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

Questions asked in this paper

1. Q2 Question No. 2,3,4 and 5 have internal options
2. Q3 Each question carry 15 marks
3. Q1 A. Fill in the blanks with correct alternatives (Any 8) 8 marks
4. Q1 Discounted Bills Purchased are shown under
5. Q2 Locker Rent under Banking Company are shown under
6. Q3 Reinsurance Obligations are disclosed under
   • c) Contingent Liabilities d) Advances and Other Assets
7. Q4 is deducted from premium earned
   • c) Premium received during the year d) Claims on reinsurance ceded
8. Q5 is not a part of payment & settlement system
   • c) NBFC d) ICICI
   • c) Securities Premium d) Reserves created by revaluation of
   • a) Specified Period of Life b) Perpetual Succession
   • c) committed only for a venture d) No Perpetual Succession
9. Q8 Capitalised value of Super Profit = Super Profit x 100 marks
10. Q9 Goodwill is Rs.3,20,000, Number of Years of Purchase is 4 Years. Super Profit will be
11. Q10 The minimum number of partners LLP can have is
12. Q1 B. Statement whether the following statements are True or False (Any 7) 7 marks
13. Q1 LLP is convenient for professionals
14. Q2 Out of the 2 designated partner, one should be an Indian Resident
15. Q3 Intrinsic Value Per Share Method is also called as Asset Backing Method
16. Q4 Goodwill doesn’t have realizable value
17. Q5 NBFC is registered under IRDA Act
18. Q6 Final Accounts of General Insurance need not be prepared in prescribed form
19. Q7 Profit and Loss A/c has been prepared as per Form B-PL
20. Q8 A provision of 40 % has to be created in case of Loss Assets under Provision for NPA’s in case of Banking Company
21. Q9 NBFC is basically a banking company
22. Q10 Current Account is opened by businessman
23. Q2 A. Following is trial balance of Sun Bank Ltd. Prepare Balance Sheet as on 31.03.2022 Trial balance as on 31.03.2022. (15) Cash with RBI 2,00,000 | Dividend Equalization | 2,00,000 Cash with Other Banks 3,00,000 | Profit and Loss 5,00,000 Investment in government | 1,50,000 | Saving Bank deposits Fixed Assets acquired in 60,000 | Proposed dividend 50,000 Provision for Depreciation | 8,00,000
24. Q1 Guarantees given on behalf of constituents Rs.25,000
25. Q2 Liability for partly paid investment Rs.20,000
26. Q3 Bills for collection Rs.2,00,000
27. Q4 A claim by employees for bonus amounting to Rs.15,000 is pending award of
28. Q2 B. The following figures have been obtained from the books of the Galaxy Bank Ltd. For the year ending March, 2021. (15)
29. Q1 The Profit and Loss account had a balance of Rs.10,00,000 on 1* April,2020
30. Q2 Anadvance of Rs.5,68,000 has become doubtful and its expected that only 50% of the amount due can be recovered from the security
31. Q3 The provision for tax amounted to Rs. 9,39,000
32. Q4 A dividend of Rs.2,00,000 is proposed by the board of directors Prepare profit and loss account of the bank Ltd. For the year ending March,2021
33. Q3 A. Following information is provided to you of Royale Fire Insurance Company Ltd for the year ended March, 2022. (15) Provision for unexpired risk to be created @ 50% Prepare Revenue A/c for the year ended March, 2022 of Royale Fire Insurance
34. Q3 B. M/s Jupiter & Sons whose partners shared their profits and losses in equal proportion decided to convert into LLP on the following terms and conditions on April, 2021, when their Balance was as follows : (15) Terms of conversion were as follows :
35. Q1 Provision for Doubtful debts is to be created at 10 % on receivables
36. Q2 Building is to be taken over at Rs. 2,25,000
37. Q3 Inventory is to be revalued at Rs. 47,250
38. Q4 Partners took over loan from Bank
39. Q5 Goodwill was valued at Rs. 75.000 You are required to :
    • a) Calculate the purchase consideration
    • b) Prepare Realisation A/c, Partners Capital A/c and LLP A/c
40. Q4 A. The balance sheet of Prabhat as on March,2022 was as under: Balance Sheet As on March,2022 25,000 equity shares of Rs.10 each 2,50,000 | Plant 10,000 8% preference share of 1,00,000 | Furniture The company earned profits (after tax) for the past five years as follows: The profit of 31.03.2018 includes loss due to fire Rs.30,000 and profit of 31.03.2021 included abnormal profit of Rs.40,000 15 marks
41. Q1 As on 31.03.2022 Fixed assets were worth 10% above book value
42. Q2 Normal rate of return in this type of industry is 16%
43. Q3 Closing Capital employed should be assumed as average capital employed You are required to calculate value of Goodwill on the basis of 3 years purchase of super
44. Q4 B. The following is the summarized Balance Sheet of Moon Ltd. As on 31“ March,2022 each fully paid
45. Q1 Machinery is valued at Rs.6,00,000
46. Q2 The company transfer 20% of its profit(after tax) to General Reserve
47. Q3 Net Profits before tax for the past 3 years were as follows:
48. Q4 Normal rate of return in this type of business is 20% Calculate the value of equity share by —
49. Q5 A (i) Explain the difference between LLP and Partnership Firm. 8 marks
    • (ii) Explain and concept and computation of Net Owned Fund under NBFC 7
50. Q5 B. Write Short Notes on : (Any 3) 15 marks
51. Q1 Reinsurance
52. Q3 Designated Partner
53. Q4 LLP Agreement
54. Q5 Rebate on Bills Discounted

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