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

Questions asked in this paper

1. Q1 A) State whether the following statement is True or False. (Any Eight) 8 marks
   • 1. CRR can be utilized only for issue of fully paid up bonus shares
   • 2. Proposed dividends are contingent liability after commencement of companies Act, 2013
   • 3. Terms of redemption of debentures are mentioned at the time of issue
   • 4. Calls in arrears are deducted from share capital
   • 5. Profit on reissue of forfeited shares is transferred to Capital Reserve
   • 6. Time ratio is ratio of number of months before and after incorporation
   • 7. Profit after incorporation is transferred to profit and loss A/c
   • 8. Advertisement expenses are allocated on the basis of Sales Ratio
   • 9. Debentures can be redeemed by payments in annual instalments
   • 10. Capital profit realized in cash can be used for paying dividend
2. Q1 B) Match the following. (Any Seven) 7 marks
   • 2. Partly paid up pref. shares b. Cannot be redeemed
   • 3. Calls-in-advance c. No dividend
   • 4. Exchange difference d. Profit and Loss A/c
   • 6. Capital Redemption Reserve f. Used for bonus shares
   • 9. Interest on sinking fund investment i. Credited to Sinking Fund Account
3. Q2 Following is the Balance sheet of Siddhesh Itd. Profit & Loss 200000 | Cash and bank 400000 15 marks
   • 1. Company wants to redeem pref. Share @10% premium for which 20000 equity share of Rs.10 issued
   • 2. Company declared one bonus share for every 5 original shares
   • 3. Investment sold for Rs. 440000 Pass journal entry and prepare balance sheet
4. Q2 Following is the balance sheet of Akash Ltd. Profit & Loss 50000 | (including Cash and VCD CLASS: SYBAF SUB: FINANCIAL ACCOUNTING SEM: IV MARKS: 75 DURATION: 2 % HRS 15 marks
   • 1. Investment sold for Rs. 62500
   • 2. Company wants to redeem preference share @20% premium for which issue 5000 equity share of Rs. 10 each issued at Rs. 12 per share
   • 3. Company issue two bonus shares for every thirteen equity share including new shares
   • 4. Pass journal entry and prepare balance sheet
5. Q3 Mr. Kiran takeover business of Mr. Pranay with effect from 1* April, 2012. The company was \ incorporated on 1* August 2012. Fhe agreement also provided that vendors are entitled to 60% of profits for period upto 1* August, 2012. The profit & loss account for the year ended March, 2013 is as follows: To Stock 30,000 By Sales 3,00,000 To material consumed 1,20,000 By Stocks 42,000 To Factory Expenses To Gross Profit 1,20,000 To Salaries 30,000 By Gross profit 1,20,000 To Rent 9,000 By Profit in sale of investment | 20,000 To Office Expenses 6,000 To sales commission 15,000 To Bad Debts 5,000 To Directors fees 8,000 To Debentures interest 8,000 To interest to vendor 6,000
   • 1. Monthly sales for October 2012 to March 2013 are 150% of monthly sales for April 2012 to
   • 2. Bad debt is in respect of sales affected two years ago
   • 3. Investment was sold on 1* November 2012
   • 4. Consideration to vendor was paid on 1* October 2012 Rent was increased from Rs. 500 per month to Rs. 1000 per month effective from 1* October 2012. Prepare and loss account
6. Q3 Rohan Ltd. has issued 5000, 15% debentures of Rs. 100 each redeemable at 5% premium on December 2020. The company offered three options to the debenture holders as under: 31 marks
   • 1) 14% Preference share of Rs. 10 each at Rs. 12
   • 2) 10% Debentures of Rs. 100 each at par
   • 3) Redemption in Cash The options were accepted as under: Option (1) accepted by 1500 debenture holders Option (2) accepted by 1500 debenture holders Option (3) accepted by 2000 debenture holders Pass Journal entry and show necessary workings. (15 marks)
7. Q4 Aaditya Company has a branch in Canada. Its trial balance as on 31/3/2019 is as follows: j CLASS: SYBAF SUB: FINANCIAL ACCOUNTING SEM: IV MARKS: 75 DURATION: 2 % HRS Goods received from India 80000 Rent and Taxes 2000 The additional information is as below: 15 marks
   • 1. Wages outstanding are $1000
   • 2. Provide depreciation @10% on Machinery and Furniture
   • 3. The goods send to branch were Rs. 3920000
   • 4. Branch account in the books of head office shows debit balance of Rs. 4300000
   • 5. Closing stock in the branch was $ 52000
   • 6. The exchange rates were: Average rate was $1 = Rs. 40 Convert above trial balance into Indian Rs. And prepare Trading, P&L Account and Balance sheet
8. Q4 The following balance appeared in the London Branch of NP Itd. Having head office at Mumbai as on Trade Receivables 3000 Interest on Investment 250 The stock on 31* March 2018 was $1000. Depreciation on building is provided on building @10% p.a. the branch account in the books of head office shows the debit balance of Rs. 300000. Exchange rates were: on April 1$ = Rs. 80, on 31" March 1$ 90, Building 1$ = Rs. 70, Land = Rs. 75. Convert the above trial balance into Indian Rs, and Prepare Trading and P&L A/c for the year ended and balance sheet on the
9. Q5 A) Draw the format of Balance sheet in the books of Companies. 8 marks
10. Q5 B) Write related to redemption of preference shares. vcD CLASS: SYBAF SUB: FINANCIAL 3 SEM: IV MARKS: 75 DURATION: 2 HRS Write Short Notes. (Any (15 marks) 7 marks
    • 1. Capital Redemption
    • 3. Divisible profit,
    • 5. Depreciation and Amortisatic =

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