Bachelor Of Management Studies (BMS) SEM I 2019 20 Nov 2019-20 INTRO.TO FIN. ACCTG Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 Working notes should form part of your answers wherever applicable. i
   • A) Select the correct alternatives and rewrite the sentence (ANY 8) 8
   • l. book is also called as return outward book
2. Q2 Rent account is account. id = 3. accounts related to property and assets are known as account
3. Q4 After balancing the ledger accounts can be prepared
4. Q5 Proprietor’s own account in the business is known as account
5. Q6 books the transactions of credit sales expenditure is the expenditure incurred in the regular course of business
6. Q8 In book all types of cash transactions are recorded
7. Q9 Under method of depreciation amount of depreciation remains
8. Q10 elaborates on revenue recognition ASI b. AS6 c. AS9 d. AS10
   • B) Write True or False (ANY 7) 7
9. Q1 Every transaction is recorded first in journal
10. Q2 Bank reconciliation statement is prepared by bank to confirm the accuracy of its :
11. Q3 ‘Revenue receipts are credited to profit and loss account
12. Q4 Trade discount is recorded in cash book
13. Q6 As per dual concept every business transaction has double effect j 7. Accounting standard 10 deals with accounting of fixed assets Journalize the following transaction in the books of Krishna for the month of March, 2017
14. Q1 Started business with cash Rs. 50000 building Rs. 50000 and machinery Rs. 50900 i
15. Q2 Sold goods for cash Rs. 20000
16. Q3 Deposited into Bank Rs. 10000
17. Q4 Good sold to Ram Rs. 50000 at 5% trade discount i
18. Q5 Receive commission of Rs. 1000 From the following particulars as on 3ist march 2014 of Mr Rai e Bank balance as per cash book as on March 31st 2014 Rs. 15000 ~ i Cheques amounting to Rs. 4000 deposited in the bank but collected Rs. 3000 Cheques amounting into Rs. 4000 issued to the creditors out of which 2000 only presented for the payment A debtor deposited cash directly in the bank Rs. 9000 Bank credited Rs, 1000 for interest but not yet enter in the cash book e As per the instruction Bank collected a dividend of Rs. 1500 through ECS
19. Q2 Prepare three column cash book from the following 15 marks
20. Q5 Received from Dinanath cash Rs. 750 and a cheque of Rs. 860 in full settlement of Rs
21. Q7 Paid for office rent by cheque Rs, 500
22. Q8 Paid for wages in cash Rs. 250 Ji
23. Q9 Sold goods for cash Rs. 1500 and received half the amount in cash and half by cheque which is deposited in the bank
24. Q10 Bank passbook states that the bank has collected interest on investment Rs. 660
25. Q12 Checks received on Sth paid into Bank 15, Transfer Rs. 3000 from fixed deposit to current account
26. Q20 Drew for personal use cash Rs. 250 and check of Rs, 375
27. Q25 Made cash purchases and paid by cheque Rs. 1595
    • A) Prepare the ledger: Goods, Cash raj borrowed Rs. 100000 from bank 7
28. Q2 raj deposited Rs. 8000 with Bank of Baroda
29. Q3 Raj purchased goods from Nayan and paid 1000 in cash on account
30. Q4 Raj paid the commission to Narendra Rs. Raj sold goods to Tambe worth Rs. 2000 for cash Mr. shukla Purchased furniture worth Rs. 20000 on 1/4/2010. He charges depreciation at the rate of 10% on the reducing balance method. 1/7/2012 he sold out a part of furniture for Rs 2000 the original cost of Which on 1/4/2010 was Rs. 4000. The financial year of Mr. Shukla ends on 31st March every year. You are required to Prepare his furniture account for the first 50 marks
31. Q3 State with reson the nature of following expenses /receipts. Cost of repainting the office building 15 marks
32. Q2 Gave Rs. 100000 as a Custom duty on machinery purchased
33. Q3 Import duty on raw purchased : 4. Purchase machinery for Rs. 60000 i
34. Q5 Cost purchased i
35. Q6 Heavy expenditure incurred on advertisement
36. Q7 Rs 30000 Spent on repairing the second hand machinery before installation
37. Q8 Legal expenses incurred in connection with issue of Capital
    • A) Rectify the following errors 7
38. Q1 Goods withdrawn by proprietor for gift to his son on his birthday is debited to sundry
39. Q2 Goods purchase for Rs. 100 from Mr. Rituraj have been wrongly entered through the sales book but correctly credited to Rituraj's account in Ledger
40. Q3 Salary payment of Rs. 300 has been posted twice in salaries account
41. Q4 Purchase of goods from Mahesh and company for Rs. 200 has been debited to
42. Q5 Purchase of goods of the value of Rs. 150 has been wrongly recorded in purchase book as Rs. 105 hs 6. Rs. 500 paid as a deposit for a scooter for office is charged to purchase
43. Q7 Cost of materials Rs. 3000 and labor charges Rs. 1500 for making furniture are debited to wages account
    • B). From the following information of Mr. ASHMIT on 31-12-2016 you are required to Wages and salaries From the following trial balance as on 31/3/2014, you are required to prepare manufacturing, trading and profit and loss account and balance sheet of M/s. S. R.K. Trading co. for the year Plant and machinery 100000 Bills receivable and bills payable 20000 60000 Purchases of raw materials 1100000 Sales of finished goods 1480000 Power and fuel 17200 Debtors and creditors 449000 90000 Repairs to machinery 3200 Extension to building 12000
    • A) Explain the importance of accounting? 7
    • B) Explain the advantages of computers in accounting? 8
44. Q5 write short notes (any three) 15 marks

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