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BCom FY BCom Sem 1 BCom Sem 1 (2016 2017) Oct 2017 ATKT ACCOUNTS Question Paper - Mumbai University | munotes

BCom Sem 1 (2016 2017) Question Paper, Oct.pdf
FY BCOM · 1 May 2025

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Questions asked in this paper

  1. Q1 a) State whether the following statement are True or False (any 8) 8 marks
    • 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 arising from hire purchase
    • 6) is mandyory tor all the companies,
    • 7) Amount which is not recoverable from customers is known as Bad debts
    • 8) Depreciation is apportioned equally in all departments
    • 9) All the expenses are debited to Manu facturing 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
    • 3) Disclosure of policies 3) AS-2
    • 4) Accounting policies 4) Cost of Production FIFO Method 5) AS-9
    • 7) Trading A/C 2 10) Purchase of Assets 1G) Lower the cost & net realisable value
    • 11) Capital Receipts
    • 12) AS-10
  3. Q2 From the following trial balance of M/s S Ltd. Prepare Manufacturing Account, Trading Account, P & L Account and Balance sheet for the year ended 31“ December 2014. (15) Factory expenses | 24,000 | Reserve for Bad Debts | 12.000 salary to Manager 33.000 Purchase of Raw Material ‘The following additional information is also On 31" December 2014 stock were valued as: Work in Progress
    • 3) Write off Trade Marks @ 33 1/3% p.a
    • 4) Outstanding Expenses were Printing & Stationery Rs.3,000
    • 3) 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 31 December 2014 is as follows: work in progress | 30.000 | Sale of scrap 4.500 Sundry debtors 81.000 | Provision for doubtful debts | 3.000 Repairs to plant 3.500 Repairs to furniture Work in progress Rs.21,000 15 marks
    • 3) Machinery to be depreciated by 10% & Office furniture by 5%
    • 4) Provision for Doubtful Debts is to be maintained at 10%
    • 5) Lighting is to be charged to office premises for Rs. 900 & remaining Rs. 3,000 are to be charged to factory premises You are required to prepare Manufacturing Account, Trading account, Profit & Loss account and Balance sheet as on December 2014
    • 3) From the following information Prepare Trading and Profit & Loss “ccount for two Departments X & Y for the year ended March 2004: (15) Closing stock Was Rs. 20,500 & Rs. 17.600
    • 2) ard, Advertisement Discount ed should be distributed as per = Sales here as Discount Earned Should be distributed as per Purchase Ratio,
    • 3) General Salaries and are to be allocated equaliy, From the tal) the balance Prepare Departmental Trading and Profit & Loss account the vear ended 5 December 2009 (15) The following information is also provided:
    • 2) Advertising is equally
    • 3) Internal transter Of goods from Department to Department Rs. 6.000
    • 4) Rent, Rate & Taxes. Lighting & Heating. salaries and carriage inward to be allocated 2/3 to Department & to Department ‘B’
  5. Q4 A) From the ing information of Z Co, Calculate closing stock & prepare stock ledger by FIFO Method, (8)
    • 04) B) On Jan. 2008 Ram has purchased a machine from Hanuman and paid Rs. 24,000 at the tinie of delivery. The cash price was Rs The balance amount was paid in the four instalments on the December year with interest @ 5% on cash price : Rs. 36,000 on 3 1/12/2008, Rs. 34,500 on 31/12/2009. Rs. 33,000 on 31/12/2010 and Rs.31,500 on 31/12/20] l Pass necessary Journal entries in the books of Ram
    • 2) 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
  6. Q4 B) On Jan, 2012 Mr. has purchased a Car trom Mr.B and paid Rs. 72.000 at th lige of delivery. The cash price was Rs The balance amount was paid in the following tour instalments on the every year with interest @ 5% on cash price. Rs. on 31/12/2012, Rs. 0n 31/12/2013. Rs. 99,000 on 31/12/2014 and on 31/12/2015. Depreciation should Pass necessary Journal entries in the books of Mr. *B’
  7. Q5 State whether the following statements are Capital or Revenue Expenditure or
    • 1) Salary paid to office staff Rs. 50.000 Expenditure incurred in preparing nroject report
    • 3) Painting of Building
    • 4) Commission received on sales Rs.2.000
    • 5) Received Rs. 1,00,000 from safe of old Machinery
    • 6) Expenditure for training empioyees for better of Machinery
    • 7) Purchase of Motor Car for Rs. 5,00.000 write short Note: (any 3)
    • 2) Departmental Accounting
    • 3) Hire Purchase
    • 4) Manufacturing Account
    • 5) Revenue Expenditure

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