BCom FY BCom Sem 2 BCom Sem 2 (2016 2017) April 2017 FYBCOM SEM II FIN. ACC Question Paper - Mumbai University | munotes

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1. Q1 (a) Fill in the blanks with most te words (any 10) :— 10 marks
   • (i) Opening of Petty Cash is shown on side of Branch Account 15 (ii) Goods Sent to an consignee for sale is called as
   • (iii) Good sent on consignment is credited to Account ia. {iv) Goods costing 2,00,000 were sent on consignment at cost plus 25%. Invoice value of the goods will be ;
   • (v) Ownership of the goods sent on consignment remains with the
   • (vi) Proforma invoice is prepared by F
   • (vii) branches do not maintain complete books of accounts Under Branch Debtors System, depreciation of brarich fixed assets is not shown ity 15 in Account
   • (ix) Branch Account is prepared under method of Branch Accouting
   • (x) In fire insurance, the insured gets compensation proportionate to incurred, in case of sufficient insurance
   • (xi) Slow moving goods are called as goods
   • (xii) Credit purchase can be ascertained from Account
   • (b) State whether the following statements are True or False (any 10) :— 10
   • (i) Single Entry System is suitable to small organization
   • (ii) Credit sales can be ascertained from Debtors Account
   • (iii) Under Single Entry System, closing capital is ascertained by preparing opening statement of affairs
   • (iv) The relationship between consignor and consignee is that of Principal & Agent
   • (v) in case of del-credere commission, bad debt loss is borne by the consignee
   • (vi) Consignment is same as sales
   • (vii) Discount allowed to customers is not recorded in Branch Account
   • (viii) Dependent branch depends on customers for supply of goods and expenses
   • (ix) Under Stock and Debtors system, Branch Stock account is a real account
   • (x) Rate of gross profit need not be consistent for deciding the stock on the date of
   • (xi) Average clause has no effect on calculation of claim
   • (xii) In case of overvaluation of stock, it should be brought down to cost
2. Q2 Following details were extracted from the information given by Mr. Kedarnath for the
   • (a) Cash and Bank Account To Balance b/d 10,000 | By Cash Purchases 47,000 To Cash Sales 120,000 | By Creditors 250,000 To Debtors 300,000 By Bills payable 30,000 To Bills Receivables A /c 20,000 | By Salaries 50,000 alo Interest Received 6,000 By Printing and Stationery 22,000 To Loan received 40,000 By Insurance 15,000 By Sales Commission 24,000 By Furniture Purchased 30,000 Particulars Balance on Balance on
   • (c) Other details
   • (i) Provide Depreciation on Furniture at the rate 10% P.a. Furniture was purchased during the year on August 2016
   • (ii) Insurance Prepaid was
   • (iii) Bills Receivable dishonoured during the year % 400/ You are required to prepare :
   • (1) Trading & Profit & Loss Account for the year ended March, 2017
   • (2) Balance Sheet as on March, 2017,
   • (3) Working Notes are necessary to substantiate your answer ) 2. Following information is given to you by Mr. Hariharan : (15)
   • (a) Opening Statement of Affairs as on April 2016 Loan from friends 15,000 | Debtors 40,000 Cash and Bank Balance 37,000 Following Information was available with respect to Cash and Bank Transactions : 1 Received from Debtors 1,10,000 Paid to Creditors 60,000 9 Bills Receivable Matured and Received| 15,000
   • (c) Following additional Information was also made available to you :
   • (i) Credit Purchase 70,000
   • (iii) Depreciation to be Charged on computer 25% p.a
   • (iv) Laptop purchased during the year was purchased on 1st October, 2016
   • (viii) Discount allowed to customers 1,000 You are required to prepare :
   • (i) Trading and Profit & Loss Account for the year ended March, 2017
   • (ii) Balance Sheet as on March, 2017,
   • (iii) Working Notes to substantiate your answer
3. Q3 The following information relates to Bhopal Branch of Star Corporation, Mumbai for the ye Stock (at Invoice Price) 50,000 75,000 < Goods worth 4,37,500/- were sent by Head Office ty the Branch @ 20% on Invoice Branch sold Goods worth 3,80,000/- of which Cash sales amounted to 1,70,000/ Branch spent 30,000/- for saleries, 12,000/- for Rent and 6,700/- for Miscelleno expenses. All expenses were remitted by Head Office. Branch remits all Cash received to he: Other details of Branch Transactions are as follows : Returns to Head Office (at 10,000 Returns from Debtors 5,000 Allowances to Debtors 1,500 You are requested to show the Bhopal Branch Account in the books of Head Office for the ye: ending 31st March, 2017 and support your answer by preparing Branch Debtors and sent to Branch Accounts. Use Branch Debtors method
