GU Financial Accounting 2024 Question Paper [Gauhati University FYUGP NEP BCom 1st Sem]

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2024

COMMERCE

Paper: BCM0100204
(Financial Accounting)
Full Marks: 60
Time: 2½ hours
The figures in the margin indicate full marks for the questions.

1. Answer the following questions as directed: (1×8=8)

(a) IFRSs are intended to _____ accounting practices all over the world. (Fill in the blank with the appropriate word/words)
(b) Matching concept is based on _____ basis of accounting. (Fill in the blank with the appropriate word/words)
(c) A Trading Account is prepared to find out _____ profit. (Fill in the blank with the appropriate word/words)
(d) Debit balance of Profit and Loss Account shows net profit. (State whether this statement is True or False)
(e) Under the instalment system, ownership of the goods passes to the buyer only after the payment of the last instalment. (State whether this statement is True or False)
(f) Under the synthetic system, stock-in-transit is shown on the credit side of the Branch Account. (State whether this statement is True or False)
(g) The full form of C.P.U. is ______. (Fill in the blank with the appropriate word/words)
(h) Computerized accounting systems can significantly reduce the likelihood of human errors in calculations and data entry. (State whether this statement is True or False)

2. Answer in brief any six questions: (2×6=12)

(a) Define Accounting Standard.
(b) Very briefly explain any two objectives of IFRS.
(c) What do you mean by the money measurement concept?
(d) What is capital receipt?
(e) What is a Balance Sheet?
(f) Mention any two objectives of preparing a Trading Account.
(g) Mention any two disadvantages of the hire purchase system.
(h) Very briefly explain any two objectives of Branch Accounting.
(i) Very briefly explain any two advantages of Computerized Accounting.
(j) Mention any two key features of Tally 9.

3. Answer any four questions in short: (5×4=20)

(a) Briefly explain any five points of distinction between the cash basis and accrual basis of Accounting.
(b) Briefly explain any five key principles of revenue recognition as per Accounting Standard 9.
(c) Explain any five distinctions between capital expenditure and revenue expenditure.
(d) Write a comprehensive note on inventory valuation and its significance.
(e) From the following particulars, prepare a Trading Account and ascertain the gross profit for the year ended on 31st March 2024:

Particulars	Amount (Rs.)
Opening Stock	55,000
Purchases	96,000
Sales	5,000
Carriage Inward	6,000
Carriage Outward	16,000
Freight	1,000
Dock Duty	6,000
Wages	4,000
Returns Inwards	2,000
Returns Outwards	3,000
Packing Charges	1,000
Closing Stock	16,000
Trade Expenses	2,300

(f) Briefly describe any five key users of Financial Accounting Information.
(g) On 1st January 2024, Bharat Ltd. opened a Branch at Kolkata. From the following particulars, pass the necessary Journal entries in the books of Head Office:

Particulars	Amount (Rs.)
Goods sent to Branch	35,000
Cash sent to Branch for expenses	6,000
Cash Sales at Branch	48,000
Stock at Branch on 31st December 2024	30,000

(h) Briefly explain any five distinctions between manual accounting and computerized accounting.

4. Answer any two questions: (10×2=20)

(a) Following is the Trial Balance of Sadhu and Madhu as on 31st March 2024:

Debit	Amount (Rs.)	Credit	Amount (Rs.)
Plant and Machinery	40,000	Capital Account:
		Sadhu	80,000
		Madhu	40,000
Salaries	15,000	Trading A/c (Gross Profit)	94,310
ESI Contribution	800	Creditors	32,940
Freight on Sales	3,000	Bank Loan	21,000
Building	54,000	Sundry Receipts	300
Goodwill	15,000	Bills Payable	14,000
Computer	10,000	Reserve Fund	1,000
Sundry Debtors	48,200	Sale of Scrap	200
Bad Debt	1,400	Bad Debt Recovered	500
Cash at Bank	1,200
Furniture	10,000
Bills Receivable	30,000
Fixed Deposit	15,000
Cash in Hand	650
Drawings:
Sadhu	12,000
Madhu	8,000
Closing Stock	20,000
Total	2,84,250	Total	2,84,250

Prepare Profit and Loss Account, Profit and Loss Appropriation Account, and Balance Sheet after considering:

• Interest on capital @ 5% p.a.

• Depreciation on machinery @ 10% p.a.

• Transfer 10% of net profit to Reserve Fund.

(b) Asomi Industries has a branch at Itanagar. From the following particulars, prepare a Branch Account and Goods Sent to Branch Account in the books of Head Office:

Particulars	Amount (Rs.)
Balance of Stock (1st April 2023)	30,000
Balance of Debtors (1st April 2023)	12,000
Balance of Petty Cash (1st April 2023)	200
Goods sent to Branch	60,000
Goods returned to Head Office	1,000
Cash Sales	40,000
Credit Sales	55,000
Sales Returns	300
Bad Debts written off	400
Discount Allowed	200
Cash sent for Salaries	2,000
Cash sent for Rent	1,000
Cash sent for Petty Cash	2,000
Petty Expenses paid	1,800
Cash collected from Debtors	70,000
Closing Stock (31st March 2024)	25,000

(c) Delhi Transport Company purchased a car on 1st April 2020 on hire purchase basis. Cash price = Rs. 1,12,000. Paid Rs. 30,000 on signing, Rs. 30,000 annually for 3 years. Interest @ 5% p.a. Depreciation @ 20% p.a. (reducing balance). Prepare Ledger Accounts in the books of Delhi Transport Company for 3 years.

(d) Guwahati Constructions Ltd. purchased a plant from Mumbai Machinery Ltd. on instalment system on 1st April 2019. Paid Rs. 10,000 cash and agreed to pay 3 instalments of Rs. 10,000 each on 31st March every year. Cash price = Rs. 37,250. Interest @ 5% p.a. Depreciation @ 10% p.a. (WDV). Pass necessary Journal entries in the books of Guwahati Constructions Ltd. for three years.

(e) Briefly describe various types of Accounting packages.

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