B.Com In Financial Management SEM I 2019 2020 Nov 2020 FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Going concern is an important accounting concept
2. Q2 Depreciation is a scrap value of an asset
3. Q3 Single entry system is followed by small shopkeepers
4. Q4 Drawings of sole proprietor is deducted from his capital
5. Q5 If sock is under insured then average clause will be used
6. Q6 Cash book records only transaction related with cash payment or cash receipts
7. Q7 Balance sheet show the financial position of firm at the end of the year
8. Q8 Rent paid is debited to profit and loss account 9, Prepaid expenses are recorded in liability side of balance sheet
9. Q10 Depreciation is transferred to capital reserve Mach the following (Any 7) (07) Single entry system a. Added in
10. Q3 Discount received lost by
11. Q4 Accounting losing Balances of ledger
12. Q5 Fire insurance claim Statement of affairs method
13. Q6 Depreciation Straightline and loss Ale Credit
14. Q10 Trial Balance j. Record of daily transaction
15. Q2 Sumana keep her books under single entry system . her capital as at 1-1-2003. Was Rs. 60,000. An abstract of her cash transactions for the year ended 31-12-2003 was as follows : Collection from debtors 60,000) Payment to creditors 28.000 Other particulars of her assets and liabilities as on 1-1-2003 and 31-12-2003 were as follows: Stock-in-trade 20.000 15.000 You are required to draft a trading and profit and loss account for the year ended 31-12-2003 a balance sheet as on thee date after providing for 5% interest on initial capital and on further introduction, 5% reserve for doubtful debts. 2'2% reserve on bills receivable, 10% depreciation on plant and 6% depreciation on furniture Pass Journal entries in the books of Harish for the year 2018 (15) Jan 2018 Harish Started business by introducing cash Rs. 10,000 15" Jan 2018 Purchased furniture for cash Rs.800 March 2018 Sold goods to Wadhwa Rs. 4,000 March 2018 Sold goods to Manohar Rs. 6,000 26" March 2018 Purchased goods for cash Rs.3,000 14" April 2018 Received Rs. 2,000 from Manohar 27" April 2018 Harish draw for personal use Rs.300 17" May 2018 Received from wadhwa Rs.3,600 and discount of Rs.400 is allowed June 2018 Received Balance amount from Manohar & discount of Rs. 200 is allowed M/s Vinay Ltd. purchased Machinery on 1“ April 2015 worth Rs.4,00.000 and installation charges were Rs. 50.000. Another machinery was purchased on January 2016 for Rs 2.00,000. On I“ July 2017 a part of machinery purchased on April 2015 for Rs. was sold for Rs. 85,000 and on the same day new machinery purchased for Rs.50,000, Company provides depreciation @ 10% p. a. using Reducing balance Method. Company closes its accounts on December every year. Prepare Machinery A/c and Depreciation A/c for the year M/s Shaan Ltd. purchased Motor car on 1“ Oct 2016 worth Rs.2,80,000 and transportation charges were Rs. 20,000. Another Motor car was purchased on 1“ January 2017 for Rs. 4,00,000 On 1" July 2018 Motor car purchased on April 2016 was sold for Rs. 2,15,000 and on the same day new Motor car purchased for Rs.90,000. Company provides depreciation @ 20% p.a using Written down value Method. Company closes its accounts on December every year Prepare Machinery A/c and Depreciation A/e for the year 2016, 2017 and 2018. (15) Q-4 From the following trial Balance of Shri Shyam a sole proprietor Trading and profit &Loss account for the year ended 31“ December,2018 and the balance sheet as on that &Building | 1,20,000 Reserve for bad debts Cash and Bank Balances | 37,000 | Sales : Purchases of Raw Materials 1,50,000
    • (1)On December 2018, Stocks were valued at Rs, 2,25,000 j (2) Outstanding expenses: Printing and Stationery Rs.1,500
    • (3) Prepaid expenses: Factory Rent and Rates Rs.2,000 7
    • (4)Depreciate: Plant and Machinery @10%p.a
16. Q4 The trial Balance of Mr. Lakhmichand a sole proprietor is as below. Prepare final accounts of year ended 31-12-2018. (15) Furniture and Fixture 3,400 Purchase of Raw material
17. Q1 Closing stock is valued at Rs.12,000
18. Q2 Depreciate machinery at 15% p.a., Furniture and fixtures at 15% p.a
19. Q4 Provision for RDD should be maintained at 10% of the Debtors Q-5 A] Explain accounting concepts in details. (08)
    • B] Explain features of single entry in details. Q —5 Short notes (Any 03) (15) 7
20. Q1 Methods of depreciation
21. Q2 Objectives of accounting
22. Q3 Difference between Single entry system and Double entry system
23. Q4 Causes of depreciation
24. Q5 Subsidiary books

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