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| Name of the examination | Dibrugarh University B.Com NEP FYUGP 2nd Sem Examination. |
| Course | B.Com |
| Subject Name | (Financial Accounting) |
| Subject Code | Paper: C-101 |
| Full Marks | 80 |
| Year | 2022 |
| Official Website | https://dibru.ac.in |
Financial Accounting Question Paper’ 2022
Dibrugarh University B.Com Hons
2022 (Nov/Dec)
COMMERCE (Core)
Paper: C-101 (Financial Accounting)
Full Marks: 80
Pass Marks: 32
Time: 3 hours
The figures in the margin indicate full marks for the questions
1. (a) Select the correct answer: 1×4=4
(1) Accounting Standard deals with depreciation accounting is
(a) AS-5
(b) AS-6
(c) AS-7
Ans: AS-6
(2) Revenue is considered as being earn when
(a) cash is received.
(b) production is done.
(c) Sale is effected.
Ans:(c) Sale is effected
(3) Unearned Income A/c is
(a) assets.
(b) liability.
(c) expenses.
Ans:(b) liability
(4) Unrecorded liability paid at the time of dissolution of a firm is debited to
(a) Current A/c.
(b) Realisation A/c.
(c) Creditor’s A/c.
Ans: (b) Realisation A/c
(b) Fill in the blanks: 1×4=4
(i) Discarding old machinery due to new inventions is called obsolescence.
(ii) Carriage incurred on purchases on an asset is debited to Assets A/c.
(iii) A branch which does not maintain its own set of books is called Dependent branch.
(iv) After making the payment to third parties, the _______ due to a partner is paid.
2. Write short notes on any four of the following: 4×4=16
(a) Accounting period concept.
Ans: Accounting Period Concept: The Accounting Period Concept, also known as the Periodicity Concept, is a fundamental principle in accounting that states financial transactions should be recorded and reported within specific time intervals, typically monthly, quarterly, or annually. This concept ensures that financial information is timely, relevant, and comparable. By dividing the continuous flow of business activities into distinct periods, stakeholders can analyze performance, make informed decisions, and assess the financial health of the organization over time. Moreover, adhering to accounting periods facilitates compliance with regulatory requirements and enables accurate financial reporting, such as income statements and balance sheets. Ultimately, the Accounting Period Concept provides structure and consistency to financial reporting, allowing for better management, planning, and evaluation of a company’s performance.
(b) Straight-line method of depreciation.
Ans: Straight-line method of depreciation: The straight-line method of depreciation is one of the simplest and most commonly used techniques for allocating the cost of an asset over its useful life. It works by evenly spreading the cost of the asset over its useful life, resulting in a constant depreciation expense each period.
To calculate depreciation using the straight-line method, you need to know the initial cost of the asset, its estimated salvage value (the value at the end of its useful life), and its useful life in years. The formula is straightforward: depreciation expense per period = (cost of asset – salvage value) / useful life.
This method offers simplicity and predictability, making it easy for businesses to budget and plan for the replacement of assets. However, it doesn’t account for the asset’s actual usage over time, which may lead to inaccuracies, especially for assets that don’t depreciate evenly. Despite its limitations, the straight-line method remains a popular choice for many businesses due to its ease of use and understanding.
(c) Four rights of hire vendors.
Ans: Hire vendors, also known as lessors or lessors, grant four key rights to lessees:
1. Right to Possession: The lessee has the right to possess and use the leased asset according to the terms of the lease agreement. This allows the lessee to utilize the asset for its intended purpose during the lease term.
2. Right to Use: Along with possession, the lessee has the right to use the leased asset as specified in the lease agreement. This includes operating the asset and deriving benefits from its use without interference from the lessor, unless otherwise stated in the agreement.
3. Right to Enjoyment: The lessee has the right to enjoy the benefits and utility provided by the leased asset throughout the lease term. This ensures that the lessee can utilize the asset’s capabilities and functionalities without undue restrictions from the lessor.
4. Right to Transfer: Depending on the terms of the lease agreement, the lessee may have the right to transfer or sublease the leased asset to another party. This can provide flexibility to the lessee in managing their assets and business operations.
