f

No. of Printed r ~1gos : G

1 ZC-Corn-C -1
(Flnancl.sl Accountin~J )

2022
Time - 3 ho ~:rs
Full Marks - 80
Answer all parts as per instructions.
Parts of each question should be answered continuou sly
Marks allotted to each question is indicated
on the right hand margin.

PART- I

1. Answer fill questions within one words each. [1 X !2

W The method of writing off intangible asset is knows :.·.

'-91' Give an example of fictitious asset.

( c) The other name of invoice book is -

~ Royalties on the basis of sales is debited to which account in

final Ale?

W Under hire purchase system the ownershi p lies with

~ !._ • _ _ _ _ after payment of first instalment.

~ Sacrifice ratio is calculated ·in case_of ____ of partner.

_JJi{ Give a situation of gain ratio .

P.T.O.
 [2]

(h) Foregin branch revenue items are converted at

----
rate in the book of head office.

~ Accounting Standard 6(AS-6) is merged with AS _ _ __

~ The Indian Partnership Act was passed in the year _ _ __

M Interest on capital paid during the construction of building is i

____ expenditure.
·1
(I) Consumable stores appearing in trial balance is taken to r :

- - - - in final account. A

PART- II

2. Answer any eight of the following questions within two to three

sentences each . [2 x 8

J% Give three limitations of accounting.

(b) What is sinking fund ?

.(5Y What is current account ?

$ Explain Branch stock account.
.J,r Explain operating lease.
(f) What is i_nterest suspense account ?

~Explain provision for discount on debtor.

v what do you mean by independent branch ?

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[3]

$ How insurance premium in allocated in departmental account-

ing?

jjY Wha t is XBRL ?

PAR T- Ill
.
3. Answer any eight of the following questions within 75 words each
[3 X 8

~ Wha t is accounting equation ? Explain the rules of acco

unt-
i[ r
; · ing equation with at least three transactions.

~ xplain accounting conventions.

~ ant and machinery purchased on 1.1.2018 for~ 2,00,000.

on 1.6.2019. Calcu-
Additional plant oft 40,000 purchased _
late depreciation@ 10% on W.D.V. method for the year 2020.

J9Y Discuss various closing entries passed for Measuring Busi-

ness income.

(e) Discuss the factors affecting valuation of goodwill.

~ how the treatment of following items in Final Acco unt :

¥ Goods sold on approval basis oft 30,000 and no infor-

mation received from the purchaser. Cost of good s is
t 29,000.

$ Trial Balanc~ item : Debtors t 50,500, Bad Debt ~ 2,000.

Provision for Bad Debt 2,000. Adjustment item : Bad Debt
t 500. Provision for bad debt to be main taine d@ 5% on
debtors.
P.T.O.
 [4]

~ nd Bare partners sharing profits in the ratio of 3: 1. C is

admitted for i share of profit. Calculate new profit sharing
ratio .

.J!>Y Distinguish between Branch Account and Departmental Ac-

count.

(i) Give the journal entries passed for incorporation of branch

trial balance in head office book in order to prepare the con:-
solidated balance sheet.

U) Mr. X Purchased a machine on hire purchase system. He

paid ~ 20,000 down and ~ 16,300, ~ 14,200 and ~ 12, 1qo in
three instalments resp~ctively at the interval of two years.
,_ Rate of i~terest i_s 10% p.a. as yearly rest. Calculate Cash
,_ Price.

PART-IV
Answer all que_stions within 500 words each.

4. What is double entry system ? Discuss the advantages and limi-

tations of double entry system. [2·+ ~f 2

- OR

~inguish between : [4 + 3

(a) Journal and ledger \

(b) Cash Discount and Trade Discount
I

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[5]

for
5. On 1st Janu ary 2017, a comp any purchased a mach inery
~ 12,0 00 an~ on 30th June 2018, it purchased additional mach in-
al
ery at a cost of~ 2,000. On 31st March 2019 one of the origin
mach ine which had cost ~ 500 was found obsolete and was sold
~
for~ 50. It was replaced on that date by new machine costing
800.

Depreciation is provided @ 15% p.a. on W.D. V. method. Show

[7
mach inery acco unt for first three years.

OR

[4
(a) Explain the procedure for issuing Accounting Standard.
[3
(b) Explain the functions of accounting standard board.

6. A firm had the following balances on 1.1.2020 :

(a) Provision for Bad Debt 2,500

(b) Provision for Discount on debtors 1,200

( c) Reserve for Discount on creditors 1,080

ed
During the year, bad debt amounted ~ 2,000, discount allow
~ 100 and disco unt received ~ 200. Total Debtors on
December
-
31, 2020 were 98,000 before writing off bad debts but after allow
0.
ing discount. Total creditors on Dece mber 31, 2020 was~ 20,00
ve
Show the acco unt relating to provisions on debtors and reser
for disco unt on creditors for 2020. [5 + 2

P. T.0 .
 [6]

OR

What is the objective of taking joint life policy? Describe the vari-
ous methods of treatment of joint life policy in the books of a firm.
[2 + 5

7. Mr X purchased a machine on hire-purchase system. The total

cash price of the machine is? 31,960, payable? 8,000 down and
three instalments of? 12,000, ? 10,000 and ? 9,000 payable at
the end of the first, second and third year respectively. Interest is
charged at 5% p.a. Charge depreciation @ 10% on straight line
method. Prepare Ledger Accounts in the books of Mr X. [7

OR

Explain the basis of allocation of different expenses over various

departmen t of a departmental organisation.

,
/
.,!

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