B.Com In Financial Management SEM I 2017 2018 Nov 2018 FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q1 (A) True/False: (Attempt any 7) 7 marks
2. Q1 Classification of entries is done in a book called Journal
3. Q2 Accounting is useful only to the owner
4. Q3 Land is the only fixed asset that is not depreciated
5. Q4 To debit an amount means making an the right hand side of the account
6. Q5 Cash account is a nominal account
7. Q6 While calculating insurance claim, value of salvage is deducted from the cost of stock lost
8. Q7 Balance of a cash book is always debit
9. Q8 It is not necessary to provide depreciation on a building if it is not in use
10. Q9 Trial balance shows the profit earned by the firm during a period
11. Q10 Prepaid expenses are shown on the credit side of balance sheet
    • (B) Match the Columns: (Attempt any 8) 8
12. Q2 Trade Discount b. Business is separate from the owner
13. Q6 Book keeping f. Value of stock on date of fire estimation
14. Q7 Trial balance g. Does not appear in books of accounts
15. Q9 Credit i. Recording & Classification of financial
    • Q.P. Code :00281
16. Q2 (A) Post the Following Entries in the Journal of Herambh Furniture of Rs 10,000 8 marks
    • (B) Prepare Trial balance for M/S Pyarelal Limited 7
17. Q2 Enter the following transactions of the Superior Trading Company in Cash Book with three columns- Discount, Cash and Bank and balance the accounts as on 31st December 2016 Balance at Bank Rs 1,000 Dec a cheque from A Rs 290 and allowed him discount of Rs 40 cheque deposited into the bank from bank for office use Rs. 800 Paid Bills payable by cheque Rs 600 Dec15 Bills receivable from Ram. Rs 2,500: Discounted it, crediting with bank Rs 2,400 Dec Issued.a cheque for Petty Cashier Rs 100 15 marks
    • Q.P. Code :00281
18. Q3 Jyoti Limited Company purchased machinery for Rs. 80,000 on 1" April 2014. In the same year on Marks) Oct, additional machinery costing Rs. 20,000 was purchased. On Oct 2016, the machinery purchased on 1St April 2014 became obsolete and was sold for Rs. 62,000. On Jan 2017, a new machine was also purchased for Rs. 30,000 Depreciation was provided annually on March @10% per annum on straight line method Prepare machinery account and deprecaition Account for 3 years ending on March 2015, 31% March 2016 and 31" March 2017
19. Q4 (A) Given Below is the Trial Balance of M/S Kalidas Manufacturing Limited. 15 You are required to prepare Manufacturing Account, Trading Account, Profit & loss Account & Balance Sheet as on 31 Purchase of Raw Capital 6,42,910 15 marks
20. Q1 Closing Raw Material - Rs 1,37,910, Work in Progress - Rs 56,800 and Finished
21. Q4 for Doubtful Debts@4%
22. Q5 on Plant is Rs.27,380 and on Motor Vehicles is Rs 8,560
23. Q4 (B) Prepare trading and profit and loss account for the year ended 31" March 2014 and balance sheet on that date. Mr. Xavier has prepared the following trial balance form his ledger as at March 2014 15 marks
    • Q.P. Code :00281 i 4000 Printing and Stationar (for last year) Postage and Fax 11,500 17,000 Insurance 9000 Printing and Stationary (for current year)
    • a. Cost of goods in stock on march 2014 was Rs. 1,45,000
    • b. Goods withdrawn by for personal use was Rs. 5000
    • c. Rs. 11,000 printing or stationary for the last year was not provided in the last year but was provided and this year
    • d. Purchases include purchases of furniture Rs. 10000
    • e. Debtors include Rs. 5000 bad debts. Provision for bad debts is to be created @ 5%
    • f. Depreciate furniture by 10%, motor car by 20%
    • g. Salesmen were entitled to commission of Rs. 40,000 in aggregate
24. Q5 (a) What is meant by cash book? Explain in detail its different types. 8 marks
    • (b) Explain difference between straight line method and written down value method of depreciation? Short Notes (Attempt any 3): (5 marks) 7
    • a. concern concept with example
    • b. Difference between single entry and double entry system
    • c. Causes of depreciation
    • e. Disclosure convention with example

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