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212 views11 pagesBasic Financial Accounting Pyqs
Basic Financial accounting pyq's
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23bch023Copyright
© © All Rights Reserved
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1406 a
1. (a) Write a note on the role of AI and technology in the future of accounting.
@)
(©) Explain the meaning of prior period items with example. Give two examples.
@)
(©) State the accounting principles involved in the following statements;
(i) It assumes that a business enterprise will not be sold or liquidated in
the near future
(ii) Self- generated goodwill is not recorded.
Gii) Rift between production and marketing manager is not directly disclosed
in financial statements. x
Monash
(iv) Value of inventories left unsold is carriéd forward to next accounting
year. A
4 Preqintiy poe
(v) Advance received from a customer is Not recorded as sales.
(vi) Bike purchased by proprietor from business account is deducted from
his capital ©
OR
(a) Define and distinguish between exceptional and extra-ordinary items. Give
two examples of each. What are the disclosure requirements in respect of
such items? ),
(b) What are the fundamental accounting assumptions as per AS-1. Explain any
two in brief, 0
2, (a) Indicate in each case the amount of revenue that can be recognised as Pet
‘AS 9 and date of recognition of revenue.
(i) ABC Ltd. sold goods on eredit to XYZ Lid. For Rs. 250 erores on
§% Nov. 2022. XYZ Ltd was planning to export these goods bi their
Dec. 2022. On 10 January 2023 they
export order was cancelled in
Ltd. decided to sell the same goods in the local market. ‘ABC Ltd: was 1406
3
Fequested to offer a price discount of 15 % but they agreed to give
discount of 10%. The directors of ABC Ltd. want to adjust the sales
figure to the extent of the discount given to XYZ Ltd. Comment
(ii) On 21-3-2023 clothes worth 60,000 were sold to Siya Mart but due
to refurbishing of their showroom being underway on their request,
clothes were delivered on 12-4 2023.
(ii) On 15th January, 2022 garments worth 4,00,000 were sent to Anand
on consignment basis of which 25% garments unsold were lying with
Anand as on 31st March, 2022.
(iv) On Ist November, 2021 garments worth 2,50,000 were sold on
approval basis. The period of approval was 4 months after which they
were considered sold. Buyer sent approval for 75% goods up to 31st
December, 2021 and no approval or disapproval received for the
ing goods till 31st March, 2022 (2x4)
remai
(b) Murli group had Property, Plant & Equipment (PP&E) with a book value of
Pass the necessary Journ
(ii) If Last year the property was revalued upwards 8
Rs. 80,00,000 on 31st March 2023. As part of their practice of revaluing
the assets on yearly basis, the Fair Value was assessed on 31st March 2022.
| Entry in following cases
(i If Fair Value as’a result of Revaluation done on 31st March 2023 was
Rs. 86,00,000.
(ii) If Last year the property was revalued downwards by Rs. 3,00,000
and decrease of that asset was recognized in the Profit and Loss
Account and Fair Value as a result of Revaluation done on 31st March
2023 was Rs. 86,00,000.
y Rs. 8,00,000 and
ease of that asset was recognized in revaluation reserve account
inert
Jue as a result of Revaluation done on 31st March 2023
and Fair Val
was Rs. 69,00,000. (2x3) 1406 5
of the publication. The sale of space for the March 2023 issue was made in
February 2023. The magazine was published its scheduled date. It received
3,20,000 on 10-3-2023 and 80,000 on 10-4-2023 for the March 2023
issue.
Discu
sin the context of AS 9 the amount of revenue to be recognized and
the treatment of the amount received from advertisers for the year ending
31-3-2023. What will be the treatment if the publication is delayed till
2-4-2023? @)
3. From the following information of Mr. Ram, prepare Manufacturing Account,
Trading & Profit and Loss A/c for the year ended 2022 and Balance Sheet as
at that date:
Particulars Dr.@)_ | Cr@®_| Particulars Dr@® [Cr®@
~{ Cash 300 {Bank 7800.
—{ Creditors 12000} Factory wages 41000
{Stock on 14.2021 E y ‘Sales 158000
E Raw material 12000 ~ FRepairsto plant | —_—*1500
Work-in-
| progress 14000 {Packing and transport _ 2200
E Finished goods 3000 [ptant bought on 1.10.2021 4000
4 Office Salaries 7000 pevebions 21000,
4 Rent and taxes o 3000 | tight and Heat : 1000
—fPurchases 67000 General expenses: ©
{€apital A/c 73200} Factory ‘ 400
