B.Com In Investment Management SEM I 2017 2018 Nov 2018 INTRO. TO ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) Fill in the blanks (any 8 out of 10) 8 marks
2. Q1 Salary expenses account is account. (Real, Nominal)
3. Q2 Cash account is account. (Real, Nominal)
4. Q3 Small expenses of daily routine business are recorded in a/c. (Petty cash, Cash)
5. Q4 is the official body in India that issues accounting standard from time to time. (ICAI, ICSD
6. Q5 Annual Maintenance Charges of machinery is expenditure. (Revenue, Capital)
7. Q6 Cash Price = Hire purchase price - . (Interest, Balance amount of assets)
8. Q7 method of stock valuation is suitable for perishable goods. (FIFO, Weighted Average)
9. Q9 means the amount invested in the concern by its owner (Capital, Investment)
10. Q10 method of stock valuation gives higher profit during inflation. (Weighted Average, FIFO)
    • B) Rewrite the following statement and state whether true or false. (Any 7 out of 10) 7
11. Q1 Cash received on sale of old delivery vehicle is capital receipt
12. Q3 Credit transactions are entered in cash book
13. Q4 Accounting standard -2 deals with valuation of inventories
14. Q5 Accounting standard with disclosure of accounting policies
15. Q6 ASB stands for Accounting Standard Board
16. Q7 Manufacturing Account is nominal in nature
17. Q8 If capital receipts are shown as revenue receipts Profit & Loss Account will show higher profit
18. Q9 In hire purchase, depreciation on asset is charged by hire purchaser
19. Q10 In hire purchase Hirer and Hire Vendor are one and same
20. Q2 A) Journalise the following transactions: 2 Opened an account with the Bank of India by depositing cash Rs. 10,000 3 Purchased goods for cash Rs 1,000 5 Purchased Machinery for cash Rs 2,000 9 Total Sales amounted to Rs 15,000 of which cash sales is Rs 2,500 12 Withdrawn cash for personal use Rs 500 14 Received cash on account from. Mr. Raghu Rs 1,500 19 Rent paid Rs 500 cheque of Rs 2,000 received for commission from Mr. Raj 25 Goods sent to Mr. Raghu for Rs. 1,500 15 marks
    • B) Prepare bank reconciliation statement from the following information as on March 31* 2015 of Mr. Kishor
21. Q1 Bank balance as per cash book as on March 31“ 2015 Rs 12,500
22. Q2 Cheques amounting to Rs 5,050 deposited in the bank but collected Rs 3,500 only amounting to Rs 3,250 issued to the creditors out of which Rs 2,250 only presented for payments
23. Q4 A debtor deposited cash directly in the bank Rs 8,500
24. Q5 Bank credited Rs 1,000 for interest, but not yet entered in the cash book
25. Q6 As per instruction, bank collected a dividend of Rs 1,550 through ECS
26. Q7 drawn Rs 900 recorded twice in the cash book. 15 marks
27. Q3 A) From the following information calculate value of closing stock as on April’2015 as per FIFO and Weighted Average Method. Stock as on 1* April’2015 1000 @ 3 (15)
    • B) Mr. Akshay purchased a Machine from Amit Traders on 1-1-2011 for acash price of Rs.5,60,000 hire basis Rs.1,50,000 paid on signing of agreement and thereafter Rs.1,50,000 annually on December for 3 year Depreciation to be provided at 20% on WDV Method. Prepare following ledgers in the books of Akshay Machinery A/c, Amit Traders A/c and Interest A/c (15)
28. Q4 A) Vijay Chemicals has the following ledger balances as on 31“ March 2015. Purchase of Material Bank loan Freight on Material 42,000 | Creditors 1,32,000 Salaries and wages Repairs and renewals 2,500 Stock as on 1-4-2014 Work in progress 7,500 The following additional information is available: 15 marks
29. Q1 Closing stock: Material Rs 2,00,000; WIP Rs 12,000 and Finished goods Rs 2,08,000 2.Depreciation to be provided at 5 4 % on factory shed,10% on Machinery and15% on furniture 3.Repairs and rent, taxes are to be allocated between factory and office in ratio 3:2 for doubtful debt to be provided at 4% on debtors
30. Q5 Insurance premium covers a period of one month in advance You are required to prepare Manufacturing, Trading and Profit & Loss A/c and Balance Sheet for the year ended
    • B) From the following Trial Balance Prepare Manufacturing A/c and Trading, Profit & Loss A/c and Balance Sheet for the year ended March’2017 Work In Progress 5,000 Purchase of Raw Material 1,50,000 Purchase of Finished Goods 8,000 Provision for Bad debts 8,000 Rent, Rates and Taxes (50 % Factory) 12,000 Postage and Telegrams 2,800 Tea and Tiffin 1,600 Travelling and Conveyance (25% Factory) 8,000
31. Q1 Provide depreciation on Machinery and Furniture
32. Q2 Closing stock of Raw material, Work-in-progress and Finished Goods were Rs.40,000; Rs.12,000 and
33. Q3 Provide 5 % reserve for doubtful debt
34. Q4 Salary outstanding Rs.2,400 and insurance was prepaid by Rs.600 15 marks
35. Q5 Explain the nature and types of cash book. 8 marks
    • (B) What are advantages of double entry book keeping? 7
    • (C) Answer the following (Any 3 out of 5) 15
36. Q1 What are the merits and demerits of Accounting standard?
37. Q2 Define Inventory. Which items are excluded in the term inventory?
38. Q3 What are the characteristics of capital expenditure?
39. Q4 Write a note on Sales Method of accounting in Hire Purchase
40. Q5 Write a note on Manufacturing Account

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