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

Questions asked in this paper

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1. Q2 Figures to right indicate full marks
2. Q3 Working notes are the part of your answer. >
3. Q4 Use of simple calculator is allowed
4. Q1 (A) State whether the following statements are true or false: (any eight) i, Goodwill will be realized at any time ii, of meter is shown in P&L statement
   • iii. IND AS 108 does not deal with operating segments
   • iv. are non trading assets
   • v. Hsg Society has to prepare profit and loss a/c, >
   • vi. Intrinsic value depends on
   • vii. of tangible fixed asset is the exchange-rate on-the date of purchase, enhances uniformity in the accounting principles
   • ix. of form Balance sheet is presented in Schedule II! format
5. Q1 (B) Fillinthe blanks and rewrite the sentence again: (any seven)
   • a. Any exchange difference arising due to translation is charged to
   • b. Call deposit should be disclosed under
   • c. AS dealing with the effect of Foreign Exchange rate
   • d. Format of financial statements of electricity companies are laid down in a e. value depends to equity shareholders Financial statements as at should be disclosed items-are valued at Security deposit is credited to
   • Q.P, Code : 08473
6. Q2 The following is the extract from the balance sheet of Popular. Ltd, Liabilities | As at Assets As at Provison for tax 11 i, Replacement values of fixed assets Were & 1,100 lakhs on 1,250 lakhs on 31.03.2010 respectively ii, of on fixed assets was 5% ili. of the stock is to be 120% of its book value
   • iv. 50% of the investments. were trade investment,
   • v. on 31* March, 2010 included foreign debtors of $ 35,000 recorded in the books at = 35 per US Dollar. The closing exchange was $1= = 39, Vi, on 31* March foreign creditors of 60,000 recorded in the books at $ 1= the closing echange rate was $1= = 39 vii, Profit for the year 2009-2010 included = 60 lakhs of government subsidy which was not likely to
   • viii. 125 lakhs of research and development expenditure was written off to the profit & loss A/cin current year: This was not likely to recur
   • ix. Future maintainable profits (pre-tax) are likely to be higher by 10% Tax rate-during 2009-2010 effective future tax rate will be 40% rate of return expected is
   • a. One of the of thé.company Arvind, fears that the company does not enjoy a goodwill circumstances, Critically examine this establish whether Popluar show the leverage effect it has on the company’s result
   • b. Industry average was 12% on long term fund and 15% on equity funds a2 The following is the balance sheet of N Ltd. as on 31st March Equity shares of Rs.10 40,00,000 | Goodwill each fully paid 13.5 % Redeemable shares of = 20,00,000 | Building 24,00,000 100 each fully paid (Secured against fixed assets) Machinery 22,00;000
   • i. on capital-employed is 20% in similar business,
   • ii. Fixed worth 30%more than books value. Stock is overvalued by 1,00,000. Debtors are-reduced by Trade investments, which constitute 10% of the total investments, are to be valued at 10% below cost; iil, Trade investments were purchased on 01.04.2001. 50% of non-trade investment were purchased on 1:4:2000 and on 1.4.1999, Non trade investments yield 15% return on ive In 1999-2000; new was purchased, but wrongly charged to revenue. This amount taking depreciation at 10% on reducing value method 2000-2001, furniture.with a of was sold for £60,000 Vi. For calculating goodwill, two.years purchase of super profits based on simple average profits of last four years are considered. Profits of last four years are as under:
   • vii. provision at the rate 10% on the additional value of plant and machinery alone may be for arriving at average profit
   • Q.P. Code :
7. Q3 From the following trial balance as on 31st march 2015, prepare final account in the prescribed as per applicable legal provision 1 shares of MDC Co-op bank 1,000 | from members
8. Q1 Authorized is fully subscribed
9. Q2 Collection for establishment-expenses include advance from members
10. Q3 Depreciation
11. Q6 Due from members for-property expenses
12. Q3 The trial balance of Aarati Electric Supply Ltd. for the year ended 31st March, 2016 as below During 2015-16, (‘000) 937:5 Preference Shares were redeemed ata premium of 10% out of proceeds of fresh issue of Equity Shares of of 10% Prepare Balance sheet as on 31st March, 2016 as per Schedule the Companies Act, 2013 4 An Indian Company Star Limited has-a branch at Verginia (USA). The branch is a integral foreign operaion (15) of the Indian Company. The trial balance of the branch as on March 2016 as follows The following is given Office Equipment and Furniture @ 10 % p.a sent goods to branch for 15,80,000 iV. Branch account in head office books shown aN amount of = 20,50,000; Vv. stock 21,500 vi, There were no transit items either at the start or at the end of the year, Vii. Fixed assets were purchased in 2033 when the rate of exchange was = 43 to 1st April 2015, the rate of exchange was = 47 per 31st March 2016 the rate Was pers. Average rate during the year was 45 toone
    • b) Trading and Profit & Loss account 31st March Balance sheet as on that date,
13. Q4 Havels India has built a Power station and connecting lines during the year information are furnished i, In the year 2013-14, the company towards purchase of for labour from existing stock which was in the station, li, In the year 2016-17, Exténsion and. Replacernent Was tarried Out the power Station at cost out of Was Used from existing stock forreplacement purposes, The extent of replacement was 55% of original cost: cost of material and wa, has gone up by 60% iii, Process and-replacement the worth Out the this Material value Was used for extension Purposes and balance not being use and sold for You are to Pass necessary journal entries in respect of above transaction for the year 2013-14 and 2016-17. ail working should form Part of your answer
14. Q5 (A) Explain objectives of
    • (B) Give classification Of co-operative
15. Q5 short notes on (Any Three- 5 marks each) < Sinking fund of housing
    • b. Benefits IFRS of-Purchased and Yield value of

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