BCom In Accounting & Finance (BCAF) SEM III 2016 2017 Sep 2017 ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Interest on drawing is an income to the partnership firm
2. Q2 Balance sheet is an account of business result
3. Q4 Closing stock is valued at cost price or market price whichever is more
4. Q5 Excess of income over expenditure is net profit
5. Q6 In excess capital method, the minimum capital is equal to lowest unit capital
6. Q7 On Amalgamation of firm, profit & loss adjustment account is opened
7. Q8 Conversion of firm into company does not involve dissolution of firm
8. Q9 Transactions are allocated to cost centres
9. Q10 An entry made in a debit note can update the stocks
   • (B) Match the following. (An
10. Q1 Irrecoverable amount a. Allocation of Transaction
11. Q2 Inventory info b. cannot be prior to voucher date
12. Q3 Delivery notes c. Bad Debts
13. Q4 Income tax payable by a firm as on the date of d. Date of manufacture, by default
14. Q6 Date of Voucher g. Units of Measure
15. Q7 Cost Centre h. Two or more departments
16. Q10 Cost Categories
17. Q2 Ram and Kirti were in partnership in a retail business sharing profit and losses in the ratio of 3:2. As from 1* January 2015 they admitted Vikram into partnership giving him of the profits. Vikram brought in Rs 20,000 in cash of which Rs. 6,000 were considered as being in payment for his share of goodwill and remaining as his capital The following Trial balance was extracted from the books as on 31% December 2015. (1s) Carriage inward 15,000 Reserve for doubtful debts 5,200 Stock as on 1" January 2015 | 39,725 Outstanding Rent 900 Shop 15,500 Cash paid by Vikram Rent and rates 4.200 Loan to Vishnu 6,000 You are required to prepare the firms final account for the year ending 31" December 2015 after considering the following information
18. Q1 Stock at the end was Rs. 20,000 2, Depreciate computer and furniture @10% p.a
19. Q3 1/5” of the shop are to be written off
20. Q4 Goods worth Rs. 800 have been destroyed by fire and the insurance company admitted the claim of Rs
21. Q5 Bill receivable includes a dishonoured bill of Rs. 1,100 of Rs. 1,000 due from customer on account of sales, who has become insolvent
22. Q6 Goods worth Rs. 300 withdrawn by Kirti included in Debtors
23. Q7 Reserve for doubtful debts is to be maintaining @ 5% on Debtors
24. Q2 The partnership deed of A, B and C trading in partnership as AB & Co. provides for the following: (1
25. Q1 Interest @ 5% p.a. on capital
26. Q2 Band C to be entitled toa salary of Rs. 500 and Rs, 350 per month respectively,
27. Q3 Balance of profits to be shares equally
28. Q4 On retirement of partner, deferred revenue expenses are to be written off in the Proportion of partners
29. Q5 A retires from partnership as on 31" December 2014
30. Q6 You are ask to prepare fina] account for the year ended 31" December 2014 after showing the amount payable to A on retirement from the following trial balance: Salary to staff 8,000 A 50,000 Land and Building 37,500
31. Q3 Orange, Mango and Apple carrying on business in partnership decided to dissolve it on and from 30" eptember 2013. Following is their Balance Sheet as on that date As per the arrangements with the bank, the partners were entitled to withdraw Rs, 8,000 immediately and Rs 18,000 after 1* December 2013. It was decided that after keeping aside an amount of Rs. 2,000 for estimated realisation expenses. The following were realisation: Actual realisation expenses amounted to Rs, 1,400, Calculate excess capital and Prepare statement of distribution. (15)
32. Q93 Riya and were in partnership. Their balance sheet as on 31" December 2015 was as under: Loan from bank (secured by stock) 300000 The Assets were realised as under:
33. Q2 May 2015 Rs. 120000 (stock) You are required to prepare a statement showing piecemeal distribution of cash. (15)
34. Q4 Following were the Balance Sheet of M/s. Meena & co. And M/s. Heena & co. as on 31" December 2015 The two firms decided to amalgamate their business as from January, 2015 and form a new firm Miss and Mrs Checks co. for this purpose it was agreed that Mrs. A’s Loan should be repaid by the firm. Goodwill of Meena & co. was fixed at Rs. 4000 and that of Heena & co. at Rs. 5000. Premises were revalued at Rs. 25000 The stock of Meena & co. was found over valued at Rs, 2000; whereas the stock of Heena & co. was undervalued by Rs. 1000. A provision of 5% was created for doubtful debts of both the firms. The total capital of the new firm was to be Rs. 40000 and capital of each partner was to be in his profit sharing ratio which was to be 3:2:3:2. Adjustments to be made through their current accounts. Prior to that goodwill account in the new firm was to be written off. Following the realisation method, prepare ledger accounts in the books of old firm to close these partnership firms. And also prepare balance sheet in the books of new firm. (15)
35. Q4 X, and Z were partners carrying on partnership business and sharing profit and losses in the ratio of 1:2:3. On 31* March 2015 their Balance sheet was as under: On the above date a Private Ltd. company was incorporated to take over the above business on the following terms and conditions:
36. Q1 (except cash and investments) and all liabilities (except Y’s Loan) to be taken over by the company for which all assets are valued at par except building which is considered worth Rs. 27000 and stock as worth Rs. 14000. Further Goodwill is valued at Rs. 30000
37. Q2 Y’s Loan to be partly liquidated by his taking over the firm’s cash & investments at par. For the balance he is given 8% debenture received from the company in part discharge of purchase consideration
38. Q3 The balance of the purchase consideration is received in the form of equity share of the company which are to be appropriately distributed amongst the partners
39. Q4 Pass journal entry and prepare ledger accounts to close the books of the firm. (15) P.T.O QS. (b) Explain Fluctuating Capital Method with format
40. Q5 Write Short Notes, (Any 3)
41. Q1 Cost Centre,
42. Q2 Inventory Accounting,
43. Q3 Purchase consideration,
44. Q4 Stock Group
45. Q5 Amalgamation

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