B.Com In Banking & Insurance (BCBI) Sem I 2017 2018 March 2018 F.Y.BBI SEM I (CHOICE BASE) (R.16) FIN. ACC. Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 to Q.5 having internal option
2. Q3 Figures to right indicate full marks
3. Q1 A) State whether following statements are True Or False (any 8) 8 marks
4. Q1 Reputation of business is known as copyright
5. Q2 Folio means totaling of journal
6. Q3 Salary paid to Ram is debited to Ram
7. Q4 AS-1 provides valuation of fixed assets
8. Q5 Bad debts are not recoded in books of accounts
9. Q6 Voucher is similar to cheque
10. Q7 Unrecorded purchase is credited to Trading account
11. Q8 Outstanding rent is not to be considered as expenses
12. Q9 buying the goods is termed as vendor 10)Stock valuation is Non Accounting concept
    • B) Match the columns (any 7) 07
13. Q2 Journalize the following transitions in the books of sachin Tendulkar 15 marks
14. Q1 Mr. Sachin commenced business with cash Rs. 20,000
15. Q2 Purchased goods for cash from Dhoni Rs. 200
16. Q3 Paid commission in cash Rs. 20 marks
17. Q4 Sold goods to Kartik on credit worth Rs. 200 5). Invoiced goods to Peter for cash Rs. 300
18. Q6 Paid wages to workers Rs. 25 marks
19. Q7 Paid rent for office Rs.50
20. Q8 Purchased goods from Amre for cash Rs.700 9). Vijay paid Rs.300 on our behalf
21. Q10 Sachin drew for domestic use Rs. C0331 F.Y.B.COM. (BANKING AND INSURANCE) (CHOICE BASE) (R 2016) SEMESTER FINANCIAL ACCOUNTING I 100 marks
    • Q.P. Code : 23064
22. Q11 Sachin drew goods for business use Rs. 300
23. Q12 He purchased a typewriter from kapil for Rs. 1,300 13)He purchased office equipments from sanjay for cash Rs. 1,000 Record the following transactions in the simple cash book of Shri. Kumar for December, 2016 15
24. Q1 Commenced business with Rs. 5,000 cash
25. Q2 Cash purchases Rs. 2,500 and carriage paid on same Rs. 50 marks
26. Q3 Purchased a chair for office for Rs. 100 and office stationary for Rs. 20 marks
27. Q7 Received cash from chetan Rs. 500
28. Q8 Drew Rs. 300 for household use 11)Received Rs. 1000 from Rahul 12)Paid salaries and rent for the month Rs. 350 and Rs. 150 respectively
29. Q3 State giving reason whether following are capital, Revenue or Deferred Revenue 15 marks
    • A) Heavy advertising expenditure incurred for launch of product
    • B) Copyrights acquired for sum of Rs. 20,00,000
    • C) Repainting of building for Rs. 1,00,000
    • D) Profit of earned by selling an investment
    • E) Legal Expenses incurred by a publisher in a defamation suit
    • F) Renewal of factory license for Rs. 50,000
    • G) Replacement of wooden platform for machinery with concrete Calculate the value of stock by applying; (a) FIFO to product X (b) Weighted Average to product 15
    • ii) On 15-3-2012 1,400 2,000
    • iii) 1,300
    • iv) On 29-3-2012 1,100 1,700 e 31-3-2012 when stocks were physically verified a shortage of one unit C0331 F.Y.B.COM. (BANKING AND INSURANCE) (CHOICE BASE) (R 2016) SEMESTER FINANCIAL ACCOUNTING I
    • Q.P. Code : 23064
30. Q4 The following is the trail balance of Mr. Raj as on March, 2012. You are required to prepare the final accounts after giving effect to adjustments: 15 marks
31. Q1 Depreciate furniture by 10% p. a
32. Q2 Provision for doubtful debt @ 5% on debtors
33. Q3 Salary outstanding for Rs. 3,000 and Rs. 2,000 paid in advance
34. Q4 Insurance is prepaid by Rs. 2,000
35. Q5 Office expenses outstanding for Rs. 8,000
36. Q6 Stock use for personal purpose Rs. 6,000
37. Q7 Closing stock amounted to Rs. 6,000 X Itd. Had machinery on hire purchase system from Y Itd. The terms are that X Itd Would pay Rs. 20,000 down on signing of the agreement and 4 annual installments of Rs. 11,000 each commencing from the beginning of the next year. X charged depreciation @ 10% p.a. On cost under diminishing balance system. Y ltd. Charged interest @ 10% p.a. In their hire purchase contract. Prepare Machinery account and Y Itd. account for 5 years in the books of X Itd C0331 F.Y.B.COM. (BANKING AND INSURANCE) (CHOICE BASE) (R 2016) SEMESTER FINANCIAL ACCOUNTING I
    • Q.P. Code : 23064
38. Q5 A) Explain Bank Reconciliation Statement in detail 8 marks
    • B) Explain types of Vouchers 07 Write short notes (any 3) 15
    • a) Rectification of errors
    • b) Types of cheques
    • c) Journal proper
    • d) Accounting convention
    • e) Contingent liability

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