These rights are essential for lessees to effectively utilise leased assets while fulfilling their operational needs and objectives.
(d) Causes of dissolution of a partnership firm.
Ans: The dissolution of a partnership firm can occur due to various reasons, including:
1. Mutual Agreement: Partners may agree to dissolve the firm voluntarily if they no longer wish to continue the business together. This could be due to changes in personal circumstances, disagreements on the direction of the business, or simply a desire to pursue other ventures.
2. Expiry of Term: If the partnership was formed for a specific term, such as a fixed number of years, the firm may dissolve upon the expiration of that term, unless the partners choose to renew the partnership agreement.
3. Death or Insolvency of a Partner: The death or insolvency of a partner can lead to the dissolution of the partnership, as it may not be feasible or legally permissible to continue the business without all partners actively participating.
4. Insolvency of the Firm: If the partnership firm becomes insolvent, meaning it is unable to pay its debts, it may be dissolved through bankruptcy proceedings or other legal processes.
5. Illegality or Unlawfulness: If the business activities of the partnership become illegal or unlawful, such as engaging in prohibited activities or violating regulations, authorities may force the dissolution of the firm.
6. Court Order: In certain circumstances, such as irreconcilable disputes among partners or misconduct by one or more partners, a court may order the dissolution of the partnership.
(e) Branch Stock A/c.
Ans: Branch Stock Account is a ledger account used in accounting to track the inventory or stock held by a branch of a company. When a company operates multiple branches, each branch typically maintains its own inventory of goods or products for sale or distribution. The Branch Stock Account records the movement of stock into and out of the branch, including purchases, sales, transfers, and adjustments for losses or damages.
This account helps the company monitor the performance and inventory levels of each branch separately, providing valuable insights into sales trends, stock turnover, and potential issues such as stock discrepancies or shrinkage. It also facilitates accurate financial reporting by ensuring that the inventory of each branch is properly accounted for in the company’s overall financial statements. Additionally, the Branch Stock Account aids in inventory management and control by enabling the company to assess the efficiency and effectiveness of its branch operations.
3. (a) What are Accounting Standards? Distinguish between Accounting Standard and Accounting Principles. 3+3=6
Ans: Accounting Standards are the policy documents or written statements issued, from time to time, by an apex expert accounting body in relation to various aspects of measurement, treatment and disclosure of accounting transactions for ensuring uniformity in accounting practices and reporting. These standards are prepared by Accounting Standard Board (ASB). Accounting Standards are formulated with a view to harmonies different accounting policies and practices in use in a country.
Distinguish between Accounting Standard and Accounting Principles:
| Aspect | Accounting Standards | Accounting Principles |
| Definition | Regulations specifying how financial statements are prepared and presented. | Fundamental guidelines guiding the overall practice of accounting. |
| Purpose | Ensure consistency, transparency, and comparability in financial reporting. | Provide a framework for recording and reporting financial transactions. |
| Compliance | Mandatory compliance by entities in preparing financial statements. | Voluntary adherence, but often followed to ensure accuracy and reliability. |
| Enforcement | Governed by regulatory bodies or standard-setting organizations like the IASB or FASB. | Enforced through professional judgment and ethical considerations. |
| Specificity | Specific rules and guidelines for various accounting transactions and events. | Broad principles providing a conceptual basis for accounting practices. |
| Examples | IFRS, GAAP, etc. | Matching principle, materiality principle, etc. |
(b) Write four points necessary for accounting. 4
Ans: Four key points necessary for accounting include:
1. Accuracy and Precision: Ensuring that financial records accurately reflect the transactions and events of the business. This involves meticulous recording of data and adherence to accounting standards to minimize errors and misstatements.
2. Relevance and Reliability: Providing information that is both useful and trustworthy for decision-making by users such as investors, creditors, and management. Information should be relevant to the needs of stakeholders and reliable in its representation of the financial position and performance of the entity.
3. Timeliness: Delivering financial information in a timely manner allows stakeholders to make informed decisions promptly. Delayed reporting can lead to missed opportunities or incorrect assessments of the business’s financial health.
