B.Com In Financial Management SEM I 2018 2019 Nov 2019 FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

• Please check whether you have got the right question paper

1. Q1 False (Any 8) 8 marks
   • 1. cannot be directly entered into a ledger
   • 2. cash book is closed monthly
   • 3. Depreciation of an asset has to be spread over the lifetime of an asset
   • 4. Cash received is written on the credit side of cash book
   • 5. Drawings of the Proprietor is shown on the asset side of Balance sheet
   • 6. Cash discount is a nominal account
   • 7. Bad debts are a Liability
   • 8. Trial Balance can be prepared at any time
   • 9. The Credit balance in a nominal account shows either income or gain
   • 10. The cost of asset is always to be written off within 10 years Match The Following (Any 7) (07)
   • 8. Nominal Account h). Does not Appear in Books of
2. Q2 Record the following transactions. Prepare journal and post them into the ledger and balance the accounts. Started business with Cash Rs. 2,00,000 Jan Goods from Amit Suppliers on credit of Rs. 1,50,000 Jan 14 Deposit Cash in to Bank Rs. 25,000 Jan 17 Sold goods to Dynamic Traders Pvt. Ltd. of Rs. 1,30,000 Jan 20 cheque of Rs. 1,27,000 from Dynamic Traders Pvt. Ltd Jan a cheque of Rs. 1,00,000 as a partial payment to Amit 15 marks
   • Q.P. Code :00283
3. Q2 Prepare a Triple Cash book of Shani Limited. 3 Issued a Cheque to Babai Rs. 1365 in full settlement of Rs 1400 5 Deposited Cash into the bank Rs 1500 6 Transferred Rs 7000 from Savings Bank account to Current Account in the bank 7 Purchased goods from Mr. Vikas for cash Rs 2500 16 has directly deposited Rs our. bank account standing instruction, the bank has, account of insurance premium Rs 300 20 Purchased Goods for cash Rs 900 and received a discount of Rs.30 22 Received a Cheque from Sherwin Rs 4500 and cash the Cheque was deposited on the same 28 Cheque received from Sherwin was dishonored 31 Deposited in cash in excess of Rs 500 15 marks
4. Q3 A M/s Priyanka Limited is a Manufacturing Concern, whose books are closed on March every year. On April 2011, they Purchased a Machinery for Rs 250000. They acquired additional Machinery for Rs. 540000 on 30" September 2011 and for Rs 50000 on 1* April 2013. A Machinery which was purchased for Rs 40000 on September was sold 34000 on the same date. On January 2014, They purchased another Machinery Prepare Machinery Account & Depreciation Account for the year 2011-12, 2012-13, and 2013-14 taking into account depreciation at 10% per annum on Straight Line method Afire occurred in the Godown of Deza Limited on April 2015. The books of accounts and stock amounting (07) to Rs 10800 were salvaged. Goods Amounting to Rs 11200 were partially destroyed by fire but could be used by the company. Company’s Average rate of gross profit is 25% on sales. The stock on hand on December, Purchases Rs 4500. Wages during the same period amounted to Rs. 14510. Sales amounted to Rs 294800. The Stock was insured for Rs. 300000 and there was an average clause in the policy Calculate the amount of Loss and Claim
   • Q.P. Code :00283
5. Q3 Narayan a retail trader had no proper methods accounting but the following but the following information is made available to you, you are required to prepare opening and closing statement of Affairs and Statement showing Profit or Loss for the year ended 31* March, 2016 after taking into consideration the adjustments 15 marks
   • 1. On October, 2015 Mr. Narayan had withdrawn Rs. 25,000 for personal use out of which he invested Rs 5,000 at per on the same day in 10% Municipal Bonds which is treated business assets
   • 2. He had also withdrawn Rs. 15,000 for his daughter’s marriage
   • 3. Depreciate Furniture by 10% p.a. and write off Rs. 1,000 from motor.van
   • 4. As regards debtors Rs. 1,000 is irrecoverable and further reserve of 5% is to be made on debtors
   • 5. Allow interest on Capital at 10% p.a
6. Q4 A. A trader has not kept proper books of Accounts, but from the following information you are required to ascertain the Profit or Loss for the Year ended March 2014 Introduced additional capital as on October 2013 by selling her personal car Rs 10000 15 marks
   • 2. Trader paid for daughter’s college fees from business bank account Rs. 3000
   • 3. Depreciate Machinery by 5% p.a
   • 4. Provide 2% on debtors for bad and doubtful debts
   • 5. Interest on capital is to be provided @ 5% p.a. and on drawings @ 5% p.a
   • Q.P. Code :00283
7. Q4 From the following balances, prepare the trading and profit and loss account and. balance sheet as on March 15 marks
   • 2. Create a reserve for bad and doubtful debts @ 10% on book debts
8. Q5 Explain in detail the various types of cash Books. Distinguish between Cash Discount and trade Discount. (08) C Short Notes (Any 3) (15) 7 marks
   • 1. Features of Single Entry
   • 3. Importance of Ledger
   • 5. of book keeping

Read from the scan above, so a character or two may differ. The scan is the original.