B.Com In Banking & Insurance (BCBI) Sem II 2016 2017 Feb 2017 FYBBI SEM II ATKT EXAM FIN. ACC Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Under the hire purchase system, depreciation is provided on
2. Q2 Return outwards appearing in Trial Balance are deducted from
3. Q3 Inventories should be valued at cost or net realizable value whichever is
4. Q4 The subscribed capital is that part of the which is agreed to be taken up by the public Acounting Standard is for Valuation of Inventory
   • c. Match the following columns. 5
5. Q1 inventory should be valued at a)Electricity bills
   • c)lower of cost and net realisable
6. Q2 M/s Hindustan Ltd. Purchased truck from the Bharat Motors Ltd., on Hire Purchase Basis. The cash price of the truck was Rs. 2,80,000. The amounts were payable as under: Rs. 100.000 on the date of purchase i.e. January 2013 Rs. 1,20,000 on 31* December, 2013 Rs. 1,20,000 on 31* December, 2014 The BHarat Motors Ltd., charged interest at 5% p.a. on the unpaid amount. The purchasing company decided to write off as depreciation 20% on the diminishing balance each year. You are required to give Truck A/C, Bharat Motor Interest A/C and Depreciation A/C in the books of M/s Hindustan Ltd. (15)
7. Q2 State whether the following is capital or revenue expenditure or Give reason Cost of acquisition of Plant & machinery Repainting of Factory building Amount spent on uniforms for the staff e Amount spent for removing and reinstallation of machinery Cost of raincoats and umbrellas for employees Wages paid to the workers for erection of new machinery Sales tax collected trom purchaser of goods of Rs. 20,000 paid for obtaining a license to carry on business Received Rs. 7, 00,000 on the issue of 5% Debentures e <Aplant worth Rs. 7,00,000 is brought by proprietor for business activities spent Rs. 20,000 for installation. The company decided to adopt reducing balance method of depreciation, the depreciation being provided at 20% p.a On 1* July, 2012 machinery costing RS. 60,000 purchased on 01-01-2010 was sold for Rs 41.040. You are asked to show the Plant A/C ant Depreciation A/C for3 years ending December every year and also give P&L A/C Extract and Balance Sheet Extract. (15) 15 marks
8. Q3 S Ltd. has an authorized capital of Rs. 5,50,000 equity shares of Rs. 10 each. The company issue for public subscription 5,00,000 equity shares, monies being payable as under On application Rs. 3 per share On allotment Rs.4 per share (including premium of Rs. 2) On first call Rs. 3 per share On and final call Rs. 2 per share Mr. Rakesh to whom 5000 shares were allotted fail to pay 1“ and call You are required fo give journal entries in the books of $ Itd
9. Q4 Calculate by FIFO method and Weighted Average Cost of inventory valuation, the cost of goods sold and value of closing inventory from the following data: (15)
10. Q4 The Trail Balance of Mrs. MAnjula as on December, 2015 was as follows: Work-in-Process 10,000 Bills Payable 28,500 Finished Goods 15,500 Sales of Scrap 1,500 Repairs of Plant 1,200 Repairs of office } Cash at Bank 2,300 Plant and Machinery 90,000 Following additional information is provided to you: Closing stock as on 31" December, 2015 was: Raw Material Rs. 30,800, Finished Goods 25% of the lighting expenses and rent is to be charged to office premises and the remaining amount is to be charged to factory Depreciation is to be written off on Machinery at 10% p.a. and Furniture at 5% Provision for doubtful debts is to be maintained at 10% You are required to prepare manufacturing A/C, Trading A/C, profit and loss A/C for the year ended 31/12/2015 and Balance Sheet as on that date. (15) short notes. (Any 3) (15)
11. Q2 Valuation System

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