4. Transparency and Disclosure: Maintaining transparency by disclosing all relevant financial information, including any potential risks or uncertainties. Full disclosure enhances trust and confidence among stakeholders and promotes accountability within the organization.
4. (a) Distinguish between Capital Receipts and Revenue Receipts. 5
Ans:
| Revenue Receipts | Capital Receipts | Revenue Receipts |
| 1. It has short-term effect. The benefit is enjoyed within one accounting period. | 1. It has long-term effect. The benefit is enjoyed for many years in future. | 1. It has short-term effect. The benefit is enjoyed within one accounting period. |
| 2. It occurs repeatedly. It is recurring and regular. | 2. It does not occur again and again. It is nonrecurring and irregular. | 2. It occurs repeatedly. It is recurring and regular. |
| 3. It is shown in profit and loss account on the credit side, as an income for the year. | 3. It is shown in the Balance Sheet on the liability side. | 3. It is shown in profit and loss account on the credit side, as an income for the year. |
| 4. It does not produce capital receipt. | 4. Capital receipt, when invested, produces revenue receipt. | 4. It does not produce capital receipt. |
(b) Explain how expenses are recognized to match them against revenues. 5
Ans: The accrual accounting method is used to pay for expenses which are then matched against revenues. They facilitate the correct reflection of a company’s financial performance over a given period.
Expenditures are recorded in the books of accounts as and when they are incurred regardless of the time when these expenses are actually paid. It is also referred to as the matching concept because it associates costs with sales that have been made; such as cost of goods sold associated with producing products sold by a firm even though payment may be done at later dates.
This serves to ensure that any costs set aside for revenue generation will be expensed in the same period revenue was generated thus giving more accurate profit status of an institution. Businesses can thus have an insight on how their financial results really look like and hence make informed decisions regarding their operations, investments and resource allocations by matching outlays with incomes. Consequently, this approach offers deeper understanding on whether or not a firm is financially sound than merely tracking cash-inflows.
Or
From the following Trial Balance of Mr. X and other additional information, prepare a Profit and Loss a/c for the year ended 31st March, 2022 and a Balance Sheet as on that date: 10
Trial Balance of Mr. X
| Dr. | Rs. | Cr. | Rs. |
| Closing inventory (marked value Rs. 42,000)RepairsFactoryDebtors (including bills receivable) Rs. 2,000Travelling expensesExport dutyCash and bank balanceTrademarkAdvertisementDrawings | 40,0005,00030,00042,0005,0002,00012,00010,00012,0003,000 | CreditorsRoyalty receivedReserveCapitalProfit on sale of investmentProvision for bad debtsAdvance from bankTrading A/c (gross profit) | 30,0008,00010,00045,0005,0002,00053,0008,000 |
| 1,61,000 | 1,61,000 |
Adjustment:
(1) Bills receivable dishonoured is not realisable as the debtors become insolvent.
(2) Provision for bad and doubtful debts @ 10% on debtors.
(3) 50% of advertisement is to be carried forward.
5. (a) Write a note on ‘accounting as a measurement discipline’. 6
Ans: Accounting is an important measurement discipline, which gives a structured method for quantifying and communicating financial information. It’s main aim is to correctly measure, register and report financial dealings of an entity. This implies the use of standardized principles and procedures so as to ensure comparability and consistency across dimensions and time.
Generally, accounting stands out as a business language that enhances the assessment of performance in terms of the economic activities. Accounting enables meaningful comparisons between companies, industries, or even economies through adhering to GAAP or IFRS.
Besides financial reporting, accounting also plays its role as a measurement discipline. It also involves studying financial information for making decisions; evaluating performance; strategic planning etc… In effect, using some techniques such as ratio analysis, trend analysis or variance analysis, accounting can help identify strengths weaknesses opportunities threats (SWOT) facing a firm.
To sum up this day accounting remains the key pillar that supports financial management by enabling consistent means of measuring evaluating and communicating the economic part.
Or
(b) State which of the following receipts are of capital nature and which of revenue nature: 1×6=6
(i) Amount realised from sale of old furniture.
(ii) Amount received from debtors whose a/c was previously written-off.
