Financial Accounting — DU B.A. (V.S.) Modern Office Management Previous Year Question Papers

(iii) Relevance of Accounting Period (v) Accrual Basis of Accounting 1. From the following Trial Balance of M/s Khudiram, you are required to prepare Trading and Profit and Loss Account for the year ended on 31St March, 2024 and a Balance sheet as on that date after making necessary adjustments: Particulars Dr. qu.) CI.. ate.) General Expenses 2,500- Taxes and Insurance 1.315- Debtors and Creditors 6,280 2,500 Bad debts 550- Bank Overdraft- 11,180 Scooter Expenses 500- Provision for doubtful debts- 900 Trade Expenses 1.280- Bills Payable- 3,850 Cash in hand 100- You are required to : (i) Prepare the Branch Account in the books of the Head Office using the Debtors (ii) Calculate the branch profit or loss for the year. 4. What is the role of Artificial Intelligence and Data Analytics in Accounting? Illustrate their benefits and challenges. 5. (a) What is a Not-for-Profit organisation? Explain its main objectives and give two examples. (b) What is a lease? Distinguish between finance lease and operating lease with examples. t 6. Write short notes on the following (do any four) : (i) Matching Concept (ii) Continuity Doctrine (b) M/s ABC & Co. has a branch at Jaipur. Goods are sent by the Head Office to the branch at cost. All cash collected by the branch is remitted to the Head Office. All expenses are paid by the Head The following details relate to the branch for the year ended 31st March 2025 : Opening stock at branch (at cost): {20,000 (i) Stock on 31S` March, 2024 was valued at (ii) 40% of the general expenses and taxes and insurance are to be charged as of factory and balance to office. (iii) Write off further bad debts of Rs. 160. Goods sent to branch (at cost): {1,50,000 Credit sales at branch: €1,00,000 Cash sales at branch: {40,000 (iv) Make a provision for doubtful debts @ 5% on debtors. (v) Provide 2% discount on sundry creditors. Cash received from debtors: €90,000 Bad debts written off: €1,000 (vi) Depreciate Machinery by 10% and Equipment by 20%. Closing stock at branch (at cost): {25,000 (vii) Wages and trade expenses were outstanding for Rs. 300 and 220, respectively. Branch expenses paid by Head Office: {15,000 Opening balance of branch debtors: €10,000 Closing balance of branch debtors: €19,000 (ix) Goods costing Rs. 2,000 were destroyed by fire on lst April, 2024 and a claim of Rs.1,500 was settled on 7th April, 2024. 2. (a) Explain the significance of inventory valuation. Compare the FIFO and LIFO Method of inventory valuation. (b) On lst April 2021, XYZ Ltd. purchased machinery for €5,00,000. The company charges depreciation at 15% per annum on the Written Down Value (WDV) method. On lst October 2023, a part of the machinery purchased on 1 st April 2021, costing {1,00,000, was sold for {70,000.. On the same date, new machinery was purchased for {1,50,000. You are required to : (i) Calculate depreciation for the years ending 31st March 2022, 2023, and 2024.