INTERMEDIATE EXAMINATION SET 1
MODEL QUESTION PAPER TERM – DECEMBER 2024
PAPER – 6 SYLLABUS 2022
FINANCIAL ACCOUNTING
Time Allowed: 3 Hours Full Marks: 100
The figures in the margin on the right side indicate full marks.
SECTION – A (Compulsory)
I. Choose the correct option: [15 x 2 = 30]
(i) At the end of the accounting year the capital expenditures are shown in the:
a. assets side of the Balance Sheet.
b. liabilities side of the Balance Sheet
c. debit side of the Profit and Loss A/c.
d. credit side of the Profit and Loss A/c
(ii) Memorandum Joint Venture Account is prepared when _______________.
a. the separate set of books is maintained for Joint Venture
b. each Co-venture keeps records of all transactions.
c. each Co-venture keeps records of their own transactions only.
d. All of the above cases
(iii) On 1.1.2024 Mr. X took delivery from Mr. Y of 5 machines on a hire purchase system. ₹ 4,000
being paid on delivery and the balance in five instalments of ₹ 6,000 each, payable annually
on 31st December. The vendor company charges 5% interest p.a. on yearly balances. The cash
price of 5 machines was ₹ 30,000. Calculate the interest per annum.
a. ₹ 4000
b. ₹. 3000
c. ₹. 2000
d. None of Above
(iv) In Hire Purchase system cash price plus interest is known as _________________.
a. Capital value of asset
b. Book value of asset
c. Hire purchase price of asset
d. Hire purchase charges
(v) Which of the following is true in respect of the pro-forma invoice?
a. It is a document sent by the consignor to the consignee
b. Only the details of the goods returned are recorded in this document.
c. It acts as an evidence of the remittance of money on consignment basis.
d. None of the above
(vi) Income & Expenditure A/c shows subscriptions ₹ 8,20,000; Subscriptions accrued in the
beginning of the year and at the end of the year were ₹ 74,000 and subscription received in
advance at the end of the year was ₹ 96,000. The figure of subscription received that would
appear in Receipts & Payments A/c will be:
1
Directorate of Studies, The Institute of Cost Accountants of India
, INTERMEDIATE EXAMINATION SET 1
MODEL QUESTION PAPER TERM – DECEMBER 2024
PAPER – 6 SYLLABUS 2022
FINANCIAL ACCOUNTING
a. ₹ 798,000
b. ₹ 6,50,000
c. ₹ 9,50,000
d. ₹ 8,42,000
(vii) The Sacrifice ratio is used at the time of ____________.
a. Admission of a partner
b. Retirement of a partner
c. Death of a partner
d. Dissolution of a partner
(viii) A and B are partners sharing profit an d losses in the ratio of 3: 2. C is coming as a new
partner for 1/5th share of future profit. Calculate new profit sharing and sacrificing
ratio.
a. 3:2
b. 8:5
c. 2:3
d. 5:3
(ix) The Full form of GAAP is _____________________.
a. Generally Accepted Accounting Principles
b. Generally Accepted Accountancy Principles
c. Globally Accepted Accounting Principle
d. Global Accounting Accepted Principles
(x) From the following details estimate the capital as on 31.03.2024, Capital as on 01.04.2023₹
4,10,000. Drawings ₹ 40,000, Profit during the year ₹ 50,000.
a. ₹ 4,10,000
b. ₹ 4,50,000
c. ₹ 4,20,000
d. ₹ 4,00,000
(xi) As on 31st March, 2024 debtors and additional bad debts are ₹ 8,00,000 and ₹ 10,000
respectively. If the provision for bad debts is made at 5% on debtors, then amount of such
provision will be________________.
a. ₹ 40,000
b. ₹ 50,000
c. ₹ 39,500
d. ₹ 40,500
(xii) Which of the following is not a feature of Trial Balance?
a. It is a list of debit and credit balances which are extracted from various ledger accounts;
b. It does not prove arithmetical accuracy which can be determined by audit;
c. It is not an account. It is only a statement of account;
d. All the transactions are primarily recorded in this book; hence it is the primary book of entry.
(xiii) In a Cash Book Debit balance of ₹112 brought forward as credit balance of ₹ 121, while
preparing a Bank Reconciliation Statement taking the balance as per Cash Book as the
starting point:
a. ₹112 to be added
b. ₹121 to be added
2
Directorate of Studies, The Institute of Cost Accountants of India
MODEL QUESTION PAPER TERM – DECEMBER 2024
PAPER – 6 SYLLABUS 2022
FINANCIAL ACCOUNTING
Time Allowed: 3 Hours Full Marks: 100
The figures in the margin on the right side indicate full marks.
