B.Com In Banking & Insurance (BCBI) Sem V May 2023 May 2023 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 alternatives from those given below and rewrite the
   • 1. Provision for sub-standard asset in respect of of unsecured infrastructure loan A/c ?
   • 2. Schedule 9 in banking company account is ?
   • 3. of unexpired risk should be created at _ of net premium in case of fire insurance policy
   • 4. In Cash Flow Statement Sale of machinery is
   • c) Investing Activity d) No Effect in Cash Flow
   • 6. Convergence of Indian GAAP with IFRS benefits which of the following?
   • a) Investors only b) Investors, Industry and company only Professionals, Industry and Company
   • 7. Purchase of Patents Rs. 1,00,000, redemption of preference shares Rs. 1,00,000 and issue of equity shares Rs. 3,00,000. What will be the cash flow from Investing
   • 8. Re-insurance claim receivable in Insurance Company Final Accounts is shown
   • 9. Form B - RA in Insurance Company is
   • a) Revenue A/c of Life Insurance b) Revenue A/c of general Insurance
   • c) Balance sheet of Life Insurance d) Profit and loss account of General
   • 10. The purpose of code of ethics is
   • a) Loss of market capitalization b) Loss of human capital
2. Q1 B) State weather True or False ( Any 7) 7 marks
   • 1. The banking company has to obtain licence from IRDA
   • 2. Insurance is a financial service
   • 3. Single set of accounting standard all over the world is a benefit related to Convergence of Indian GAAP with IFRS
   • 4. Interim dividend for a company is declared by the government
   • 5. IAS stands for International Accounting Standards
   • 6. Professional ethics leads to Build a competitive edge
   • 7. Whistle blowing leads to Prevents embarrassing public disclosures
   • 8. Proceeds from sale of patents is Operating activities
   • 9. More than one policy is taken to cover the same risk it is called re-insurance
   • 10. IASC stands for International Accounting Standards Committee the following information prepare profit and loss A/c of Tiny Bank Itd for the Discount on bill discounted ( Net) 14,60,000 Rebate on Bill Discount 4,90,000 Stationery and Printing 29 000 Postage and Telegram 14,000 Interest on Cash Credit 22 30,000 Interest on Overdraft 15,40,000 Interest on Fixed Deposit Interest on Saving Bank Deposit 6,80,000 Director's Fees and Allowance 30,000
   • 1. Bad debts to be written off amounted to Rs.4,00,000
   • 2. Provision for taxation at 55% of net profit
   • 3. Transfer to statutory reserve to be 25%
3. Q2 B. The Following Information is available in the books of MN Bank Limited as on 31“ March 2021. Calculate the Rebate on Bill discounted as on March 2021 and Give Rebate on Bill Discounted Rs.2, 21,600 Details of biils discounted are as follows Amount of Rate of
4. Q2 C. From the Following Information Calculate of Provision on Non-Performing
5. Q3 A. From the following figures relating to Mukesh Insurance Company for the year ended March 2022. You are required to prepare the revenue account for Marine The reserve required for unexpired risk as on 31-03-2022 is 100% of the net premium
6. Q3 B. Sunflower General Insurance Company submits the following information for the year
   • 1. Expenses of Management Include Rs.35, 000 surveyors fees and Rs.45,000 legal expenses for settlement of claims
   • 2. Reserve for unexpired risk is to maintained at 40%. The balance of reserve for unexpired risk as on 1/4/2020 was Rs.24, 50,000 You are required to prepare the Revenue Account for the year ended March 2021. (15)
7. Q4 A. The following Balances are extracted from the books of Sunil Ltd. as on 31st March, Capital (Each shareRs.10) Profit and Loss Account balance on
   • (a) Income tax to be provided at 40% of the profits
   • (b) Stock of Materials and work in progress on 31st March 2022 were Rs. 1,500 lakhs and Rs You are requested to prepare profit and loss statement of the company as per Revised
8. Q4 B. The Balance Sheet of KGS Ltd are as follows. Account 29,000 | Plant and Machinery 40,000 | 1,00,000 15 marks
   • 1. During the year 2021 depreciation of Rs.8,000 and Rs.10,000 have been charged on Land & Building and Plant and Machinery respectively
   • 2. An Interim Dividend of Rs.7,500 was paid during the year 2021
   • 3. During the year 2021 Machinery having book value Rs.8000 was sold for Prepare Cash flow Statement for the year ended 31‘ December 2021
9. Q5 A. Explain Importance of Ethical behavior in Accounting Profession Q:5 B. Explain Cash flow from Financing, Investing and Operating activities with 8 marks
10. Q5 Short Notes (Any 3 out of 5)
    • 2. Reserve for unexpired risk
    • 3. Employees Benefit Expenses and Finance Cost
    • 4. Need of IFRS
    • 5. Whistle blowing

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