BCom In Accounting & Finance (BCAF) SEM V 2023 2024 Dec 2024 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 carries 15 marks
3. Q1 A. Fill in the blanks with correct alternatives (Any 8) 8 marks
4. Q1 Credit balances in overdrafts are shown by a bank as
   • c) Other Liabilities d) Balance with Other Banks
5. Q2 Every banking company must submit P & L a/c & Balance Sheet together with Auditors report in copies
6. Q3 Premiums received in advance is shown in the balance sheet of an Insurance Company
   • c) Advances and Other Assets d) Provisions
7. Q4 Profit and Loss A/c is prepared in Form
   • c) Free Reserves d) Reserves created by revaluation of Asset
8. Q6 Merchant Banking Companies are required to be registered with
9. Q7 LLP one partner for another partner's misconduct or negligence
   • a) Is Liable b) Is responsible
   • c) Is responsible and liable d) Is not responsible and liable
10. Q8 For valuation of goodwill only Assets is consider
11. Q9 value of shares depends on Net Assets Available for Equity shareholders
    • c) Fair d) Intrinsic
    • a) Perpetual Succession b) No Perpetual Succession
    • c) Specified period of life d) No specified period of life
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 Yield Value depends on Earnings of the Company
15. Q3 Excess of Normal Profit over Average Profit is termed as Super Profit
16. Q4 Location of customer is one important factor which affects goodwill
17. Q6 Average Clause is introduced to discourage over insurance
18. Q7 Reinsurance is done when the risk involved in the subject matter is very heavy
19. Q8 Rate of Interest on Fixed Deposits is lowest
20. Q9 Banking can carry business without a license issued by RBI
21. Q10 LLP Agreement must specify the contribution of partners
22. Q2 A. From the following balances, Prepare Balance Sheet of Halo Bank Ltd for the year
23. Q1 The authorized Capital of the Bank is Rs. 40,00,000 divided into shares of Rs. 10 each
24. Q2 The bank has bills for collection to the extent of Rs. 7,00,000
25. Q2 B. From the following balances of Public Bank Ltd Nashik as on 31“ March, 2023, Prepare Profit and Loss A/c and Balance Sheet as on that date : (15)
26. Q1 The bank has accepted on behalf of the customers bills worth Rs. 6,00,000 against the securities of Rs. 8,60,000 lodged with the bank
27. Q2 Rebate on bills discounted Rs. 22,000
28. Q3 Provide depreciation on building at 10 % and Furniture at 5% on cost
29. Q4 Provide Rs. 6,000 for bad and doubtful debts
30. Q5 Transfer 25 % of the current years profit to statutory reserve
31. Q3 A. Jeevan General Insurance Company submits the following information for the year ended
32. Q1 Expenses of management include Rs. 28 000 Surveyors fees and Rs. 36,000 legal expenses for settlement of claims. Expenses of Management were outstanding at the end of the year amounted to Rs. 4,000
33. Q2 Reserve for Unexpired Risks is to be maintained @ 40 %. The balance of reserve of unexpired risk as on 1/4/2022 was Rs. 19,60,000 You are required to prepare Revenue A/c for the year ended March, 2023
34. Q3 B. From the following trial balance of Rahul and Shahul you are required to prepare Trading and Profit and Loss Account for the year ended 31“ March, 2023 and Balance Sheet as on that date. (15) Plant and Machinery | 1,50,000
35. Q1 Depreciate Plant and Machinery by 5 % and Patents by 15 %
36. Q2 Provide for Reserve for Bad and Doubtful Debts @ 5 % on sundry debtors
37. Q4 Provide for Outstanding Expenses : Salary — Rs. 3000, Wages — Rs. 1,500,
38. Q5 Stock as on 31“ March, 2023 was valued at Rs. 1,80,000
39. Q6 Goods costing were destroyed by fire and the Insurance Company has admitted
40. Q7 Partners share profits and losses equally
41. Q4 A. T Ltd and V Ltd propose to amalgamate. Their business as at March, 2023 were as Profit and Loss 3,00,000 90,000 | (Face Value — Rs. 3 Lac, 6 % tax free Their Net Profits (after taxation) were as follows : Normal Trading Profit may be considered at 15 % on closing capital invested. Tax Rate is 40 % Goodwill may be taken as 4 years purchase of average super profits. The stock of T Ltd and V Ltd are to be taken at Rs. 612000 and Rs. 426000 respectively for the purpose of amalgamation W Ltd is formed for the purpose of amalgamation of two companies Compute the value of Goodwill under Super Profit Method
42. Q4 B. The final accounts of Ratnam Ltd as on 31“ March 2023 revealed following significant Equity — 2,00,000 shares of Rs. 10 each 10 % Preference — 20,000 shares of Rs. 100 each
43. Q2 Reserves and Surplus — Rs. 3,00,000
44. Q4 The valuation of assets revealed that assets as per accounts are undervalued by Rs
45. Q5 The average post-tax profits of the past three years were Rs. 8,20,000. Tax applicable to the company is Rs. 4,00,000
46. Q6 anticipated that due to unfavorable market conditions, pre-tax profits will decrease
47. Q7 Equity Shareholders expect a return at 15 % Find the fair value of shares Q:5 A. (i) Explain the concept and computation of Net Own Fund in NBFC. (8)
    • (ii) Explain Reinsurance and Co-insurance in detail. 7
48. Q5 B. Write Short Notes on: (Any 3) 15 marks
49. Q1 Rebate on Bills Discounted
50. Q2 Short Note on Marine Insurance
51. Q3 Short Note on LLP
52. Q4 Objectives of RBI regulations regarding NBFC
53. Q5 Factors affecting valuation of shares

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