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

Questions asked in this paper

1. Q2 Working Notes should form part of your answer Q-1(A) Fill in the blanks: (Any eight) (08)
2. Q1 The accounts of expenses and incomes are called the accounts
   • a) Nominal Personal d) none of the above
3. Q2 Machinery Account is a type of account
   • a) Nominal c) Personal d) none of the above
4. Q3 Discount allowed appears on side of a Profit & Loss account
5. Q4 means a page or a leaf number
6. Q5 As per convention, the organization should follow the same methods year
7. Q6 Rent paid to landlord is debited to Alc
8. Q7 AS- deals with inventory valuation
9. Q8 The ledger is a book of entry
10. Q9 Nominal accounts are transferred to account at the end of the year
11. Q10 The difference between total of the two sides of an account is termed as Q-1(B) State whether the following are capital expenditure, revenue expenditure, deferred revenue expenditure, capital receipts or revenue receipts. (Any seven) (07) Sales of goods
12. Q2 Sale of Furniture
13. Q4 Spent on umbrellas to employees Purchase of Car
14. Q6 Legal Expenses incurred in connection with issue of shares
15. Q7 Expenses on installation of Machinery
16. Q8 Payment of import duty on purchase of Raw Material
17. Q9 Term loan taken from Bank
18. Q10 Payment for penalty for violation of municipal rules
    • Q.P. Code: 19686 Q-2) Journalise the following transactions in the books of Ms. Aarohi for January (15) (Narrations are not required) 1 Aarohi started business with Cash Rs. 80,000 and Machinery Rs. 20,000 4 Purchased Motor Car worth Rs. 10,000 from Ronit on credit 18 Purchased goods Rs. 12,000 from Mr. Parikh 20 Sold goods Rs. 20,000 to Salman 22 Purchased stationery for cash Rs. 200 23 Paid salary to office clerk Rs. 1,000 24 Aarohi paid life insurance premium from bank Rs. 300 26 Withdrew cash from bank for office use Rs. 500 30 Placed an order with Rakesh for the supply of goods Rs. 2,000 31 Salman becomes insolvent and a dividend of 25 paise in a rupee is received in full Q-2) Rule the three column Cash Book of Mrs. Merchant and record therein the following transactions. Balance the Cash Book on March, 2017. (15) 3 Received from Umesh cash Rs. 7,500 and a cheque of Rs. 12,000 in full settlement of 5 Purchased furniture by cheque Rs. 5,000 7 Paid for wages in cash Rs. 2,500 14 Gave Gopal a cheque for Rs. 6,700 (and he allowed a discount Rs. 300) 15 Sold goods for cash Rs 15,000 and received half the amount in cash and half by cheque 17 Deposited the above cash, received the previous day, in Bank 19 Bank Pass Book states that the Bank has collected dividend on investment. Rs. 660 23 Transferred Rs. 3,000 from Fixed Deposit Account to Current Account 25 Drew for personal use cash Rs. 2,500 and from bank Rs. 3,500 31 Deposited in Bank all cash excess of Rs. 5,000 Q-3) From the following particulars prepare Purchase Book, Sales Book and Purchase Return Book and Sales Return Book. (15) ] Bought goods from Radheshyam Rs 1,500 less 10% trade discount and 5% cash 5 Purchased goods from Laxmi Rs 800 less 5% T.D 7 Sold goods to Laxmidhar Rs 900 less 10% T.D. and 2% C.D. terms 9 Placed an order with Kailash for goods Rs 2,000 less 15% T.D 15 Returned goods to Laxmi Rs 100 (gross) 26 Invoiced goods to Banerjee Rs 5,000 less 5% T.D. terms
    • Q.P. Code: 19686 Q-3) M/s. Premsons Traders purchased machinery worth Rs. 45,000 on Ist April, 2015. On 30" September 2015, additional machinery worth Rs. 25,000 was purchased. On March, 2016, machinery which had cost Rs. 4,000 on 1* April, 2015 was sold for Rs. 3,200. On March, 2017, a machinery costing Rs. 10,000 on 1* April, 2015 was sold for Rs. 6,250 Depreciate machinery at 10% p.a. on original cost. Prepare Machinery Account for year ending Q-4) From the following Trial Balance of Rohan & Sons, Prepare Trading and Profit & Loss A/c for the year ended December, 2016 and Balance Sheet as on that date: (15) Purchase of Raw Materials 1,94,000 Octroi on Raw Materials 22,000 Cash at Bank 24,000 Provision for Bad Debts - 6,000
19. Q1 Closing Stock was Raw Materials Rs. 16,000; Finished Goods Rs. 20,000 and WIP
20. Q2 Outstanding Direct Wages at the end were Rs. 6,000
21. Q3 Other Direct Expenses were prepaid to the extent of Rs. 1,000
22. Q4 Depreciate Machinery @ 10% p.a
23. Q5 Maintain provision for bad debts @ 5% of Sundry Debtors
24. Q6 Rent to be allocated between factory and office in the ratio of 4:3
    • Q.P. Code: 19686 Q-4) From the following Trial Balance of M/s. Percept Trading Company, prepare Trading and Profit and Loss Account for the year ended on 31st March, 2016 and Balance Sheet as on that Land and Building 1,66,000 Debtors and Creditors 42,000 32,000 Rent, rates and Taxes 1,600 Interest on Bank loan 1,125 Following further information 1s also supplied:
25. Q1 Interest on bank loan is paid only upto 30th September, 2015
26. Q2 Closing Stock on March, 2008 is Rs. 90,000
27. Q3 Bad debts to be written off
28. Q4 Depreciation to be provided on Machinery @ 15%
29. Q5 Outstanding wages are Rs. 3,000 The partnership provided:
30. Q1 Interest on capital @ 10% p.a
31. Q2 Salary: Anil per month and Amit Rs. 375 per month
32. Q3 Profits and Losses to be shared equally Q-5 (A)Discuss the Reducing Balance Method of Depreciation? (08)
    • (B) Discuss Capital & Revenue Receipts. Q-5) Write short notes on: (Any 3) (15) 7
    • i) Double Entry System of Book Keeping (iv) Accrual Concept
    • ii) Cash Discount and Trade Discount (v) Journal Imprest System of Petty Cash Book

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