BCom FY BCom Sem 2 BCom Sem 2 (2016 2017) Sep 2017 ATKT ACCOUNTS Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) Choose the correct alternatives and fill in'the blanks Any 8) 8 marks
2. Q1 The report in tally that shows profit and loss for a period is
   • c) Profit and Loss Account d) Suspense Account
3. Q2 Goods sent on consignment are property
   • a) The consignee b) Both the consignor and the consignee
   • c) Customers d) the consignor
4. Q3 Branch account under debtors
5. Q4 Under the “Debtor” Method, closing balance in the goods sent to Branch Account
   • a) Indicates the closing stock at branch
   • b) Indicates gross profit or loss at branch
   • c) Is transferred to purchase/trading account Indicates the amount due from the branch debtors Extra Commission given to consignee to avoid bad-debts is known as profit of consignee d) none of the above
6. Q6 The relationship between the “consignor” and the “consignee” is that of
   • a) principal and principal b) Agent and Principal Principal and Agent d) Agent and sub-Agent
7. Q7 All entries in Tally are done using
   • a) ouchers b) Groups
   • c) al d)Ledgers
8. Q8 Cash from debtors needed for the cons: ruction of cash account can be
   • c) ysis of cash book d) pass book
9. Q9 An estimate of assets and liabilities as on a date is called
   • a) profit and loss b) statement of affairs statement of capital d) trial balance
10. Q10 The balance of goods sent on comsignment account is transferred to
    • a) Profi and loss b) trading account
    • c)b e of goods d) none of the above SEM II SEPT MARKS-2 % HOURS Note: 1) All questions are compulsory sabject to internal choice !) A) Choose the correct alternatives and fill in'the blanks ‘Any 8) | [8]
11. Q1 The report in tally that shows profit and loss for a period is
    • c) Profit and Loss Account Suspense Account!
12. Q2 Goods sent on consignment are property
    • a) The consignee b) Both the consignor and the consignee
    • c) Customers d) the consignor
13. Q3 Branch account‘under debtors
14. Q4 Under the “Debtor” Method, closing balance in the goods sent to Branch Account
    • a) Indicates the closing stock at branch
    • b) Indicates gross profit or loss at branch
    • c) Is transferred to purchase/trading account Indicates the amount due from the branch debtors
15. Q5 Extra Commission given to consignee to avoid bad-debts is known as 1 profit of consignee d) none of the above
16. Q6 The relationship between the “consignor” and the “consignee” is that ‘
    • a) principal and principal b) Agent and Principal i Principal and Agent d) Agent and sub-Agent
17. Q7 All ancial entries in Tally are done using
    • a) } ouchers b) Groups
    • c) Journal d)Ledgers
18. Q8 Cash received from debtors needed fcr the consiruction of cash account can be analysis of cash book d) pass book
19. Q9 An estimate of assets and liabilities as on a date is called
    • a) profit and loss b) statement of affairs statement of capital d) trial balance
20. Q10 The. ce of goods sent on account is transferred to
    • a) Py fit and loss b) trading account
    • c) be e of goods d) none of the above :B) State whether the following statements are true or false. (any 7) [7]
    • a) Under the single entry system all types of accounts are ne
    • b) Consignee does not pass any entry for goods sent on Ifthe consignee gets del-credere commission the consignor will bear the bad Aconsignee is allowed to sell the goods on credit only Input are used for entering the data intp the computer
    • f) Under single entry system, all entries are passed only by one person,
    • g) Del credere commission is always calculated on credit sale
    • h) Normally in single entry system, credit sales are recovered only in the debtors account but no sales register is maintained
    • i) the stock and debtors method, closing balances of branch assets and liabilities are ascertained from the memorandum accounts kept at the branch A branch is said to be independent when its account ing is done at the head office
21. Q2 ‘You are given:- 15 marks
    • (1) A balance sheet of P as on Jan 2015. (2)A summary of cash transactions for 2015. (3)A list of remaining transactions for the year To balance on 1-1-2015 2,500 | By payment to 20,000 To amcunt feceived from By cash purchase 50,000 debtors' 3,44,000 | By bills payable 90,600 To bills, ivable 70,000 | By loans paid 24,000 To 49,000 | By salaries 18,000 By intérest By general charges 1,500 By balance on 32-12-2015 | 18,100 Discount allowed to Discount allowed by Bills receivable received during the year------- " Bills payable granted during the Stock on 31 December ,80,000 , Owing for outstanding Commission earned by the firm but not Provide 5% reserve for doubtful debts and 2 % for discount on debtors and depreciate building by 2 2% and plant by 5% p.a. you are required to prepare trading and profit and account and balance sheet from the above Mr, Salman does not maintain proper of accounts. He produces following From debtors (cash) 60,000 Loan from Bank (Bank) 20,000 To creditors (Bank) 25,000 To expenses (cash) 12,000 ash on hand 1,600 | 5,600 Depriciation on plant @ 20%p.a. Prepare final account K Ltd. of Bombay consigned goods to Y Costing Rs. 2,50,000. Y Ltd se an acco ‘Sale Stating that the entire quantiy of goods were sold for Rs, 5,20,000 out which was dn basis, Bad- debts Rs. 30,000 occurred from credit sale. Y Ltd entitled for a commission @ 12% and del credere commission @5% Prepare necessary ledger accounts in the books of consignee, X Ltd. Of Madras consigned 2,000 cases of goods for Rs. 800 each to L Ltd of Pun Consigner Paid Rs. 4.800 for Carriage. L Ltd. Sent an account Sale Stating that the entir quantity of g00ds were sold for Rs, 10,00,000 out of'which Rs. 2,00,000 was On credit basis The balance due to consigner was paid by bank draft deducting 8% commission, Prepare ledger account in both the books
    • A. From the following details Prepare Chennai for the six months ended 31" December 2015. After depreciating branch furniture at 20%p.a Cpsning Branch Assets: Branch expenses Paid by the Branch Petty Cash 9,000 | Remittances from Branch ture 39,000 | the Branch 3,49,200 Petty cash to Branch 24,000 Closing Branch Liabilities: ABC CO. Pune have a Branch All expenses of the branch are paid by the head Office, From, th following particulars, Prepare branch account in head office books: when Goods are sho at Cost Price, Goods Sent to branch Rs. 48,000 Expenses made by Head Office:- Rent Rs. 1,800, Wages Rs. 600, Salaries Rs. 2,700 made to Head Office: collected from Debtors 63,000 Goods returned by branch Rs.960
22. Q4 Trading co. Telhi, invoices goods to its Calcutta branch which sells on credit as well as on cash . from the following particulars prepare branch stock Branch 1 Debtors Account, Branch Expenses Account, cash is immediately remitted by the Branch to Head Office. Expenses are paid directly by the Head Stock at Branch 1-1-2015 15,120 Goods from Head “Office 71,000 Goods returned by customers 600 Goods returned to head office 700 Stock at branch on 31" December 2015 13,900 Cash paid by customers 49,200 Discount and commission to customers 2,720 ‘Galeries and wages etc. 1,800 detail the importance of computer?
    • b) are input devices? Explain in detail
23. Q5 Notes 3) 15]
    • a) Consignee

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