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

Questions asked in this paper

1. Q1 A) State whether following statement are true or false (Any Marks)
   • 1. Under single entry, cash account is maintained with receipts and payments
   • 2. Invoice price is always higher than cost price
   • 3. Abnormal loss is credited to Branch Stock Account
   • 4. Single entry system is followed by large sized organizations case of del-credere commission, bad debts loss is borne by the consignee
   • 6) Average clause has no effect on calculation of claim
   • 7) Under Debtor system, normal loss appears in Branch A/c
   • 8) Sale of assets debited to Trading Account
   • 9) In consignment, consignee is principal and consignor is agent
   • 10) Discount allowed to customer is not recorded in Branch Account
   • B) Match the following (Any Seven- 7 Marks)
2. Q2 Mr. Gopal commenced business retail trader on January 2017 has not kept proper records of his transactions for the year ended 31*' December 2017. He however, has kept a cash diary from which he has extracted the following from Bank on various Analysis of his bank statement reveals the following deposits and withdrawals
   • Q.P. Code: 34516
   • 1. All fixed assets were purchased in early January. Furniture is to be depreciated at 10% and Typewriter at 15%
   • 2. Rent and Electricity payable are in arrear for December, 2017
   • 3. At the end of the year, debtors were Creditors Rs. 5,400 and Stock Rs You are required to prepare
   • 1. Bank A/c and find closing balance
   • 2. Trading and Profit & Loss A/c for the year ended 31‘ December 2017
   • 3. Balance sheet as on that date
3. Q2 Mr. Devanand carries on business as retail merchant. He does not maintain account books From the cash sales effected by him he makes business and other payments, always retains cash of Rs. 2,000 in hand and deposits balance cash in bank account. The stock inventories for the year ended December 2017 are lost. He informed that he has sold goods invariable at a price which yields him a profit of 33 1/ 3 % on cost. From the following additional information supplied to you, prepare the necessary final accounts for the year ended December 2017 Analysis of the Bank Pass Book reveals the following position In addition, he paid to the creditors for goods Rs. 4,000 in cash and salaries Rs. 8,000 in cash. He also withdrew Rs. 16,000 cash for his personal expenses
4. Q3 Galaxy Ltd. has a head office and many retail branches which are supplied goods from the head office at 20%. Profit on sales price. Accounts are kept at head office from where all expenses (except petty expenses) are paid. Such Petty expenses are paid by the branches which are allowed to maintain petty cash balance of Rs. 9,200 on Imprest System
   • Q.P. Code: 34516 Prepare Branch Account from the following information Transaction during the year ended Payment made by the Head Write off 10% Depreciation on furniture
5. Q3 Mr. Gupte of Malad consigned goods Mr. Mhatre of Satara of the value of Rs. 1,50,000 and invoiced the same @20% above cost. Mr. paid Rs. 3,600 freight and Rs. 2,400 for insurance. He also drew on. Mhatre a bill for Rs. 60,000 which was discounted for Rs. 56,250 An Account Sales was received showing that 75% of the goods were sold for Rs. 1,57,500. The expenses of Mr Mhatre amounted to Rs. 5,250 on clearance of goods and his commission Rs 9,000. A Bank draft was received from Mr. Mhatre for the balance due. Pass necessary journal entries in the books of Mr. Gupte and also prepare Gupte A/c in the books of Mr. Mhatre
6. Q4 Super Ltd suffered loss of stock due to fire on May 2017. From the following information, prepare a statement showing the claim to be lodged
   • Q.P. Code: 34516 In valuing stock on 31.12.2016, Rs. 2,600 had been written off a particular line of goods which had originally purchased Rs. 6,000 and which were sold in May 2017 for Rs. 1,800. Except as regards this transaction, the gross profit had remained unchanged throughout. Salvage was Rs 12,000. Calculate the amount of insurance claim to be lodged with the insurance claim
7. Q4 A fire occurred on September 2017 in the premises of Amar Ltd. From the following figures calculate the amount of claim to be lodged with insurance company for loss of stock During the current year, cost of purchase has been risen by 10% above the last year (2016). The selling price have been gone up by 5%. Salvage value of stock after fire was Rs. 10,000
8. Q5 A) Distinguish between single entry and double entry system (8M)
   • B) What are the different types of commission on consignee (7M)
9. Q5 Give Short Notes (Any Three* 5 Marks each) (15M)
   • 1) Valuation of consignment stock
   • 2) Stock and Debtor System
   • 4) Goods in Transit

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