Bachelor Of Management Studies (BMS) SEM I 2018 19 Nov 2018-19 INTRO. TO FIN. ACCOUNTS Question Paper - Mumbai University | munotes

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1. Q1 A) Select the correct alternative and rewrite sentence:- (ANY 8) is an explanation of the entry at the end of the entry A bank Reconciliation statement is prepared to reconcile the difference in 8 marks
   • a) Only cash book b) Only pass book c) cash book & pass book d) Neither of the three Accounting standards deals with accounting for revenue recognition
   • a) AS 9 b) AS 10 c) d) AS 1 Revenue expenditure is expenditure Under method, depreciation is calculated on written down value Temporary difference in trial balance in transferred to account
   • a) Astatement b) A Subsidiary book c) An Account d) Areconciliation 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 above IFRS Deals with financial Instruments Paper Subject Code: 81901 Introducaton to Financial Accounts
   • Q.P. Code :00122
   • B) Match the following (ANY 7) 07
2. Q2 A) Journalise the following transactions in the books of SURYA for JAN. 2017. Jan. 1 Started business with cash Rs.60, 000 Jan. 9 Paid Rent by cheque 7,000 Jan. 18 Sold goods worth Rs.40, 000 to Yash @10% T.D. & 5% C.D. & received cash immediately Jan. 21 Deposited Rs.9, 000 in state bank of India Jan. 27 Cheque received from Mr. Jay of Rs.10, 000 deposited into the bank but dishonored 7 marks
   • B) Prepare a Bank Reconciliation Statement of MOON as on Jan, 2017 from the following particulars. 08 Enter Following transaction cash with cash, bank and Discount columns and balance the cash 15
3. Q2 book
   • 2. Introduced further cash Rs.7,000 in the business
   • 4. Deposited Rs.5,000 into the bank
   • 6. Received a cheque from Maya for Rs.1,170 in full settlement of Rs.1,200
   • 7. Issued a bearer cheque for children school fees Rs.2,000
   • 10. Issued cheque of Rs.980 of Meena in full settlement of her a/c of Rs.1,000
   • 11. Received a cheque of Rs.500 from Mona on account
   • 12. Endorsed Mona’s cheque in favour of Leena to settle her a/c Paper Subject Code: 81901 Introducaton to Financial Accounts
   • Q.P. Code :00122
   • 20. Purchased furniture worth Rs.2, 000 for office use & paid by cash
   • 27. Bank collected divided Rs.100 and credited in our a/c
   • 31. Deposited all the cash in excess of Rs.1,000
4. Q3 A) Prepare Personal Account of SIYA from the following transactions. Debit balance on Sold goods on [| Paid cash to Siya in full settlement ofher account 7 marks
   • B) Mr. Goyal furnishes you with the following information
   • 1. Opening Balance in Machinery Account Rs.1,00,000 on 1* Jan.2017
   • 2. On April, 2017; he purchased Machinery worth Rs.50, 000
   • 3. On May, Machinery purchased on 2016; for Rs.50,000 was sold for Rs.40,000
   • 4. On Oct, Machinery purchased on April.2017; was sold for Rs.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 State with reasons the nature of following Expenses/Receipts
   • a) Gave Rs.1 lakh duty on the machinery imported
   • b) Cost of re-painting the factory shed
   • c) Asum of Rs.99, 500 was spent for dismantling, removing & reinstalling plant, Machinery & Fixtures
   • d) Import duty on raw material. purchased
   • e) Purchased machinery for Rs.15, 000
   • f) Legal expenses incurred in connection with issue of capital
   • g) Cost of
   • h) Heavy expenditure incurred on advertisements Paper Subject Code: 81901 Introducaton to Financial Accounts
   • Q.P. Code :00122
5. Q4 the following errors. 7 marks
   • 1) Rs.3, 000 paid for purchase of typewriter charged to stationary account
   • 2) Wages paid Rs.1, 800 for erection of new Machinery were posted to wages A/c
   • 3) Paid Rs.150 for the purchase of a table fan posted purchase A/c
   • 4) An amount of Rs.400 received on account interest was credited to commission Account
   • 5) 100 shares of Oswal Oil Ltd purchased @Rs.50. Each not recorded in the books
   • 6) An amount of Rs.500 withdrawn by the proprietor for his personal use was debited to Sundry
   • B) Mr. Raj has prepared the following Trial balance on March 2017. Kindly verify it and prepare a 08 Paper Subject Code: 81901 Introducaton to Financial Accounts
   • Q.P. Code :00122 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 Purchase of Raw Material
   • 1) Additional bad debts of Rs.500 are to be written off an RDD to be provided at 5% on Debtors
   • 3) Depreciation Machinery at 10% p.a., Furniture at 15%p.a
   • 4) Closing Stock are ----Raw Material---Rs.2,000, Paper Subject Code: 81901 Introducaton to Financial Accounts
   • Q.P. Code :00122
6. Q5 A) Explain the use of Computers in Accounting? 8 marks
   • B) Explain the need of the Accounting? 07
7. Q5 Write Short notes (any three) :
   • d) AS-6 e) Objectives of Book-keeping

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