B.Com In Investment Management SEM I 2017 2018 March 2018 INV. MGT INTRO. TO ACC Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 All questions carry equal marks
2. Q3 Figures to the right indicate marks
3. Q1 A) Fill in the blanks. (Any Eight) 8 marks
4. Q1 is the initial amount payable by the hirer, made up of Cash price of the article and Interest
5. Q2 Each HP Installment amount is made part payment towards plus Interest
6. Q3 deals with —Disclosure of Accounting policies
7. Q4 deals with Depreciation Accounting
8. Q5 AS is .(Mandatory Voluntary)
9. Q6 Capital Expenditure is shown as in Balance Sheet
10. Q7 Expenditure is Non recurring in Nature
11. Q8 Carriage outward is shown in the Account,
12. Q9 Closing stock of Finished goods appears in Account
13. Q10 Sale of scrap will appear on the side of Manufacturing Account
14. Q1 B) Match the Following: (Any Seven) Outstanding Expense Valuation of Inventories Prepaid Expense Accounting for Fixed Assets AS-10 Shown as Liability Bank of India C0821 F.Y.B.COM. (INVESTMENT MANAGEMENT) (CHOICE BASE) INTRODUCTION TO ACCOUNTING I 7 marks
    • Q.P. Code : 00480
15. Q2 From the following identify whether it is capital, revenue income or expense and give explanation for 15 marks
16. Q1 Painting of Factory Shed
17. Q2 Purchase of Building Rs.80 lacs and incurred stamp duty etc. of Rs.4 lacs
18. Q4 Training provided to staff members for better running of machinery
19. Q5 Sale of Investment Rs.25000
20. Q6 Stock destroyed by fire Rs.10000 having insurance of Rs.2000/
21. Q8 Purchase of Imported Raw material of Rs.20000/-, paid custom duty etc
22. Q2 Journalise the following transactions in the books of Mr. Bipin. July 1 Started business with Cash Rs.2,25,000, Goods worth Rs.50,000 and Laptop Rs.45,000 July Deposited in Dena Bank Rs.1,50,000 July 7 Bought goods on credit from Manish Rs.10,000 at 10% Trade discount July 11 Sold goods to Nitin of Rs.12,000 at 5% Trade discount July 13 Goods worth Rs.900 burnt in fire July 17 Received cash of Rs.11,200 from Nitin in full settlement of his account July 20 Drew from bank Rs.4000 for his personal purpose July 23 Paid cash Rs.8,700 to full settlement of his account July 28 Sold goods worth Rs.12,000 to Dinesh who paid Rs.8,000 on account 15 marks
23. Q3 A) Find the value of closing stock as per FIFO method. C0821 F.Y.B.COM. (INVESTMENT MANAGEMENT) (CHOICE BASE) INTRODUCTION TO ACCOUNTING I 8 marks
    • Q.P. Code : 00480
    • b) Jyoti Ltd purchased a Machine from Nanda Ltd on Hire Purchases Basis on July, 2014. The terms of the contract were as follows:
24. Q1 The Cash Price of the Machine was Rs.150000
25. Q2 Rs.30000/- was paid on signing the contract on July, 2014
26. Q3 The balance was paid in instalment of Rs.40,000 plus interest at 15% p.a
27. Q4 The Instalment was paid on December every year commencing from December, 2014 Jyoti Ltd charged depreciation at 20% p.a. under S.L.M. They closed their books on December Prepare Machinery Account and Vendors Account in the books of
28. Q4 A) The Trial balance of Rupa on December, 2016 as follows:- Adjustments:- The following additional information is provided to you: 15 marks
    • (a) Closing Stock: C0821 F.Y.B.COM. (INVESTMENT MANAGEMENT) (CHOICE BASE) INTRODUCTION TO ACCOUNTING I
    • Q.P. Code : 00480
    • (b) Salaries unpaid for December, 2016 Rs.2000
    • (c) Wages unpaid for December, 2016 Rs.6000
    • (d) Machinery is to be depreciated by 10%
    • (e) Office furniture is to be depreciated by 5%
    • (f) Provision for Doubtful debt is to be maintain at 10%
    • (g) Lightning to be divided between Office premises and Factory. Lightning is to be charged to Office premises for Rs.600 and remaining Rs.2000 are to be charged to Factory
    • (h) Factory premises occupy % of total area You are asked to Prepare the Manufacturing Account, Trading Account, Profit & Loss the Balance sheet as on December, 2016
29. Q4 B) From the following Trial Balance of Tarun Enterprises, Prepare Manufacturing, Trading and Profit and Loss A/c for the year ended December, 2016 and Balance Sheet on that date: Purchases of Raw 1,91,600 Capital 1,25,000 C0821 F.Y.B.COM. (INVESTMENT MANAGEMENT) (CHOICE BASE) INTRODUCTION TO ACCOUNTING I 15 marks
    • Q.P. Code : 00480
30. Q2 1/3 of carriage is for sale of goods and 2/3 is for purchase of raw materials
31. Q3 Goods purchased worth Rs.6,000 are included in closing stock but no entry.is passed in the books for the same
32. Q4 Depreciate Plant & Machinery and Furniture by 10% p.a
33. Q5 Create provisions of 10% for bad and doubtful debts
34. Q6 In fire, finished goods costing Rs.10,000 were destroyed but insurance company admitted the claim of Rs.6,000 only
35. Q7 Debtors include Rs.10,000 due from Abeer. An amount of Rs.8,000 is also due to him and it is included in creditors
36. Q5 (A) Explain reasons for difference in Pass Book and Cash Book? 8 marks
    • (B) Explain Benefits of IFRS. 7
37. Q5 Write Short Notes. (Any Three) 15 marks
    • (i) Convention of Conservatism
    • (ii) Accrual Concept and Period Concept
    • (iii) Explain AS 2
    • (iv) Explain features of Hire Purchase
    • (v) Format of Manufacturing Account

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