B.Com. (Financial Management) SEM II 2022 2023 Apr 2023 FINANCIAL ACCOUNTING II Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 a) State whether following statements are True or False. (any 8) Under the hire purchase system, depreciation is provided by the hire purchaser 8 marks
   • 2. Discount allowed is allocated on the basis of sales of each department
   • 3. Balance in Goods sent to Branch A/c is transferred to credit of Trading A/c
   • 4. The ratio by which existing partners are benefited is known as gain ratio
   • 5. Hire purchase price is equal to total amount payable by the hirer
   • 6. Incase of dissolution, assets and liabilities are transferred to realization account There are two types of branch accounts dependent & independent branch
   • 9. In piecemeal distribution order of payment need to be followed
   • 10. Death of a partner is considered as compulsory retirement
   • b) Match the following. (any 7 Depreciation a4 a) provided by hire purchaser on cash price 7
   • 2. Discount received b) allocated on the basis of purchase ratio
   • 4. Bad debts d) Calculated on debtors Number of years
   • 7. Piecemeal distribution g) First pay to realization expenses
   • 8. lighting h) No. of points in each department
   • 9. Debtors method i) Small size of dependent branch
2. Q2 X&CO. of Delhi have a branch at Madras. Goods are sent by the head office at invoice price which is at the profit of 25% on cost price. All expenses of the branch are paid by the head office. From the following particulars, prepare branch account in head office books when goods are shown at invoice price. (15) Goods sent te branch at invoice price Rs. 20,000 Expenses made by head office:-Rent Rs.600, Wages Rs.200, and Salaries Rs.900 Remittances made to head office:-Cash sales Rs.2650, Cash collected from debtors Rs.21, 000 Goods returned by branch at invoice price Rs.400
3. Q2 From the following balances prepare Departmental Trading & profit & loss account for the year ended VCD/ FYFMGSEMII SUB:- FINANCIAL ACCOUNTING TIME: 2 % Hrs. MARKS:75 The Car Mart Company purchase a motor car from Autorider Company on a hire purchase agreement on 2011, paying cash Rs.10,000 and agreeing to pay further three Installments of each on each year. The cash price of the care is Rs.37,250 and the Autorider Company charges interest 5% pa. Deepak Gupta writes off 10% p,a. as depreciation on reducing balance method. Compute the amount of yearly depreciation: Calculate the Depreciation by R.B.M You are required to Journalized the transaction for all the years in the books of The Car Mart Company under the credit purchase method. Also show the Motor Car A/c and the Hire A/c in its ledger 31 marks
4. Q3 From the following particulars you are required to prepare Departmental Profit & loss Account fo: Transfer stock worth Rs} 20000 from department A to department B. advertising expenses should be apportioned in the ratio of sales, and general expenses in the ratio of 2:3 between department A and B. also prepare general profit. and account
5. Q4 Pandit, Karma fe partners sharing profit & losses in the ratio 4:2:1. They decided to dissolve their partnership 2021 when their balance sheet was as under:- (15) VCD/ FYFMG SEM SUB:- TIME: 2 % Hrs. MARKS:75 Rs 1,680 has to be provided for realization expenses Thereafter all the cash received should be distributed among the partners. The amount realized were as The actual realization expenses were Rs Prepare a statement showing piecemeal distribution of cash as per Mr. Tata purchased a car on hire-purchase basis from Santro Ltd, on for Rs he paid Rs20,000 on sighing the contract and four half-yearly installments of Rs 60,000 each on June and December every year thereafter. The cash value of the car was Rs 2,10,000 Santro Ltd, charged interest at 20%
   • P.a. with half-yearly charge. Depreciation @ 20% p.a. on W.D.V is charged on car Prepare ledger Accounts for Mr. Tata and interest in the books of Santro Ltd, for the years 2012 and 2013. (15)
6. Q5 A) What need for preparing departmental accounting? 8 marks
   • B) Distinguish between hire purchase system & installment purchase system. QS. Write short notes on (Any three) (15) 7
   • 1) Branch account
   • 2) Admission of a partner
   • 4) Dissolution of a partnership

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