accounting.

(c) Mention any two objectives of IFRS. 

(d) Explain any two distinctions between manual accounting and computerized accounting.

(e) State any two distinctions between capital receipt and revenue receipt.

3. Answer the following questions : 5x4=20

a) Explain any five distinctions between cash basis and accrual basis of Accounting. 5

or 

Briefly explain the procedure for issuing Accounting Standards in India. 5 

(b) How is revenue recognised as per AS-9? 5 

or 

What is Balance Sheet? Mention any four objectives of preparing a Balance Sheet. 1+4=5

 

(c) Explain the significance of inventory valuation. 5

or 

From the following particulars of Sankar Barua, prepare a Trading Account and ascertain his gross profit for the year ending on 31st March, 2021: 5

(d) On 1st January, 2019, Assam Tea Traders purchased a machine from Roy & Co. on hire purchase system. As per agreement, Rs. 20,000 is to be paid on delivery and the balance in three annual instalments of Rs. 24,000 each payable on 31st December each year. The cash price of the machine was Rs. 80,000.

Calculate the amount of interest charged each year. 5

or 

Explain any five features of hire- purchase system. 5

4. Answer questions either (a) and (b) or (c) and (d) : 5+5=10

(a) Explain any five distinctions between capital expenditure and revenue expenditure. 5

(b) Mention any five advantages of computerised accounting system. 5

(c) Define Accounting Standards. Mention any three of the objectives of Accounting Standards. 2+3-5

(d) Write a brief note on ready accounting software. 5

5. From the following Trial Balance of M/s. Ram Traders and the other information given below, prepare a Profit and Loss: Account for the year ended on 31st March, 2021 and a Balance Sheet as on that date : 10

Adjustments:

(i) Outstanding Salaries

Rs. 2,000

(ii) Furniture to be depreciated by 

Rs. 950

(iii) Increase provision for bad debts by Rs. 500

or 

From the following Trial Balance of Anima and Pratima as on 31st March, 2021 and other information given below, prepare Profit and Loss Account and Profit and Loss. Appropriation Account of the firm for the year ended on 31st March, 2021 and the Balance Sheet as on that date: 10

Adjustments:

(i) Depreciate machinery @ 10% per annum

(ii) Partners will get interest on capital @ 10% per annum 

(iii) Salary paid in advance Rs. 2,000 

Probhat Company of Nalbari has a branch at Tezpur. From the following particulars, prepare Tezpur Branch Account in the books of Head Office for the year ended on 31st March, 2021: 10

or 

M/s. Bakshi Bros. of Tezpur purchased some plants on 1st January, 2019 on instalment payment system. The cash price of the plants was Rs. 4,00,000 payable as Rs. 1,00,000 down and the balance in three equal instalments of Rs. 1,00,000 each, interest was to be charged on the unpaid balance at 5% per annum. M/s. Bakshi Bros, closes their accounts on 31st December each year and depreciation on plants was written off at 10% per annum on reducing balance method.

Pass necessary Journal entries in the books of M/s. Bakshi Bros. for three years. 10

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