BCom In Accounting & Finance (BCAF) SEM II 2017 18 Oct 2017-18 FIN.ACCOUNTING II Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 Figures to right indicate full marks
2. Q1 A) State whether following are true or false (Any 8) 8 marks
   • A) Single entry follows basic accounting principle of accrual
   • B) Balance in Goods sent to Branch A/c is transferred to debit of Trading A/c
   • C) Consignment is a sale between the consignor and consignee
   • D) Credit purchase can be ascertained from Credit Purchase A/c
   • E) Consignee cannot return the unsold goods to consignor
   • F) Depreciation on branch fixed asset is debited to branch A/c under debtor method
   • G) Gross Profit ratio helps in determining stock till date of fire
   • H) When consignee incurs expenses no entry is passed in the books of the consignor The Head office sends goods to its branch at a loading of 20% on cost means loading 1/5" of sales
   • J) Loss by fire is calculated by considering insurance policy amount
   • B) Match the following columns. (Any 7) 7
3. Q2 Mr. Simpleton, a retailer, does not keep any books of accounts but does operate a business bank account. A summary of the bank statements for the year ended 31-3-2013 is given below: 15 marks
   • Q.P. Code :06827 His assets and liabilities on March, 2012 and 2013 were: Fixed Assets should be depreciated at 10% Required: Prepare the Trading and Profit & Loss Account of Mr. Simpleton for the year ended 31-3-2013 and a balance Sheet as at that date
4. Q2 From the information given below, prepare a Trading and Profit and Loss Account for the year ended June, 2013 and Balance Sheet as at that date: Payments: Purchase of plant - Rs.1,000, Rent-620,Cash Purchase Rs.1,000, Payment to Creditors — Rs 15,600, Salaries — Rs. 10,000, Wages — Rs. 3,000, electricity - Rs.1,000, (Shortage in Cash balance to be treated as drawings). Bad debits already written off Rs. 100. Depreciation on Plant (Opening balance) has to be provided at 10% and 5% on addition 15 marks
5. Q3 On July, 2013, Radio House of Mumbai consigned 100 radio sets to Banarjee Bros. of Calcutta. The cost of each radio set was Rs.450 but the pro forma invoice price was Rs.600. Radio House paid Rs.3,000 for freight and insurance. On July, 2013, Banerjee Bros, accepted a 3 month’s bill drawn upon them by Radio House for Rs.30,000. Banerjee Bros. Paid Rs.1,200 as rent and Rs.750 for advertisement and up to December, 2013 (on which Radio House close their books ) they sold 80 radio sets at Rs. 615 each. Banerjee Bros. were entitled commission of 5 per sales Show following ledger accounts inthe books of Radio House 15 marks
6. Q1 Consignment A/c
7. Q2 Consignee’s A/c 3). Goods sent on consignment A/c
   • Q.P. Code :06827
8. Q3 BPO Company has a branch at Pune. Goods are invoiced to the Branch at 20% profit on Invoice price. Branch has been instructed to send cash daily to the Head Office. All expenses of the Branch are paid by the Head Office except Petty expenses which are met by the Branch manager. From the following particular prepare Branch Account and Memorandum Branch Debtors Account in the books of the Head Office. The details of transactions for the year ended December, 2013 were as under: Goods invoiced to Branch (Invoice Price) Depreciation is to be provided.on Furniture at 10% p.a. Stock on December 2013 at Invoice Price 15 marks
9. Q4 On 13" March, 2013, a fire occurred and partly damaged the stock of goods of Mona. Traders, stock having a cost of Rs.2, 000 being salvaged. The stocks were fire to the extent of Rs.15,000 Following are saved from books & records Balance as per Balance 15 marks
   • Q.P. Code :06827 All Sales are made at a profit of 25% on the Cost Price Draw up a statement of claim for Stock. Expenses of fire fighting operation Amounted to Rs.2, 000
10. Q4 OR Bonfire Enterprises close their accounts on year. On September 2013a major fire destroyed most of their stock. Following information could be gathered from their books: Average percentage of G.P. to cost is 332%. Stock of the value of Rs.75,000 could be salvaged. Policy was for Rs.2, 50,000.Claim was subject to average clause Following further information is available: 15 marks
11. Q1 Stock in the beginning was calculated at 10% less than cost
12. Q2 Purchases include purchase of furniture Rs.25,000
13. Q3 Amount spent for bringing and setting-up the furniture in the office was Rs.5,000 which was include You are required to calculate the amount of claim
14. Q5 A) Distinguish between Consignment & Sale 8 marks
    • B) Explain in detail Stock & Debtors method. 7
15. Q5 Write short notes (Any 3) 15 marks
    • A) Memorandum Trading A/c
    • B) method
    • E) Average Clause in Fire Insurance

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