Bachelor Of Management Studies (BMS) SEM I 2017 18 Nov 2017-18 INTRO. TO FIN. ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) Select the correct alternative and rewrite the sentence :- (ANY 8) 8 marks
   • 1) . 18 an explanation of the entry given at the end of the entry
   • 2) Drawing a/c isa. A/c
   • 3) A bank Reconciliation statement is prepared to reconcile the difference in
   • a) Only cash book only pass book c) cash book & pass book, d) Neither of the
   • 4) Accounting standards deals with accounting for revenue recognition
   • a) b) AS 10 c) AS 6 d) AS 1
   • 5) Revenue expenditure is . expenditure
   • 6) Under.method, depreciation is calculated on written down value
   • 7) Temporary difference in trial balance is transferred account
   • 8) Trial balance is
   • a) A statement b) A Subsidiary book c) An Account d) A reconciliation
   • 9) Gross profit is transferred to the.A/c
   • a) Trading A/c b) Profit & loss A/c c) Final A/c d) None of the
   • 10) IFRS. Deals with financial Instruments
   • B) Match the following (ANY 7) 7
   • 3) IFRS 4 c) Debit note no
   • 4) Purchase Return book d) A book of daily Records
   • 5) AS -6 e) Capital expenditure
   • 6) Repairs to plant f) Real a/c
   • 8) Error of duplication h) Revenue expenditure
   • 1) fixed asset M0131 TO FINANCIAL A Q. P. Code : 25001
2. Q2 A) Journalise the following transactions in the books of SURYA for JAN. 2017. Started business with cash %.60,000 Jan.9 Paid Rent by cheque Jan. 18 Sold goods worth to Yash @10% T.D. & 5% received cash Deposited 9,000 in state bank of India Cheque received from Mr. Jay of 10,000 deposited into the bank but dishonoured 7 marks
3. Q2 B) Prepare a Bank Reconciliation Statement of MOON as on 31“ Jan, 2017 from the following particulars. (8)
   • 1. Cheques banked but not cleared 1,800
   • 2. Cheques issued but not encashed 1,400
   • 3. Interest on Investments collected by bank 240
   • 4. Interest on overdraft charged by bank 150
   • 5. Bank charges entered in Pass book 15
   • 6. Bank Overdraft as per cash book as on 31.12.2017 10,000
   • 7. Balance Overdrawn as per Pass book on that date 10,325
4. Q2 Enter the following transaction in a cash book with cash, bank and Discount columns and balance the cash book. (15) Jan. 1.Opening cash balance of
   • 1. Bank Overdraft
   • 2. Introduced further cash in the business
   • 4. Deposited into the bank
   • 6. Received a cheque from Maya for 1,170 in full settlement of 1,200
   • 7. Issued a bearer cheque for children school fees 2,000
   • 10. Issued a cheque of to Meena in full settlement of her a/c of 1,000
   • 11. Received a cheque of from Mona on account
   • 12. Endorsed Mona’s cheque in favour of Meena to settle her a/c
   • 14.Cash purchases
   • 18. Cash Sale
   • 20. Purchased. furniture worth 2,000 for office use & paid by cash
   • 24. Paid salaries 700, Rent , Commission in cash
   • 27. Bank collected dividend 100 and credited in our a/c
   • 31. Deposited all the cash in excesss of M0131 INTRODUCATON TO FINANCIAL Q. P. Code : 25001
5. Q3 A) Prepare Personal Account of from the following transactions. Jan.1 Debit balance on Siya’s a/c. 1,000 Jan.2 Sold goods on credit to Siya 5,400 Jan.6 Received from Siya 6,300 Siya bought goods on credit 1,500 Jan.12 Received cash from Siya 1,450 Jan.15 Purchased goods on credit from Siya 1,040 Jan.18 Paid cash to Siya 500 Jan.21 Returned goods to Siya 140 Jan.31 Paid cash to Siya in full settlement of her account 390 furnishes you with the following information. (8) 7 marks
   • 1. Opening Balance in Machinery Account 1,00,000 on Jan.2017
   • 2.On April,2017; he purchased Machinery worth
   • 3.On May, Machiney purchased on 1“ Jan, 2016; for 50,000 was sold for %.40,000
   • 4.On 1* Oct., Machinery purchased on 1“ April.2017; was sold for 47,500
   • 5. Depreciate Machinery at 10 % on W.D.V. basis machinery held for part of the year is depreciated for the time it is held Prepare Machinery Account for the year ended 31.12.2017
6. Q3 State with reasons the nature of following Expenses/Receipts 15 marks
   • a) Gave 1 lakh as custom duty on the machinery imported
   • b) Cost of re-painting the factory shed
   • c) A sum of was spent for dismantling , removing & reinstalling plant , Machinery
   • d) Import duty on raw material purchased
   • e) Purchased machinery for 15,000
   • f) Legal expenses incurred in connection with issue of capital
   • g) Cost of Goodwill purchased
   • h) Heavy expenditure incurred on advertisements M0131 /M0175 INTRODUCATON TO FINANCIAL ACC Q. P. Code : 25001 Rectify the following errors. (7)
   • 1) 3000 paid for purchase of typewriter charged to stationary account
   • 2) Wages paid for erection of new Machinery were posted to wages A/c
   • 3) Paid 150 for the purchase of a table fan posted to purchase A/c
   • 4) An amount of 400 received on account of interest was credited to commission Account
   • 5) 100 shares of Oswal Oil Ltd. purchased @ . Each not recorded in the books
   • 6) An amount of withdrawn by the proprietor for his personal use was debited to
   • 7) Sold old Furniture on credit for 250 passed through the Day(sales) book
7. Q4 B) Mr. Raj has prepared the following Trial balance on March 2017. Kindly verify it and preparea revised Trial Balance. (8) /M0175 INTRODUCATON TO FINANCIAL ACCOUNTS
8. Q4 From the given Trial Balance of Hiralal , Prepare manufacturing , Trading and Profit and loss account for the year ended 31.3.2017 and Balance sheet as at that date Stock as on 1-4-16 Capital of Hiralal 90,000 Work in Progress 8,000 Interest received 450 Machinery(at cost) | Creditors 16,000 Furniture (at cost) 18,000 Drawings 3,000 Prov.For Depreciation: Salaries 3,820 On Machinery 20,000 Factory insurance 1,070 On Furniture 10,000 Balance with bank 13,500 Cash on hand 810 Purchase of Raw Material 79,000
   • 1) Additional bad debts of are to be written off and RDD to be provided at 5 % on
   • 3) Depreciate Machinery at 10 % p.a., Furniture at 15% p.a
   • 4) Closing Stock are -- Raw Material-- 2,000,
9. Q5 A) Explain the use of Computers in Accounting? 8 marks
   • B) Explain the need of the Accounting? 7
10. Q5 Write Short notes (any three) :- 15 marks
    • d) AS-6 e) Objectives of Book-keeping

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