BCom In Accounting & Finance (BCAF) SEM III 2014 2015 2014-15 FINANCIAL ACCOUNTANCY Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 The assets were realized as under
2. Q3 Actual Realisation expenses were Rs. 6000 only. Prepare a statement showing piecemeal distribution of cash by adopting excess capital method (15) From the following trial balance of Ajay and Vijay, you are required to prepare a trading and profit and loss A/C for the year ended 31“ December 2013 and a Balance sheet as on that date: (15) Trail Balance as on December 2013 Stock on 1-1-2013 22000 Furniture
3. Q1 The closing stock on 31** December 2013 was valued at Rs. 28000
4. Q2 The outstanding expenses were:
   • a. Wages Rs. 1000
5. Q3 Goods of Rs. 1000 were distributed as free samples
6. Q4 Interest on partners capitals was to be provided at 7% p.a
7. Q6 Depreciation was to be provided on furniture at 10% and on machinery at 5 %
8. Q7 for bad and doubtful debts was to be created at 5% of sundry debtors Akash, Pawan and Sagar were partners carrying on partnership business and sharing profits and losses in ates of 1:2:3 on March 2013 their balance sheet was as under: Balance Sheet as on March, 2013 On the above data a private limited company was incorporated to take over the above business onthe terms and conditions:
9. Q1 All assets (except cash and investment) and all the liabilities (except is to over by the company for which all assets are valued at par except building which Rs.27000 and stock as worth Rs. 14000. Further, Goodwill is valued at for
10. Q2 Pawan’s loan to be partly liquidated by his talking over the firms cash balance he is given 8% debentures received from the company in part discharge Of P ity s of the c
11. Q3 The balance of purchase consideration is received in form of equity to be appropriately distributed amongst the partners. Give journal entries books of firms
12. Q4 Reena, Meena and Teena were ina partnership sharing profit in the ratio Va V4 Their December, 2013 was as under the date on which they dicided to dissolve the firm Balance Sheet as on December 2013 Income Tax Payable 4000 | Stock in trade | 40000 Loan from bank 30000 | Debtors 60000 (Secured by pledge of stock in trade) Furniture 36000
13. Q1 Bank could realize only Rs. 25000 on disposal of stock in frade
14. Q2 of Rs. 3000 was spent on furniture for getting better price
15. Q3 Other assets were realized as follows: In February 2014 Rs.15000 In March Rs,10000 In April 2014 Rs.30000

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