BCom In Accounting & Finance (BCAF) SEM I 2022 2023 Nov 2023 FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 Working notes should form part of your answer
2. Q3 Use of calculator is permitted
3. Q1 (a) State whether true or false. (Any 8) 8 marks
4. Q1 Accounting Standards in India are issued by the Central Government
5. Q2 Compliance with any accounting standard is voluntary
6. Q3 AS 2 is applicable to mineral oil
7. Q4 Inventories are assets invented by the proprietor
8. Q5 Interest is recognized when actually received
9. Q6 Physical Stock + Goods sold but not yet delivered = Closing Stock
10. Q7 Gross Profit is transferred to the Capital Account
11. Q8 Prepaid Expenses is a liability
12. Q9 Carriage inward are allocated on the basis of sales in each department
13. Q10 Down Payment means the total amount payable by the hirer
    • (b) Multiple choice questions. (Any 7) 7
14. Q1 Lighting is allocated onthe basisof each department
    • (a.) No. of points. (b.) Floor Area (c.) No. of employees. (d.) Wages
15. Q2 Buying an asset without having to make full payment immediately is known as
16. Q3 Trade-Mark is
17. Q4 Capital Expenditure is expenditure
18. Q5 Cost of petrol and oil- Rs. 5,250
19. Q6 Under this method, it is assumed that the units are issued at a random order
20. Q7 Which Accounting Standard deals with recognition of revenue
    • (a.) AS | (b.) AS 2 (c.) AS 10 (d.) AS 9
21. Q8 Accounting Standardis
    • (a.) Optional (b.) Mandatory (c.) Optional (d.) No longer
22. Q9 The last accounting standard issued by ICAI upto 2014 is AS
23. Q10 For a shirt factory, Cotton is
    • (a.) Finished Goods (b.) Work-In-Progress (c.) Raw Materials (d.) Asset
24. Q2 Johnny Chemicals has the following Ledger Balances as on March 2014, Furniture 8,000 Purchase of Materials 8,60,000 Investments 10,000 Freight on Materials 50,000 Work-in-progress 7,500 Rent & Taxes 3,900 The following additional information is available: 15 marks
25. Q1 Closing Stock: Materials Rs. 2,10,000; Work-in-progress Rs.12,500 and Finished Goods
26. Q2 Depreciation to be provided at % on factory shed, 10% on machinery, & 15% on
27. Q3 Repairs and rent and taxes are to be apportioned between factory & office in the ratio of
28. Q4 Reserve for bad and doubtful debts to be provided at 4% on debtors
29. Q5 Insurance premium covers a period of one month in advance You are required to prepare Manufacturing, Trading and Profit and Loss Account for the year ended March 2014 & Balance Sheet as on that date
30. Q2 On January 2015, Bharat Ltd. purchased one tempo from Tempowala Ltd. Cash price of the tempo was Rs. 2,30,000. Down Payment of Rs. 50,000 was made on that day. Remaining amount was to be paid in 3 annual instalments of Rs. 60,000 each plus interest @ 10% on outstanding balance at the beginning of the year. The due date of annual installment was on 31" December, every year. Bharat Ltd. depreciated tempo in their books @ 10% p.a. on WDV You are required to prepare the following in the books of Bharat 1, showing calculation of
31. Q3 From the following particulars, prepare stock register by FIFO Method. 15 marks
32. Q3 From the following particulars, prepare stock record by Weighted Average Method- 15 marks
33. Q1 Perpetual 2. Periodic The Stock on hand on |“ January, 2014 was 50 units @ Rs.25 each
34. Q4 State with reasons whether the following items are capital or revenue: 15 marks
35. Q1 Cost of goodwill purchased
36. Q2 Import duty on raw material purchased
37. Q3 Legal expenses incurred in raising a debenture loan
38. Q4 Rs.2,00,000 received from the issue of further shares
39. Q5 Commission received on sale
40. Q6 Machinery valued at Rs.1,20,000 and 90,000 J, Stock of Rs.25,000 was destroyed by fire of which Rs.15,000 was received from the ‘OR to prep: BE XYZ Departmental Stores has prepared the following Trading and Profit and Loss Account for the year ended March,2014 To Purchases 2,24,000 | By Closing Stock 35,000 To Rent/Taxes 12,000 To Trade Expenses 15,000 To Carriage Outward 15,600 To Net Profit Prepare Departmental Trading and Profit and Loss Account for the year ended March,2014 after considering the following data:
41. Q1 Rent/Taxes to be allocated in the ratio of area occupied which was 1:2:1 respectively
42. Q2 Depreciation to be charged equally
43. Q3 Of the 2 salesman employed, one worked in Dept. B alone. The other works in Dept. A and C. His salary be allocated equally between Dept. A and C. Salary of each salesman is
44. Q4 All other expenses except those mentioned in item (a)to (c) above; be allocated in the ratio of sales of the respective departments. (15)
45. Q5 a) What is a Manufacturing Account? 8 marks
    • b) What is the content of the Hire Purchase Agreement? 7
46. Q5 Short Notes. (Any3) 15 marks
47. Q1 Depreciation in Hire Purchase
48. Q2 Disclosure Requirement as per AS-1
49. Q3 Characteristics of Capital Expenditure
50. Q5 Perpetual system of inventory

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