BCom In Accounting & Finance (BCAF) SEM II 2022 2023 Apr 2023 F FINANCIAL ACCOUNTING II Question Paper - Mumbai University | munotes

Questions asked in this paper

• 2. Figures to the right indicate full Marks

1. Q1 a) Multiple Choice Questions, (Any 8) System” is “a system of book- keeping in which only records of cash and of personal accounts are maintained”,
   • 2. are kept under single entry system, credit sales are ascertained by preparing
   • a) Debtors A/c b) Creditors A/c
   • 3. Expenses paid by Branch, is recorded on Account Debit Side
   • a) Branch b) Trading
   • c) Debtors d) Consignment
   • 4. Under Stock and Debtors method, is opened in order to ascertain gross profit/loss
   • a) Branch Stock b) Profit and Loss
   • 5. At times, goods are sent by a dealer to an agent for sale commission, on the basis that the will be scid on behalf of and the risk of the dealer, The dispatch of goods is known as :
   • a) Consignment b) Branch Sale on return Basis d) Advertisement
   • 6. Goods sent on consignment a/c is closed by transfer to The person who sends the goods for sale on fixed commission basis is
   • b) Consignee
   • 8. When the consignor sends goods to consignee he His
   • a) Consignment A/c b) Trading A/c
   • 9. Unrecorded purcliases should be
   • a) Added to Sales b) Added to Purchase to Wages d) Ignored
   • 10. Value of stock on date of fire is estimated by preparing Account
2. Q1 b) State whether the following statements are True or False: (Any 7) 7 marks
   • 1. Even in Single system, cash Account may be kept properly with entries made for both
   • 2. Under Single Entry System, it is not possible to ascertain the net profit earned by the
   • 3. Purchases are ascertained from Debtors Account
   • 4. Depreciation on fixed assets is credited to branch account under debtors system
   • 5. Del-Credere Commission is always allowed on credit sales
   • 6. Consignment is a sale between the consignor and the consignee
   • 7. Consignee sends a proforma invoice to the consignor
   • 8. An Account Saies is a ledger account in the books of the consignee
   • 9. On loss of goods by fire, a trader can claim compensation for the book stock as on the day o! fire as indicated in the stock records
   • 10. The average clause in a fire insurance policy applies only in case of over insurance The Bombay Commercial Company invoiced goods to its Delhi Branch at cost. The Head Office paid all the branch expenses from its bank petty cash expenses which were puid by the branch. From the following details relating to the Branch, prepare : Stock to Customers 2100) Petty Cash (Opening) Returned by Customers to i Goods sent from H.O Goods returned to H.O Cash received from Debtors Petty Cash (Closing) 150)
3. Q2 b) Hanuman of Mumbai opened a branch at Nasik on Ist January. 2021. During the year ended 31st December 2021; the following transactions have taken place - (8) Goods sent to Nasik 60.000 Cash received from Nasik 58.000 Rent for Branch paid by Head 3.000 FINANCIAL ACCOUNTING - II 2 hrs MARKS- 75 Cash Sales amounted to Rs On 31st December, 2021. Stock worth Rs. 6,000 was at Branch. Rs. 5,000 was due from Debtors and Cash on hand was Rs. 1,000 Show Branch Account in the books of Hanuman,
4. Q2 Mahavir is having his Head Office at Mumbai and Branch Office at Nasik. Prepare the Branch Account in the books of the Head Office from the following transactions with the (7) Opening Balance at Branch Amounts remitted to the Branch Rent and Taxes Goods Supplied to Branch during {Closing balances at Branch : the year - Petty Cash Amounts remitted by the Branch : - Debtors 53.000! Realisation from Debtors 2,30,300
5. Q3 a) Following are given:
   • (1) Balance Sheet of Anjali on Ist January, 2022
   • (2) Cash Book for cash receipts and cash payments during the year
   • (3) Summary of other transactions of 2022
   • (1) Balance Sheet as at Jan. 1, 2022 Bills Payable at Bank 3.900) Plant and Machinery Land and Buildings 6.000)
   • (2) Cash Book of the year 2022 To Balance b/d Salaries 1,200 To 27,000|By Wages 1,480 To Bills Receivable Bills Payable 7,320 By Office Expenses 800
   • (3) Summary of other Transactions during the year 2022 FINANCIAL ACCOUNTING hrs MARKS Discount allowed to debtors Rs Bills Receivable received during the year Rs 9,100, Bills Payable given during the year Rs 15,500, Stock on 31-12-2022 Rs Depreciate Plant and Machinery by Rs 400 and Land and Buildings by Rs 300 Prepare Trading and Profit and Loss Account and Balance Sheet for 2022 You are given the following statement and information: (15)
   • i)Statement of Affairs as on 1-1-2021
   • ii) Cash transactions for the year ending 31-12-2021: From Sale of Investments 19,000
   • (b) Payments : Against Bills Payable 28,000 Balances as on 31-12-2021 : Provide Depreciation on Building at 15% p.a. and on Machinery at 10% p.a Prepare Trading and Profit and Loss Account for the year ending 31st December 2021 and Balance Sheet. as on that date, “oe FINANCIAL ACCOUNTING - 2 % hrs MARKS- 75
6. Q4 a) Shyam & Company of Mumbai consigned 50 bundles of cutpiece cloth @ Rs. 700 each to : Baneerjee & Co. of Kolkata to be sold on commission basis. An advance of Rs. 16.000 was received & Co. Baneerjee & Co. Sent an account sale which states that total goods were Sold for Rs, 56,000 and Rs. 1,800 were paid for carriage, godown rent and port expenses. Their Commission was Rs. 2,000 They sent a bank draft for the balance amount to Shyam & Co From the above particulars pass necessary journal entries in the books of Shyam & Co, and also show Ledger Accounts in the books of the consignor. (1S)
7. Q4 b) A fire occurred in the premises of Mr. Parvez on 15th October, 2022. From the following particulars ascertain the loss of stock and prepare a statement of claim to be with insurance company Purchases from 1-4-2021 to 15-10-2022 6.00.000 Sales from 1-4-2021 to The stock on 31st March, 2020 was valued at 90% of Cost Price and March. 2021 was valued at The amount of policy was Rs The claim was subject to average clause 15 marks
8. Q5 a) Distinguish.between consignment & Sale. 8 marks
9. Q5 b) Explain in brief Stock and Debtors Method. Short Notes: (Any 3) (15) 7 marks
   • a) Consignment Account
   • e) Branch account

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