BCom In Accounting & Finance (BCAF) Sem VI 2016 2017 April 2017 FINANCIAL ACCOUNTING VII Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 All questions carry 15 marks each
2. Q3 Working note should form a part of your answer
3. Q1 (A) Choose correct alternative and rewrite the statement. (Any 8) (08}
4. Q1 foreign currency transactions the exchange difference on settlement of liability for purchase of fixed assets is transferred to e Profit and loss A/c w 2) The exchange rate at the balance sheet date is known as
5. Q3 Liability Partnership whose contribution exceeds is required to annually get its accounts audited by any Chartered Accountant in practice
6. Q4 governed by None of the above
7. Q5 When the rights are sold (without subscribing) e Sale proceeds are credited to the Investment Account e Sale proceeds are debited to the Investment Account Noentry is made in the investment Account; and Sale proceeds are credited to the Profit & e None of the above
8. Q6 The cost of Right shares is e Added to the cost of investments e Subtracted from the cost of investments e Notreatment is required e None of the above
   • Q.P.Code:
9. Q7 Schedule 4 of banking final account represent as
10. Q8 Schedule 9 of banking final account represents as Balance with Banks & money at call & short notice Cash & Balances with RBI
11. Q9 Form B-PL under insurance company represents Changes in unexpired risk
12. Q10 Schedule 1 under B-RA of insurance company represents
13. Q1 (B) Match the column (any 7) 3 | Spot rate c | Currency used in presenting the financial [5 _| 100% reserve for | Current rate Prevailing in market Annual return to be file by LLP with f | Sale of investment 7 | Cash Credits, Overdrafts & Loans Within 60 days from end of financial year 7 marks
    • Q.P.Code: 07’ 4 of banking final account represent as
14. Q8 Schedule 9 of banking final account represents as Balance with Banks & money at call & short notice Cash & Balances with RBI
15. Q9 Form B-PL under insurance company represents Changes in unexpired risk
16. Q10 Schedule 1 under B-RA of insurance company represents
17. Q1 (B) Match the column (any 7) 3 | Spot rate c | Currency used in presenting the financial 5_| 100% reserve for unexpiredrisk | Current rate Prevailing in market Annual return to be file by LLP with f | Sale of investment Cash Credits, Overdrafts & Loans Within 60 days from end of financial year 7 marks
    • Q.P.Code: 07924 The following is trial balance of DJ bank Ltd Prepare Balance Sheet as on 31-3-2016, (15) Cash in hand 120 Share cap. Of 100 each, ’50 Fixed assets acquired in Unpaid dividend Provision for Depreciation | 800
18. Q1 Bills for collection Rs. 2,00,000
19. Q2 by employees for bonus amounting to Rs. 15,000 is pending award of arbitration
20. Q3 Liability for partly paid investments Rs. 20,000
21. Q4 Guarantees given on behalf of constituents Rs. 25,000
22. Q2 Vaibhav had entered into the following transactions in foreign currency during the year ended March 2016, You are requested to write up the Foreign Exchange Difference Account in the ledger for w the year ended 10-06-2015 Goods worth $15,000 imported to K of Korea Payment made to K of Korea $ 15,000 16-08-2015 Raw Material exported worth $ 5,10,000 from C of China 31-08-2015 Payment received from C of China $ 10,000 10-10-2015 Payment made to SA of South America $30,000 as advance 15-10-2015 Goods worth $30,000 imported SA of South America 03-11-2015 A machine worth $15,000 imported from UK industries of UK 15-11-2015 Goods purchased amounted to $ 7,500 from N Ltd Norway 15-12-2015 Payment made $ 7,500 to N Ltd Norway 15-01-2016 Exported goods to Gurkha industries of Nepal worth $ 5,000 Payment is outstanding as on 31-3-16, 15-03-2016 Imported machinery worth $ 15,000 from CK of Canada 15 marks
    • Q.P.Code: Payment is outstanding as on 31-3-16 The exchange rate for $ 1 during the year was as follows:
23. Q3 Prepare a Revenue A/c respected of Fire business from the following details for the year 2015-2016 Reserve for Unexpired Risk on 1.4.2015@50% Estimated Liability for claims intimated on 1.4.2015 Estimated Liability for claims intimated on 31-3-2016 Premium on re-insurance accepted Premium on re-insurance ceded Commission of direct business Interest, Dividend and Rent (cr.) Calculate Reserve on 31* March 2016 to the same extent as on 1* April 2015
24. Q3 Changu & Mangu are partners sharing profit and losses equally in LLP in business From the following Trial Balance and adjustments you are required to prepare a Trading A/c, Profit and Loss A/c for the year ended on 31st March, 2015 and Balance sheet as on that date : 15 marks
    • Q.P.Code: 07924
25. Q2 Provide depreciation at 10% p.a. on Building and Motor Van
26. Q3 Accrued interest on investment Rs. 360
27. Q4 Provide 5% R.B.D.D. on Debtors
28. Q5 Stock at 31** March, 2015 was Market Value Rs. 40,000; Cost Price Rs. 50,000
29. Q4 Man Investment furnishes the following details regarding its holding in 6% National Defence Bonds of Opening Balance on 01.04.2015 F.V. Rs. 70,000/- Cost Rs. 68,000/ On 01.07.2015 — 100 units were purchased ex-interest @ Rs.98/ On 01.10.2015-200 units were purchased ex-interest @ Rs.99/ On 01.01.2016 -300 units were sold cum-interest @ Rs.102/ On 01.03.2016 — 50 units were purchased cum-interest @ Rs. 101/ Interest is paid every year on 30" September and March. Man Investment closes books on 31" 15 marks
30. Q4 On 1* April 2016 Sam held 25,000 fully paid equity shares of Rs.10 each in Lambar Ltd., at a book value of Rs.15 per share. On June, 2016 he purchased another lot of 5,000 shares of the company at Rs. 16 per share. Lambar Ltd announced at bonus issue and rights issue, the following being the Bonus issue in the ratio of 1:6 (Record date 16.8.2016) Rights issue in the ratio of 3:7 (Record date 31-8-2016) The rights shares were issued at Rs.15 per share and the full amount was payable by 30" September 2016. Shareholders were entitled to transfer their rights in full or in a part. Accordingly, Sam sold one third of his entitlement to another person for a consideration of Rs. 3 per share on 5" September 2016. Dividends for the year ended March, 2016 @ 20% were declared by Lambar Ltd and received by Sam on 31* October , 2016. Dividends for shares acquired by Sam on 20" June, 2016, were adjusted against the cost of purchase. On 15" November 2016 Sam sold 25,000 shares @ Rs.15 ) share. You are required to prepare in the books of Sam: Investment in Equity Shares in Lambhar Ltd., Assume that the books are closed on March.2017 15 marks
31. Q51 in Detail Reserve for unexpired risk as special item in Insurance final account 7 marks
    • ii) State in Brief Statutory provisions for Limited Liability Partnership 08
32. Q5 Short notes (Any 3) 15 marks
33. Q2 Fire insurance
34. Q3 weighted average method under Investment accounting
35. Q4 Monetary item under AS 11 marks
36. Q5 Rights of Designated Partner

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