BCom In Accounting & Finance (BCAF) SEM I 2023 2024 Dec 2024 FINANCIAL ACCOUNTING I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Under hire purchase, instalment is treated as hire price
2. Q3 Current Assets are short term assets
3. Q4 Drawings are deducted from capital
4. Q5 Wages paid to workers is a Revenue Expenditure
5. Q6 AS2 defines inventory as current assets
6. Q7 Rent of building is allocated on the basis of area occupied
7. Q8 Cost of purchase include duties and taxes
8. Q10 AS is mandatory under the companies Act
   • B). Match the column. (Any 7). 7
9. Q1 Cash at bank A. Value of assets 24 marks
10. Q4 Insurance of assets D. Current assets
11. Q6 Cost of Production F. Issue of shares
12. Q7 Cost of canteen G. Revenue expenditure
13. Q8 Purchase of Raw material H. No. Of workers
    • y. Revenue Recognition I AS9
14. Q10 Inventory valuation 7 2 marks
15. Q2 A) The trial balance of ABC Ltd. as on Deceinber, 2014 was as follows: Work in Progress 10000 | Bills Payable 8500 Finished Goods 15500 | Sale of scrap 1500 Carriage Inward 1000 | Provision for doubtful 1600 Repairs of Plant 1200 Cash at Bank 90000 Plant and Machinery 9000 Following additional information is provided: / FYBAF SEMI 75MARKS. 2%HRS 15 marks
    • (1) Closing stock as on 2014 was: Raw Material Rs. 15,800. Finished
    • (2) Salaries Rs. 2000 and Wages for December, 2013 was paid in January, 2014
    • (3) Lighting expenses were outstanding Rs. 600 whereas insurance was paid Rs. 500
    • (4) 25% of the lighting expenses and rent is to be charged to office premises and the remaining amount is to be charged to factory
    • (5) Depreciation is to be charged @ 10% on Machinery and 5% on Furniture
    • (6) Provision for doubtful debts is to be maintained @ 10%
16. Q2 B) From the following trial balance of XYZ Prepare manufacturing account, trading account and profit and loss account for the year ended December, 2013. And balance sheet as on that date. (15 Marks) Managers salary be 6000 | Creditors 100000 Cash in hand 2000 | Loan 80000 Cash at bank 35000 | Reserve for Bad Debts | 6000 Extension to Building 20000 Legal charges for acquisition Purchases of Raw Material 100000 Work-in-progress (1-1-2013) 75000
17. Q1 On 31% December 2013 the stock were valued as: Raw Material Rs. 50000. Work-in
18. Q2 Outstanding expenses — Advertisement Rs. 500 and Printing Rs. 300
19. Q3 Stock of stationary on hand Rs.000 on 31" December
20. Q4 Depreciate plant & Machinery @) 10% and Patents @ 20% 7 FINANCIAL ACCOUNTING SEMI 75MARKS. 2%HRS
21. Q5 Manager is entitled for a commission of 5% on net profit before charging his commission
22. Q6 Increase Reserve for Bad Debts by Rs. 3000
23. Q7 Interest on loan of Rs. 1000 is still unpaid
24. Q3 A) From the following particulars, prepare stock record by FIFO and weighted average The stocx in hand on 1* January, 2014 was 50 units @Rs. 25 each
25. Q3 B) From the following information relating A to Z item, value closing stock on 31/12/2013 by applying : (a) FIFO (b) Weighted Average Method. (15 Marks)
    • (i) On 18/12/2013 4200 13
    • (i) On 07/12/2013 1200
    • (ii) On 16/12/2013 2600
    • (iii) On 19/12/2013 1800
    • iv) _On 30/12/2013 3400
26. Q4 , AB and co. Has two departments, department X and department Y. From the following 1 information prepare departmental Trading and Profit and Loss account for the year ended 31" March Interest on loan 2000 Rent and Rates 5400
27. Q2 The area occupied by the two departments is in ratio of 5:4
28. Q3 Depreciation and general expenses are allocated equally
29. Q4 On January 2018, Mahalaxmi Transport Ltd. Purchased a Truck from HMT Ltd. On Hire Purchase basis. The cash price of truck was Rs. 596,000; Rs. 160,000 was to be paid on the date of and balance in three installments of Rs. 160,000 on December every year subject to interest @ 5% p.a. Depreciation was to be provided @ 10% on the Reducing Balance Method. (15
30. Q5 State whether the following statement is capital or Revenue Income or Expenses with reason. (15
31. Q1 Purchase of typewriter
32. Q3 Sale of motor car worth Rs. 250000
33. Q4 Renovation of factory building
34. Q5 Received Rs. 200000 from sale of Investment
35. Q6 Payment of electricity bill
36. Q7 Purchase of Raw material Rs. 20000
37. Q9 Commission received Rs. 2000 from sale of goods
38. Q10 Loan taken from Bank weith Rs. 1000000
39. Q5 Short Notes. (Any 3) 15 marks
40. Q1 Departmental accounting
41. Q2 Manufacturing account
42. Q3 Capital expenditures
43. Q5 AS9

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