BCom In Accounting & Finance (BCAF) Sem VI 2017 18 Nov 2017-18 PAPER VII 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
   • (A) State whether the following statements are true or false: (any eight) 8
   • i. Law charges are debited to P&L statement
   • ii. Balance sheet of a co-op. society should be preparedin form N
   • iii. Revenue items except opening and closing inventories and depreciation should be translated at average rate
   • iv. Goodwill can be realized at Vv. Contractual obligations are financial liabilities
   • vi. Under double account system P&L account is prepared
   • vii. Contingent liability is translated at opening rate Viii. Bill register of a co-op society records the charges raised on the members on various
   • x. IND AS 114 deals with regulatory deferral accounts
   • (B) Fill in the blanks and rewrite the sentence again: (any seven) 7
   • a) IFRS was issued in }
   • b) Register of Members must be maintained in from
   • c) of the enterprise preparing account
   • d) The balance in receivable as on the date of balance sheet is converted at rate
   • e) shows the operating result of the organization
   • f) depends on
   • g) The value base for depreciation in case of electricity company should be cost of Excess of average profit earned by the firm over and above its normal profit is
   • j) . The Maharashtra Co-op. Societies Act was passed in
4. Q2 The Balance Sheet of Hari Private Ltd. Discloses the following position on December 20,000 5% preference share of each fully paid It is proposed to convert Hari Ltd. public limited company and for.this purpose you are asked to value the goodwill of Hari private Ltd. on the basis super profit method. The following additional information is supplied to you 15 marks
   • a) Hari Private Ltd: was incorporate on 1st and its first accounts were made
   • b) It manufacture abrasive material involving technical skill and it has engaged two foreign experts
   • c) No provision for taxation is required
   • d) The fixed assets of the company have been adequately depreciated
   • e) The present market Value of its Land and Building is = 5,00,000 and of plant and machinery
   • f) The profits and losses of the company for the last 3 years after charging depreciation and taxation, have been as follows: The sales of the company during the last 3 years were 12,99,000 and The reasonable return on capital invested in the class of business carried by the It assumed that the company will be able to maintain its profit for the next few years on the same level as in the past. Wherever appropriate, you may make further suitable assumptions. All workings should form part of your answer
5. Q2 Following is the Balances sheet of Rampal Limited as on March, 2009: 1,00,000 equity shares of 10 10,00,000 Goodwill 5,00,000 10,000 12% preference shares of 10,00,000 Building 15,00,000 Profit and loss A/c 4,00,000 Investments in 10% 4,80,000 Additional information are given below:
   • i. Nominal value of investments is 5,00,000 and its market value is 5,20,000
   • ii. Following assets are revalued:
   • iii. Average profit before tax of the company is 12;00,000 and 12.5% of the profit is transferred to general reserve, Rate of taxation being 50%
   • iv. Normal dividend expected.on equity shares is 8% while fair return.on closing capital employed is
6. Q5 Goodwill may be valued at three years purchase of super profit. Ascertain the value of each shares under fair. value method
7. Q3 From the following trial balance as on March 2015, Prepare final account in the prescribed expenditure Collection from 43,37,280 account: members for 1 shares of MDC Co-op 1,000 Subscribed 38,750 Water charges 4,67,393 | Collection from 39,82,808 [Repairs and maintenance
8. Q1 Authorized capital: 4,000 shares of 50 each
9. Q2 Dues from members for establishment
10. Q3 Prepaid insurance 24,961
11. Q4 Depreciation on equipment 59,588
12. Q3 The trial balance of Indian Electric Supply Ltd. for the year ended 31%: March, 2016 is as below: "14% Preference shares of 15 marks
    • Q.P. Code :08472 During 2015-16, = (000) 50,00 of 14% Preference Shares were redeemed at a premium of 10% out of proceeds of fresh issue of Equity Shares of necessary amounts at a premium of 10% Prepare Balance sheet as on March, 2016 Schedule the Companies Act, 2013
13. Q4 Nion Enterprise had a branch at New York. Its trial balance as on December 2016 is as The following further information is given: 1). Depreciation plant.and machinery and furniture and fixture @ 10 % p.a 15 marks
14. Q2 Wages outstanding $1,000
15. Q3 head office send goods to branch for 39,40,000
16. Q4 December 2016, $52,000 Branch account in head office shows a debit balance of
17. Q6 There were no in transit items at the start or at the end of the year
18. Q7 Plant and machinery and furniture and fixture was acquired by the branch in 2015 when rate of exchange was 38 to 1S
19. Q8 On 1st January 2016 the rate was to 1S On December 2016 the rate was =41 to 1S Average rate during the year was to 1S You are asked to prepare - assuming that the foreign operation is integral in nature
20. Q2 Trading and Profit and Loss Account for the year ended December 2016
21. Q3 Balance sheet as on December 2016
22. Q4 M-VEEZ Itd decided to replace one of its old power plant with a modern equipment having larger capacity. The plant when installed in 2013 cost was the comprises of labour, materials, and overhead inthe ratio of 3:5:2. It is ascertained that the cost of labour and material have gone up by 75% and 55% respectively. The proportion of overhead to total cost is expected to remain the same as before. The total cost of new plant as per specification is 2,50,00,000 and in addition, material recovered from the old plant value has been used in the construction of The account of the company are maintained under the double entry account system. Indicate how much would be capitalized and the amount that would be charged to revenue. Prepare the necessary ledger pass relevant journal entries 15 marks
    • (A) Explain the need for convergence with IFRS in India 8
    • (B) Give accounting for capital service line contributions. Write short notes on (Any Three-.5 marks each) (15) 7
23. Q1 Global use of IFRS
24. Q2 Rules regarding disposal of surplus of electricity company 3). Classification of income of Co-operative Housing Society
25. Q4 of valuation of goodwill and shares
26. Q5 Rules regarding conversion of trial balance as per AS 11 marks

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