BCom In Accounting & Finance (BCAF) Sem VI 2018 19 Oct 2018-19 FINANCIAL ACCOUNTING VII Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 [A] Multiple choice Questions (Any Eight) 8 marks
   • 1. Opening stock is valued at . rate in foreign branch
   • c) Average rate d) None of the above
   • c) Average Profit d) None of the above
   • c) Tangible Trading Assets d) None of the above
   • 4. Sales are valued at . rate in foreign branch
   • c) Average rate d) None of the above
   • 5. Electricity Companies are governed by
   • 6. Tangible Trading Assets does not include
   • a) Goodwill b) Investment
   • c) Fictitious Assets d) All of the above
   • 7. Electricity traffics are fixed
   • a) Appropriate commissions b) under Electricity (supply) act 1948
   • c) Under Electricity act 1910 d) under electricity regulatory commissions
   • 8. Capital of a cooperative society is in the form of
   • c) corpus fund d) none of the above
   • 9. IFRS 1 was issued in
   • a) January 2013 b) June 2003
   • c) June 2010 d) January 2004
   • 10. Under the Maharashtra cooperative societies act the term member includes in addition to a person duly admitted as a member
   • a) only an active member b) only and associate member
   • c) only a nominal member d) all of above
2. Q1 [B] State the statement whether true or false. (Any Seven) 7 marks
   • 1. Total number of international accounting standards IAS are 33
   • 2. Parking charges are divided among the members equally
   • 3. Super Profit is results when normal profit is more than FMP
   • 4. NRR stands for Net Realizable Returns
   • 5. Under the Maharashtra Co-op. Societies Act, every Society shall transfer 40% of the profit to the Reserve Fund
   • 6. Entrance fees are treated as Capital receipts
   • 7. IFRS deals with first time adoption of international financial standards
   • 8. IFRS 13 deals with fair value measurement
   • 9. IFRS 14 deals with regulator re deferred accounts
   • 10. IFRS 9 deals with financial instruments
3. Q2 The trial balance of DANI Electric supply Ltd. For the year ended 31*' March, 2019 is 40,00,000 Equity shares of Rs.10 each 40,000 Patents and Trademarks 1,000 Prepare Balance Sheet of DANI Electric Supply Ltd. As on 31“ March, 2019 From the following Trial Balance of Suhana Consumers Co-operative Society Ltd as on March, 2019. Prepare the final accounts in the prescribed format. [15] Deposit from 50,000 | Customer 30,000 Interest on 12,000 | Audit Fees 2,000
   • 1. Authorised Capital 10,000 share of Rs. 10 each
   • 2. Value of Closing Stock on March, 2019 was Rs. 60,000
   • 3. Depreciation on Furniture @ 10% p.a
   • 4. Interest accrued on deposits Rs. 1,500 and Interest Investment Rs. 6,000
   • 5. Outstanding Salary of
   • 6. Outstanding Sale Tax of Rs. 1,000
4. Q3 The Following is the summarised Balance Sheet of Virendra Ltd. As on 31st March 2019: 50,000 Equity Shares of Rs.20 The company transfers 20% of its profits (after tax) to General reserve. Net profits before taxation for the last three years have been as follows: For the year ended 31st March 2017 Rs For the year ended. 31st March 2018 Rs. 7,32,000 For the year ended 31st March 2019 Rs. 7,88,000 machinery 1s valued at Rs. 6,37,200 Average yield in the type of business is 20%. The rate of tax is 50%. Use Calculate the values of one equity share on the basis of a) Intrinsic value b)
5. Q3 Chocolate, Ice-cream and Brownie are partners in a firm sharing profits and losses in the ratio of 10:4:2. The partnership deed provides that in the event of retirement or death of partner goodwill is to be valued at three years purchase of Average Future Maintainable profits over a period of four years, in excess of 12.5% of Capital Employed in the business at the time of retirement /death. On retired. The Balance Sheet of the firm was as follows:- [15] Sales during the year ended 2019 totalled Rs. 1 crore and were at a gross margin of 10% The expenses amount to 30% of gross profit. It is expected that sales will increase at 20% cumulative rate of growth every year. Gross Profit margin percentage being reduced to 9%. The expenses would continue to be at 30% of Gross Profit. Calculate goodwill which is to be credited to Ice-cream
6. Q4 Snehal Ltd. has a branch in Georgia. As on March, 2019, the trial balance of the branch was as follows: [15] The branch account in head office shows debit balance Rs. 5,68 and goods sent to branch credit balance Stock at branch March, 2019 was $ 8,000 Furniture was purchased in 2015 when one $ = Rs. 50 Exchange Rates were: You are required to prepare Branch Trial Balance by converting in Rupees and Prepare Branch Trading and Profit & Loss A/c for the year ended 31-3-2019, and Balance Sheet as on that date
7. Q4 The firm Roderick and Co. with its H.O. in Mumbai has a Branch in USA. At the end of each year (December 31) a Trial Balance send by the Branch in USA dollar currency is converted into Rupee Currency at the head office. [15] The following trial balance for the year has been complied at branch as on December, 2018 Depreciation on Furniture & 128
   • 1. The stock in hand on December 2018 was $ 3,000. The rates of exchange were: From December 2017 to June 30", 2018 1$ 64 From 1* July, 2018 to December, 2018 1$ = Rs. 66
   • 2. In the Mumbai Books the balance of the USA branch account and the remittances from USA branch account appears as Rs.3,38, 000 and Rs. 74,000 respectively. The original Furniture and Fixture were bought when the rate of exchange was $1 = Rs. 60. Convert the above trial balance into rupees currency and prepare the final accounts of the branch
8. Q5 A] What are the purposes and objectives of financial statements? 7 marks
   • B] Explain various Methods of Calculating Shares. 8
9. Q5 Write short Notes (Any Three) 15 marks
   • 1. Accounting for grant under APDRP
   • 2. Electricity act 2003
   • 3. Accounts of cooperative housing society
   • 4. Conversion of foreign branch trial balance

Read from the scan above, so a character or two may differ. The scan is the original.