BCom In Accounting & Finance (BCAF) SEM II 2021 2022 May 2022 FINANCIAL ACCOUNTING II Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 Balance of consignment account is . (Profit or Loss, Goods send to consignee, Balance c/d,
2. Q3 Purchase return is debited to . (Total Creditors A/c, Total Debtors A/c, Trading A/c, Profit &
3. Q4 Commission will be shared by . (Only consignor, Only consignee, consignor and consignee,
4. Q5 Opening Creditors Rs. 50000. Closing Creditors Rs. 25000. Cash Paid to Creditors Rs. 105000. Credit
5. Q6 Account is not prepared in the books of consignor. (Consignment A/c, Commission A/c, Goods sent on consignment A/c, Consignee A/c)
6. Q7 B/P dishonoured is debited to . (B/P A/c, Total Creditors A/c, Total Debtors A/c, B/R A/c)
7. Q9 Credit purchases are ascertained by preparing . (Total Creditors A/c, Total Debtors A/c, Credit
8. Q10 Relation between Consignor and consignee is (Principal and Agent, Principal and Principal, Agent and Principal, Buyer and Seller)
9. Q11 To ascertain credit sales account is prepared. (total debiors account, total creditors account, bills
10. Q12 Del Credere commission is calculated on (Total sales, Credit sales, Cash Sales, Cost of goods)
11. Q13 Branch account under debtor system is . (Real Account, Personal Account, Nominal Account
12. Q14 In consignment accounting, to consign means . (To receive, To purchase, To send, To stock)
13. Q15 To ascertain expenses incurred during the is prepared. (Trading A/c, Expenses A/c
14. Q16 Goods send on consignment acccunt is prepared in the books of - (Consignor,
15. Q17 To find out purchases and sales of Fixed Assets —_____ account is prepared. (Balance sheet. Purchase
16. Q18 Unrecorded purchases should (Added to sales, Added to purchased, jess from purchases, less
17. Q19 Fire insurance prov ides cover for . (Tangible assets, Intangible assets, Fictitious assets,
18. Q20 The owner of consignment stock is - (Seller, Debtors, Consignor. ( ‘onsignee)
19. Q2 The following information is given of ABC Itd. Calculate Total Sales. Cash received from debtors Rs. 230000 Cheque received from debtors Rs. 25000 7 marks
20. Q2 From the following information supplied by Mr. X. Calculate total sales. Bills receivable in the beginning 7800 Cash received from debtors 70000 B/R at year end 6000 7 marks
21. Q3 Ram $0 of cloth @ Rs. each to Rahim to be sold on commission basis. An advance of Rs. 16,000 was received from Consignee. Consignee sent an account sale whicli states that total goods were sold for Rs. 56,000 and Rs. 1,800 were paid for carriage. Their commission was Rs. 2,000. They sent a bank draft for the balance amount to Ram. From the above particulars pass necessary journal entries in the books of
22. Q3 The Tata motors Itd. consigned two motor cars costing Rs. 48,000 each to the Maruti Motors Itd. for sale Consignee paid expenses amounted to Rs. 6,500. The agent sold one car for Rs. 65,000 and remitted Rs. $2,000 on account. The second car was sold for Rs. 71,500 but out of this a sum of Ks. 13,000 became bad debts Commission was payable ordinary 8% and del-credere commission 2%. Pass journal entry in the books of
23. Q4 A Fire occurs in the premises of a company on 25" September 2019 when a large part of stuck was destroyed. Company gives following information: VCD: CLASS: FYBAF SUB: FINANCIAL ACCOUNTING Il HOUR:2.1/2hrs MARKS: 75 Goods costing Rs. 5000 were taken by company for personal use. Cost of price of stock on 1*' January 2019 40,000. Over the past five years company has been selling good at a consistent gross profit margin of policy was Rs. 75000. claim. (7 Marks)
24. Q4 On March 2020 a fire occurred in the premises of a bookseller. Most of the stock was destroved. The cost of scrap was Rs. 21600. The following particulars were available from books of accounts
25. Q1 Stock on 31 December 2019 was Rs. 83500
26. Q2 Purchases from 1* Jan 2020 to 13"March 2020 were Rs. 112000 and sales Rs. 154000
27. Q3 On the basis of past three years it appears that on average the gross profit is 25% earned on sale
28. Q4 Stock was insured for Rs. 75000
29. Q5 Calculate Claim. 7 marks
30. Q5 Mr. Abhishek is having his Head Office at Mumbai and Branch at Satara. Prepare Branch Account in the books of Head office from the following information. (7 Marks) “| Opening at branch: Amounts remitted to branch : Goods supplied to branch 310000 Closing balance at branch: Amounts remitted by branch: - Petty cash 950 from debtors 230300 - Stock 26500
31. Q5 Gupta traders of Patna have their branch at Mumbai. Prepare the necessary accounts in the books of the Head Office form the following transactions with the branch. (7 Marks) Petty cash at Branch 1,250 -Petty cash at Branch 1,880 Stock at Branch 77,000 -Debtors at Branch 1,26,150 Debtors at Branch 41,250 -Stock at Branch 57,880 Goods sent to Branch during the Discount allowed to customer | 1,060 year 3,78,000 Amount remitted by the Amount remitted to Branch: Branch: Salary 18,500 -Realisation from Rent and Taxes 6,000
32. Q6 Write Short Notes. (Any Two). 7 marks
33. Q1 Consignment
34. Q5 Conversion method only for Trading Account items

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