BCom TY BCom Sem 5 2022 2023 Nov 2023 FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B. Figures to the right indicate full marks

1. Q2 Working notes to form a part of your answer
2. Q1 A) Select the appropriate answer from the following. [Any 10] 10 marks
3. Q1 Interest Accrued but not due on bank loan appears in Balance Sheet under the
   • b) Short Term Borrowings d) Short Term Provisions
4. Q2 Arrears of Preference dividend is not paid in the Internal Reconstruction Scheme,
   • a) Debited in Capital Reduction Account No entry appears
   • b) Credited in Capital Reduction Account Debited in Preference share Capital Account
5. Q3 Investment Accounting is governed by
   • a) AS 13 c) AS 14
   • b) AS 11 d) AS 2
6. Q4 Buy back of shares results in
   • a) Reduction of Share Capital c) Increase in Goodwill
   • b) Increase in Share Capital d) Increase in General Reserve
7. Q5 One of the following is not regarding the Internal Reconstruction
   • a) No Formation of a New Company c) Reduction of Capital
   • b) Reduction of Liability d) Liquidation of Company
8. Q6 Whistle Blowing is
   • a) Whistle for Traffic clear c) Not Reporting illegal activities
   • b) An act of involving in illegal Activities — d) An reporting illegal Activities
9. Q7 CSR stands for
10. Q8 Copy Rights is shown in Company Balance Sheet under the head of
11. Q9 One of the following is not a fixed income investment
    • a) Debentures c) State Government Bonds
12. Q10 One of the following is not the sources of buy back of shares
    • a) Capital Redemption Reserve c) Profit and Loss Account
13. Q11 Ex interest price and Cum interest price are the prices relating to
14. Q12 One of the following is not the ethics of Professional Accountant
    • a) Accuracy c) Values
    • b) Accountability d) Frauds Paper Subject Code: 23101 Financial Accounting and Auditing VII Financial Accounting
15. Q1 B) Match the following items from table A and B ( Any 10) Transferred to General Reserve Account 10 marks
16. Q2 is the list of balances extracted from books of Canisha Ltd. as on Plant and Machinery 18,00,000 | Bills Payable Sundry Debtors Provision for 21,000 Bad Debts 12,660 | Debts (On 1* April, 2021) Goodwill 2,03,000 | Subscribed and Paid up Cash and Bank balance 1,09,900 The following adjustments have to be made:
17. Q1 Stock on 31% March, 2022 was valued at Rs. 6,00,000 to the value of Rs. 15,000 were distributed as free samples during the year. But no entry in this respect has been made
18. Q3 Provide for half year’s debenture interest
19. Q4 The provision for doubtful debts on 31st March should be equal to 1% on sales
20. Q5 Director’s Fee is outstanding to the extent of Rs. 2,000 and Salaries Rs. 5,000
21. Q6 Depreciate Premises by 2%, Plant and Machinery by 5% and write off on Furniture Write off Preliminary expenses You are requested to prepare Statement of Profit and Loss for the year ended 31 st March, 2022 and the Balances Sheet as at that date Paper Subject Code: 23101 Financial Accounting and Auditing VII Financial Accounting
22. Q2 A) The following is an abstract of Balance Sheet of X on March, 2022. Note: Preference Dividend is arrears for a year It was decided to reconstruct the company for which the following scheme was approved by court: 10 marks
23. Q1 Equity share capital be reduced to Rs. 6 each fully paid up
24. Q2 Preference Shareholders agreed to accept 10% Preference Share Capital amounting to Rs 3,00,000 and arrears of preference dividend were to be paid off completely
25. Q3 9% Debentures shall be converted into equal numbers of 12% Debentures of Rs. 75 each You are required to: Pass Journal Entries and prepare Capital Reduction A/c
26. Q2 B) Following is the Balance Sheet of Manish Itd. as on March, 2022. Balance Sheet As on March, 2022 Equity Share Capital (Share of Rs. 10 each) 3,20,000 | Fixed Assets Profit and Loss A/c 1,20,000 | Other Current 1,20,000 Keeping in view of all the legal requirements, ascertain the maximum number of equity share, the company can buyback at Rs. 12 per share, being the current market price. Assuming that buyback is actually carried out. Pass necessary journal entries to record the above transactions 10 marks
