BCom FY BCom Sem 1 2023 2024 Dec 2024 ACCOUNTANCY & FINANCIAL MANAGEMENT PAPER I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Fill inthe blanks with the given appropriate options (any 10) 10 marks
2. Q1 Accounting Standard 9 deals with (Disclosure of Accounting Policies Revenue Recognition Inventory valuation)
3. Q2 The person who sells the goods on Hire Purchase basis is called a
4. Q3 Sale of Scrap appears on the credit side of Account
5. Q4 Which of the following is not debited to General Profit and Loss Account (Income Tax Carriage Outward Interest on Loan)
6. Q5 Wages paid for installation of new machinery is a
7. Q6 The inventory system keeping accounting records that continuously disclose the amount of inventory is
8. Q7 Cost of Goods Sold = +'Purchase - Closing Stock
9. Q8 Trade mark is a
10. Q9 Amount received on sale of fixed asset is a
11. Q10 Discount received is allocated on the basis of each department
12. Q11 Hire purchase instalment = Part of principal amount +
13. Q12 Balance from Account is known as (Gross Profit Cost of Production Net Profit)
14. Q1 (B) State whether the following statements are TRUE and FALSE. (Any 10) 10 marks
15. Q1 AS-1 deals with Disclosure of Accounting Policies
16. Q2 Expenditure on acquisition of a permanent asset is a capital expenditure
17. Q3 Stocks are valued at cost or market price whichever is lower
18. Q4 Under Hire Purchase System the seller is the owner of goods until the payment of last instalment
19. Q5 FIFO method is more suitable for perishable goods
20. Q6 AS-2 is applicable to livestock
21. Q7 Wages is allocated on the basis of purchase of the department
22. Q8 Carriage inward cost should not be included in the cost of Raw material
23. Q9 Repairs of Furniture are a capital expenditure
24. Q10 In Departmental Advertisement expenses is allocated on the basis of purchase of each department
25. Q11 Revenue expenses are non-recurring expenses.
26. Q12 Income received in advance is shown on the asset side of the balance sheet
27. Q2 From the following Trial Balance of Mr. CAN, prepare Manufacturing A/c, Trading A/c, Profit and Loss A/c for Year ended 31st March, 2022 and Balance Sheet as on that date. Following is the Trial balance of Mr. CAN as on Opening stock — Work in Progress 10,000 Purchase of Raw Materials 5,00,000 Cash at Bank 12,000 Travelling and conveyance 40,000 Following further information is provided to you:
    • a. Closing stock as on Mar, 2022: Raw Material Rs.50,000, Work in Progress Rs.16,000, finished goods Rs.70,000
    • b. Depreciate Machinery @ 10% p.a. and vehicles @ 10% p.a
    • c. Provide Reserve for Doubtful debts @ 5% on Debtors
    • d. During the year, Raw Materials worth Rs.10,000 purchased on credit basis not recorded in the books
28. Q2 The Trial balance of Mr. as on March, 2023 was as follows: Work in progress 10,000 | Bills Payable 8,500 Finished Goods 15,500 | Sales of Scrap 1,500 Carriage Inward 1,000 | Provision for Doubtful Debts 1,600 Repairs of Plant 1,200 Repairs of Office Furniture 600 Cash at Bank 2,300 Plant and Machinery 90,000 ollowing additional information is provided to you: 20 marks
29. Q1 Closing Stock as on March, 2023 was: Raw Materials Rs.15,800, Finished Goods 8,200, Semi-Finished
30. Q2 Rs.2,000 and Wages Rs.2,000 of March, 2023 were paid in April 2023
31. Q3 Lighting expenses were outstanding Rs.600 whereas insurance was paid Rs.500
32. Q4 25% of the lighting expenses and rent is to be charged to office premises and the remaining amount is to be charged to factory
33. Q5 Depreciation is to be written off on Machinery at 10 % p.a. and on Furniture at 5 % p.a You are required to prepare manufacturing account, trading account and profit and loss account for the year ended 31st Mar, 2023 and Balance Sheet as on that date
34. Q3 The stock of material on hand on December, 2022 was 2600 units @ Rs.7.00 each. The following purchases and issues took place subsequently. Calculate Stock on hand on December, 2022 under FIFO & Weighted Stock verification revealed shortage of 50 units on 17 December, 2022
35. Q3 A Mini bus is purchased for 3,20,000 under hire purchase agreement on 1-1-2020. The amount payable is 80,000 on while entering the agreement and the balance in three annual Installments of 1,00,000 each at end of each year i.e 31* Dec. Depreciation is charged of 10% on written down value method. Show the Asset Account and Hire Vendor’s account in the books of the Purchaser. (20) From the following information prepare Departmental Trading and Profit & Loss account for two Departments X & for the year ended March 2022 (20)
36. Q1 Closing stock was ‘X’ — Rs.40,500 & — Rs.37,600
37. Q2 Area occupied by both departments is on the ratio of 2:1 respectively
38. Q3 Carriage outward, Advertisement & Discount allowed should be distributed as per Sales Ratio whereas Discount Earned should be distributed as per Purchase Ratio
39. Q4 General salaries and General expenses are to be allocated equally
40. Q5 Goods costing Rs.3000 were transferred to Dept. X from Dept. Y
41. Q4 State whether the following are Capital or Revenue expenditures or receipts. Give Reasons 20 marks
42. Q1 Carriage paid for bringing new Machinery
43. Q3 Insurance premium paid for the insurance of Plant
44. Q4 Loan repaid which was taken from BOI
45. Q5 Paid tax consultancy fees to CA
46. Q6 Repairs and maintenances of machinery
47. Q7 Interest received on Investment
48. Q8 Cost of increasing the seating capacity of a cinema hall
49. Q10 Paid fees to the Association for membership
50. Q5 Answer the following:
    • a) Explain the Provisions of AS-1 regarding Discloser of Accounting Policies. 10
    • b) What are the provisions of Revenue Recognition as per AS-9? 10
51. Q5 Write short notes on: - (any 4) 20 marks
52. Q1 Manufacturing Account
53. Q3 AS2
54. Q5 Objectives of Departmental Accounts

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