Principles of Financial Accounting (B.Com) 1st Sem Previous year Solved Question Paper 2022

Dominate B.Com's Principles of Financial Accounting 1st Sem with our expertly solved previous year's paper from Jetty Study.

1. Explain going concern concept of Accounting .

2. Discuss memorandum joint venture account.

3. Explain maximum loss method of piecemeal distribution

4. On 1.1.2017, X obtained a lease of coal-mine from Y at a royalty of Rs. 2 per ton of coal raised subject to minimum rent of Rs. 10000 p.m with power to recoup short workings over first 4 years of the lease. Prepare Y’s Account in the books of X from the following details :

5. Dabur Ltd has three departments and submits the following information for the year ending 31st March 2022.

6. From the following figures you are required to prepare :

7. What do you mean by branch Accounting? Explain 'Debtor System' and 'Stock and Debtor System' for keeping books of dependent branches with journal entries.

8. What do you mean by accounting concepts? Explain any 5 accounting concepts

9. The following is the Trail Balance of M/s Sharma & Co. As on 31st March, 2022 :

10. What is Consignment? Give journal entries in respect of consignment transactions in the books of consignor and consignee.

11. Chandigarh Traders Ltd sends goods to its Chennai branch at cost plus 25%. The following particulars are available in respect of the Chennai branch for the year ended 31st March, 2022 :

12. What do you mean by dissolution of partnership and dissolution of firm? Discuss various methods of dissolution of firm? Also explain rule of ‘Garner Vs. Murray’.

13. Black & White entered into joint venture paying Rs. 30,000 and Rs. 50,000 respectively in joint bank account and sharing profits & losses in the ratio of 3:2. It was agreed that the joint bank account is to be used to purchases and sales, while each partner is to meet his joint venture expenses out of his private funds. Each partner is to charge commission @ 5% on sales made by him. The transaction for the year ended 31 March, 2019 were as follows:

14. Mohan and Sohan started a partnership business on 1st April, 2020. They contributed Rs. 30,000 and Rs. 20,000 respectively. Profits are to be shared in the ratio of their capitals, initially, contributed.Business continues for two years. Following was the result :