B.Com In Banking & Insurance (BCBI) Sem I 2022 2023 Nov 2023 FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 (a) Multiple choice questions: (any 8), 8 marks
2. Q2 Insurance premium account is a
3. Q3 In case of an overdraft, the bank column of the cash book will show a balance
4. Q4 Generally incomplete records are maintained
5. Q5 The capital balances are ascertained by
   • a. Trial balance b. Statement of Affairs c. Trading d. Balance sheet
6. Q6 All expenses are recorded on the side of the Cash Book
   • a. payment b. receipt c. receipt & payment d. None of above
7. Q7 Cash purchases will be recorded on __ side of the Cash Book
8. Q8 columns of the Cash Book are never balanced shows the financial position of the business at the end of the year
9. Q10 Prepaid expenses are shownonthe side of the Balance Sheet
10. Q1 (b) State whether the following statements are or false: (any 7) 7 marks
11. Q1 Profit and Loss A/c shows the financial position of the concern
12. Q2 Sales-Cost of goods sold= Gross Profit Gross profit is transferred to the Capital A/c
13. Q4 The giver of a benefit must be debited 7 marks
14. Q5 All intangible assets are fictitious assets
15. Q6 Every debit has an equal and corresponding credit
16. Q7 Loss by fire is a Nominal Account Statement of Profit is just like Profit and Loss A/c VCD FYBBI Sem: I FINANCIAL ACCOUNTING Marks: 75 Time:
17. Q9 Trade discount is entered in cash book
18. Q10 There are no restrictions on withdrawal of cash in respect of Saving Account
19. Q2 (a) Enter the following transactions in the books of Paresh, for April, 2008 1 Cash on hand Rs. 2,000 and cash at Bank of India Rs. 15,000 2 Purchased books from Ajay Products, Rs. 50,000 at 5% trade discount, 3 Sold our shares (personal) for Rs. 25,000 and invested that sum in the business 4 Sold to Vijay Traders goods worth Rs. 30,000 for cash 5 Deposited Rs. 20,000 in bank sent a cheque of Rs. 25,000 to Ajay Products 6 Paid Rs. 400 for the fees of son from office (Paresh's son), 7 LIC premium Rs. 420 and Insurance for the goods Rs. 320 (Rs. 420 paid from house) 8 Purchased goods worth Rs. 30,000 from Jeet & Co. at 15% trade discount and 10% cash 9 Settled amount with Ajay Products 10 Sold goods to Parth & Co. for Rs. 30,000 at 10% trade discount, 11 Received cash from Parth & Co. in full settlement 12 Goods worth Rs, 15,000 destroyed by fire. Insurance Company paid Rs. 12,000 as claim 15 marks
20. Q2 (a) Following information is extracted from the books of Rachana , Prepare Trail Balance for the year ended 31st March 2016. (7) Returns Wages and Salaries
21. Q2 (b) State giving reason whether following are Capital, Revenue or Deferred Revenue. 8 marks
    • (A) Heavy advertising expenditure incurred for launch of product
    • (B) Copyrights acquired for sum of Rs. 20,00,000
    • (C) Repairing of building for Rs. 1,00,000
    • (D) Profit of Rs. 10,000 earned by selling an investment
    • (E) Legal Expenses incurred, by a publisher in a defamation suit, FYBBI FINANCIAL ACCOUNTING Marks: 75 Time: 2% Hrs
    • (F) Renewal of factory license for Rs. 50,000
    • (G) Replacement of wooden pletform for machinery with concrete
22. Q3 (a) On Ist April, 2009 HSC & Co. purchased a lathe machine from HMT Ltd. on hire purchase basis. The cash price of the machine was Rs. 250,000. The payment was to be made Rs, 50,000 on the date of agreement and the balance in 4 annual instalments of Rs. 50,000 plus interest at 5 percent per annum payable on 31st December each vear, the first instalment being payable on 31.12.2009. Show journal entries in the books of HSC & Co. and HMT Ltd 4 assuming that the accounts are closed on 31st December each year and depreciation at 10%
    • p.a. is written off on the original cost. Also show how the items will appear in the Balance Sheet of HSC& Co. as on 31.12.2009, 2010, 2011 and 2012. (15)
23. Q3 (b) Calculate the value of stock by applying: (a) FIFO to Product X (b) Weighted Average to Product xX (15) 31-3-2012 when stocks were physically verified a shortage of one unit was noticed in
24. Q4 (a) Prepare Manufacturing Account for the year ended March 2015 Purchase of materials 2,20,000 Freight on Purchases of raw material 500 Depreciation on Plant 11,500 Depreciation on Delivery Van 7,250 Stock of material as on | April 2014 54,000 VCD FYBBI FINANCIAL ACCOUNTING Marks: 75 Time: 2% Hrs Work in progress as on | April 2014 57,000 Stock of Raw materials as on 31 March 2014 46,000 Work progress as on 31 March 2015 23,000 15 marks
25. Q4 (b) For certain reasons, stock taking in a firm was completed on 15th June, 2012. even though the books were closed on 30th June. The stock taking revealed that the stock was The following further i information is available purchases as recorded in the Purchase Book after 15/6/2012 totalled Rs. 8,100 but of these goods costing As. 500 were found unsuitable and returned 2.Sales Book showed sales at the total figure of Rs. 12,500 for the last fortnight of June, 3.Out of certain sales made for 15/6/ 12, goods of the sale value of Rs. 1,200 were received back from customers after the date mentioned above 4.The stock as at 5/6/12 included goods costing Rs. 5,000 received on behalf of another firm for safe keeping 5.The firm sells goods at cost plus 25% normally but the sales after 15/6/12 included one item costing Rs. 500 and sold for Rs. 450 Ascertain the value of the closing stock as on June 30, 2012
26. Q5 (a) Explain fundamental Accounting assumptions. 8 marks
    • (b) Define the term and explain the importance of accounting ? 7
27. Q5 Short Notes: (any 3): 15 marks
28. Q1 Internal Voucher,
29. Q2 Debit Note
30. Q3 Types of
31. Q4 Conservatism
32. Q5 Revenue Expenditure

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