B.Com In Financial Management SEM V 2023 2024 Dec 2024 CORPORATE ACCOUNTING III Question Paper - Mumbai University | munotes

Questions asked in this paper

• Please check whether you have got the right question paper
• e Figures to the right indicate full marks

1. Q1 Profit & Loss A/c is prepared in form
2. Q2 NPA stands for
   • d. None of the above
3. Q3 Bills for collection are shown in Balance Sheet
   • a. Advances
   • b. Deposits
   • c. Acceptance
   • d. Notes to Balance Sheet
4. Q4 Provision for sub-standard assets in respect of unsecured infrastructure loan a/c where ESCROW A/c is available is
5. Q5 IRDA stands for
   • b. Insurance Regulatory and Developing Authority
6. Q6 Long term investments are carried at
   • a. Cost Price
   • b. Market Value
   • c. Cost or Market Price whichever is less
   • d. None of the above
7. Q7 On each Sale of Investment, Profit Loss is calculated as
   • c. Sale price less cost on FIFO basis
   • d. Sale price less cost on LIFO basis
8. Q8 AS-11 deals with
   • b. Investment
   • c. Amalgamation
   • d. Banking Insurance
9. Q9 Foreign Currency is a currency
   • a. Used in recording the foreign transaction
   • b. Used in presenting the foreign financial statements
   • c. Other than the reporting currency of an enterprise
   • d. Other than the Indian Rupee
10. Q10 At the end of the accounting period any difference in foreign exchange fluctuation is transferred to Alc,
    • a. Realization
    • b. Revaluation
    • c. Profit & Loss State whether the following statements are true or false. (Any 7) [7]
11. Q2 In the case of Marine Insurance, provision for unexpired risk is 100% of Net Premium
12. Q3 Interest is calculated on market value of the security
13. Q4 Rebate on Bills discounted is unearned discount
14. Q5 Balance Sheet of a Bank requires 11 Schedules
15. Q6 Profit & Loss A/c of a Bank is prepared in form A
16. Q7 Account Receivable is a non-monetary item
17. Q8 On the date of Balance Sheet in case of import, when there is an increase in the rate of exchange, there is foreign exchange loss
18. Q9 Ex-interest price — Accrued Interest = Cost of Investment
19. Q10 When shares are purchases cost is entered in the capital column (dr.) in the investment account
20. Q2 Solve the following Jash Ltd. had the following investments at Cost as on 1-4-2020: 15 marks
    • (a) In equity shares of RTL Ltd
    • (1) Acquired on 20-3-2020-5 000 shares @Rs. 15 each
    • (11) Acquired on 25-3-2020-6,000 shares @Rs. 17 each
    • (b) In 1,000 equity shares of TFL Ltd. @ Rs. 35 each acquired in January
    • (c) In 3,000 equity shares of ABS Ltd. @ Rs. 50 each acquired in February 2022. During the year ended 31st March 2015, the following further
    • (a) 2,000 equity shares of RTL Ltd. sold on 10-6-2020 @ Rs. 20 per share
    • b) 500 rights shares of TFL Ltd. purchased on 15-7-2020 @ Rs. 15 per
    • c) 1,000 shares of ABS Ltd. sold on 30th September 2020 @ Rs. 40 each
    • (d) 500 shares of TFL Ltd. sold on 2nd January 2021 @ Rs. 30 per share Pass entries for the above transactions in the books of Jash Ltd
21. Q2 B_ Solve the following On Ist January 2020, 1000- 12% Debentures of Rs. 100 each of Shiva Ltd were held as investment by Mr. Dharmesh at a cost of Rs. 91,000. Interest is payable on 31st December On Ist April 2020, Rs. 20,000 of such debentures were purchased by On Ist September 2020, Rs. 30,000 of such debentures were sold at Rs. 96 ex-interest. On Ist December 2020, Rs. 50,000 of such debentures were sold at Rs. 99 cum-interest. Interest is received on due date Prepare investment account for 12% debentures of Shiva Ltd. in the books of Mr. Dharmesh valuing closing stock as on 31st December 2020 applying AS-13. The debentures were quoted at Rs. 93 on 31st December 2020 15 marks
22. Q3 Solve the following During the year ended 31-12-2016, TCL Industries Ltd. entered into the following transactions in foreign currency. Pass journal entries for the same (including for bank transactions) 15 marks
    • a. Raw materials imported on 15 January 2016 from A in Singapore worth US $ 4,500. The payment for the same was made on 10
    • b. A machine was imported on 15 February 2016 from Machinery Manufacturers Inc, USA for US $ 34,000. The payment for the same was made as:
    • i. US $ 14,000 as advance on 15 February 2016
    • ii. US $10,000 on 28 February 2016 ili. Balance on 31 March 2016
    • c. Goods exported to South Africa on 25 June 2016 to SA Industries Ltd. worth US $ 12,500. The payment for the same was realised on
    • d. Order for machinery spares placed on 30 September 2016 for US $ 500. The bank on delivery of the spares made the payment for the
    • e. Goods worth US $ 5,700 exported to Al Industries, Dubai on 20 November 2016. The payment for the same was due after 3 months
    • f. Raw materials worth US $ 13,600 imported on 14 December 2016 from Fine Chemicals Ltd., UK. The payment for the same was to be The rates of exchange for the US $ 1 during 2016 were as under:
    • (i) 15 January 2016 47.50
    • (iii) 15 February 2016 47.90
    • (iv) 28 February 2016 47.85
    • (v) 31 March 2016 48.10
    • (vi) 25 June 2016 48.35
    • (vii) 2016 48.30
    • (viii) 30 September 2016 48 40
    • (x) 20 November 2016 48.50
    • (xi) 2016 48.75 Solve the following [15] The following details pertain to Kuber Bank Ltd as on 31“ March, 2023 Prepare the Profit & Loss Account for the year ended March, 2023 and Balance Sheet as on that date Investment in Government securities Subscribed Capital: Equity Shares of Rs.10 5,00,000 [Interest on Savings Bank deposits
23. Q1 accrued on investments Rs.8,000
24. Q2 discount amounts to Rs.380 Create Provision for bad and doubtful debts is Rs.5,000
25. Q4 on behalf of customers were Rs. 1,15,000
26. Q5 to Statutory Reserve 25%
27. Q6 Depreciation on Premises
28. Q4 Solve the following From the following balances of Raksha Marine Insurance Company Ltd as on March 2023 prepare Revenue account for the year ended 31“ March on re-insurance ceded 15 marks
29. Q4 Solve the following From the Books of Accounts of New Bank Ltd. as on 31st March, 2013 the following particulars regarding loans and advances given by the Bank in India are available: 15 marks
    • i. to Corporate Sector fully secured 10,00.000 (excluding banks but including companies in which directors are interested) ili. | Debts due by officers (excluding directors fully 2,00.000
    • vi. | Debts due by Manogka, a director of the Bank - 1,00.000 Debts due by companies in which the directors are 6,00.000
    • ix. | Maximum amount of debts at any time during the 15,00,000
    • xii. | Maximum amount of debts due by officers and You are required to show how the items are statutorily required to be entered in the Balance Sheet of the Bank
30. Q5 Explain Non Performing Assets and it’s classification. Explain the concept of Re-insurance. [7] 8 marks
31. Q5 Write short notes (Any 3) 15 marks
32. Q1 Cum- interest and Ex- interest
33. Q2 Bonus shares and Right shares
34. Q3 Reserve for Unexpired Risk
35. Q4 AS-11
36. Q5 Rebate on Bills discounted

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