UNIVERSITY OF CALCUTTA 3-YEAR B.COM SEMESTER I EXAMINATION (UNDER CCF ,2022 )-2024 FINANCIAL ACCOUNTING-I Paper: FAGM MDC-1 Schedule date of submission of marks and script ‘Name and Address of the Head Examiners [Batches Batch -1 Batch-2 Batch-3 L Prof. Bhim Rajak Prasenjit Makur ‘Mrs. Lipika Das(Nandi) | [ Narasinha Dutt College Calcutta Girls’ College’ Maharani Kasiswari College | ‘Address | 129, Belilious Rd, Tikigpara, 3, Goaltuli Lane , Kolkata -13 20, Ramakanto Bose Street, Howrah, West Bengal 711101 | Near Janbazar Crossing Dharamtala Bidhan Sarani , Shyam | Bazar Kolkata West Bengal 70003, Contact No. 3100760016 8777845665/9046475814 9123930830 | [email protected] | [email protected] | [email protected] General Instruction Use red ink for evaluating the answer scripts. Avoid the fractional marking. Avoid deducting marks on consequence mistake . Clearly show the part marking and encircle the total marks obtained in each question. Top sheet of each packet must be returned with the answer scripts/packet. Award list must be signed by the competent authority with full signature. Evaluated and scrutinized (mandatory) answer scripts along with manual as well as portal uploaded award list, e. KKK KM of examiner and scrutineer both may please be submitted in t Bring your remuneration bill filling the same properly and signing the same please. < Group -A Q.NO-1 (a) 1 Marks For Writing of Each Appropriate Accounting Term i. Transaction intangible Assets ili, Drawings iv. Liability v. Owner's Equity or Capital (b) Profit as per cash basis of accounting Rs, 92,000/- Less: Depreciation for the year Rs. 12000/- ~ Lmarks Add: Opening prepaid expenses (01.04.2023) Rs, 8,000/- marks Less: Closing prepaid expenses(31.03,2024) Rs. S000/-. =. marks Profit after depreciation and prepaid expenses adjustment Rs. 83,000/- Less: Opening accrued interest income (01.04.2023) Rs, 3,000/- =. marks Add: Closing accrued interest income (31.03.2024) Rs. 4,500/- = 1 marks Profit as per accrual basis Rs. - Q.NO-2 -2 marks for each journal entry (2x4=8) Journal Dr. Cr. : Particulars — LF._| Amount (Rs.)_| Amount (Rs.) Suspense A/c az 10,800/- To Manu A/c 10,800/- SUSPENSE A/CxnsnrnennDE r | 2,000/- r To Purchase A/c 2,000/- ee Repairs A/C on Dr. a 2740-7 To Motor Car A/c 2,740/- a@ | Biren Alc... Dr. - 4,000/- To Biresh A/c 4,000/-Dr. Suspense Account -2 Marks cr. Particular Rs. Particular - __Rs. 1 To Manu Ale 10,800 | By Balance b/f 12,800 To Purchase 000 12,800 17,800 A Q.NO-3 (a) 1-marks for each reason for providing depreciation . (b) Dr. Machinery Account for the year 2023-24 cr. [Date] Particular [Amount (Rs.) | Date Particular Amount (Rs.) _ Ws? | To Balance b/d 4 Marks | 4,50,000/- | 30/3/24 | By Depreciation 1+1 +1 Marks ayapa_| To Bank A/c ‘On Machinery Purchased on 1/4/21 10,240/. Cai 1 marks | 2,80,000/- | (rs.202400%20/100%6/12 ) On rest ofthe machine Installation Cost 20,000/- (a0000-102400)120/100 69,520/- On new machine REE wearer | 000 | | 3110723. | By Bank (Sale of old machine} 90,000/- By P/LA/c (loss on sale)* 2 Marks | 2,160/ | sua; | By Balanced c/d 4,70,080/- a 6,50,000, wal To balance b/d 7 ‘Working Notes: - 7 Depreciation and Loss on sale of machinery On machine purchase on 01.04.2021 Rs.1,60,000/- Dep. for 21-2: + (160000x20/100}= Rs.32,000 Dep. for 22-23: (160000-32000}x20/10 Rs. 25,600 Balance of Machinery on 1/10/23 purchase on 01.04.21 (160000-32000-25600-10,240}= Rs.92,160/- Loss on sale of machinery =Rs.