TYBCom Sem 6 2019-2020 Financial Accounting Question Paper PDF 2026 - Mumbai University | munotes

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1. Q3 Working notes should form the part of your answer
2. Q1 Fill in the blanks with suitable words (Any Ten) 10 marks
3. Q1 The business of one existing company taken over by another existing company is called as
4. Q2 Exchange Rate prevailing on the date of transaction is known as
5. Q3 Foreign currency is a currency other than the ------------- currency of an enterprise
6. Q4 When shares are allotted to the underwriters, the underwriters A/c is
7. Q5 List H shows ------------ A/c
8. Q6 In amalgamation, Preliminary expenses are transferred to ------------- side of Shareholders Account ratio is used for exchange of shares under amalgamation of companies
9. Q8 Underwriting commission is calculated on --------------- price of shares
10. Q9 of affairs, secured creditors are shown in list
11. Q10 The liability of partners in LLP is limited to the extent of their
12. Q11 Government dues are -------------- creditors
13. Q12 When winding up of companies takes place, shareholders are described as
14. Q1 b) Match the following (Any Ten) Total shares for which guarantee is Gross Liability of | Received with seal or stamp of 10 marks
15. Q7 Amount of exchange difference Amount payable to shareholders
16. Q11 | Purchase consideration in k. | Recorded in Foreign Exchange Fluctuation
17. Q2 a) Arora Ltd. purchased goods from Malaika Traders of USA for US $ 60,000 on 20"January, 2018 when the exchange rate was | US $ = 68.25 The payment for the same was made as follows : Arora Ltd closes its books on 31‘ march every year. The rate of exchange on 31* March,2018 was Pass journal entries to record the above transactions in the books of Arora Ltd Paper Subject Code: 83001 Financial Accounting and Auditing IX -Financial Accounting 8 marks
    • b) Swadesh Ltd exported goods to US company Beta Ltd. worth US $ 50,000 on 11 — 07 which date exchange rate of 1 US $ was The payment was received as follows : Rate of exchange The accounting year of the company ended on March Pass Journal entries in the books of Swadesh Ltd. to record the above transactions
18. Q2 On 1* January, 2018 Anjali Ltd purchased goods worth US $45,000 from Angel Trading company The payments were made as under : Anjali Ltd closes its books on March every year. The exchange rate for 1US$ was as follows : Pass Journal entries and prepare Foreign Exchange Fluctuation A/c in the books of Anjali Ltd 15 marks
19. Q3 a) The Balance Sheets of Ram Ltd. and Shyam on March, 2018 were as follows: Equity Shares of 1,80,000 | Fixed Assets 1,20,000 2,10,000 Ram Ltd and Shyam Ltd decided to amalgamate into Sam Ltd as on 31 March, 2018 by assuming all assets and liabilities of the business. Goodwill of Ram Ltd and Shyam Ltd. valued at and respectively. 2/3 rd of the purchase consideration is to be satisfied by the issue of equity shares of each at par and balance in cash Paper Subject Code: 83001 Financial Accounting and Auditing IX -Financial Accounting 8 marks
20. Q3 b) Following is the extracted information of Suhas Ltd. as on March 2018 : Mahesh Ltd took over the business of Suhas Ltd on 31“ March, 2018 on the following terms : 7 marks
21. Q1 Mahesh Ltd issued 4 equity shares of each for every 5 equity shares held by Suhas Ltd
22. Q2 Preference shareholders are to be paid at 10% premium by issue of 12% preference shares in Mahesh Ltd. of each at 10% premium
23. Q3 Debentures holders shall be given same number of debentures of Mahesh Ltd. at a premium
24. Q4 Cash is to be paid at 2 per share to the equity shareholders of Suhas Ltd Calculate Purchase Consideration and write journal entry for discharge of P.C. in the books of Mahesh Ltd Following is the Balance sheet of Raja Ltd. as on March 2018. 15 On the above date , Rani Ltd acquired the business of Raja Ltd. on the following terms and
25. Q1 Rani Ltd. issued 12,000 equity shares of each at to the equity shareholders of Raja Ltd and also paid them cash of 20 for every 5 shares held
26. Q2 Liquidation expenses & 5,000 are borne by Rani Ltd You are required to :
    • ii) Pass Journal entries in the books of Rani Ltd
    • iii) Prepare Balance Sheet of Rani Ltd
