B.Com In Financial Management SEM I 2023 2024 Dec 2024 FINANCIAL ACCOUNTING I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Objectives Questions
   • (A) Multiple Choice Questions (8 out of 10) 8
   • 1. Surplus of income over expenses is
   • (a) Profit (b) Loss
   • (c) Assets (d) Liabilities
   • 2. Purchase is a expenses
   • (a) Direct (b) Surplus
   • (c) Indirect (d) Deficiency
   • 3. Increase in value of fixed assets is called as
   • (a) Appreciation (b) Revalued
   • 4. Carriage inward debited to
   • (a) Trading A/c (b) Profit and loss A/c
   • 5. Machines is
   • 6. Discount is not recorded in the book of account
   • (a)-Trade (b) cash
   • (c) Flat (d) credit
   • (a) Income (b) Assets
   • (c) Expense (d) Liabilities
   • 8. Prepaid expenses are for business
   • (a) Assets (b) Liabilities
   • (c) Expenses (d) Income
   • 9. Primary Packing
   • (a) Trading A/c (b) Profit and loss A/c
   • 10. Amount which is not recoverable from customer is known as ; Anny of the above
   • (B) State whether the following are true or False: (7 out of 10)
   • 1. Bank overdraft is asset of the business
   • 2. Trade discount should be appearing in the boos of accounts
   • 3. Goodwill is a fictious assets and-every_journal entry
   • 5. Single entry system is useful for large organisations
   • 6. Loan account is personal account YCD/ /FYFMG SEM I FINANCIAL ACCOUNTING 2 % HRS 75 MARKS
   • 8. Goodwill comes under real account
   • 9. Drawing made by proprietor can decrease
   • 10. Depreciation should be charged on fixed assets ().2. (A) Journalise the following transaction in the books of m/s Kaushal trading co. (08) March 1 Business starts with cash Rs 5,00,000 March Purchase machinery worth Rs 1,00,000 on cash March 10 Purchase goods from Ram Rs 50,000 March 15 goods to Shyam Rs 40,000 March 25 salary to raj Rs 5,000 March 28 old machinery to Kabir for Rs 10,000
2. Q2 (B) From the following particulars, prepare the petty cash book having analysis May 1 Received from the chief cashier 2000 Paid for postal stamps. 200 20 Paid for conveyance of the manager 500 Paid for advertising 250
3. Q2 (C) Saurabh bought a Machine costing * 1,15,000 on Ist April 2016 and 5,000 towards its installation. He writes off depreciation @10% p.a. on Written Value Method every year. His bouks are closed on 31st March every year On Ist Oct 2018 he disposed off the Machine for * 80,000 Give Journal Entries in the books of Saurabh tili 31st March,2619 (15)
4. Q3 (A) From the following Trial Balance of M/s. Ganesh, you are required to prepare Trading and Profit & Loss Account for the year ended 31st March, 2011 and Balance sheet as on date after taking into account the additional information. (15) Trial Balance as on 31st March, 2011 /FYFMG SEM I FINANCIAL ACCOUNTING 2 % HRS 75 MARKS
   • 1. Closing stock on 31st March, 2011 was valued at Rs 20,000
   • 2. Create R.D.D on Debtors 5 %
   • 3. Outstanding wages was Rs 1,000
   • 4. Depreciate Furniture by 10%
   • 5. Insurance paid in advance Rs 300
5. Q3 (B) Mr. raj is dealing in business of fruits. he maintains accounting record with single entry. The following are taken for his record. (15) Plant and Machinery 20,000 40,000
   • 1. Mr. Raj introduced Rs. 7,000 as fresh capital
   • 2. He spent Rs. 40,000 from his business for his daughter’s marriage
   • 3. Depreciate Building by Rs. 6,000
   • 4. Create 5% reserve for doubtful debts on Sundry Debtors Prepare: 1. Opening Statement of Affairs
   • 2. Closing Statement of
   • 3.Statement of Profit or Loss for the year ended /FYFMG SEM I FINANCIAL ACCOUNTING 2 % HRS 75 MARKS 2019 March 1 Cash in hand Rs 2500 14 Cash received from Prakash Rs_ 1000
6. Q4 (C) On ist April 2016 M/s Poonawalla & Co. Latur. Purchased Equipments of 50,000 against cheque. They decided to follow Fixed instalment Method of depreciation The life of the Equipments is estimated as 8 years and scrap-value of the Equipments at the end of its life is estimated as 2,000 On Ist Jan 2019 entire Equipment is sold for 35,000. The firm closes its Books of Accounts on 31st March, each year Prepare Equipment A/c (15)
   • (A) Write down difference between revenue receipt and capital receipt 8
   • (B) Define depreciation and its various method in detail. /FYFMG SEM I FINANCIAL ACCOUNTING 2 % HRS 75 MARKS 7
7. Q5 Write short notes on: (3 out of 5) 15 marks
   • a) Capital expenditure
   • b) Sales book
   • c) Personal account
   • d) Classification of assets
   • e) Revenue receipt

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