(92,160-90,000) Dep. for 23-24:((160000-32000-25600)x20/100x6/12= Rs.10,240 Rs. 2,160/- * Q.NO-4 In the Books of M/s. Anju Traders of Kolkata Dr. Provision for Doubtful Debt Account as on 31.12.2023 Date _| Particular [Amount (Rs.) | Date Particular ‘Amount TRS) [sas To Bad debt A/c 116,000/- 01/03/23 | ByBalanceb/d 1 Marks | 8,000/- D Towaddebt A/c Further Bad debt) | 3,200/- 31/12/23. | By p/L A/c (Bal Fig,) 1 Marks | 70,300/- ime | To Balance c/d [Note1]"* | s9,100/- a 1 Marks 78,300/- 4/1/24 | py balanced b/d | Dr. Provision for Discount on Debtors Account as on 31.12.2023 Date | Particular ‘Amount (Rs) | Date | Particular 7 Traut) 31/12/23 | To Discount Allowed A/c +3,200/- 01/01/23 | By Balance b/d Marks | 4,000/- ” 1 Marks: 31/12/23 | By P/L A/c (Bal Fig.) 1 Marks | 35,645/- To Balance c/d (Note 1]* | 36,445/- a 1 Marks: 39,645/- 39,845/- 3/1/24 | By balanced b/d | 36405 | Working Notes : 1, Debtors Balance as given £s.8,00,000/- Less : Further Bad debt Rs.3,200/- Less: Amount set off with creditors Rs, 12,800/- Add: Dishonored of Cheque Rs. 4,000/- Adjusted Debtors Rs.7,88,000/- Closing provision for doubtful debt [788000x7.5%] = Rs. 59,100/- ** 1Marks 2, Adjusted Debtors as computed above Rs,7,88,000/- Less :Provision for doubtful debt _Rs.59,100/- Closing Prov. for Discount on Debtors = [7,28,900x5%] = Rs.36,445/- * 1 Marks Rs.7,28,900/-Q.NOS.(a) 1. 2.5 Marks I, 2.5 Marks Ill, 2.5 Marks (b) Value of Stock - Product Kay Rs.13,000/-{ Lower of cost and market value) = 1. Marks -Product E11 Rs.7,500/-( Lower of cost and market value) - 1. Marks - Product Emm Rs.23,000/-( Lower of cost and market value) - 1 Marks = Product Enn Rs.12,000/-( Lower of cost and market value) - 1 Marks Total Value of Stock to be shown in Balance Sheet as on 31.03.2024 Rs.55,500/ - -1. Marks QNo6, In the Books of G K Sports Club or. Income and Expenditure A/c for the year ended 31.03.2024 : cr. Expenditure pore Ir Income Rs. To Staff Salaries 4,200 _| By Subscription 9,680 To Prize and Competition Expenses 3,780 | Add: Outstanding for current year 660 To Printing and Stationary 830 10,340 cess: Outstanding for previous year 130 Less: Outstanding for previous year _530 700 9,810 | To Rent 3,000 Less : Pre-received in current year _260 9,550 |Add: Outstanding for current year 600 By Competition Fees 2700 | 3,600. By Entrance Fees (60% of Rs. 1,360) 816 To Depreciation on By Interest on Investment 650 10% of the closing balance of furniture | $45_| By Sundry Receipts 120 (4400+1600)x 10/120 -9 Marks To Surplus(transferred) ait { 13,836 13,836 “Deduct 1 mark for each mistake. ap Note: 1 Computation of opening capital as on 1/4/23 (6,000+4 400+ 530 +1,930}+130= 12,730/- - 2 Marks Students may avoid equation rather follow balance sheet format to determined opening capital Balance Sheet as on 31.12.2022 -4 Marks - Liabilities Rs | Assets Rs. | Capital (Note 1) 12,730 Furniture add purchase, less dep. ‘Add: Surplus 4011 | 13,742 (4,400+1,600)- 545) 5,455 Entrance Fees (40% of Rs.1,360) 544 | Investment add purchase (6,000-2000) | 8,000 Outstanding Rent | 600 | Cashin hand 1,030 | Pre-received Subscription 260 Outstanding Subscription current year 660. | Total 15,145/-_| Total 15,145/- ae 7 : JJ Deduct ‘4 mark for each mistake. QNO.7 (a) Any three point of differences as per standard text book. -5.Marks {b) — = In General Ledger of Sen & Sons S Marks Deduct # marks for each mistake Ts. Debtors’ Ledger Adjustment A/e Rs. Tito balance b/d (A Tai,000 | 6025 | By balanceb/a er] 2,000 To General Ledger Adjustment Ae ”— [tat By General edger AdjustmentA/e = Credit Sale(7,60,000-40,000) 720,000 | “Received from Debtors 1'5,20,000 ~~ [ills Receivable Dishonoured [6,000 —[— ~Discount Allowed ~_| 41,000 {Ea z = Sales Return from Credit Sale 10,000 - — ver “Bills Receivable Drawn 40,000 7 ~ “Transfer from other Ledger 2,000 ibis To balance id - [3,000 | 32°92 | By balance c/d{6al. Fig.) 2.85,000 - 8,70,000 1 8,70,000~_In General Ledger of Sen & Sons “5 Marks Deduct %4 marks for each mistake! ree Rs. Creditors’ Ledger Adjustment A/c Z wins | To balance b/d (Or) 7 10,000 a THT To