Advanced Financial Accounting Question Paper 2021 [Gauahti University B.Com 5th Sem]

 

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Advanced Financial Accounting Question Paper 2021(Held in 2022)

Gauhati University B.Com 5th Sem CBCS Pattern

5 SEM TDC DSE COM (CBCS) 502 GR-I

2021

(Held in January/February, 2022)

COMMERCE

(Discipline Specific Elective)

(For Honours/Non-Honours)

Paper: DSE-502 (Group-1)

(Advanced Financial Accounting)

Full Marks: 80

Pass Marks: 32

Time: 3 hours

1. (a)  Write 'True' or 'False":fo 1x4=4

(i) Banking companies are governed by the Banking Regulation Act, 1989.

(i) Life insurance business is carried on by Life Insurance Corporation of India since 1956.

(ii) General insurance includes all types of insurances.

(iv) Investments may be fixed or current asset.

(b)  Fill in the blanks : 1×4=4

(i)  A banking company cannot grant loan to any of its_______.

(ii) _______is prepared to know surplus or deficiency of life insurance.

(iii) In case of marine insurance, the provision against unexpired risk is________.

(iv) Investments are freely bought and sold in the_______through banks and brokers. 

2.Write short notes on (any four) : 4x4=16

(a)  Rebate on Bills Discounted

(b)  Surrender Value

(c) Fire Insurance

(d) Valuation Balance Sheet

(e) Columnar Investment Account

3. (a) Discuss the following items relating to a banking company : 3½x4=14

(i) Cash Credit and Overdraft

(ii) Non-performing Assets

(iii) Statutory Reserve

(iv) Liability for Bills Discounted

Or

(b) From the following information, prepare Profit & Loss Account of North East Bank Ltd. for the year ended on 31st March, 2021:

Expense Category	Amount (₹000)
Interest on Loans	5,180
Interest on Fixed Deposits	6,340
Commission	164
Payment to Employees	1,080
Discount on Bills Discounted	2,120
Interest on Cash Credit	4,460
Rent, Taxes and Lighting	360
Interest on Overdraft	3,080
Directors' Fees	60
Auditors' Fees	24
Interest on Savings Bank Deposits	1,360
Postage and Telephone expenses	28
Printing and Stationery	58
Sundry Expenses	34

Additional Information	Amount (₹000)
(i) Provide for contingencies	400
(ii) Transfer to reserve	300
(iii) Transfer to Central Government	400

4. (a) What is life insurance'? What are the statutory and subsidiary books maintained by a Life Insurance Company? 2+6+6=14

 Or

(b) The following information have been supplied relating to Jai Bharat Life Insurance Company for the year ending on 31st March, 2021 :

Description	Amount (₹)
Life Assurance Fund	4,50,000
Insurance Premium	13,80,000
Interest, Dividend, and Rent Received	7,50,000
Fines and Fees	720
Bonus in Cash	1,58,400
Income Tax	1,18,500
Management Expenses	1,75,000
Bonus in Reduction of Premium	1,976
Commission	54,000
Surrender Value	85,200
Surplus on Revaluation of Reversion Purchased	4,800
Reassurance Balance Irrecoverable	1,250
Claims	8,90,000
Consideration for Annuities granted	45,000

According to actuarial valuation, the net liability on the policies of the company including the annuity transactions amounted to 22,50,000. The surplus is to be allocated as 25% to shareholders, 70% to policyholders and the balance to be carried forward to the next period. The company also paid interim bonus amounting to 1,03,806. 10+4=14

5. (a)  From the following particulars, you are required to prepare the Fire Revenue Account of the North Bank Fire Insurance Company Ltd. for the year ending on 31st March, 2021: 14

Description	Amount (₹)
Claims Paid	4,20,000
Claims Outstanding on 01-04-2020	42,000
Claims Intimated and Accepted but not Paid	65,000
Premium Received	10,60,000
Reinsurance Premium	1,80,000
Commission on Direct Business	2,20,000
Claims Intimated but not Accepted on 31-03-2021	8,000

Commission:	Amount (₹)
Reinsurance Ceded	12,000
Reinsurance Accepted	6,000
Expenses of Management	2,80,000
Reserve for Unexpired Risk on 01-04-2020	3,90,000
Additional Reserve for Unexpired Risk on 01-04-2020	40,000
Bonus in Reduction of Premium	15,000

You are asked by the management to provide for additional reserve for unexpired risk at 1% of the net premium in addition to the opening balance.

Or

(b) What is 'general insurance'? How does it differ from life insurance? Explain reserve for unexpired risk' in case of general insurance. 3+5+=14

6. (a) Write notes on the following: 5+5+4=14

(i) Cum-interest purchase ex-interest purchase and

(ii) Cum-interest sale and ex-interest sale

(iii) Features of Investment Account

 Or

(b) Assam Investment Ltd. holds 1000, 15% Debentures of 100 each in Brahmaputra Industries Ltd. as on 1st April, 2020 at a cost of 1,05,000. Interest is payable on 30th June and 31st December every year. On 1st May, 2020, 500 Debentures are purchased cum-interest at 53,500. On 1st Novem- ber, 2020, 600 Debentures are sold ex-interest at 57,300. On 30th Novem- ber, 2020, 400 Debentures are purchased ex-interest at 38,400. On 31st Decem- ber, 2020, 400 Debentures are sold cum-interest for 55,000.

Prepare Investment Account valuing holdings on 31st March, 2021 at cost.

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