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

Questions asked in this paper

1. Q2 All workings forming part of answer
2. Q3 All questions are compulsory subject to internal choice
3. Q1 A) State whether the following statements are True or False (Any 7 out of 10) (7 Marks)
4. Q1 Single Entry System is suitable to small organization
5. Q2 Credit Sales can be ascertained from Debtors Account
6. Q3 Under Single Entry System, closing capital is ascertained by preparing opening statement
7. Q4 The relationship between consignor and consignee is that of Principal and Agent
8. Q5 In case of del-credere commission, bad debt loss is borne by the consignee
9. Q6 Consignment is same as sales
10. Q7 Discount allowed to customers is not recorded in Branch Account
11. Q8 Dependent branch depends on customers for supply of goods and expenses
12. Q9 Under Stock and Debtors system, Branch Stock Account is a real account
13. Q10 Average clause has no effect on calculation of claim
14. Q1 B) Fill in the blanks (Any 8 out of 10) 8 marks
15. Q1 Opening balance of petty cash is shown on side of Branch Account
16. Q2 Goods sent to a consignee for sale is called
17. Q3 Goods sent on consignment is credited to account
18. Q4 Ownership of the goods sent on consignment remains with the
19. Q5 Proforma invoice is prepared by
20. Q6 branches do not maintain complete books of accounts
21. Q7 Under Branch Debtors System, depreciation of branch fixed assets is not shown in
22. Q8 Branch Account is prepared under method of Branch Accounting 9). Slow moving goods are called as goods
23. Q10 Credit purchases can be ascertained from account
24. Q2 Mr. Suryakumar Yadav a trader did not keep his books of account properly. He furnished the following data from his rough diary and also stated that the gross profit margin is 25% on sales Rough Cash Book Disclosed the following:
    • Q.P. Code: 34514 Due to Bank 1-1-2017 9,250 Collection from Debtors 75,000 Loans from Friends 6,250 Prepare Trading & Profit & Loss A/c for the year ended 31-12-2017 & Balance Sheet at 31-12-2017 after providing the depreciation on assets at 10% and a provision of Rs. 3,750 for doubtful debts. It was also ascertained that payments to creditors include Rs. 6,250 as advance to a contractor for new premises
25. Q2 The books of Mr. Deshpande maintained by Single Entry System showed the following: Cash at Bank 4,000 15,000 Cash in Hand Stock in Trade 24,000 22,800 The cash analysis showed the following figures : Receipts from Debtors 1,30,000 | Salaries upto 30" November | 11,000 Discount allowed to them 2,000 Office Rent upto Oct. 2,000 Further Capital brought on 1-7- 10,000 | Advertising 1,000 Payments to creditors 1,20,000 | Sundry Expenses 1,800
    • Q.P. Code: 34514 It was further informed that :
26. Q1 The trader maintains a steady gross profit of 25% on sales li) The following expenses are outstanding: Advertising Rs. 200 and Printing Rs. 180 ili) Allow 8 % interest per annum on capital
    • iv) Depreciate motor vehicles and furniture’s by 20% and 10%
    • v) Provide 5% on book debts to cover doubtful debts
    • vi) Provide 2.5% discount on debtors You are required to prepare Trading and Profit and Loss Account and Balance Sheet of Deshpande for the year ending December, 2013
27. Q3 On June 2015 the premises of Mishra were destroyed by fire, but sufficient records were saved from which the following particulars were found: (15 Marks) In valuing the stock for the Balance Sheet at 31-12-2014 had been written off certain stock having cost Rs. 9,000. Half of this goods were sold in March, 2015 for Rs. 5,000. The balance is estimated to be worth the original cost. Subject to this exception, gross profit had remained at uniform rate. The stock salvaged was worth Rs. 9,500. Show the amount of claim to be lodged with the Insurance Company
28. Q3 On 7 November, 2013 the premises of Chulbul were destroyed by fire, but sufficient records were saved from which the following particulars were found: (15 Marks) In Valuing the stock for the Balance Sheet at 31-3-2013 Rs. 8,000 had been written off certain stock having cost Rs. 14,000. Half of this goods were sold in May 2013 for Rs. 2,000. The balance is estimated to be worth 60% original cost. Subject to this exception, gross profit had remained at uniform rate. The policy amount Rs. 1, 20,000. The stock salvaged was worth Rs. 7,500. Show the amount of claim to be lodged with Insurance Company
    • Q.P. Code: 34514
29. Q4 Designer Dress maker of Mumbai consigned 1,600 bales of goods to Mr. Aryan of Kalyan The cost price was Rs. 800 per bale but the invoice was made out to show a gross profit of 25% on cost price. Mr. Aryan sold three fourth of the consignment at a profit of 25% on invoice price and incurred Rs. 10,000 on account of freight and landing charges and also paid Rs. 6,000 of godown rent exclusively commission. Consigner spent Rs. 5,000 earlier as expenses. Mr. Aryan is entitled to commission of 5% on sales and 20% of sales as bonus after charging both commission and bonus. Mr. Aryan sent a Bank draft for the balance due. Prepare necessary accounts in the books of Consigner and Consignee
30. Q4 Delhi Soap Mills Ltd. has branch at Agra. Goods are involved to branch at cost plus 50% Branch remits all cash received to the head office and all expenses are met by head office. From the following particulars, prepare the necessary accounts under the stock and debtors system to show the profit earned at the branch: Stock on the 1* April, 2017 (Invoice Price) 93,000 Debtors on April, 2017 68,000 Goods invoiced to branch (cost) 3,40,000 Sales at branches : Cash Collected from debtors Goods returned by debtors 12,000 Goods returned by branch to head office 1,500 Shortage of Stock 4,500 Discount allowed to customers 2,000 Expenses at Branch 54,000
31. Q5 A) Explain Conversion Method of single entry system 7 marks
    • B) Explain in brief, Stock & Debtors Method 8
    • B) Write Short Notes on: (3 out of 5) 15
32. Q1 Dependent Branch
33. Q4 Average clause

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