BCom In Accounting & Finance (BCAF) Sem VI 2022 2023 Apr 2023 F FINANCIAL ACCOUNTING VII Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 All questions are compulsory
2. Q2 Figures to the right indicate full marks
3. Q3 Working notes should form part of your answer
4. Q4 Use of simple calculator is allowed
5. Q1 A. Select the correct alternative and rewrite the sentence (Any 8) 8 marks
6. Q1 on security deposit from electricity consumers
   • a. is not payable
   • b. is payable at bank rate or more as prescribed
   • c. 1s payable only at bank rate
   • d. may be paid at a rate lower than the bank rate Il. Tariffs are fixed
   • a. by appropriation commission
   • b. under Electricity (Supply) Act, 1948
   • c. under Electricity Act, 1910
   • d. Under Electricity Regulatory Commission Act, 1998 market value of investment held as current asset is less than cost
   • a. Difference is credited to profit & loss a/c
   • b. Difference is debited to profit & loss a/c
   • c. Difference is ignored
   • d. Difference is debited to capital reserve a/c Under the Maharashtra Co-Op. Societies Act, a society must prepare the profit & loss A/c and the Balance Sheet for an Accounting year
   • a. As per Schedule VI
   • b. In Form M
   • c. In Form N
   • d. In Form X
7. Q5 Companies having a net worth of Rs. 250 crores and whose equity shares are listed on any stock exchange in India must implement Ind AS for accounting period beginning on or after
8. Q6 of electricity companies’ depreciation is charged as per
   • a. The rate prescribed by the central electricity regulatory commission
   • b. The rate prescribed by the companies act
   • c. The rate prescribed by the income tax act
   • d. The rate prescribed by the comptroller and auditor general of India
9. Q7 ended scheme of a mutual fund is governed by
   • a. Exchange rules of the stock exchange where it is listed
   • b. Listing agreement between the fund and the stock exchange
   • c. Guidelines issued by the ministry of commerce
   • d. Companies act provisions relating to transactions in securities
10. Q8 Investment policies of a mutual fund are determined by
    • a. The fund manager
    • b. The AMC management
    • c. The marketing department based on what distributors want
    • d. The investors
11. Q9 Section of the Act states that society shall construct its relevant annual financial statement and arrive at its consequent net profit or loss in the manner prescribed
12. Q10 The maximum amount of cash allowable to be kept by sugar factories
13. Q1 B. State whether the following statement is True or False (Any 7) 7 marks
14. Q1 main purpose of the electricity act, 2003 is to distance state electricity boards from tariff Il. Interest security deposit from electricity consumers is payable at bank rate or more as prescribed Entrance fees are treated as revenue receipts
15. Q4 Water charges are divided among the members on the basis of the area of the flats
16. Q5 is paid to the holder of the security on the due date, in respect of his actual period of holding
17. Q6 on sale of current investment is transferred to profit and loss account. While profit on sale of long term investment is transferred to capital reserve
18. Q7 Open-ended schemes generally offer exit option to investors through stock exchange Investment in gold is a hedge against inflation but investment in a gold fund is risky
19. Q9 A fund’s declared NAV does not include loads
20. Q10 IFRS 4 deals with consolidated financial statements
21. Q2 A. The trial balance of Vijaya electric supply Itd. for the year ended 31“ March, 2022 is as below: During 2022-2023, Rs (‘000) 12,50 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 for the above period Balancesheet as on 31st March, 2023 as per schedule III of the companies Act, 2013 15 marks
22. Q2 B. From the following trial balance as on 31-3-2022, prepare final accounts in the prescribed format as 1 Share of MDCH Federation Collection from members 3,97,761 Cash in Banks 3,08,575 | Collection for Sinking Fund 10,000 Cash on Hand Income and Expenditure Account 26,605 Furniture and Fittings Sinking Fund - Opening 1,65 Professional Fees 7,000 | 100 Shares of Rs. 50 each 5,000 Subscription of Housing Federation
    • (a) Outstanding expenses -,
    • (i) Salary Rs. 3,200
    • (iii) Repairs and Maintenance Rs. 4,200
    • (b) Depreciation on Furniture @ 10%
    • (c) Authorized Capital: 180 shares of Rs. 50 each
    • (d) Dues from members for establishment expenses Rs. 43,242
23. Q3 A. During the year ended 31st March, 2023 Mr. Virag bought and sold the following 12% Debentures of Rs. 100 each of Limozin Ltd. Interest being payable by Limozin Ltd. on Ist April and 1st October each Ist June, 2022 Bought 300 Debentures at Rs.92 ex-interest Ist September, 2022 Bought 100 Debentures at Rs.94 cum-interest 1st December, 2022 Sold 200 Debentures at Rs.95 ex-interest Ist February, 2023 Bought 150 Debentures at Rs. 98 cum-interest Books are closed on 31st March every year. Market price on 31st March, 2023 was Rs.90 per Debenture You are required to prepare Investment in 12% Debentures in Limozin Ltd. Account for the year ended 31st March, 2023 in the books of Mr. Virag (Apply AS 13)
24. Q3 B. Miss Bhagawati entered into the following transactions of purchase and sales of 12% Debentures of 100 each of Mansi Ltd. Interest is payable on 30th June and 31st December every year. Transactions are as 01-04-2022 Opening Balance at a cost of Rs. 76,000 01-06-2022 Sold at Rs. 105 each cum-interest 01-09-2022 Purchased at Rs. 98 each Ex-Interest 01-12-2022 Purchased at Rs. 108 each Cum-Interest Sold at Rs.97 each Ex-Interest Prepare Investment Account of 12% Debentures in the books of Bhagawati for the year ended March, 2023. The market value on 31st March, 2023 was Rs 67,500 of the said Investment. Apply AS-13
25. Q4 A.On Ist April, 2022, Good Return Mutual Fund has the following assets and prices at 3.00 p.m No. of Shares Market Price Per Shares No. of Units of Fund 5,00,000 units 15 marks
    • (a) Calculate the Net Asset Value (NAV) of the fund
    • (b) Assuming Mr. Suresh, send a cheque of Rs.75,00,000 to the fund on Ist April, 2022 and Fund of Manager purchases 15,000 shares of Z Ltd. and balance is held in bank. What will be the new position of the
    • (c) Calculate the new Net Asset Value (NAV) of the fund if on 2nd April, 2022, at 3.00 p.m. the market price of shares is as follows: Rate per Shares (in Rs)
26. Q4 B.A Mutual Fund Co. has the following assets under it on the close of business as on: Company No. of shares Ist February 2022 2nd February 2022 Total No. of Units 6,00,000 15 marks
27. Q1 Calculate Net Assets Value (NAV) of the fund
28. Q2 Following information is given: Assuming one Mr. A, submits a cheque of Rs.30,00,000 to the Mutual Fund and the Fund Manager of this company purchases 8,000 shares of M Ltd. and the balance amount is held in Bank. In such a case, what would be the position of the fund?
29. Q3 Find new NAV of the fund as on 2nd February, 2022
30. Q5 A. Explain the need of convergence with IFRS in India 8 marks
31. Q5 B. Enumerate Advantages and disadvantages of a mutual fund 7 marks
32. Q5 A. Write short Note (Any 3) 15 marks
33. Q3 Types of Mutual Fund
34. Q4 Large cap, Mid Cap and small Cap
35. Q5 ELSS

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