BCom FY BCom Sem 1 BCom Sem 1 (2019 2020) Nov 2020 ACCOUNTANCY FINANCIAL MANAGEMENT PAPE Question Paper - Mumbai University | munotes

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1. Q2 Figures in brackets to the right indicate full marks allotted to the question
2. Q3 Working notes should form part of your answers
3. Q4 All six questions are compulsory, although, there are internal options in case of
4. Q5 Use of simple calculator is allowed
5. Q1 A) State whether the following statements are True or False (Any 10): 10 marks
6. Q1 in the Method of Depreciation on Fixed Assets needs to be disclosed as
7. Q2 Valuation of Stock of goods in trade is done at Cost only
8. Q3 on asset purchased on Hire purchase basis is charged by the vendor
9. Q4 Revenue expenditure includes cost of improving the storage capacity of a computer by changing the hard disk
10. Q5 Trading Expenses are debited to Loss A/c
11. Q6 Balance sheet shows the profitability of the organization
12. Q7 Departmental accounting helps to determine profit or loss of each department
13. Q8 When Department A transfers goods to Department B, Department A a/c is debited and Department A/c is credited
14. Q9 Lighting is allocated on the basis of horse power of equipments installed by each Under Hire purchase system, depreciation is charged on the Hire Purchase Price of the Asset
15. Q11 disclosure of significant accounting mandatory as per AS-1
16. Q12 received on shares is a Capital Receipt
    • B) Match the column A with most appropriate answers in column B. (Any 10) : Method of stock Valuation Allocated on the basis ofsales 3 by proprietor Added to purchases in manufacturing Capital Expenditure d | Evaluation of performance of each valuation of tock | Fundamental Accounting assumptions Weighted Average method Purchase of Fixed Import duty on purchase of Raw Initial payment at the time of hire purchase Selling | Lower of Value] Capital receipt Total Cost of Inventory/ Total Units of 10
17. Q2 From the following Trial Balance of Mr. Shivprasad, prepare Manufacturing Account, Trading Account, Profit and Loss Account for the year ended 31 March, 2018 and Balance Sheet as on that date : Trial Balance of Mr. Shivprasad as on March, 2018 Opening stock - Work in Progress 70,000 Purchase of Raw Material 16,00,000 Carriage Inward on Raw Material 89,000 Rent (75% for factory) 80,000 Cash at Bank 75,000 Following further information is provided : 15 marks
18. Q1 Closing stock as on 31 March, 2018: Raw Material =60,000, Work-in-Progress Finished goods
19. Q2 Depreciate Machinery @5% p.a
20. Q3 During the year goods costing were distributed as free
21. Q4 On 3" September, 2017, there was a fire in the godown of Mr. Shivprasad, destroying goods worth which includes raw material and finished goods, insurance company admitted the claim for transaction was not recorded in
22. Q5 Provide Reserve for Doubtful Debts @ 5% on Sundry Debtors
23. Q2 From-the following Trial Balance of Mr. Girija, prepare Manufacturing Account, Trading Profit and Loss Account for the year ended March, 2018 and the Balance Sheet as on that date : Trial Balance of Mr. Girija as on March, 2018 Purchase of Raw Material 11,24,000 Opening stock - Work in Progress 56,000 Factory Power and Fuel Cash at Bank 1,60.000 Selling and Distribution Expenses 29000 Sale of scrap Following further information is provided to you : Closing stock as on March. 2018 is : Raw Material Work-in-progress and Finished Goods
24. Q2 On 28" March, 2018, Finished goods costing * 10,000 were sent on sale or approval basis @ 20% on cost. These goods were not approved till March, 2018. The effect for the same needs to be given as the time for approval was not expired
25. Q4 Included in Debtors Account an amount of receivable from one customer Mr Harshad. He is also our supplier for 10.000 which was in Creditors Account. It was decided to adjust Mr. Accounts against each other
26. Q3 M/s. Spandan purchased a Bus on Hire Purchase basis from M/s. Volvo 2015. The cash price of the Bus was An initial payment of =12,00,000 was made on the date of purchase. The balance was paid in 3 annual installments excluding interest as follows: M/s. Volvo Ltd. charged interest @ 10% p.a. and M/s. Spandan Transport charged Depreciation @ 15% p.a. on Written Down Value Method. You are required to prepare Bus Account and M/s. Volvo Ltd. A/c. in the books of M/s. Spandan Transport for 3 years ending 31.12.2015, 31.12.2016 and 31.12.2017
27. Q3 From the following information prepare Departmental Trading and Profit & Loss account for the year ending March, 2018 in the books of Ganesh Super Market : Stock in hand as on March, 2018 — Department A 15 marks
28. Q2 Office staff appointed by Dept. A 10 persons & Dept. B 5 persons +) Depreciation on furniture was =13,000 which was allocated in Dept. A & B equally \) Goods transferred from Dept. A to Dept. B was
29. Q4 Following is the information related to purchases and sales of goods made by Jai Enterprise in the month of March, 2018. Find out from the given information 15 marks
    • a) The value of Closing Stock as on 31 March, 2018 using Weighted Average Price
    • b) Cost ef Goods Sold for the month of March. 2018 Sales and Gross Profit for the month of March, 2018 22-05-2018 | Sales out of Sed Stock on 1“ March, 2018 was 3,000 units @ =400 per unit
30. Q4 From the following particulars of Chaitanya Garments prepare Trading& Profit & Loss account of two departments’ i.e. Garment & Cosmetics for the year ended March 2018 15 marks
31. Q1 expenses & Insurance are to be allocated equally
32. Q2 occupied by Garment & Cosmetic department are in the ratio of 4:1,
33. Q3 Closing stock of Garment Dept. is that of Cosmetic Dept. is Other expenses & Income to be allocated between two departments on suitable basis
34. Q5 State whether the following expenditures and receipts are Capital or Revenue and give reason for your answer : Carriage paid for bringing new machinery Sold old business car for =2,50,000 Insurance premium paid to General Insurance Company for insurance of 15 marks
35. Q4 repaid 1,25,000, which was taken from State Bank of India Paid tax consultancy fees =40,000 to CA Deshpande for the year ended March,
36. Q6 of improving seating capacity of cinema hall
37. Q7 A manufacturer purchased raw material of and produced goods worth and sold 50% of the same for =2,00,000 to M/s Raj Traders
38. Q5 Find out the value of closing stock of M/s Max Ltd. using FIFO and Weighted Average Methods from the following data: stock on March, 2018 was 800 units @ 500 per unit 15 marks
39. Q6 Answer the following :
    • a) Explain Accounting Standards and state the advantages of Accounting Standards. 10
    • b) Explain features of Hire Purchase Agreement. 10
40. Q6 Write Short notes on any four of the following : 20 marks
    • a) Limitations and advantages of Weighted Average Method of Stock Valuation
    • b) Revenue Expenditure Adjustment entries in Final Accounts
    • d) Trading Account and Profit & Loss Account
    • e) Main features of AS-9 Revenue Recognition
    • f) Fundamental Accounting Assumptions as per AS-1

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