BCom FY BCom Sem 2 BCom Sem 2 (2017 2018) Oct 2018 ACCOUNTANCY FIN. MGT Question Paper - Mumbai University | munotes

Questions asked in this paper

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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 the blanks with most appropriate words: (Any 10) 10 marks
6. Q1 Loading is a difference between price and cost price
7. Q2 Limited companies are not permitted to maintain their Books of Accounts as per
8. Q3 Gross Profit cannot be ascertained under Entry System
9. Q4 Person who sends the goods on consignment is called as
10. Q5 Goods Sent On Consignment account is closed by transfer to Account
11. Q6 Branches do not maintains complete set of books of Accounts
12. Q7 Branches are located in the same country as that of the head office
13. Q8 Branches do not purchase goods on their own
14. Q9 Under Stock Debtors System, balance on branch expenses is transferred to
15. Q10 Goods saved from
16. Q11 In case of Average Clause Insurance Amountof Policy x Actual loss
17. Q12 Credit sales can be ascertained from Account B State whether the following statements are True or False (Any 10) (10)
18. Q1 Trial balance cannot be prepared under single entry system
19. Q2 Under Conversion Method, credit purchases are ascertained from Creditors Account
20. Q3 Collection from debtors is ascertained from Debtors Account
21. Q4 Profit on consignment belongs to the consignor
22. Q5 Consignee’s account is debited when goods are sent on consignment Account Sale is sent by consignor to the consignee
23. Q7 Abnormal loss is credited to Branch Stock Account
24. Q8 Loading in closing stock is debited to stock reserve account under stock debtors system
25. Q9 Under stock debtors system, entries are made in branch stock account at invoice price
26. Q10 Goods distributed as free samples should be credited to trading account
27. Q11 Memorandum Trading Account is prepared to find out amount paid by creditors
28. Q12 Valuation of stock is done at market value only
29. Q2 Following details were extracted from the information given by Mr.Amarnath for the year 15 marks
    • a) Cash and Bank Account To | Balance b/d 7,000 | By | Cash Purchases 30,000 To | Cash Sales 60,000 | By | Creditors 120,000 To | Debtors 190,000 | By | Bills payable 18,000 To | Bills Receivables A/c 15,000 | By | Salaries 40,000 To | Miscellaneous Income 3,000 | By | Printing and Stationery 25,000 To | Loan received 20,000 | By | Telephone Expenses 8,000 By | Sales Commission 14,000
    • b) Balance on 31-03-16 Balance on 31-03-17
    • c) Other details Provide Depreciation on Laptop at the rate 40% p.a Laptop was purchased during the year on 1st December 2016
30. Q2 Bills Receivable dishonored during the year = 400 You are required to prepare i Trading & Profit & Loss Account for the year ended 31st March 2017 ii Balance Sheet as on 31st March, 2017 iii Working Notes to substantiate your answers
31. Q2 Following information is given to you by Mr. Jagdish Opening Statement of Affairs as on Ist April 2016 Cash and Bank 6,000 Following Information was available from his Cash and Bank records Particulars of Cash and Bank Transactions 1 Received from Debtors 70,000 Paid to Creditors 30,000 9 Bills Receivable Matured and Received 10,000 Following additional Information was also available to you Depreciation to be Charged on Machinery at the rate of 10% p.a d Machinery purchased during the year was purchased on Ist October, 2016 i Trading and Profit & Loss Account for the year ended 31st March, 2017 il Balance Sheet as on 31st March 2017 ill Working Notes to substantiate your answer 15 marks
