BCom In Accounting & Finance (BCAF) Sem VI 2019 20 Oct 2019-20 ) FINANCIAL ACCOUNTING PAPER VI Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 (a) MATCH THE FOLLOWING. (ANY EIGHT) 8 marks
2. Q10 Balance sheet of banking j)Limited
3. Q1 (b) State whether the following statement are true or false(any seven) 7 marks
4. Q1 Dividend on shares accrues on the date of closure of books
5. Q2 The accounting as per AS-11 is optional to companies
6. Q3 At least seven person can forma LLP
7. Q5 Chairman of a banking company is appointed period not exceeding 10 years
8. Q6 In LLP, Form NO. the form of incorporation
9. Q7 Foreign currency is the currency other than the reporting currency
10. Q8 Issue of bonus shares is entered in Nominal Value Investment A/c
11. Q9 Capital Reserve can be distributed as dividend
12. Q10 Re- insurance obligations are contingent liabilities
13. Q2 The following is the trial balance of A.P Bank Ltd as on 31-3-2017 1.Rebate on bill discounted Rs.27,000 15 marks
14. Q2 Create Reserve for bad and doubtful debts Rs. 11,000
15. Q3 Acceptances on behalf of customers Rs. 80,000 You are required to prepare profit and loss account for the year ended 31-3.-2017 and balance sheet as on date
16. Q2 On 1* January, 2004; Marina Ltd., an Indian Importer, purchased $ 2,50,000 worth goods from Gemini Trading Company of USA The payment for the import was made as follows: Marina Ltd. Closes its books on March every year The exchange rate for 1. was as follows :
17. Q3 Prepare a Revenue A/c in respect of Fire business from the following details for the year 2015 — Reserve for Unexpired risk on 1-4-2015 @ 50% 18,00,000 Estimated Liability for claims intimated on 1-4-2015 3,10,000 Estimated Liability for claim — 3-2016 4,20,000 Premium on Re — insurance accepted 3,20,000 Premium on Re — insurance ceded 4,30,000 Commission of Direct Business 4,86,000 Commission on Re — insurance accepted 16,000 Commission on Re — insurance ceded 21,000 Expenses on Management 9,00,000 Interest, Dividend and Rent (Cr.) 2,40,000 Profit on sale of Investment 30,000 Calculate Reserve on March, 2016 to the same extent as on April 2015 16 marks
18. Q3 Vikas and Viraj 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 March, 2017 and Balance sheet as on that date Cash at Bank 16,120
19. Q2 Provide depreciation at 10% p.a. on Building and. Motor Van
20. Q3 Accrued interest on investment Rs. 360
21. Q4 Provide 5% R.B:D.D. on Debtors Stock at March, 2017 was Market Value Rs. 40,000; cost Price Rs. 50,000
22. Q4 Calcutta Investment hold 600 12 per cent debentures of Rs. 100 each in Snow Ltd. as on 1* April, 2014 at a cost of Rs. 70,000. Interest is payable on 30" June and December each year. On June, 2014; 200 Debentures are purchased ex at Rs. 20,400. On November, 2014; 200 debentures are purchased interest at Rs. 19,200. On November, 2014; 300 debentures are sold cum interest for Rs 32,250. On December, 2014; 400 debentures are sold ex —interest at Rs. 38,650 Prepare Investment Account valuing closing March, 2015 at cost or market price whichever is lower The debentures were quoted at par on 31% March, 2015
23. Q4 On 1* April 2012 Sunder held 25,000 fully paid equity shares of Rs. 10 each in X Ltd. book value of Rs. 15 per share. On 20" June, 2012 he purchased another lot of 5,000 shares of the company at of Rs. 15 per shares. Afterwards X Ltd. Announced a bonus issue and rights issue, the following being the terms Bonus issue in the ratio of 1: 6 (Record date 16 — 8 — 2012) Right issue in the ratio of 3:7 (Record date 31 — 8 — 2012) The rights shares were issued at Rs. 15 per share and the full amount was payable by September, 2012 Shareholders were entitled to transfer their rights in full or in part. Accordingly, Sunder sold one — third of his entitlements to another person for a consideration of Rs. 2 per share on 5" September, 2012. After becoming ex — rights, the market price of the shares was Rs. 15 Dividends for the year ended March, 2012 @ 20% were declared by X Ltd. and received by Sunder on October, 2012. Dividend for shares acquired by Sunder on June, 2012, were adjusted against the cost of purchased. On November, 2012 Sunder sold 25,000 shares @ Rs. 15 per share You are required to prepare in the books of Sunder:
24. Q1 Investment in Equity Shares in X Ltd. Account
25. Q3 Profit and Loss Account
26. Q4 Assume that the books are closed on 31** March, 2013 and shares are valued at average cost
27. Q5 (a) Explain the type of General Insurance 7 marks
    • (b) Explain the Procedure for formation of Limited Liability Partnership. 8
28. Q5 write a short notes on any three of the following: 15 marks
29. Q1 Money at call and short notice
30. Q2 Reserve for Unexpired Risks
31. Q3 Inter- related transaction in foreign currency
32. Q4 Right of Designated partner
33. Q5 Bonus shares and Right shares

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