(iii) Amount of loan taken from a bank.
(iv) Fees received from apprentices.
(v) Amount contributed by the proprietor to augment his capital.
(vi) Rs. 10,000 received from sale of machinery which had w.d.v. Rs. 6,000.
Ans: The following are the classification:
(i) Amount realised from sale of old furniture: Revenue nature.
(ii) Amount received from debtors whose account was previously written-off: Revenue nature.
(iii) Amount of loan taken from a bank: Capital nature.
(iv) Fees received from apprentices: Revenue nature.
(v) Amount contributed by the proprietor to augment his capital: Capital nature.
(vi) Rs. 10,000 received from sale of machinery which had w.d.v. Rs. 6,000: Capital nature.
6. (a) (i) Explain two merits and two demerits of hire-purchase system. 4
Ans: The Following are the two merits and two demerits of the hire-purchase system:
Merits:
1. Accessibility: It allows individuals who may not have the upfront funds to purchase an item to acquire it gradually through installment payments, making goods more accessible to a broader range of consumers.
2. Convenience: Hire-purchase offers convenience to both buyers and sellers. Buyers can acquire goods without having to pay the full amount upfront, while sellers can increase sales by offering flexible payment options.
Demerits:
1. Cost: Overall, hire-purchase tends to be more expensive than outright purchases because of interest charges and other fees associated with installment payments, which can result in buyers paying more for the item in the long run.
2. Ownership Rights: Until the final payment is made, the buyer does not legally own the item. This lack of ownership can be a disadvantage if the buyer defaults on payments, as the seller has the right to repossess the item without having to go through a lengthy legal process.
(i) Distinguish between Hire-purchase System and Instalment-purchase System. 6
Ans:
| Basis for comparison | Hire purchase | Installment purchase |
| Ownership | The ownership is transferred after all payments | In installment purchase, ownership is transferred at the time of the original purchase agreement |
| Termination rights | In hire purchase, the Hirer has the right to terminate the purchase agreement | In installment purchase, it cannot be terminated as ownership is already transferred. |
| Selling rights | Hirer has a right to resell the subject, as the ownership lies with him only. | In installment purchase, the buyer has the resell right. |
| Payments | The monthly payment is known as hire charges. | The monthly payment is the installments. |
| Risk | The risk of an asset lies with the Hirer until the last payment is paid. | The total risk is transferred to the buyer at the time of original purchase. |
| Default | In case of default, the hire purchase agreement is canceled, and the asset is transferred to the Hirer, and paid will be forfeited. | In case of default, if the asset is returned, the buyer has the right to receive back the payment already made. |
Or
(b) Dilip & Co. purchased a machine on hire-purchase basis on 01/01/2019. The payments were to be made as follows:
| Rs. | |
| On signing the agreementAt the end of first yearAt the end of second yearAt the end of third year | 10,00012,0007,0004,400 |
| 33,400 |
Interest included in Rs. 33,400 was charged on the cash price @ 10% per annum.
You are required to ascertain the cash price of the machine and write up Machinery A/c and Hire Vendors A/c in the books of Dilip & Co. 3+4+3=10
Sol.
The total amount paid over three years is Rs. 33,400. Let’s break down the payments:
- On signing the agreement: Rs. 10,000
- At the end of first year: Rs. 12,000
- At the end of second year: Rs. 7,000
- At the end of third year: Rs. 4,400
Calculation the interest component:
- Interest on Rs. 10,000 for 3 years at 10% per annum = Rs. 3,000
- Interest on Rs. 12,000 for 2 years at 10% per annum = Rs. 2,400
- Interest on Rs. 7,000 for 1 year at 10% per annum = Rs. 700
Total interest = Rs. 3,000 + Rs. 2,400 + Rs. 700 = Rs. 6,100
So, the principal amount paid is Rs. 33,400 – Rs. 6,100 = Rs. 27,300.
The principal amount and the interest rate:
Principal amount = Cash price
Interest = 10% of cash price
So, 10% of the cash price = Rs. 6,100
Therefore, the cash price of the machine is Rs. 61,000.