32. Q3 Following information is given to you from the books of Anupam Cloth Emporium for its branch at Aurangabad for the financial year 2016-17. The head office invoices goods to the Branch at 25 % on Invoice Price. The branch transfers cash daily to the Head You are required to prepare Aurangabad Branch A/c in the books of Anupam Cloth Emporium. Also show Branch Debtors Account and Branch Petty Cash Account Balance as on 1-4-2016 Stock at Invoice price 1,20,000 Balance as on 31-3-2017 Stock at Invoice Price 1,32,000 Goods sent by H.O. at Invoice Price 4,50,000 Cash received from debtors 2,40,000 Goods returned by debtors 3,000 Goods returned by Branch to H.O ( Invoice Price) 36,000 Cheques received from HO for Branch Exp Rent and Taxes 5,000 Actual Petty Cash Expenses incurred by the Branch 7000 15 marks
33. Q3 Bharat Enterprises of Pune has a branch at Kolkata. Following information is obtained from the branch for the year 2016-17 Balance as on Transactions during the year Goods received from Pune 2,00,000 Sales on Credit 80,000 Sales for Cash 1,40,000 Goods Returned by customers 3,000 Goods Returned to Pune 6,000 Expenses paid at Branch Rent and Taxes 2,000 Printing and Stationery 1,000 Prepare necessary accounts for the branch under Stock and Debtor Method in Pune Office Books using Stock and Debtors Method of Branch Accounting On 1* January, 2016, Hind Cycles Ltd. of Pune consigned 500 bicycles costing = 300 (15) each to Patil & Co. of Satara. The proforma invoice was made at = 400 each. The consigner incurred for freight and insurance Hind Cycles Ltd. received.a bank draft for = 50,000 from Patil & Co. of Satara as an advance. Patil & Co. of Satara was allowed a commission of 10% on sales and they paid godown rent = 3000 and advertisement expenses = 2000 Patil & Co. of Satara sold 450 cycles at 500 each. The balance amount was remitted by bank draft Hind Cycle Ltd. closes its books December every year Prepare Consignment Account, Consignee’s Account and Goods sent on Consignment Account in the books of Hind Cycles Ltd
34. Q4 Mr. Ajay of Ahmedabad sent on consignment 100 sewing machines costing = 200 each to Mr. Bhavesh of Baroda. The consigner paid = 1000 for freight and insurance Mr. Bhavesh spent = 500 for godown rent. At the end of the year 10 machines were unsold lying as stock with Mr. Bhavesh The consignee sold 90 sewing machines @ 250 per machine Mr. Bhavesh remitted the sales proceeds after deducting expenses and his commission @ 5% of goods sold Prepare Consignment Account, Consignee’s Account and Goods sent on Consignment Account in the books of Ajay of Ahmedabad
35. Q5 M/S. Firezone Limited closed their books every year on March. On 28" February, 2017 their premises and stock were destroyed by fire. From the books of accounts and other records the following information is obtained They have taken a fire insurance policy of 1,05,000 and there is average clause in the policy. The salvaged goods amounted to 17,000 Find out the amount of claim to be submitted to the insurance company fire occurred in the godown of M/S Fireworks Ltd on 28" March, 2017; destroying (15) the major part of stock. The books and the records were salvaged from which the following particulars were ascertained: The Company has been following the practice of valuing the Stock of goods at actual cost plus 10 %. Included in the Purchases of 2016 were Purchases of Machinery costing = 50, 000. Subject to these, the rate of Gross Profit on the basis of valuation of Stock was uniform. Salvage was 15,000 and Sum Assured was 80,000. Ignore the depreciation on Machinery. You are required to ascertain the Amount of claim for the loss of Stock 15 marks
36. Q6 A. What is Single Entry System? Explain the advantages and limitations of the Single 10 marks
    • B. What is branch? Describe various Accounting Methods of Branch Accounting? 10
37. Q6 Write Short note on ( Any Four) 20 marks
38. Q1 Distinguish between Consignment and Sale
39. Q2 Different types of Consignment Commission
40. Q4 Dependent Branch
41. Q5 Treatment of Abnormal Goods in case of Fire Insurance
42. Q6 Difference between Branch and Department (3 Hours) [Total Marks : 100 Please check whether you have got the right question paper
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44. Q8 fash 20,000
45. Q9 2090 OR AMT
46. Q3 gol ar 94 marks
47. Q8 9 209g fee fer. F 300 94 marks

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