27. Q4 a) ABC Ltd. went into liquidation on March, 2017 when their Balance Sheet was as follows : Profit and Loss Ale 1,96,000 Paper Subject Code: 83001 Financial Accounting and Auditing IX -Financial Accounting 8 marks
28. Q1 The liquidator realised the assets as follows : Freehold property - (used to pay partly secured creditors)
29. Q2 The expenses of liquidation amounted to and the liquidator’s remuneration was agreed at 2.5% on the amount realized Prepare Liquidator’s Final Statement of accounts
    • b) Shah Ltd. came out with an issue of 22,50,000 equity shares of 20 each premium of per shares. The promotors took 20% of the issue and the balance was offered to public. The issue was equally underwritten by Ajay, Vijay and Sanjay Each underwriter took firm underwriting of 50,000 shares each. Company received subscription for 15,50,000 equity shares Details of Marked applications are as follows : Compute underwriter’s net liability assuming that the benefit of firm underwriting is given to
30. Q4 Balance Sheet of Mrunal as on 31*t March 2019 is as follows : On the above date , LLP was incorporated to take over the business of Mrunal on the following terms and conditions : 15 marks
31. Q1 Sonali and Mrunal will be the partners of LLP sharing profits equally. They contributed
32. Q2 All assets (except Cash and Investment) and all liabilities (except Ram’s loan) to be taken over by the company for which all assets are valued at par except Building which is considered worth and Stock worth =21,000. Further Goodwill is valued at
33. Q3 Loan to be settled out of cash and the amount realised from Investment
34. Q4 The purchase consideration is received in cash 1, Statement of purchase consideration
35. Q2 Realisation A/c and Partner’s Capital A/c to close the books of Mrunal
36. Q3 Journal entries in the books of LLP Paper Subject Code: 83001 Financial Accounting and Auditing IX -Financial Accounting
37. Q5 Kaveri Ltd has authorized share capital of 25,00,000 equity shares of 10 each. Company issued 15, 80% shares at a premium of per share which was entirely underwriten as follows : Company received applications for 18,00,000 Equity Shares Following are the marked applications : Underwriters are entitled to get 5% commission on issue price You are require to :
    • a) Compute the net liability of underwriters
    • b) Pass Journal entries in the books of Kaveri Ltd Rahul decided to convert his business into LLP under the name of RM LLP. The Balance Sheet as 15 at March, 2019 was : Following are the various terms and conditions of conversion agreed upon by the partners :
38. Q1 Goodwill of the firm to be valued on the basis of the average of profits of the previous three years, which were , and respectively after setting aside £20,000 to general reserve each year
39. Q2 Camera and Equipment to be taken over at
40. Q3 sold Stock of Films at a value of and paid Bank overdraft and Creditors RM LLP having R and M as partners sharing profits in equal proportion. The capital contribution is each
41. Q5 The LLP. took loan of for settlement of P.C You are required to give :
42. Q2 Realisation A/c and Capital Account to close the books of the Rahul
43. Q3 Statement of Assets and Liabilities of RM LLP
44. Q6 A) What are the features of Limited Liability Partnership (LLP)? 10 marks
    • B) Distinguish between Amalgamation in the nature of Purchase and Amalgamation in the nature of 10 Paper Subject Code: 83001 Financial Accounting and Auditing IX -Financial Accounting
45. Q6 Write short notes on: (Any four) 20 marks
46. Q1 Rights and duties of LLP partners
47. Q2 Types of underwriting
48. Q3 Statement of Affairs in Liquidation
49. Q5 Net Assets Method of purchase consideration wath’ (statement of affairs) Paper Subject Code: 83001 Financial Accounting and Auditing IX -Financial Accounting
50. Q2 fa. 20% Paper Subject Code: 83001 Financial Accounting and Auditing IX -Financial Accounting
51. Q2 fe (Liquidator’s final statement of Accounts ) Paper Subject Code: 83001 Financial Accounting and Auditing IX -Financial Accounting
52. Q2 Hot
53. Q3 Hal
54. Q2 Ud TAR Paper Subject Code: 83001 Financial Accounting and Auditing IX -Financial Accounting
55. Q2 HAT FT F2,00,000
56. Q2 HU
57. Q3 (Statement of affairs)

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