BCom In Accounting & Finance (BCAF) SEM IV 2015 2016 March 2016 SYBAF SEM IV FIN.ACC Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 B) Match the following. (An 7 marks
2. Q2 Following is the balance sheet of AShok Ltd. as on March 2015. 15 marks
   • 1. Company wants to redeem preference share @ 10% premium for which 5,000 equity share of Rs issued at par = 2. Company declared 1 bonus share for every 5 original equity shares
   • 3. Investment sold for Rs. 120,000
   • 4. Pass journal entry in the books of company and prepare balance sheet after redemption
3. Q2 Following is the balance sheet of Zebra Itd. as march 2014, each 80 paid up) 4,00,000 Current assets including bank 15 marks
   • 1. Investment sold @95% on cost
   • Q.P. Code - CAF4060316 2
   • 3. Mr. Vinit to whom 300 shares allotted who paid his 100% amount of his share capital could not
4. Q3 P Itd. issued 4000, 15% debentures of Rs. 100 each on January 2014 at a discount of 10%. Debe are redeemable at premium of 10% in lump sum at the end of 4" year from the date of issues, The comy plans to redeem debentures entirely out of profit and to create a Debentures Redemption Reserve. tor th purpose every year. Pass journal entry in the books of company
5. Q3 Gama Itd. had issued 3000, 12% Debentures of Rs, 100 each under SEBI regulations redeemable v1 December, 2014 at a premium of 5%. The company offered three options to the , 14% preference shares of Rs. 10 each at Rs. 12 each
   • 2. 15M Debentures of Rs. 100 each at par.,
   • 3. Redemption in cash The options were accepted as under: The redemption was carried out by the company out of minimum profits. Pass journal entry
6. Q4 Siyarams Ltd. was formed to take over the running business with effect from April 2014. The was incorporated on October 2014, The following is the and loss account for the year ended To salaries 240,000 By gross profit b/d 15,00,000 To trade expenses 189,000 To preliminary expenses 56,000 To bad debts 16,000 To commission to selling agent | 80,000 To-audit fees 30,000 To debenture interest 15,000 To interest paid to vendor 21,000 To selling expenses 126,000 To net profit c/d 338,000 ! Rent was paid Rs. 96,000 up to September and thereafter it was increased by Rs. 24.000
   • 3. Sales ratio 3:5
   • 4. Depreciation includes Rs. 3,000 for assets acquired in the post incorporation period
   • 5. Purchase consideration to vendor was discharged by the company on 31" October 2014
   • 6. Salaries include Rs. 40,000 paid to the director. There were 3 employees up to 30" September aft Was increased by 6 employees
   • 7. Prepare profit and loss accounts
   • Q.P. Code - CAF4060316 3
7. Q4 The trial Comple: as March 2012 shows the followir g items: Advance payment of income tax 320,000 Provision for income tax for the year ended March 2011 | - 220,000 The following further information is available: 15 marks
   • 1. Advance payment of income tax includes Rs, 240,000 for 2010-11
   • 2. Actual tax liability for 2010-11 amounts to Rs. 252,000 and no effect for the same has so far been given
   • 3. Provision for income tax has to be made for for Rs. 260,000, ‘You are required to Provision for income tax account, b) advance payment of income tax liabilities for and also show, how the relevant items will ‘appear in the profit and loss statement and balance sheet of the company 1, Write any 5 function keys with their functions,
   • 2. List the steps for creating a budget
   • 4. Redemption of Preference shares

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