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

Questions asked in this paper

1. Q1 Balance in FEF A/c is transferred to Capital Reserve 2, Closing rate is the exchange rate at the close of the day on which a transaction takes place
2. Q3 Piecemeal distribution means division of physical assets in pieces among the partners
3. Q4 Amount payable to retiring partner is transferred to Balance sheet Assets side
4. Q5 of firms, discharge of liability is credited to realisation A/c
5. Q6 Partners shares profits and losses equally
6. Q7 Objectives of Amalgamation are to avoid competition between two firms
7. Q8 Agreed value refers to the value specify in the adjustments Carriage outward is debited to Trading Account
8. Q10 Capital Accounts of the partners should always show a credit balance
   • (B) Match the following. (Any 7 7
9. Q3 P&L Appropriation A/c C. debit all partners capital A/c
10. Q4 New Ratio D. Lowest of Unit Capital
11. Q5 income tax payable by firm on date of E. Base Capital X PSR Proportionate Capital G. Adjustment related to partner
12. Q7 general reserve on the date of amalgamation H. should be translated at exchange
13. Q8 partners are promoters rate
14. Q9 closing balance of monetary items I. sale of firm to company
15. Q10 Partners may not be directors J. conversion of firm into compan
16. Q2 Following is the Trial Balance of M/s. PQR Ltd. having partners & R (profit & losses in 2:1
17. Q1 Interest on capital @ 10% p.a
18. Q2 Partner Q & R should get salary of Rs. 200 p.m
19. Q3 R retired on 30" September 2014, and his share was taken by other partners in old profit sharing ratio
20. Q4 The goodwill on the date of retirement was Rs. 6000 and it was agreed by the new partners that it should not appear in the books of accounts 227 SYBAF FINANCIAL ACCOUNTING SEM: 75 Marks 2 % Hours \ / 5. R will not get salary after his retirement but he is entitled for 12% p.a. on the outstanding
21. Q6 Depreciation on plant & machinery for the year was Rs. 4000. \ You are required to prepare Profit & Loss account and Balance Sheet after considering above information for, the year ended December 2014. (15 marks)
22. Q2 Following is the trial balance of a firm as on 31* December, 2013
23. Q1 A & B were partners sharing profits & losses equally. Mr. C was admitted to partnership on July 2013
24. Q2 December 2013 stock was valued at Rs. 70500
25. Q3 Rent paid in advanced Rs. 700
26. Q4 Sundry Expenses were outstanding Rs. 400. ‘
27. Q5 Depreciate Sundry Assets by 20% p.a
28. Q6 Goodwill of the firm was valued at Rs. 6000 on I* July 2013 and not to appear in the Balance Sheet
29. Q7 Interest on Capital is charged @ 10% p.a are required to prepare Trading, Profit & Loss Account for the year ended 31* December 2013 & Balance Sheet as on that date. (15 marks)
30. Q3 From the following balance sheet prepare statement of distribution of cash of Shah Traders with Ajay, Vijay and Sujay as partners sharing profits and losses in the ratio of 5:3:2. Their balance sheet on the date of dissolution was as follows Vijay 40,800 | Cash in Hand 19,200 Realisation expenses were estimated at Rs. 8,000
31. Q2 The assets were realised as under:
32. Q3 Actual realisation expenses were Rs. 6,000 only. : {110 22.SYBAF FINANCIAL ACCOUNTING SEM: 75 Marks 2 % Hours Anaya Itd. imported goods from Bhakti Ltd of USA worth US $ 150000 on December 2013, when the exchange rate was Rs. 60 per US $. The amount to be paid in instalment is as follows: Amount of instalment Exchange rate per US $ (Rs.) Anaya close the books on 31* March every year. On March 2014 the exchange rate was Rs. 63 per US You are required to pass journal entry in the books of Anaya Itd. And also prepare FEF account. (15 marks) 15 marks
33. Q4 Prachi Ltd. Ratnagiri, exported goods worth US $ 400000 to Star Ltd. of USA on 1/8/2016. 10% of the payment was received immediately. The balance amount was received as follows: Amount of instalment (Rs.)_| Exchange rate per US The exchange rate was Rs. 65.00 per $ as on 1-8-2016 and Rs. 66.50 on 31-3-2017. Prachi Ltd. closes its books on March every year. Pass journal entry in the books of Prachi Ltd. for above transaction. (15 marks)
34. Q4 Aarti, Bharti and Surti were partners carrying on partnership business and sharing profit and losses in the ratio of 1:2:3. On March 2018 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:
35. Q1 All assets (except cash and investments) and all liabilities (except Bharti’s Loan) to be taken over by the company for which all assets are valued at par except building which is considered worth Rs. 54000 and stock as worth Rs. 28000. Further Goodwill is valued at Rs. 60000
36. Q2 Bharti’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
37. 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
38. Q4 Pass journal entry and prepare ledger accounts to close the books of the 15 marks
    • (a) Explain admission, retirement and death of a partner. 8
39. Q5 (b) What is “Purchase Consideration”? How is it calculated? Write Short Notes. (Any 3) (15 marks) 7 marks
40. Q1 Amalgamation of firm
41. Q2 Piecemeal Distribution

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