IN THE BOOKS OF DILIP & CO.:
Machinery A/c:
| Date | Particulars | Amount (Rs.) |
| 01/01/2019 | Machine (Cash price) | 61,000 |
| Total | 61,000 |
Hire Vendors A/c:
| Date | Particulars | Amount (Rs.) |
| 01/01/2019 | To Bank (HP A/c) | 61,000 |
| Total | 61,000 |
This records the initial entry for the machine purchase and the corresponding liability to the hire vendor.
7. (a) (i) What are the objectives of keeping Branch Accounts? 4
Ans: The objectives of keeping Branch Accounts:
1. Financial Control: Monitoring and controlling the financial activities of each branch individually helps in assessing their performance and ensuring compliance with organizational policies.
2. Performance Evaluation: Branch accounts facilitate the evaluation of each branch’s profitability, efficiency, and contribution to overall company goals.
3. Risk Management: By maintaining separate accounts for each branch, risks specific to certain locations or operations can be identified and managed effectively.
4. Decision Making: Having detailed branch accounts provides management with valuable insights for making informed decisions regarding resource allocation, expansion strategies, and operational improvements.
(ii) With respect to Branch Accounts, how will you deal with the following matters? 2×3=6
(a) Depreciation of Branch Fixed Assets.
(b) Cash-in-transit.
(c) Inter-branch Transactions.
Ans:
(a) Depreciation of Branch Fixed Assets:
– Depreciation of branch fixed assets is usually recorded in the books of the head office. The branch will report any depreciation expenses to the head office, which will then be reflected in the branch account.
(b) Cash-in-transit:
– Cash-in-transit refers to the movement of cash between the branch and the head office or between different branches. This is usually recorded as a separate item in the branch account, showing the amount of cash in transit at the end of the accounting period.
(c) Inter-branch Transactions:
– Inter-branch transactions involve the transfer of goods or services between branches of the same company. These transactions are recorded in the books of both branches, and entries are made to account for the transfer of assets, liabilities, and expenses between branches. The transactions should be eliminated during the consolidation process to avoid double counting.
Or
(b) X Ltd. of Kolkata has a Branch at Delhi. Goods are invoiced to the Branch at cost plus 33.33%. The Branch remits all cash received to the head office and all expenses paid by the head office. From the following particulars, prepare Branch Stock A/c, Branch Debtors A/c, Branch Adjustment A/c and Branch Expenses A/c: 3+3+4 =10
| Rs. | |
| Branch Debtors on 1st April, 2021Branch Stock on 1st April, 2021Sales:CashCreditGoods from Head Office (Invoice Price)Cash Received from DebtorsDiscount Allowed to DebtorsBad DebtsBranch Expenses paid by Head OfficeBranch Stock on 31st March, 2022 | 6,0002,400 3,00060,00072,00057,6001,40030010,00011,400 |
Sol.
- Branch Stock A/c:
| Particulars | Amount (Rs.) |
| Opening Stock | 2,400 |
| Goods from Head Office | 72,000 |
| Total Sales | 74,400 |
| Closing Stock | (11,400) |
| Net Total |
- Branch Debtors A/c:
| Particulars | Amount (Rs.) |
| Opening Debtors | 6,000 |
| Cash Sales | 3,000 |
| Credit Sales | 60,000 |
| Total Sales | 63,000 |
| Cash Received from Debtors | (57,600) |
| Discount Allowed | (1,400) |
| Bad Debts | (300) |
| Net Total |
- Branch Adjustment A/c:
| Particulars | Amount (Rs.) |
| Bad Debts | 300 |
| Discount Allowed | 1,400 |
| Branch Expenses Paid by HO | 10,000 |
| Total |
- Branch Expenses A/c:
| Particulars | Amount (Rs.) |
| Branch Expenses Paid by HO | 10,000 |
8. (a) (1) State and explain the decisions and rules laid down in Garner vs. Murray Case. 5
Ans: The Garner v. Murray case, decided in 1986 by the United States Supreme Court, established several important decisions and rules regarding prison conditions and the Eighth Amendment’s prohibition against cruel and unusual punishment.
