BCom In Accounting & Finance (BCAF) SEM IV ATKT S.Y.ACC. FIN SEM IV ATKT OCT.18 (CBCGSS) ATKT FIN. ACC. Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q1 A) Multiple choice question: (any 8) 8 marks
2. Q1 Unclaimed dividend is shown under
   • c. Provision d. Reserves
3. Q2 The uncalled amount in investment in shares is
4. Q3 The redemption of preference shares is governed by_ of the companies
   • a. Section 77 b. Section 78
   • c. Section 75 d. Section 55
5. Q4 The period of preference shares cannot exceed
   • a. 20 years years
   • c.5 years d. 8 years
6. Q5 The interest on investment representing sinking fund should be transferred
7. Q6 A company may redeem debentures out of capital if the maturity period is less
   • a. 18 months b. 12 months
   • c. 15 months d. 24 months
8. Q7 The interest paid to vendor should be allocated in ratio of
   • a. Time b. Sales
9. Q8 For computation of pre-incorporation profit, freight outward is
   • a. Allocated in time ratio b. Allocated in sales ratio
   • c. Treated as pre-incorporation income d. Treated as post incorporation income
10. Q9 Following is not a monetary item:
11. Q10 Exchange difference of non-integral foreign operation is transferred to
12. Q1 B) State whether the following statements are true or false. (any seven) 7 marks
13. Q1 Fixed assets should be translated at the rate on the date of the transaction while converting the trial balance of foreign branch
14. Q2 Contingent Liability should be translated at the exchange rate ruling on the date of
15. Q3 Director's fees are divided in pre and post incorporation period in time ratio
16. Q4 Preliminary expenses should be debited to pre-incorporation period
17. Q5 After redemption of debentures, balance in sinking fund should be transferred to free
18. Q6 Debenture holders get fixed rate of dividend
19. Q7 Security premium can be debited for transfer to capital redemption reserve
20. Q8 A company can issue irredeemable preference shares
21. Q9 Authorised capital is disclosed only for information
22. Q10 Arrears of preference dividend is shown under current liabilities
23. Q2 An Indian company Morning Star Ltd. has a branch at New York (USA). The branch is an integral foreign operation of the Indian company. The trial balance of the Branch as at 31 March 2018 is as follows: The following further information is given: 15 marks
24. Q1 Salaries outstanding $400 Depreciate office equipment and furniture @ 10% at written down value The head office sent goods to branch for Rs.15,80,000 head office showed an amount of Rs.20,50,000 due from Branch
25. Q5 Closing stock $21,500
26. Q6 On 1* April 2016 when the fixed assets were purchased the rate of exchange was Rs.43 to one 1* April 2017 the rate was Rs.47 per $. On March 2018 the rate was Rs.50 per $. Average Rate during the year was Rs.45 per $
    • a) Trial Balance incorporating adjustment given, converting dollars into rupees
    • b) Trading Profit & Loss Account for the year ended 31't March 2018 and the Balance sheet on that date
27. Q2 The following is the balance sheet of Motherson Ltd.as on March 2017 70,000 Equity shares of Rs.10 7,00.000 | Current Assets 20,000 6% Preference shares of 39,000 Equity shares ofRs.10 each 16,0006% Preference shares of 1,60,000 each fully paid The preference shares were redeemed on Ist April 2018 premium of Rs.2 per share, the whereabouts of the holders of 1200 such shares not being known. The company issued 10,000 equity shares ofRs.10 each at a premium of Rs.2 per share for redemption Draw up Journal entries to record the above transactions in the books of Motherson Ltd. and show the Balance sheet as it would appear after such transaction have been completed 15 marks
28. Q3 A) A company issued 15,000 10% Debentures of Rs.100 each on 1* April 2013 at of 6% redeemable at par by drawing lots method as follows: Calculate the amount of discount to be written off to Profit & Loss account each year Pass journal entries in the following cases [07]
29. Q1 6% Debentures ofRs.100 each were issued at par and were to be redeemed after 10 years at a premium of 10%
    • ii) Debentures of Rs. 100 each were issued at 5% premium, redeemable at par 8000 10% Debentures of Rs. 100 each were issued at 5% discount and redeemable at
    • iv) 20007% Debentures of Rs. 10 each were issued at par and redeemable at par
30. Q3 HMT Ltd. gave notice of its intention to redeem its 6% Debentures amounting to Rs. of Rs.100 each at Rs. 102 and offered the debenture holders the following three options 15 marks
31. Q1 5% Preference shares of Rs.20 each at Rs.22.5
32. Q2 6% Debentures of Rs.100 each at Rs.96
33. Q3 To have their holdings redeemed in cash
    • a) Debenture holders for Rs. 1,71,000 accepted the proposal (1)
    • b) Debenture holders for Rs. 1,44,000 accepted the proposal Pass journal entries to record the above transactions in the books of the company incorporated on September 2014 2
    • a) Trend of sales during April 20 14 to March 2015 was as under: April and May 2014 Rs.8,500 per month June and July 2014 Rs.10,500 per month
    • b) Out of travelling expenses, Rs.3,600 were incurred by salesman
    • c) Wagh Ltd. took furniture worth Rs.72,000 from Kolhe Bros while it purchased new furniture on 1“ February 2015 for It provided depreciation @ 10% p.a
    • d) Audit fees are paid for the whole year Prepare a statement of Profit and Loss for the year ended 31*t March 2015 showing profit for Pre and Post incorporation separately
34. Q4 A) Hinduja Ltd. Trial Balance as on 31.3.2016. Land 15,00,000 | Provision for Depreciation Provide Rs. 1,00,000 depreciation on furniture & fittings; Rs.20,000 depreciation on Plant and Machinery and Rs.2,00,000 on building Show how the above fixed assets will be presented in Balance sheet of Hinduja Ltd 8 marks
35. Q4 B) OSO Ltd - Trial Balance as on 31-3-2015 7 marks
36. Q1 Company is registered with an authorized capital of Rs.25, 00,000 divided into equity shares of Rs.100 each. 50% of the shares are issued and are fully paid up
37. Q2 During the year company decided to issue bonus shares in ratio of one fully paid share for five shares out of General Reserves. The accounting entries are yet to be passed Show the presentation of share capital and Reserve & Surplus in the Balance sheet of OSO
38. Q5 A) Explain redemption of debentures out of profits and out of capital. 8 marks
    • B) Explain non-integral foreign operation. 7
39. Q5 Write short notes on: (Attempt any three) 15 marks
    • b) Time Ratio
    • c) Monetary and Non-Monetary items as per AS-II
    • d) Contingent Liabilities

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