B.Com In Financial Management SEM I 2022 2023 2023 FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 (a) Multiple choice questions: (any 8) 8 marks
2. Q1 Generally incomplete records are maintained
3. Q2 The capital balances are ascertained by
   • a. Trial balance b. Statement of Affairs c. Trading Balance Sheet
4. Q3 All expenses are recorded on the side of the Cash Book
   • a. payment b. receipt & payment d. None of these
5. Q4 Cash purchases will be recorded on side of the Cash Book
6. Q3 columns of the Cash Book are never balanced
7. Q6 In a statement of Profit or Loss interest on capitalis
8. Q7 The left hand side of the account is called side
9. Q8 Cash Account shows the receipts and in cash
10. Q9 When a cheque is dishonoured the entry made originally on its receipt is
11. Q10 All expenses are recorded on the side of the Cash Book
12. Q1 (b) State whether the following statements are true or false: (any 7) 7 marks
13. Q3 Loss by fire is a Nominal Account
14. Q4 Balance sheet is a statement and not an account
15. Q5 Profit Loss A/c shows the financial position of the concern
16. Q6 Every debit has an equal and corresponding credit 7 Sales-Cost of goods sold= Gross Profit
17. Q8 Statement of Profit is just like and Loss A/c Sem: I FINANCIAL ACCOUNTING Marks: 75 Time: 2% Hrs
18. Q9 Trade discount is entered in cash book
19. Q10 There are no restrictions on withdrawal of cash in respect of Saving Account
20. Q2 a) Following information is extracted from the books of Anil , Prepare Trail Balance for the year ended 31st March 2016. (8)
21. Q2 b) Journalise the following transactions in the books of Mr.Gautam Industries Ltd. 7) Jan 1. Business started with cash 25000 furniture 10000 building 75000, Jan 6. Purchase goods worth Rs.15000 at 10% Trade discount from Rachit &amp: Jan 8. Sold goods Rs 18000 to Darshit & company Jan 15. Received cash from Darshit & company
22. Q2 Form the following details, you are required to prepare analytical petty cash books of Mohan the month ending 31st January, 2012 Rs (15) 1 Received from the main cashier 900 2 Paid conveyance charges to Ram 12 , FYFMG FINANCIAL ACCOUNTING Marks: Time: 2% Hrs Charges for cleaning the office paid to Ramesh 7 10 Paid advertisement charges to Times of India 22 12 Purchased a chair for office from Sham 45 15 Paid conveyance expenses to Mehul 3
23. Q3 (a) Parekh bought the machine costing 9,000 on Ist April, 2012. He had to pay Rs. 1,000 towards its installation. He writes off depreciation at 10% on original cost every year. His books are closed on 31st March every year On Ist October, 2015; he disposed off the machine for 5,000. Show the machinery account and Depreciation Account for all these years. (15) 0.3(b) Miss Rani commenced her business with a capital of Rs. 1.30.000 on 1" April 2010 Her financial position as on March, 2011 was as follows: Cash Rs. 9.120, Stock Rs
    • a) She brought additional capital Rs. 20,000 on 30" September 2010. Interest on capital is to be provided at 5% pa
    • b) She withdrew Rs. 10,000 for personal use on which interest is to be charged at 6% pa
    • c) R.D.D. is to be provided at 2.5% pa. after providing Bad debis Rs. 1,000
    • d) Depreciate Vehicles at 2% and Premises at 4% Find the Net Profit or Loss of her business for the year ended March. 2011. (15)
24. Q4 (a) Mr.Surendra, a shop keeper, had prepared the following Trial balance from his ledger as at March, 2022. (15) ash in hand Expenses 14,090) Cash as bank inward Drawings 4,000Printing & stationery (for last VCD FYFMG Sem: FINANCIAL ACCOUNTING Marks: 75 Time: Hrs ommission on sales | 17.000) Prepare Trading & Profit & Loss A/c for the year ended March, 2022 and balance sheet as on that date Cost of goods sold in stock march, 2022 was Rs. 1,45,000
25. Q2 Goods withdrawn by Mr. Surendra for personal use was Rs. 5,000
26. Q3 Rs. 11,000 Printing & Stationery for the last year was not provided in the last year but was provided and paid in this year. =
27. Q4 Purchase include purchases of furniture Rs. 10,000
28. Q5 Debtors include Rs. 5,000 bad debts. Provision for bad debts to be created @5%.\
29. Q6 Depreciate furniture by 10%. Motor car by 20%
30. Q7 The salesman were, infact, entitled to commission of Rs. 40,000 in aggregate
31. Q4 (b) Mr.Gopal is dealing in business. He maintains his accounting with Single entry. The following are details of his business: (15) Mr. Gopal introduced Rs. 10,000 as additional capital. He spent Rs. 45.000 for personal use Depreciate Land & Building by Rs. 5,000. Provide 5% R.D.D on Debtors. Prepare Opening of affairs, Closing Statement of affairs and the statement of profit or loss
32. Q5 (a) Prepare a ‘Note of Current Liabilities’ giving all details, . 8 marks
    • (b) Define the term and explain the importance of accounting FYFMG Sem:I FINANCIAL ACCOUNTING Marks: 75 Time: 2’ Hrs 7
33. Q5 Short Notes: (any 3): 15 marks
34. Q2 Format of Trading A/c
35. Q3 Types of Accounting Standards
36. Q4 conservatism
37. Q5 Adjustment of closing stock in final accounts

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