1. Eighth Amendment: The Court reaffirmed that the Eighth Amendment’s prohibition against cruel and unusual punishment applies to conditions of confinement in prison.
2. Objective vs. Subjective Standard: It introduced a two-part test for determining whether prison conditions violate the Eighth Amendment. Firstly, the court examines whether the alleged deprivation is sufficiently serious. Secondly, it considers whether prison officials acted with deliberate indifference to inmate health or safety.
3. Deliberate Indifference: The Court clarified that deliberate indifference requires more than mere negligence, stating that officials must be aware of and disregard an excessive risk to inmate health or safety.
4. Remedies: The decision outlined remedies available for Eighth Amendment violations, including injunctive relief and monetary damages, to ensure that prisoners are not subjected to cruel and unusual punishment.
These decisions and rules set important precedents for future cases regarding prison conditions and the protection of inmates’ constitutional rights.
(2) Distinguish between Maximum Loss Method and Proportionate Capital Method of piecemeal distribution. 5
Ans:
| Criteria | Maximum Loss Method | Proportionate Capital Method |
| Calculation Basis | Based on the maximum loss that each partner can incur. | Based on the proportion of capital contributed by each partner. |
| Distribution | Partners are allocated losses based on their potential maximum loss. | Losses are distributed in proportion to each partner’s capital contribution. |
| Effect on Partners | Partners with higher potential losses bear more significant shares of the loss. | Losses are distributed evenly based on the capital contributed by each partner. |
| Risk Allocation | Allocates risk more heavily towards partners with higher potential losses. | Allocates risk evenly among partners based on their capital investment. |
Or
(b) X, Y and Z were partners. Their Balance Sheet stood as under on the date when the firm was dissolved:
| Liabilities | Rs. | Assets | Rs. |
| Sundry CreditorsX’s Capital A/cZ’s Capital A/c | 60,00022,00010,000 | Sundry AssetsProfit & Loss A/cY’s Capital A/c | 55,00012,00025,000 |
| 92,000 | 92,000 |
The assets realized Rs. 40,000. The expenses of realization amounted to Rs. 1,000. The position of the partners was as follows:
| Private Estate (Rs.) | Private Liabilities (Rs.) | |
| XYZ | 18,00012,00012,000 | 20,00021,00010,000 |
Prepare Realisation A/c, Capital Accounts, Bank A/c and Deficiency A/c. 3+3+2+2=10
Sol.
Realisation Account:
| Particulars | Debit (₹) | Credit (₹) |
| Sundry Assets | 55,000 | |
| Profit & Loss A/c | 12,000 | |
| Bank A/c (Assets Realized) 40,000 | ||
| Realisation Expenses 1,000 | ||
| X’s Capital A/c (Deficiency) 2,000 | ||
| Y’s Capital A/c (Deficiency) 9,000 | ||
| Z’s Capital A/c (Deficiency) 15,000 |
X’s Capital Account:
| Particulars | Debit (₹) | Credit (₹) |
| Realisation A/c (Deficiency) | 2,000 | |
| Bank A/c (Private Estate) | 18,000 | |
| Balance b/d 22,000 | ||
| Private Liabilities 20,000 |
X’s Capital Account:
| Particulars | Debit (₹) | Credit (₹) |
| Realisation A/c (Deficiency) | 15,000 | |
| Bank A/c (Private Estate) | 12,000 | |
| Balance b/d 10,000 | ||
| Private Liabilities 10,000 |
Bank Account:
| Particulars | Debit (₹) | Credit (₹) |
| Sundry Creditors | 60,000 | |
| Realisation Expenses | 1,000 | |
| X’s Capital A/c (Private Estate) | 18,000 | |
| Y’s Capital A/c (Private Estate) | 12,000 | |
| Z’s Capital A/c (Private Estate) | 12,000 | |
| Bank A/c (Assets Realized) 40,000 |
Deficiency Account:
| Particulars | Debit (₹) | Credit (₹) |
| Bank A/c (Deficiency) | 78,000 | |
| X’s Capital A/c 2,000 | ||
| Y’s Capital A/c 9,000 | ||
| Z’s Capital A/c 15,000 |
-0000-
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