General Ledger Adjustment A7E wreias —T by balance b/d (er) -Bills Payable Accepted 22,000 | 2/038 | By General Ledger AdjustmentA/e -Discount Received (3,000+7,000) 10,000 Credit Purchase 4,40,000 ~ [Payment to creditors 3,80,000 - Purchaase Return 20,000 - “Transfer from other Ledger 2,000 HRI —[ To balance e/d (Bal. Fig.) ‘96,000 | 370% | by balance e/a 4,000 [5,40,000 | 540,000 ‘No self balancing entry is required for provision for doubtful debt. QNo-8 In the books of Mr. S. Srikant Dre ‘Trading and P/t A/c for the year ended 31/03/2023 tr. 7 Rs. | Rs. Rs. | Rs. To Opening Stock 13,900 | BySale To Purchase Cash | 12,000 Cash 11,000 | - Credit | 37,100 | 49,100 | -Credit (See Working) 51,100 | 62,100 To Gross Profit c/d | 14,800 _| By Closing stock | 5,700 | 67,800 -2Marks 67,800 To Salaries 6,500 | By Gross Profit b/d 14,800 | To General expenses | 2500 | By Interest on Investment 200 To Rent and Taxes 1,500 To Depreciation -3 Marks -Machinery (10% of Rs.7,500) | 750 “Furniture (10% of Rs.1,200) | _120 | 870 To Prov. for doubtful debt 800 | To Net Profit 2,830 (transferred to capital) 15,000 - | Balance Sheet as on 31/03/ 2023 Liabilities Rs. | Rs. Assets Rs (Rs. Capital ( Note 1) 29,100 Machinery less Dep. (7,500-750) 6,750 | Add: Further Capital 6,000 Furniture less Dep (1,200- 120) | 1,080 Add: Net Profit 2,830 Inventory i 5,700 37,930 Investment 5,000 Less : Drawings 3,600 34,330 | Sundry Debtors (17,600-800} 16,800 ‘Sundry Creditors 7,900 | Cashin hand | ; S00 | Total Cash at Bank | 5,400 42,230 -4 Marks 42,230 Deduct mark for each mistake. Dr. Debtors A/c 2 Marks Cre Date __| Particular = ‘Amt(Rs,) | Date | Particular TF amtiRs 1422 | Tobalance b/d = 14,500 [1.422 | By cash (cash received) | 48,000 31.03.23 | To Sales (Crealt) (Bal, Fig) (114,300-17,800) | 51,100 | 31.03.23 | By balance c/d_ 17,600 | Total 65,600 Total [68,600 Dr. Creditors A/e Marke cal 1422 | To Cash (pald to cresitor) [35,000 [1.422 | Bybalance b/d [5200 | 31.03.23 | To balance c/d {7,900 31.03.23 | By Purchase (Credit)-Bal Fig. | 37,200 | Total [42,900 Total 42,900 Note: 1 Computation of opening car (14,500 +7,500+1,200 +3,900 +5,000 +2,800)- 5,800 = Rs.29,100/- -2 Marks Students may avoid account opening rather follow equation to determined credit purchase and sales.Q.No-9 In the books of M/s. Atul Traders ___Trading and P/L A/c for the year ended 31° March 2023 cr. Rs. Rs. - RS. ae To Opening Stock | 60,000 | By Sale 7,20,000 To Purchase 4,80,000 | Less: Sales Return 20,000 Less: Purchase Return 12,000 | 4,68,000 | Add: Credit Sale not recorded 20,000 | 7,20,000 To Wages 60,000 By Closing stock 72,000 Less: Paid for machinery instl. | 10,000 | 50,000 _| (lower of cost & realisable value ) To Gross Profit c/d 2,14,000 7,92,000 -4 Marks 7,982,000 To Salaries 68,000 | By Gross Profit b/d | 2,14,000 | To Rent 43,000 | By Prov. for doubtful debt | 8,000 To Trade Expenses 40,000 To Bad Debts 4,000 -6 Marks | To Depreciation | | Pan & Mochner.0% of289 000020000) | 25,000 -Furmiture(10% of Rs.80,000) | 8,000 | 33,000 To Pension doubt debRe.80.0005%) | 9,000 To Net Profit | 20,000 a (transferred to capital) | 2,22,000 222,000 fare ___ Balance Sheet as on 31° March 2023 ey Liabilities _ Rs. Rs. Assets Rs. Rs. Capital “480,000 Plant and Machinery (2,40,000+10,000) | 2,50,000 Add: Net Profit 20,000 ‘Add: Installation less Dep. 25,000 | 2,25,000 5,00,500 Furniture less Dep.(80,000-8000) 72,000 Less : Drawings 40,000, | 4,60,000 | stock 72,000 Debtors less Prov. for Doubtful Creditors 3,00,000 (1,60,000-9,000) 1,51,000 Less: Set off 10,000 | 90,000 | Less: Set off 10,000 | Bank Overdraft 80,000 | Add: Credit Sale not recorded 20,000 | 1,61,000 Cash in hand 28,000 | cash at Bank 5 Marks 72,000 Total 6,30,000 Total 6,30,000 | E “Deduct ¥% mark for each mistake.