BCom In Accounting & Finance (BCAF) SEM II 2016 2017 Feb 2017 FYBAF SEM II ATKT EXAM FIN.ACC Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A] state whether the following statement are true or false (any8) inward, octroi ete. are allocated on the basis of sales of each department 8 marks
   • 2. Depreciation is apportioned equally in all the departments
   • 3. Branch stock account is always prepared at cost
   • 4. Balance in goods sent to Branch A/C is debit of Trading A/C
   • 5. Hire Purchase price is the purchase price payable if full payment is made
   • 6. Down payment means the total amount payable by the hirer
   • 7. Cash price is the initial amount payable at the time of signing of the agreement
   • 8. Del-credere commission is always allowed on credit sales
   • 9. All expenges incurred by consignee are debited to his account
   • 10. Invoice price is always equal to selling price.
   • 1.B] Match the following columns. (Any 7) 07 , selling expenses 1.No. of workers in each department
   • 3. Lighting 3. credit to Gods sent to Branch A/C
   • 6. Goods received from another branch 6. No. of points in each department
   • 7. Consignee 7. Sales of each department
2. Q2 Prepare Departmental Trading and P&L A/C and General P&L A/C from the following There was no opening stock
   • 2. The floor space occupied by two departments A & B is the ratio of 3:2
   • 3. The motor van used by the department B only
   • 4. The insurance premium is on a comprehensive policies and cannot be allocated
3. Q2 Prepare Departmental Trading & P&L A/C for two department, viz. Dept X & Dept Y for the year ended 31-03-2015. (15) On factory equipment 32,000
   • 1. Dept. Y does not require equipment
   • 2. Only 1/8" of building is occupied by Dept. Y
   • 3. Divide office expenses in the ratio of 5:1 between X & Y Dept. respectively
   • 4. Value of raw material used by Dept. Y is Rs. 20,000
   • 5. Divide stores consumed on the basis of raw material used
   • 6. Advertisement expenses be allocated appropriately
4. Q3 Ram & Co. Mumbai consigned 50 bundles of cut piece cloth @ Rs. 700 each to Mukherjee & Co. of Kolkata to be sold on commission basis. An advance of Rs. 16,000 was received from Mukharjee & Co. They sent an account sale which states that total Goods wer sold for Rs. 56,000 & Rs. 1,800 were paid for carriage, godown rent & part expenses. Their commission was Rs. 2,000. They sent a bank draft for the balance amount to Ram & Co from the above particulars pass necessary journal entries in the books of Ram & Co
5. Q3 On 1* July 2013, Samsung printers purchased a printing machine on a hire purchase basis. The cash price was Rs. 30,000. Payment is to be made Rs. 10,000 on the said date & the balance in the three yearly installments of Rs. 8,200, Rs. 7,440 & Rs. 6,300 commenci from December 2013. The vendor charged interest @ 10% p.a. Samsung printers closed their books annually on 31" December and provide depreciation at 10% p.a. on Diminishing balance in each year. Show the necessary ledger account in the books of Samsung printers From the following details prepare Mumbai Branch ‘A/c for the six month ended Branch Petty Cash 12,000 | remittance received from the branch | 465,600 Goods sent to Branch 360,000 | Closing Branch Liabilities Petty cash sent to the 32.000
6. Q4 B] Ram is having his head office at Pune and Branch Office at Mumbai. Prepare Branch A/C in the books of Head Office from the following transaction with branch. 0 Opening balance at Branch Amounts remitted to branch Goods supplied to branch during 60.000 the year Closing Balance at branch Amount remitted by branch Debtors 106,000 Realization from debtors 460,600 : Q4. PQR Co. of Nashik has two branches at Delhi & Mumbai. Branches are authorized to make purchases locally. Following information is given for Delhi Branch. (15) Balance as on

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