B.Com In Banking & Insurance (BCBI) Sem V 2023 2024 Dec 2024 I FINANCIAL REPORTING & ANALYSIS Question Paper - Mumbai University | munotes

Questions asked in this paper

• 3) Figures to the right indicate full marks

1. Q1 A) Select the most appropriate alternative form those given below and rewrite the
   • 1. Share capital of banking company can include
   • a. Reserve and surplus only c. Equity and Preference shares
   • b. Equity shares and Debentures d. Equity shares only
   • 2. Provision for unsecured doubtful assets is %
   • 3. Reserve for unexpired risk should be created at in case of fire insurance
   • a. 50% of net premium c. 100% of net premium
   • b. 50% of net claims d. 100% of net claims
   • 4. AS-3 is for
   • a. Valuation of inventory c. Cash Flow statement
   • b. Disclosure of accounting policies Borrowing cost
   • 6. Buying and selling of machinery is a activity
   • a. Financing c. Operating
   • b. Administrative d. Investing
   • 7. Full form of ICAI is Institute of Accountants
   • a. Current c. Chartered
   • b. Compulsory d. Corporate
   • 8. IFRS 1 is for users
   • a. Transparent c. Confusing
   • b. Complex d. Ambiguous
   • 9. Paid-up capital of a company cannot exceed
   • 10. is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders
2. Q1 B) State weather True or False (Any 7) 7 marks
   • 1. Bills payable is posted in schedule 5 of the banking financial statement
   • 2. Prudential norms are guidelines or norms on income recognition asset classification and provisioning regarding advances
   • 3. the regulator of the insurance sector
   • 4. Contingency is unknown and unpredictable events
   • 5. Debentures are unsecured loans
   • 6. Provision for Taxation is a non-operating expense
   • 7. Increase in term loan is cash outflow in cash flow statement
   • 8. Whistle blowers are the people who report the fraudulent actions to their employers
   • 9. Itis compulsory to follow accounting standards
   • 10. Deemed cost is an amount used as a surrogate for cost or depreciated cost at a given
3. Q2 A) The following details pertaining to Yash Bank Ltd as on 31* March 2023. You are required to prepare Profit and Loss Account for the year ended March 2023 and Balance Sheet as on that date: (15)
   • 1. Authorized Capital was 5,00,000 Equity shares of Rs 10 each
   • 2. Rebate on bill discounted amounted to Rs. 25,000
   • 3. Provision for tax is Rs. 50,000
   • 4. Acceptance and Endorsement on behalf of customer were Rs. 6,00,000
   • 5. Transfer to statutory reserve 25% of profits
4. Q2 B) The following details are available from the books of Shah Bank Ltd. As on 31-03-23 You are required to calculate the amount of Discount and Rebate on Bills Discounted as on
5. Q2 C) While closing the books a bank its advances were classified on March 2023 as More than three years 2,000 You are required to calculate the amount of provision to be made by the bank as on
6. Q3 A) From the following balances as on March 2023, prepare Revenue Account for the Marine Business of Jet General Insurance Company. (15)
   • b) Claim On Re-insurance accepted On Re-insurance ceded
   • d) Other Expenses and Income Dividend and Interest Received
   • e) Balance of Fund as on 1/04/2022 1155
7. Q3 B) From the following figures taken from the books of Sunshine Insurance Company, prepare revenue account for Fire Department, in vertical form for the year ended 31 March
   • 1. Expenses of management include survey fees and legal fees of Rs. 46,000 and Rs 26,000 respectively relating to claims
   • 2. Claims intimated but not paid on 31-03-2023 Rs 1,20,000
8. Q4 A) Rema Ltd furnishes the following summarized balance sheet. Balance Sheet as at March 2023 You are required to prepare Balance Sheet as per Revised Schedule II 8 marks
9. Q4 B) Following figures are taken from the Trial balance of Sean Ltd as on 31 March 2023 Provide depreciation on Straight Line Method on the Assets at 10%. Prepare a schedule for Fixed Assets as on March 2023 as per Revised Schedule III. (07)
10. Q4 C) Following are summarized balance sheet of Parag Ltd as on March, 2022 and Profit and Loss 1,00,000 | 1,20,000 | Building 2,80,000 | 1,98,000
    • 1. Depreciation charged during 2023 was Rs. 8,000 on Furniture, Rs. 24,000 on Machinery and Rs. 40,000 on Building
    • 2. Part of Machinery was sold for Rs. 30,000 at a loss of Rs. 8,000
    • 3. During 2023 interim dividend was paid Rs 20,000 and Income Tax was paid Rs
    • 4. During the year part of the building was sold at book value You are required to prepare Cash Flow Statement as per AS-3
11. Q5 A) What is a cash flow statement? Explain the three activities of the cash flow statement
    • B) Describe the uses of financial statements. 7
12. Q5 Short Notes (Any 3 out of 5) 15 marks
    • 1. Reinsurance
    • 3. Importance of Ethical Behavior in accountants
    • 5. Reserve for unexpired risk

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