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C 101. Financial Accounting 2021

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0% found this document useful (0 votes)
37 views4 pages

C 101. Financial Accounting 2021

Uploaded by

susbas786
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Total No.

of Printed Pages—8 ( 2 )
1 SEM TDC FACC (CBCS) C 101
(ii) Stock is valued at

m
(1) cost price
2021
(2) market price

o
( March )
(3) cost or market price whichever

c
is lower

.
COMMERCE

t
(iii) At profit margin of 20% on sale
( Core ) price is equivalent to

x
(1) 20% profit on cost

e
Paper : C–101 (2) 25% profit on cost

n
(3) 33 13 % profit on cost
( Financial Accounting )

p
(b) Fill in the blanks : 1×2=2
Full Marks : 80

e
Pass Marks : 32 (i) The business-entity concept implies

r
that a business unit is —— from
Time : 3 hours

.p
the persons who supply capital
to it.
The figures in the margin indicate full marks
(ii) Depreciation on hire-purchase
for the questions

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asset is claimed by ——.

1. (a) Choose the correct answer : 1×3=3

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(c) Write True or False : 1×3=3
(i) The liabilities of a firm are R 3,000;
(i) Accounting Standards sets the tone
the capital of the proprietor is

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R 7,000. The total assets are
of accounting.
(ii) AS-9 applies to revenue arising
(1) R 7,000 from hire-purchase, lease agree-
(2) R 10,000
ments also.
(iii) A partnership is dissolved on the
(3) R 4,000 death of a partner.

16-21/416 ( Turn Over ) 16-21/416 ( Continued )


( 3 ) ( 4 )

2. Write short notes on (any four) : 4×4=16 4. (a) Define ‘Revenue’. State the aspects to

m
which revenue recognition does not
(a) Capital and Revenue Expenditure
apply. Give examples of such items.

o
2+8=10
(b) Financial and Operating Lease
Or

. c
(c) Stock and Debtors System (b) (i) Define ‘Depreciation’. Why is

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depreciation provided for? 2+3=5

x
(d) Insolvency of Partners (ii) Books of A Ltd. showed the following
balances on 1st April, 2018 :

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(e) Revaluation Account Machinery—R 5,00,000

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Provision for Depreciation A/c—
R 2,00,000

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3. (a) What do you mean by International
Financial Reporting Standards? How On 1st April, 2018, a machine had
a cost of R 1,00,000 on 1st October,

e
does Accounting Standards differ from
2015, was sold for R 40,000. The firm

r
Accounting Principles? 2+4=6
writes off depreciation @ 10% p.a.

.p
Or under the Diminishing Balance
(b) Pass the opening entry on 1st April, Method and its accounts are made-
up on 31st March each year.

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2020 on the basis of the following
information available from the books You are required to prepare the

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of Mr. Amit : 6 Machinery Account and Provision
R R for Depreciation Account for the
year ended 31st March, 2019. 3+2=5

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Cash in Hand 60,000 Plant 2,00,000
Sundry Debtors 1,00,000 Land and
Building 5,00,000 5. (a) Explain the need of classification of
Closing Stock 1,20,000
Input IGST A/c 20,000 Sundry Creditors 4,00,000 receipts and expenses into capital and
Input CGST A/c 10,000 revenue in the financial accounting.
Input SGST A/c 10,000 Also distinguish between Capital loss
and Revenue loss. 6+4=10

16-21/416 ( Turn Over ) 16-21/416 ( Continued )


( 5 ) ( 6 )

Or (iii) Prepaid Insurance—R 300

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(b) Following is the Trial Balance of (iv) Depreciate Furniture and Fittings
M/s. Kasturi Agencies as on 31st March, @ 10% and Motor Van @ 20%

o
2020. Prepare Trading and Profit & Loss (v) Charge interest on Capital @ 10%

c
Account for the year ended 31st March,

.
2020 and a Balance Sheet as on that
6. (a) What do you mean by ‘Instalment

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date : 3+3+4=10
Purchase System’? What are its

x
Particulars Dr. Cr. features? Mention any four distinctions
R R
between Hire-Purchase System and

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Capital 1,00,000
Instalment Purchase System. 2+4+4=10
Drawings 18,000

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Buildings 15,000 Or
Furniture and Fittings 7,500

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Motor Van 25,000
(b) X Company purchased a machine on
Loan from Hari @ 12% Interest 1st April, 2017 on hire-purchase system.

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(1-4-2019) 15,000 The payments were to be made as

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Interest Paid on above 900 follows :
Sales 1,00,000
R

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Purchases 75,000
Opening Stock 25,000 On signing of the agreement 5,000
Establishment Expenses 15,000 On 31-03-2018 6,000

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Wages 2,000 On 31-03-2019 3,500
Insurance 1,000 On 31-03-2020 2,200
Commission Received 4,500 16,700

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Sundry Debtors 28,100
Sundry Creditors 10,000 Interest included in R 16,700 was charged

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Bank Balance 20,000 on the cash price @ 10% per annum.
Interest Received 3,000
2,32,500 2,32,500
You are required to ascertain the cash
price of the machine and prepare
Adjustments :
Machinery Account and Hire Vendor’s
(i) Closing Stock was valued as on
Account in the books of X Company.
31st March, 2020—R 32,000
4+3+3=10
(ii) Outstanding Wages—R 500

16-21/416 ( Turn Over ) 16-21/416 ( Continued )


( 7 ) ( 8 )

7. (a) (i) What are the main classes of Or


Branch Accounts? Discuss the

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need of Branch Accounts. 2+4=6 (b) P, Q and R are in partnership sharing
profits and losses in the ratio of 2 : 2 : 1

o
(ii) Mention any four distinctions
respectively. They agreed to dissolve
between Branch Accounts and

.t c
their firm. Their Balance Sheet as on
Departmental Accounts. 4
the date of dissolution was as follows :
Or

x
Liabilities Amount Assets Amount
(b) Sagar Ltd. has a branch at Silchar
which sells goods at cost-plus 25%. (R) (R)

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From the following particulars, calculate Sundry Creditors 34,500 Cash in Hand 4,500
the value of closing stock at Silchar Bank Overdraft 20,000 Sundry Debtors 30,500

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branch and prepare Silchar Branch Capital Accounts : Investments 32,500
R 19,000

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Account for the year ended 31st March, P Goodwill 12,000
R 9,000
2020 : 3+7=10 Q 28,000 Capital Account :

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R

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R 3,000
Stock at branch on 1st April, 2019 22,000
Goods sent to branch 1,78,000 82,500 82,500

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Cash sales at branch 2,00,000 The assets were realized as follows :
Expenses paid by Head Office :
Salaries R 5,000 Goodwill—R 2,000
Advertisement R 2,000

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7,000 Investments—R 24,500
Sundry Debtors—R 20,500
Commission of 10% on the net profit

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after charging such commission is to be The expenses of realization came to
credited to Branch Manager. R 2,000. The partners bring in cash to

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meet their respective deficiencies.
8. (a) What do you mean by Piecemeal Prepare necessary accounts to close the
Distribution of Cash? What are its books of the firm. 10
objectives? Discuss the Maximum
Possible Loss method of piecemeal
distribution. 2+2+6=10 HHH

16-21/416 ( Turn Over ) 16-21—6500/416 1 SEM TDC FACC (CBCS) C 101

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