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Gauhati University Question Papers:ADVANCED FINANCIAL ACCOUNTING (MAJOR) (May-June’ 2013)
Gauhati University Question Papers
ADVANCED FINANCIAL ACCOUNTING (May-June’ 2013)
(MAJOR)
Full Marks: 80
Time Allowed: 3 hours
Answer either in English or Assamese
The figures in the margin indicate full marks for the questions
1. Answer as directed: 1x10=10
a) Which of the following is maintained by a bank under double entry principle?
1) Bills Register.
2) Bills discounted and purchase ledger.
3) Bills for Collection Register.
4) Safe deposit Vault Register.
b) A bank is required to show ‘Investment in India’ under _____ classifications. (Fill in the blank selecting the correct option from below:
1) Two.
2) Four.
3) Five.
4) Six.
c) From the point of view of the insurance company which led had gone for reinsurance, the amount of claim to be borne by the reinsurer is termed as _____. (Fill in the blank)
d) Any Interim Bonus paid by an insurance company to the policyholders is shown in _____ Account. (Fill in the blank)
e) Write one feature of ‘cum-interest’ in the context of Investment Account.
f) What is Stock Salvage in the context of ‘Insurance claim’?
g) Write the meaning of ‘Consolidated Fund of India’.
h) In case of Union (Central Government) the ‘Contingency Fund’ remains at the disposal of:
1) President of India.
2) Prime Minister.
3) Finance Minister.
4) Reserve Bank of India.
i) There are _____ important Parliamentary Committees formed by Parliament for control of Public Expenditure.
(Fill in the blank selecting the correct answer from below:
1) 3
2) 5
3) 7
4) 9
j) Write one objective of Committee on Public Undertakings (COPU).
2. Answer the following: 2x5=10
a) Mention the classification of Bank’s Sub-standard Advances along with the required rate of Provision.
b) Explain the meaning of ‘Non-banking Assets’ of a bank.
c) Explain the meaning of ‘Re-insurance claim’ of an insurance company.
d) Mention the accounting treatment of the following items in the accounts of General Insurance Company.
1) Contribution of fire brigade.
2) Legal charges.
e) Mention any four objectives of Government Accounting.
3. (a) Explain the features of Government Accounting. 5
Or
Explain the general principles of Government Accounting. 5
(b) Mention briefly the system of Financial Administration in India. 5
Or
Write a note on Government Accounting Standards Advisory Board. 5
(c) A fire occurred on 30.04.2013 in the premises of Soma Ltd. The information available from the books of the company is as below:
You are required to calculate the amount of claim to be lodged in case of loss of inventory assuming whole of inventory was insured. 5
Or
Describe the procedure to be followed to lodge claim before insurance company for indemnification of loss of stock due to fire. 5
(d) Rohit purchased 500, 10% Debentures of Star Cement Ltd. from Mr. Mohit on 01.06.2012 @ Rs. 95.00 cum-interest. Interest is payable on 30th June and 31st December each year. Record this transaction in the books of Rohit and Mohit on 01.06.2012. 5
Or
Distinguish between cum-interest and ex-interest in the context of investment account. 5
4. From the following information, prepare the Profit and Loss Account of Yes Bank Ltd. for the year ended 31.03.2013:
You are also required to show the amount carried over to Balance Sheet of the Bank. 10
Or
Write short note on:
a) Conditions for recognition of an advance/Loan as Non Performing Assets.
b) Rebate on Bills Discounted. 5+5=10
5. Prepare Revenue Account of India Life Insurance Ltd. for the year ended on 31st March, 2013 from the following information:
Transfer 30% of surplus to shareholders’ Account and 10% of surplus to the Catastrophe Reserve and carry forward the balance amount. 10
Or
Prepare a Balance Sheet of Trust General Insurance Company in FORM B-BS as per the statutory requirement showing columns for schedule No. Current year and Previous year with imaginary figures. 10
6. On April 1, 2012 Assam Company held Rs. 2,00,000, 6% Debentures of IDBI Bank which appeared in the books at Rs. 1,93,000. Interest is payable on April 31 and October 31 each year. On July 1, 2012, additional debentures of Rs. 50,000 of IDBI bank were bought at Rs. 98 cum-interest. On December 31, 2012, Rs. 50,000 Debentures were sold at Rs. 101 cum-interest.
You are required to show the Investment Account for the period ending on March 31, 2013. 10
Or
a) What is Investment Accounting? Give the classification of Investment as per AS-13. 2+3=5
b) Explain the features of Investment Account;. 5
7. A fire occurred on 30th September, 2012 in the premise of M/s ABC Ltd. From the following information, calculate the amount of claim to be lodged with the insurance company for the loss of stock.
Consider that
a) In 2012 the cost of purchases has risen by 20% over the levels prevailed in 2011.
b) In 2012 the selling prices have gone up by 10% over the levels prevailed in 2011.
c) Salvage value of stock Rs. 3,000. 10
Or
Explain the following terms used in insurance claims:
a) Average Clause.
b) Consequential loss.
c) Insurance claim.
d) Period of indemnity.
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