BCom In Accounting & Finance (BCAF) SEM III 2023 2024 2024 FINANCIAL ACCOUNTING III Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A] State whether the following statements true or false. (Any 8) 8 marks
2. Q1 Amount payable to retiring partner is to Balance sheet asset side
3. Q3 Balance in FEF A/c is transferred to Capital Reserve A/c
4. Q4 After Amalgamation firms, assets & of old firms act recorded at their realizable values
5. Q5 Conversion of firm into company does not dissolution of firm
6. Q6 Income received but not earned is anasset
7. Q7 Incase of Amalgamation of firms, of both the firms is
8. Q8 Agreed value refers to the value specified the adjustments.
9. Q9 Realization A/c is prepared in case of ‘ion of partners
10. Q10 Unit Capital is calculated by Adjustment C
11. Q1 B] Match the following. (An 7 marks
12. Q1 Average Rate
13. Q2 Realization Expenses on by New Firm to Old Firm
14. Q3 Partners are Promoters fean of the exchange rates in force during
15. Q4 on Realization on
16. Q5 A partner who is below 18 years f. all partners’ capital accounts
17. Q6 Intangible Asset of firm into company
18. Q8 Admission of Partner i. bit Realisation Account
19. Q9 Amount withdrawn from Capital Method
20. Q10 Piecemeal Distribution
21. Q2 A and B shared profits and losses equally. Th. Balance as on 31" December 2013 was as under: ye retired on 30th June 2013. His capital was p: F but the amounts due to him for (1) Profit of the year (ii) Share of Goodwill Rs. 10.000 (iii) Interest on his 1,250 were to be paid
    • (2) A: Band C were sharing profits and losses 2:
    • (3) Closing Stock was Rs. 6,250 on 30-6-2013 ar . 7,500 on 31 -12-2013, VCD: SYBAF FINANCIAL ACCOUNTING SEM: III 75 Marks 21/2 Hours Other expenses were to be equally distributed between the two periods
    • (5) Depreciate Fixed Assets by 10% p.a
    • (6) Allow interest at 10% p.a on capital. Show the Final Accounts. 15
22. Q2 Following is the trial balance of a firm as on December, 2013 A & B were partners sharing profits & losses equally
23. Q2 Mr. C was admitted to the partnership on 1* July 2013
24. Q3 On December 2013 stock was valued at Rs. 70500 +. Rent paid in advanced Rs. 700
25. Q5 Sundry Expenses were outstanding Rs. 400
26. Q6 Depreciate Sundry Assets by 20% p.a
27. Q7 Goodwill of the firm was valued at Rs. 6000 on July 2013 and not to appear in the Balance Sheet
28. Q8 Interest on Capital is charged @ 10% p.a You are required to prepare Trading, Profit & Loss Account for the year ended December 2013 & Balance Sheet as on that date. (15 marks)
29. Q3 Anil, Sunil and Neel carrying on business in partnership decided to dissolve it on and from 30" September 2013. Following is their Balance Sheet as on that date SYBAF FINANCIAL ACCOUNTING SEM: III 75 Marks 21/2 Hours As per the arrangements with the bank, the partners were entitled to withdraw Rs. 4000 immediately and Rs 9000 after December 2013. It was decided that after keeping aside an amount of Rs. 1000 for estimated realisation expenses. The following were realisation:
30. Q2 2013 (second) Rs. 38000 Actual realisation expenses amounted to Rs. 700. Prepare a statement of distribution. (15 marks)
31. Q3 M/s. P & Q partners decided to amalgamate with M/s R & CO. having R & S as partners on following
    • (i) The new firm M/S PR & Co. to consider Goodwill of both the firms at Rs.12,000 each
    • (ii) The new firm to take over investments at 10% depreciation, Debtors & Furniture at book value,Premises at Rs. 53,000, Land at Rs.66,800, Machinery at Rs.9,000 & such cash which remained after discharge of loans by respective old firms before amalgamation
    • (i) The new firm also assumed other liabilities of old firms Prepare ledger accounts in both cases. Realisation A/c. Partners capital. New Firm & Balance sheet of New On Ist 2013, Zen an Indian Importer, purchased $2,50,000 worth goods from Zack Trading 1 ompany Of USA. The payment for the import was made as follows: On 10th February $ On 15th March 2013 $ 75,000 On 20th April 2013 $ 75,000 Zen Limited closes its books on 31st March every year. The exchange rate for $ 1 was follows: Pass Journal Entries and also prepare FEF Account in the books of Mariria Ltd (15 Marks)
32. Q4 Uma, Maya and Kama were partners sharing Profits and Losses in the ratio of 3:2:1. Their Balance Sheet as on 31-3-2010 was as follows: Balance Sheet as on 31-3-2010 VCD: SYBAF FINANCIAL ACCOUNTING SEM: III 75 Marks 21/2 Hours The partners agreed to sell their business to a limited company. The company to take over the assets at the Land and Building Rs. 45,000 Stock Rs. 20,000 Sundry Debtors Rs. 40,000 and Machinery Rs. 25,000 The company also agreed to pay the Bills Payable which were agreed at Rs. 10,000. The limited company paid Rs. 46,000 in cash and the balance in Equity shares @ Rs.1 each The creditors were paid by the firm at a discount of 2 2% and outstanding expenses were paid in full. The realisation expenses amounted to Rs. 3,500. Prepare Realisation A/c, Partners Capital A/c, Cash A/c, Limited company A/c, Shares in Limited Company A/e and show calculation of Purchase
33. Q5 (a) Explain admission, retirement and death of a partner. 8 marks
    • (b) What is amalgamation of partnership firm? 7
34. Q5 Write a short note on (Any 3) 15 marks
35. Q2 Stock Group
36. Q3 Payment method of PC
37. Q4 Purchase Consideration
38. Q5 Accounting of Transaction of Foreign Currency- AS 11 marks

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