27. Q3 Following is the summerised Balance Sheet of Akansha Ltd. as on March 2022 Equity shares of Rs. 10 each Goodwill 1,50,000 shares of Rs.10 each fully paid 4,00,000 | Investments 60,000 Loan from directors 30,000 | Cash & Bank 50,000 Profit and Loss Account There is contingent liability of Rs. 10,000 Following scheme of Internal Reconstruction was approved by the Court: 20 marks
28. Q1 8% Preference Shares to be reduced by Rs.4 per share and final call made immediately to make it fully paid of Rs.10
29. Q2 Equity shares to be reduced by Rs. 6 per share. Face value being the same Paper Subject Code: 23101 Financial Accounting and Auditing VII Financial Accounting
30. Q3 The Debenture holders agreed to forego their claim by 20% and to accept 8% Preference Shares of Rs.10 each for the remaining
31. Q4 Contingent liability was settled at Rs. 5,000
32. Q5 Investments were sold for Rs.50,000
33. Q6 Loan from directors was settled at 50%
34. Q7 Tangible Fixed assets be revalued as under: Building at Rs.3,20,000 ; Equipments at Rs.1,20,000
35. Q8 Accumulated loss and Intangible assets to be written off Pass Journal Entries (without narration) and prepare Capital Reduction A/c and Notes on Share capital in the books of Akansha Ltd. after Reconstruction
36. Q3 A) From the following information of Mahesh Ltd. prepare the Statement of Profit and Loss of the Company for the year ended 31st March 2022 as per the provisions of the Companies
37. Q3 B) On Ist April 2021, Mansi had 8,000 Equity shares of Precious Ltd. book value of Rs. 15 per share (Face value Rs.10 each). She provides you the further information: (10)
    • i. 10th April 2021 she purchased another 4,000 Equity Shares of Precious Ltd. at Rs.16 per share On 31st August, 2021 the Directors of Precious Ltd. announced a right issue which entitled the holders to subscribe three shares for every twelve shares held at Rs. 15 per share. Shareholders can transfer their right in full or in part. Mansi sold 1/6th of entitlement to Ajay for a consideration of Rs. 2 per share and subscribe the rest on 5th September, 2021 ili. Dividend for the year ended 31st March, 2021 was declared @20% by Precious Ltd. and received by Mansi on 30th September, 2021 You are required to prepare Investment in Equity Shares of Precious Ltd A/c in the books of Mansi for the year ending March, 2022. (Apply AS-13) Paper Subject Code: 23101 Financial Accounting and Auditing VII - Financial Accounting
38. Q4 On 1“ June, 2021 Mr. Abhay Kumar purchased Nominal Value Rs. 1,00,000, of 6% Government Bonds (interest payable on Ist April, Ist July, 1st October and Ist January) at Rs.91 cum-interest each (face value Rs 100.) On Ist November, Rs. 20,000 Bonds are sold at Rs. 93 cum-interest per bond On Ist December Rs. 10,000 Bonds are sold at Rs. 100 ex-interest per bond On 31st March 2022, the market price per Government Bond was Rs. 80 Prepare Investment in 6% Government Bonds Account in the books of Mr. Abhay Kumar for the year ended on 31st March, Apply AS-13) 20 marks
39. Q4 Following is the Balance Sheet of Vasant Ltd. as on 31“ March 2022. Balance Sheet As on March, 2022 Equity Share capital (Shares of Rs. 100 each) 50,00,000 | Fixed Assets Keeping in view all the legal requirements ascertain: 20 marks
40. Q1 The maximum number of equity shares that Vasant Ltd. can buy back
41. Q2 The maximum price it can offer Pass journal entries and prepare its Balance Sheet thereafter. Show necessary notes
42. Q5 Discuss and explain the concept of Ethics with reference to Corporate Ethics. 10 marks
    • b) Distinguish between Internal Reconstruction and External reconstruction. 10
43. Q5 Write Short Notes (Any Four) 20 marks
44. Q1 Methods of Internal Reconstruction
45. Q2 Disclosure of Reserves & Surplus in Company Balance Sheet
46. Q3 Maximum Limits of Buyback Paper Subject Code: 23101 Financial Accounting and Auditing VII Financial Accounting
47. Q3 St 0.2 ara 20) TUT
    • S) Act
    • H) HATA As
    • A) Fe H)
    • H) Fe Paper Subject Code: 23101 Financial Accounting and Auditing VII Financial Accounting
48. Q3 SAT Paper Subject Code: 23101 Financial Accounting and Auditing VII Financial Accounting
49. Q2 80 % 3,00,000 AM Paper Subject Code: 23101 Financial Accounting and Auditing VII Financial Accounting
50. Q3 20% ASA FT 6% Paper Subject Code: 23101 Financial Accounting and Auditing VII Financial Accounting
51. Q2 32 SA Paper Subject Code: 23101 Financial Accounting and Auditing VII Financial Accounting
    • F) TUT

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