BCom In Accounting & Finance (BCAF) SEM I 2018 2019 Nov 2019 FIN.ACCOUNTING I Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 Working notes are allotted separate marks
2. Q3 Figures to the right indicate full marks
3. Q4 Use of simple calculator is allowed
4. Q1 State whether the following statements are True or False and rewrite the sentence 8 marks
5. Q1 Under Hire Purchase instalment is treated as hire price
6. Q2 Rate of Gross Profit indicates profitability of each department
7. Q3 Weighted average method is suitable when the lots of inventory are not
8. Q4 Capital receipt is recurring in nature
9. Q5 Current assets are long-term assets
10. Q7 Abnormal wastage of material should not be included in the cost of inventories
11. Q8 Interest is recognized on receipt basis
12. Q10 Provision for unrealized profit is charged to Departmental Profit and Loss A/c
    • B) Match the following and rewrite (any Seven) : 7
13. Q2 Revenue from sales b) — Initial payment
14. Q4 Wages paid to workers for Value of Asset Installation of machinery Purchases of raw material e) No. of workers
15. Q6 Cost of canteen
16. Q7 of asset g) Revenue expenditure
17. Q9 Outstanding salary 1) AS-9
18. Q10 at Bank AS-2
19. Q2 A) From the following information provided to you by Kumar Traders, required. to prepare Departmental Trading and Profit & Loss A/c and General Profit & Loss A/c from the following information provided to you for the year ended March, 2018 : 15 marks
20. Q1 Area occupied by three departments P, Q and R is in the ratio of 3: 3: 2 marks
21. Q2 Value of Machine used in Department P, Q and R is =30,000 and Horse Power of Machinery used in department P, Q and R is 300HP, 200HP and 100HP respectively
22. Q4 Printing and Stationery to be allocated in the ratio 4: 3: 2 marks
23. Q2 B) Kothari Transports purchased two trucks from Mahindra Ltd. on hire purchase system on 1* January, 2015. The cash price of each truck was =1,25,000. The payment was made as follows : Depreciate @ 20% p.a. on original cost is charged You are required to calculate interest per year and show the necessary accounts in the books of Kothari Transports
24. Q3 A) From the following Trial Balance of Mr. Arnav as on March, 2018; You are required to prepare Manufacturing Account, Trading and Profit & Loss Account for the year ended 31* March, 2018 and a Balance Sheet as on that date : Trial Balance as.on March, 2018 Work-in-progress 6,000
25. Q1 Closing Stock : Work-in-progress
26. Q2 Outstanding factory rent is =1,000
27. Q3 Electricity is to be apportioned in the ratio of 1 to factory & office
28. Q4 machinery @ 5% p.a. and delivery van @ 20% p.a
29. Q5 Debtors include due from Pratik; an amount of =8,000 is also due to him and is included in creditors
30. Q6 reserve for doubtful debts @ 10% on debtors
31. Q3 A) Mr. Darasingh prepared his Accounts on March, every year. Due to some unavoidable reasons, stock taking could be done only on 15% April, 2018; When the stock was found to be The following information is provided for the period between March, 2018 and 15" April, 2018 : 8 marks
32. Q1 Sales 45,590
33. Q2 Purchases =16,710
34. Q3 Sales returns were =1,200
35. Q4 On March, goods having sales value of were sent on sale or return basis to a customer; the period of approval being four weeks. He returned 40% of the goods on April, approving the rest
36. Q5 Mr. Darasingh had received goods costing =8,000 in March for sale on consignment basis. 20% of the goods had been sold by March and another 40% by 15" April. These sales have not been included in sales of given You are required to calculate the value of stock on March, 2018 by preparing a Stock Reconciliation Statement assuming that goods are sold at the Profit of 20% on
    • B) Nitya Ltd. produces chemical A. From the following data, calculate the value of closing The company has 2,000 units of closing stock at the end of the year 7
37. Q4 A) Calculate the cost of goods sold and closing stock under weighed average cost of. 15 marks
38. Q1 System
39. Q2 Perpetual System March 1 Stock in hand 500 units @ each
    • B) State with reasons whether the following expenditures or receipts are capital or
40. Q1 =2,00,000 as a Custom Duty on machinery purchased form USA. 2 marks
41. Q2 subscription charges =6,000 for Trade Journal. 2 marks
42. Q3 Premium of =3,00,000 payable on redemption of debentures. 2 marks
43. Q4 on sale of plant and machinery of =20,000. 2 marks
44. Q5 of Bad Debts from Sarita of 2 marks
45. Q6 Amount of received on sale of old furniture. 2 marks
46. Q7 of Equity Shares (held as investment) for and suffered 3 marks
47. Q5 Explain the following and give 2 examples of each : 8 marks
48. Q1 Assets
49. Q2 Fictitious Assets
50. Q4 Factory Overheads
    • B) Distinction between FIFO and Weighted Average Method. 7
51. Q5 short notes (any Three) : 15 marks
52. Q1 — Different Accounting Policies as per AS-1
53. Q2 requirements of AS-9
54. Q3 Calculation of Interest in Hire Purchase
55. Q4 General Profit & Loss Account in Departmental Accounting
56. Q5 Capital Expenditure

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