B.Com In Investment Management SEM I 2023 2024 Dec 2024 INTRODUCTION TO ACCOUNTING I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) Fillin the blanks. (Any 8) 8 marks
   • 1. Amount which is not recoverable from customers is known as
   • 2. is the amount invested by the owner of a business
   • 3. A person who is unable to pay his debt, is called
   • 4. State Bank of India is a account
   • 5. is an explanation of an entry given just below the entry
   • a. Balance sheet b. Profit and loss account c. Manufacturing account
   • 7. Carriage inward is debited to accounts
   • a. Balance sheet b. Profit and loss account c. Manufacturing account
   • 8. is the initial amount payable at the time of signing the agreement
   • 10. If the hire purchaser fails to make payment cf any installment, it is called
2. Q1 B) State Whether the following statement is True or False. (Any 7) 7 marks
   • 1. HDFG Bank is an example of Personal account
   • 2. In Cash transactions, goods or services are purchased for cash only
   • 3. Journal is a book of daily records
   • 4. Depreciation is always charged on Fixed Assets
   • 5. Wages paid to worker is a revenue expenditure
   • 6. Hire purchased transactions are governed by Hire Purchase Act, 1972
   • 7. Cash price is the purchase price payable if full amount is made immediately
   • 8. Valuation of inventories is governed by accounting standard 2
   • 9. Revenue expenditure is in nature
   • 19. Hire purchase is an agreement betwee. hirer and the vendor From the following Trial Balance of Mr. Neelkanth, Prepare Manufacturing Account, Trading Account, Profit and Loss Account for the year ended March, 2016 and Balance sheet as on that date. (15) Trial Balance of Mr. Neelkanth as on March, 2016 Purchase. of Raw Material SEMI INTRODUCTION TO ACCOUNTING 75 Marks [Selling and Distribution Following further information is provided to you:
   • 1. Closing Stock as on 31 March, 2016 is Raw Material % 20,000, Work-in-Progress %
   • 2. Outstanding Factory, Power and Fuel is = 2,000
   • 4. Provide Reserve for Doubtful Debts @ 5% on Debtors
3. Q2 b) Journalise the following transaction in the books of Kajal 15 marks
   • 1. goods 60,000 and-furniture 65,000
   • 2. Opened current account in Bank of Baroda by depositing 75,000
   • 3. Cash purchase 35,000
   • 5. Cash Sales 55,000
   • 15. Withdraw from Bank for personal use 5,000
   • 30. Rent paid by cheque 7,000
4. Q3 a) On 1* January 2020, Laxmi Transport Ltd. purchased a Bus from RB Ltd. on hire purchase basis. The cash price of bus was % 5,96,000; % 1,60,000 was to be paid on the date of purchase and the balance in thrce instalmer ts of 1,60,000 on December every year subject to interest @ 5% p.a. on Balance-Method Prepare the following accounts in the books of Laxmi Ltd. (15) VCD/ G | SEMI INTRODUCTION TO ACCOUNTING 75 Marks
   • 1. Vendor A/c
   • 2. Bus A/c
   • 3. Interest A/c
   • 4. Deprecation A/c
5. Q3 b) On January, 2016, Mr. Lal Prasad purchased one car from Maruti Ltd. Cash price of the was 2,30,000. Down payment of 50,000 was made on that day. Remaining amount was to be paid in 3 annual installments of = 60,000 each plus interest @ 10% on outstanding balance at the beginning of the year. The due date of annual installment was on 31* December, every year Mr. Lal Prasad depreciated car in the books @ 10% on WDV method. (15) You are required to prepare the following in the books of Bharat-Ltd
   • 1. A Statement showing calculation of interest
   • 2. Car A/c
6. Q4 a) Journalise the following transaction in the books of Mr. Amol 15 marks
   • 1. Mr. Amol started business with cash ~ 90,000
   • 4. Purchased goods from Payal 20,000
   • 7. Deposited cash in to IDBI Bank 40,000
   • 10. Sold goods to Kajal = 50,000
   • 13. Purchased Laptop of = 50,000 in cash
   • 17. Paid Monal by cheque 20,000
   • 20. Paid Wages 1,000
   • 25. Paid Salary 9,000
7. Q4 b) State which of the following expenses are capital or revenue. Explain with reasons. Wages paid to the workers for fixing of a new machinery 15 marks
   • 2. Cost of goodwill purchased
   • 3. Heavy expenditure incurred on advertisement
   • 4. Cost of construction of a building
   • 5. Machinery costing = 10,000 for = 12,000.
   • 6. Purchased marketing rights of IPL IV for = 15,00,000
   • a) Explain in brief 8
   • i)Manufacturing Account ii) Interest Received in Advance
   • b) Difference Between Journal and Ledger SEMI INTRODUCTION TO ACCOUNTING 75 Marks 2'?Hours 7
8. Q5 b) Write a short note on. (Any Three) 15 marks
   • i) Branches of Accounting
   • v) Opening Entry

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