Download "Principles Of Financial Accounting" PDF Question Paper 2021 for B. Com 1st Semester Previous years Examination.

B. Com - Bachelor of Commerce 1st Semester Examination
Principles Of Financial Accounting

Paper: BCM-105

Time :3 Hours] [Max. Marks: 80

Note :- Attempt four questions form Section-A of short answer type, two questions each from Section-B and Section-C each of essay type. Marks are indicated against each question.

Download "Principles Of Financial Accounting" PDF Question paper.

Section-A

1. Explain the following in brief:

(i) Briefly enumerated the provisions of AS-06.

(ii) Following balances have been taken from the books of Miss. Ankita as on 31st March, 2016:

 

Adjustment:

Above balances include Rs. 10,000 due from Shruti and Rs. 5,000 due to Shruti for raw materials purchased. Give adjusting entry and show its treatment in Final Accounts.

(iii) Differentiate between proforma Invoice and Account Sales.

(iv) Following are the particulars of Shimla Branch.

Its Head Office is in Chandigard. Prepare Shimla Branch Account in the head office books :

 

(v) Soni informed the following particulars of his transactions relating to the goods consigned for the year ended 31.03.2016 :

You are required to prepare 'Consignment Account' and show the detailed calculation of unsold goods in the books of Soni.

(vi) Ajay and Vijay were partners, sharing profits and losses in the ratio of 2:1. On 1st April, 2016 they dissolved partnership. Their books at that date show the following:

 

The Stock realised 75% of its book value and book debts Rs. 55,600. Furniture was sold for Rs. 10,000. Goodwill provide unrealisable. Investments were taken overy by Ajay for Rs. 24,000. Prepare “Realisation Account".

Section-B

2. Explain the distinguishing features between Departmental Accounts and Branch Accounts and the advantages of Departmental Accounts.

3. What do you mean by "Generally Accepting Accounting Principles”? Briefly state the various concepts and conventions of accounting with suitable examples.

4. On 31st March, 2016 the following Trail Balance was extracted from the books of Mr. R. Dogra :

 

 

Adjustments:

(i) Closing stock Rs. 64,000.

(ii) Wages outstanding Rs, 2,400.

(iii) Bad debts Rs. 600 and make provision for bad and doubtful debts to be 5%.

(iv) Rent is paid for 11 months.

(v) Loan from Bank was taken on 1st October, 2015

(vi) Provide depreciation on Machinery @ 10% and on Furniture @ 5%.

(vii) Goods of Rs. 2,000 were received on 29th March, 2016 but purchase invoice was omitted to be recorded in purchase book.

Required:

Prepare Trading and Profit and Loss Account for the year ended 31st March, 2016 and Balance Sheet as on that date.

5. Patial Ltd., invoiced goodsot its branch at Dharmshala at cost plus 33-1/3%. From the following particulars, prepare Branch Stock Account, Branch Account and Branch Profit and Loss Account as they could appear in the books of Head Office :

 

 

Section-C

6. What is Joint Venture? How does it differ from consignment?

7. Explain Garner Vs. Murray Rule. Does this ruleapply to India?

8. On 1st January, 2013, ITC Ltd., of Bhopal consigned 10.000 kgs. of sunflower oil, Costing Rs. 40 per kg to Ramesh and company of Pune. ITC Ltd., paid Rs. 40,000 as freight and insurance 200 kg of oil were lost on 15.01.2013 in transit. The insurance claim was settled for Rs. 7,500 and was paid to the consignor directly. Ramesh & Co. took delivery of the consignment on 29th January, 2013, and accepted a bill drawn upon them by ITC Ltd., for Rs. 2.00,000 for 2 months. On 31st March, 2013 an Account sales was received from Ramesh & Co., containing the information given ahead:

(i) 8000 kg were sold @ Rs. 55 per kg

(ii) Unloading charges Rs. 9,500

(in) Godown rent Rs. 1,250

(iv) Printing and advertisement Rs. 10,000 and

(v) 200 kg were lost due to leakage which is considered as normal.

Ramesh & Co. is entitled to commission @ 5% on sales. They paid the amount due in respect of the consignment on 31st March, itself.

You are required to show :

(i) Consignment to Pune Account

(ii) Ramesh & Co. Account, and

(iii) Loss in transit Account in the books of ITC Ltd.

9. Pawan took a lease of mines form Naresh w.e.f. 1st January, 1998 for 25 years. The terms provided for the royalty payment @ Rs. 6 per ton raised, subject to a Minimum Rent of Rs. 1,20,000 p.a. with a right to recoup short workings within next 3 years. It was also agreed that the minimum rent should be reduced proportionately in case of strikes or lock-outs in any year. The following are the details of output in tons :

2005 - 23,000;

2006 - 18,700;

2007 - 15,400 (Strike for 3 months);

2008 - 19.000;

2009 - 20,600;

2010 - 22,600

The balance is short working Account as on 1st January, 2005 was Rs. 49,000, of which Rs. 22.000 arouse in 2002 and the balance in 2003.

You are required to show the Royalties Account: Short workings Account and Naresh's Account in the books of Pawan for all the above 6 years.