Bachelor of Commerce (B.Com.) FY BCom Sem 1 BCom Sem 1 (2016 2017) Feb 2017 ATKT ACCOUNTS Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 a) State whether the following statement are True or False (any 8) (8}
   • 2) There is no need to established Accounting Standard
   • 3) AS-2 is not applicable to Mineral Oil
   • 4) Hire Purchase price is equal to cash price
   • 5) AS-9 does not deal with revenue arising from hire purchase
   • 6) is mandgtory for all the companies
   • 7) Amount which is not recoverable from customers is known as Bad debts Depreciation is apportioned equally in all departments
   • 9) All the factory expenses are debited to Manufacturing A/C
   • 10) Capital Expenditure is recurring in nature
2. Q1 b) Match the following columns: (any 7) 7 marks
   • 1) Revenue Recognition |) First in first out
   • 2) Basic rule of valuation of Inventories 2) Gross Profit
   • 3) Disclosure of Accounting policies 3) AS-2
   • 4) Accounting policjes 4) Cost of Production
   • 5) FIFO Method 5)
   • 7) Trading A/C 7) AS-1
   • 10) Purchase of Assets. 10) Lower the cost & net realisable value
   • 11) Capital Receipts
   • 12) AS-10
3. Q2 From the following trial balance of M/s Ltd. Prepare Manufacturing Account, Trading Account, P & Account and Balance sheet for the year ended December 2014. (15) expenses 24,000 | Reserve for Bad Debts 12.00 Salary to Manager 33,000 Purchase of Raw Material 6,00,000 The following additional information is also available:
   • 1) December 2014 stock were valued as: Work in Progress Rs.1,50,000
   • 3) Write off Trade Marks @ 33 1/3% +) Outstanding Expenses were Printing & Stationery Rs.3,000
   • 5) Prepaid Expenses were Factory Rent & Taxes Rs. 4,000
   • 6) Increase Reserve for Bad Debts by Rs. 10,000
4. Q2 The trial balance of M/s Pragati as on December 2014 is as follows: wovk in 30,000 | Sale of scrap 4,500 Sundry debtors 81,000 | Provision for doubtful debts 5,000 Repairs to plant 3,500 Repairs to office furniture 1,800 Cash at bank 36,000 The following information is provided to you: 15 marks
   • 3) Machinery to be depreciated by 10% & Office furniture by 5%
   • 4) Provision for Doubtful Debts is to be maintained at '0%
   • 5) Lighting is to be charged to premises for Rs. 900 & remaining Rs. 3,000 are be charged to factory premises You are required to prepare Manufacturing Account, Trading account, Profit & Loss account and Balance sheet as on December 2014, w Q3) From the following information prepare Departmental Trading and Profit & Loss account for two Departments X & Y for the year March 2004: (15) Closing stock was — Rs. 20,500 & ‘Y’ 17,600,
   • 2) Carriage outward, Advertisement & Discount allowed should be distributed as per Sales Ratio where as Discount Earned should be distributed as per Purchase Ratio,
   • 3) General salaries and General expenses are to be allocated equally,
5. Q3 From the following the balance prepare Departmental Trading and Profit & Loss account for the year ended December 2009 . (15) The following information is also provided:
   • 2) Advertising is to allocated equally
   • 3) Internal transfer of goods from Department ‘A’ to Department ‘B’ Rs. 6,000
   • 4) Rent, Rate & Taxes, Lighting & Heating, salaries and carriage inward to be allocated 2/3 to Department ‘A’ & 1/3 to Department
6. Q4 A) From the following information of Z Co. Calculate closing stock & prepare stock ledger by FIFO Method. (8)
   • 2) 10/04/12 4500 Units @ Rs. 8.00
7. Q4 B) On Jan, 2008 Ram has purchased a machine from Hanuman and paid Rs the of delivery. The cash price was Rs. 1,44,000 The*balance amount was paid in the following four instalments on the Decemb every year with interest @ 5% on cash price : Rs. 36,000 on 31/12/2008, Rs. 34,500 on 31/12/2009, Rs. 33,000 on 31/12/2010 and Rs.31,500 on 31/12/2011 Pass necessary Journal entries in the books of Ram
8. Q4 a) From the following information of ABC Co. Prepare stock ledger by Weighted
   • 4) 07/04/13 Sales 5000 Units
   • 5) 15/04/13 Sales 6500 Units
   • 6) 20/04/13 Sales 7500 Units
9. Q4 B) On 1* Jan, 2012 Mr, ‘A’ has purchased a Car from Mr.B and paid Rs. 72,000 at the time of delivery. The cash price was Rs. 4,32,000 The balance amount was paid in the following four instalments on the every year with interest @ 5% on cash price, Rs. 1,08,000 on 3 1/12/2012, Rs. 1.03,500.0n 31/12/2013, Rs. 99,000 on 31/12/2014 and Rs.94,500 on 31/12/2015. Depreciation should be Pass necessary Journal entries in the books of Mr
10. Q5 State whether the following statements are Capital or Revenue Expenditure or Receipts ) Salary paid to office staff Rs. 50,000
    • 2) Expenditure incurred in preparing project report
    • 3) Painting of Factory Building Rs.10,000
    • 4) Commission received on sales Rs.2,000,
    • 5) Received Rs. 1,00,000 from sale of old Machinery
    • 6) Expenditure for training employees for better running of Machinery
    • 7) Purchase of Motor Car for Rs. 5,00,000
11. Q5 write short Note: (any 3) 15 marks
    • 1) Capital Receipts
    • 2) Departmental Accounting
    • 3) Hire Purchase
    • 4) Manufacturing Account
    • 5) Revenue Expenditure

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