BCom In Accounting & Finance (BCAF) SEM II 2018 19 April 2018-19 FINANCIAL ACCOUNTING II Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B:1) Figures to the right indicate full marks

1. Q2 All questions are compulsory
2. Q3 Use of simple calculator is allowed
3. Q4 Working note should form the part of answer
4. Q1 A) State whether the following statements are True or False (Any 8 out 10) 8 marks
5. Q1 Under Single entry system, it is not possible to ascertain the gross profit earned by the
6. Q2 Income- tax allows small traders to adopt single entry system for keeping books of accounts
7. Q3 Receipt from branch debtors are not recorded in the Branch Account kept under the ‘Debtor
8. Q4 Stock Reserve Account is used to adjust loading on closing stock lying at the branch HO sends goods to branch at invoice price
9. Q5 While calculating the insurance claim, value of salvage is deducted from the cost of the stock
10. Q6 Limited companies are free to choose either single entry or double entry system of
11. Q7 An Account Sales is a ledger account in the books of the consignee
12. Q8 Expenses incurred in forwarding the defective goods should be debited to profit and loss
13. Q9 Under stock and Debtors method, Branch Stock A/c is opened in order to ascertain net profit/loss of branch
14. Q10 Memorandum Trading Account can be prepared if proper stock records are available
15. Q1 B) Match the column (Any 7 out 10) to the buyer account 7 marks
16. Q2 M/s. Ananya Plastic Traders supplies you the following information Summary for the cash transaction for the year 2018-19 Received from 780000.) Salaries 150000 Loan from Rajiv 100000 | Printing and 60000 Discounts Allowed were Rs 12000 and discount received Rs 10000. Bad Debts written off were Depreciation is to be provided on Furniture @10%p.a. and on Machinery @20%p.a. Expenses include payment of Rs 2000 which relates to 2019-2020. Wages outstanding Rs 11000 Prepare Trading Profit and Loss Account of M/s. Ananya Plastic Traders for the year ended March,2019 and Balance Sheet as on that date 15 marks
17. Q2 Mr. Shreeshant does not maintain his books of accounts on Double Entry book keeping system He supplies you the following information. 15 marks
    • a) Assets and Liabilities as on 1* April, 2017 and March, 2018 Discount allowed were Rs 1200 and discount received Rs 1000. Bad debts written off were Depreciation is to be provided on Furniture @20%p.a. and on Machinery @10%p.a. Salaries Prepare Trading, Profit and Loss Account of Mr. Shreeshant for the year ended 31“ March, 2018 and Balance sheet as on that date bicycles at an invoice price of Rs 200 per bicycle to be sold on commission. Freight and insurance were Rs 1200 Account sale was received from consignee as follows: 15" February — 200 bicycles were sold @ Rs 290 on which 5% Commission and Rs 750 for expenses were deducted 10" March — 300 bicycles were sold @ Rs 280 on which 5% Commission and Rs 580 for expenses were deducted From the above information prepare Consignment a/c in the books of Janson &Co. and close it on 31 March 2017 keeping in mind that no sales were made afterwards. Also show accounts in the books of Mukesh &.co. 15 marks
18. Q3 Mr. Ram Rao, Delhi has a branch at Mumbai. All purchases are made by the head Goods are sent to Branch at invoice price which is cost plus 50%. The Branch does not maintain double entry books of accounts, the books are kept at the head office. Branch sells goods for cash as well as on credit. All the expenses of branch are paid by Head Office. All cash collection is sent to head office every day. From the following information supplied to you, prepare Branch A/c at Cost Price in the books of head office for the year ended March Bad Debts at Branch 32260 Expenses of Branch paid by Head Office: Printing and Stationery 28800 Goods returned by Branch to Head Office at Invoice 30000 Goods returned by Branch to Debtors 24000 Stock at Branch at Invoice price on March, 2019 78000 Debtors at Branch on March,2019 54000 Furniture at Branch on March,2019 28800
19. Q4 Bhagwati Stores closed their Books every year on March. On April 2018 their Premises and Stock were destroyed by fire. From books of other records the following information is obtained. The stock on hand every year has always been valued at 10% less than the cost. 15 marks They have taken Fire Insurance Policy of Rs 700000 and there is an average clause in the The salvaged goods amounted to Rs 20000 Find out the amount of claim to be submitted to the Insurance Company
20. Q4 A fire occurred in the premises of Mr. Rohan on October, 2018. From the following particulars ascertained the loss of stock and prepare a statement of claim to be lodged with the Insurance Company Stock on March, 2017 was valued at 90% of cost price and March, 2018 was values at 10% above cost. Salvage was Rs 35600 the amount of policy was Rs 400000. The claim was subject to average clause 15 marks
21. Q5 a] Distinguish between consignment and sale 8 marks
22. Q5 b] Explain in brief Stock and Debtors Method 7 marks
23. Q5 Write short notes ( Any 3 out 5) 15 marks
24. Q4 Conversion Method
25. Q5 Defects of Single Entry System

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