SECTION – A (Compulsory)
I. Choose the correct option: [15 x 2 = 30]
(i) At the end of the accounting year the capital expenditures are shown in the:
a. assets side of the Balance Sheet.
b. liabilities side of the Balance Sheet
c. debit side of the Profit and Loss A/c.
d. credit side of the Profit and Loss A/c
(ii) Memorandum Joint Venture Account is prepared when _______________.
a. the separate set of books is maintained for Joint Venture
b. each Co-venture keeps records of all transactions.
c. each Co-venture keeps records of their own transactions only.
d. All of the above cases
(iii) On 1.1.2024 Mr. X took delivery from Mr. Y of 5 machines on a hire purchase system. ₹ 4,000
being paid on delivery and the balance in five instalments of ₹ 6,000 each, payable annually
on 31st December. The vendor company charges 5% interest p.a. on yearly balances. The cash
price of 5 machines was ₹ 30,000. Calculate the interest per annum.
a. ₹ 4000
b. ₹. 3000
c. ₹. 2000
d. None of Above
(iv) In Hire Purchase system cash price plus interest is known as _________________.
a. Capital value of asset
b. Book value of asset
c. Hire purchase price of asset
d. Hire purchase charges
(v) Which of the following is true in respect of the pro-forma invoice?
a. It is a document sent by the consignor to the consignee
b. Only the details of the goods returned are recorded in this document.
c. It acts as an evidence of the remittance of money on consignment basis.
d. None of the above
(vi) Income & Expenditure A/c shows subscriptions ₹ 8,20,000; Subscriptions accrued in the
beginning of the year and at the end of the year were ₹ 74,000 and subscription received in
advance at the end of the year was ₹ 96,000. The figure of subscription received that would
appear in Receipts & Payments A/c will be:
1
Directorate of Studies, The Institute of Cost Accountants of India
, INTERMEDIATE EXAMINATION SET 1
MODEL QUESTION PAPER TERM – DECEMBER 2024
PAPER – 6 SYLLABUS 2022
FINANCIAL ACCOUNTING
a. ₹ 798,000
b. ₹ 6,50,000
c. ₹ 9,50,000
d. ₹ 8,42,000
(vii) The Sacrifice ratio is used at the time of ____________.
a. Admission of a partner
b. Retirement of a partner
c. Death of a partner
d. Dissolution of a partner
(viii) A and B are partners sharing profit an d losses in the ratio of 3: 2. C is coming as a new
partner for 1/5th share of future profit. Calculate new profit sharing and sacrificing
ratio.
a. 3:2
b. 8:5
c. 2:3
d. 5:3
(ix) The Full form of GAAP is _____________________.
a. Generally Accepted Accounting Principles
b. Generally Accepted Accountancy Principles
c. Globally Accepted Accounting Principle
d. Global Accounting Accepted Principles
(x) From the following details estimate the capital as on 31.03.2024, Capital as on 01.04.2023₹
4,10,000. Drawings ₹ 40,000, Profit during the year ₹ 50,000.
a. ₹ 4,10,000
b. ₹ 4,50,000
c. ₹ 4,20,000
d. ₹ 4,00,000
(xi) As on 31st March, 2024 debtors and additional bad debts are ₹ 8,00,000 and ₹ 10,000
respectively. If the provision for bad debts is made at 5% on debtors, then amount of such
provision will be________________.
a. ₹ 40,000
b. ₹ 50,000
c. ₹ 39,500
d. ₹ 40,500
(xii) Which of the following is not a feature of Trial Balance?
a. It is a list of debit and credit balances which are extracted from various ledger accounts;
b. It does not prove arithmetical accuracy which can be determined by audit;
c. It is not an account. It is only a statement of account;
d. All the transactions are primarily recorded in this book; hence it is the primary book of entry.
(xiii) In a Cash Book Debit balance of ₹112 brought forward as credit balance of ₹ 121, while
preparing a Bank Reconciliation Statement taking the balance as per Cash Book as the
starting point:
a. ₹112 to be added
b. ₹121 to be added
2
Directorate of Studies, The Institute of Cost Accountants of India