4. Q3 Ankush Trading Company, Nagpur, sends goods to its Kanpur Branch at cost, which the Branc sells on credit as well as for cash. From the following particulars prepare necessary Account t Stock and Debtors Method in the Head Office Books assuming Cash is immediately remitted t Branch to Head Office. Expenses are paid directly by Head office Stock at Branch on 1-1-2016 75,500 Goods received from Head office 3,55,000 Goods returned by customers 3,000 Goods returned to Head office 3,500 Stock at Branch on 31-12-2016 69,500 Cash paid by customers 1,84,500 Discount and commission to customers 1,360 Rent Rates and Taxes 1,200 45 4. M/s Diamond Cements Ltd, of Nagpur consigned to Suyesh Brothers of Bhopal, (15) bags costing 80/- per Bag. M/s Diamond Cements Ltd. paid 4,500/- for railway
   • (15) freight, 2,500/- for insurance and 2) 200/- for sundry expenses On receipt of consignment, Suyesh Brothers accepted a Bill for 2,00,000/- , Suyesh Brothers sent an Account sales which shows as:
   • (1) Cash Sales of 4,000 bags @ 95 each
   • (2) Expenses paid by Suyesh Brothers were :
   • (a) Godown rent 2,000/-;
   • (b) Selling expenses 6,000/
   • (c) Suyesh Brothers remitted the balances due by bank draft after deducting and commission at 2% on gross sales Prepare Consignment Account and Consignee’s Account in the books of M/s Diamond Cements Ltd
5. Q4 The Hero Cycles Itd., Mumbai appointed Ganesh Cycles of Chandrapur as their selling agenton the undermentioned terms and conditions : 15 marks
   • (a) Supplied cycles to be sold at invoice price or over
   • (b) Ganesh cycles an authorized agents at Chandrapur, is entitled to a commission of 12.5% on the invoice price and 25% of any surplus amount realized
   • (c) On 1* January, 2016; 1,500 bicycles were consigned to Ganesh cycles of Chandrapur Each bicycle costing Rs. 60 including freight and invoiced at 2 80/- each
   • (d) A bill for 25,000/- is drawn on Ganesh Cycles, Chandrapur as an advance
   • (e) Before 31* December, 2016, Ganesh Cylces sold 1,000 bicycles at an average price of
   • (f) Consignee made the following expenses : For advertisement and selling expenses = 4,500/-, Godown Rent, Insurance etc. 3,000/
   • (g) Bank draft was received from Ganesh Cycles towards the balance
6. Q15 Prepare Consignment Account, Consignee’s Account and Goods sent on Consignment Account in the books of Hero Cycles Ltd
7. Q5 On 2016, a fire destroyed major part of stock of M/S. Fireprone& Co. Stocks (4 5) costing 5,20,000/- could be salvaged but not saved their stock ledgers. A fire insurance policy was in force under which the sum insured was 12,00,000 You are given the following data from the available records :
   • (a) Total of sales invoices during the period April to September, 2016 amounted to 90,60,000/-. An analysis showed, that goods of the value of 9,00,000/- had been returned by customers before the date of fire
   • (b) Opening stock on April, 2016 was 6,60,000/- which was over-valued by 10%,
   • (c) Purchases between April 2016 and 30" September, 2016 were 65,00,000/
   • (d) Normal Gross Profit Rate was 33 on sale Prepare a statement of insurance claim
8. Q5 May, 2016, a fire occurred & partly damaged the stock of goods of Vulnerable Traders Stock having a cost of 1,00,000/- being The stocks were insured against fire to the The following particulars could be obtained from the books and records saved : Balance as per Balance Sheet as on 31-12-2015 : Stock (as undervalued by 10%) 2,70,000 Debtors for Goods 75,000 Creditors for Goods 45,000 Transactions between 1-1-2016 to 31-05-2016 : Cash received from debtors 6,00,000 Cash Discount allowed to debtors 15,000 Goods returned by debtors 6,000 Cash paid to creditors 11,10,000 Cash discount from creditors 12,000 Goods returned to Creditors 3,000 Goods donated (at cost) 15,000 Debtors for goods as on 31-05-2016 1,74,000 Creditors for goods as on 31-05-2016 90,000 All sales were made at a Gross Profit of 25% on Sale price Draw a statement of claim for loss of stock
9. Q6 (a) What is Branch ? What are the features of Dependent Branch and give format of Branch Account in Branch Debtors System
   • (b) What is consignment and its necessity ? Give format of Consignment Account
10. Q6 Write short note on any four of the following :—
    • (b) Account Sale
    • (c) Normal Loss and Abnormal Loss
    • (d) Stock Debtors Method of Branch Accounts
    • (e) Average Clause

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