B.Com In Banking & Insurance (BCBI) Sem I 2018 2019 Nov 2019 F.Y.BBI SEM I (CBCGSS) (R 16) FIN.ACC. (P.C. 59347) Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 All questions are compulsory having internal choice
2. Q2 Figures to right indicate marks
3. Q3 Use of simple calculator is allowed
4. Q1 A) Fill in the blanks (any 8 out of 10) 8 marks
5. Q1 Wages account is account. (Real, Nominal)
6. Q2 Cash account is _ account. (Real, Nominal)
7. Q3 Small expenses of daily routine business are recorded in a/c. (Petty cash, Cash)
8. Q4 is the official body in India that issues accounting standard from time to time. (ICAI, ICSI)
9. Q5 Repainting of a building is expenditure. (Revenue, Capital)
10. Q6 In hire purchase, the title of the goods remains with the . (Hire Vendor, Hire Purchaser)
11. Q7 means gradual and permanent fall in value of fixed assets. (Depreciation, Loss on goods by fire)
12. Q8 Goodwill is asset. (Intangible, Tangible)
13. Q9 Carriage inward is debited in A/c in Final Account of Manufacturing Concern
14. Q10 Prepaid Expenses are side of balancesheet (Asset, Liabilities)
    • B) Rewrite the following statement and state whether true or false. (Any 7 out of 10) 7
15. Q1 Cash received on sale of old furniture is capital receipt
16. Q2 Deferred revenue expenditure defers more than a year
17. Q3 Credit transactions are not entered in cash book
18. Q4 Accounting standard -1 deals with disclosure of accounting policies
19. Q5 Accounting standard -9 deals with revenue recognition
20. Q6 GAAP stands for Generally Accepted Accounting Principles
21. Q7 FIFO method assumes that the latest items are in stock
22. Q8 In FIFO method stock is valued at oldest rate
23. Q9 In hire purchase, depreciation on asset is charged by hire purchaser
24. Q10 Full cash price method is also known as Asset Accrual Method
25. Q2 A) Journalize the following transactions: 1 Ramesh invested in business Rs 15,000 2 Opened an account with the Bank of India by depositing cash Rs. 11,000 3 Purchased goods for cash Rs 1,500 5 Purchased Machinery for cash Rs 30,000 Purchase goods from M/s Chandu Brothers Rs 3,000 9 Total Sales amounted to Rs 15,000.of which cash sales is Rs 2,000 12 Withdrawn cash for personal use Rs 1,000 14 Received cash on account from Ms. Raj Rs 1,800 16 Paid cash to M/s Chandu Brothers Rs 1,500 19 Rent paid Rs 500 and a commission received from Mr.Rajesh Rs 2,500 25 Goods sent to Ms. Raj for Rs 2,000 15 marks
    • B). State with reasons whether the following is Capital Expenditure, Revenue Expenditure and Deferred Revenue Expenditure [15 marks]
26. Q1 Spent Rs 9000 to recondition the old machinery
27. Q2 Goods Destroyed by fire
28. Q3 White washing of factory building
29. Q4 Cost of market research for new product
30. Q5 Cost of improving sitting capacity of cinema hall
31. Q6 Cost of training the employees
32. Q7 Amount received on issue of debentures
33. Q8 Heavy expenditure incurred on advertisements
34. Q9 Wages paid to workers for erection of machinery
35. Q10 Payment of import duty on purchase of raw materials
36. Q3 A) From the following information calculate value of closing stock as on April’2018 as per FIFO and Stock as on April’2018 1300 @ 3 (15)
    • B) Mr. Kumar purchased a motorcycle on hire-purchase system from M/s Jay Dealers. The cash price of the motorcycle was Rs.23,250. The payment under the agreement was to be made as follow: On signing the agreement on 1-1-2011 Rs.4,500 At the end of the first year on 31-12-2011 Rs.7,500 At the end of the second year on 31-12-2012 Rs.7,500 At the end of the third year on 31-12-2013 Rs.7,500 Mr. Kumar provides depreciation at 10 % p.a.on written down value method. Prepare MotorCycle Account and Jay Dealers Account in books of Mr Kumar (15)
    • A) From the following Trial Balance Prepare Manufacturing A/c and Trading, Profit & Loss A/c For the year ended March’2018 and Balance Sheet As on that date. (15) Work In Progress 5,000 Purchase of Raw Material Purchase of Finished Goods 8,000 Provision for Bad debts 10,000 Rent, Rates and Taxes (50 % Factory) 25,000 Postage and Telegrams 2,800 Tea and Tiffin 1,600 Travelling and Conveyance (25% Factory) 5,000
37. Q1 Provide 10 % depreciation on Machinery and Furniture
38. Q2 Closing stock of Raw material, Work-in-progress and Finished Goods were Rs.40,000; Rs.12,000 and
39. Q3 Provide 5 % reserve for doubtful debt
40. Q4 Salary outstanding Rs.2,400 and insurance was prepaid by Rs.600
    • B) From the following Trial Balance of Shri Kamal, Prepare manufacturing account, trading account and profit & loss account for the year ended December’2018 and Balance sheet as on that date: (15) Land & Building 1,20,000 | Reserve for bad debts 6,000 Trade Marks Return outward 2,000 Salary to Manager 16,000 Purchase of raw material 1,50,000
41. Q1 On31* December’2018 stocks were as follows:
42. Q2 Stationary expense outstanding Rs 1500 and factory rent was prepaid Rs 2000
43. Q3 Reserve bad debts by Rs 5000
44. Q4 Interest on debenture is still unpaid Rs 1200
45. Q5 Write off trade marks by 33 1/3% p.a
46. Q5 A) Explain any four Accounting Principles. 15 marks
    • B) Distinguish Between Revenue Expenditure & Capital Expenditure
47. Q5 Write short notes (Any 3 out of 5) 15 marks
48. Q1 Merits and demerits of accounting standard
49. Q3 Rectification of errors
50. Q5 Manufacturing Account

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