Bachelor Of Management Studies (BMS) SEM I 2022 2023 Nov 2023 INTRODUCTION TO FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 Working notes should form part of your answers wherever applicable
   • A) Select the correct alternatives and rewrite the sentence (ANY 8) book is also called as return outward book 8
2. Q2 Rent account is account
3. Q3 accounts related to property and assets are known as account
4. Q4 After balancing the ledger accounts can be prepared
5. Q5 Proprietor’s own account in the business is known as account
6. Q4 is the booklet maintained by bank to record customers banking transactions expenditure is of non-recurring nature
7. Q8 AS deals with Accounting for fixed assets
8. Q9 Drawing account
9. Q10 In book all type of transaction are recorded
   • B) Match the following (ANY 7) 7
10. Q1 | Goodwill account a. | Credit sales of goods
11. Q5 | Capital expenditure e. | Book of daily records
12. Q7 | Double entry book keeping | g. | Complete system of recording business transaction
    • A) Journalize the following transaction in the books of Shreya for Jan 2021. Jan. 1. Started business with cash Rs. 50000 Jan. 9. Paid rent by cheque Rs. 7000 Jan 18. Sold goods worth Rs 30000 to Sunny @ 10% T.D. and 5% C.D. and received cash Jan 21. Deposited Rs. 9000 in state bank of India Jan 27. Cheque received from Mr. Jay of Rs. 10000 deposited into bank but dishonored 7
13. Q2 B) Explain the reasons for not matching cash book bank balance and Pass book bank balance
14. Q2 Prepare three column cash book from the following 15 marks
15. Q5 Received from Dinanath cash Rs. 750 and a cheque of Rs. 860 in full settlement of Rs. 1650
16. Q7 Paid for office rent by cheque Rs. 500
17. Q8 Paid for wages in cash Rs. 250
18. Q9 Sold goods for cash Rs. 1500 and received haif the amount in cash and half by cheque which is deposited in the bank
19. Q10 Bank passbook states that the bank has collected interest on investment Rs. 660
20. Q12 Checks received on Sth paid into Bank
21. Q15 Transfer Rs. 3000 from fixed deposit to current account
22. Q20 Drew for personal use cash Ks. and check of Rs. 375
23. Q25 Made cash purchases and paid by cheque Rs. 1595
    • A) Prepare the ledger: Goods, Cash 7
24. Q1 raj borrowed Rs. 100000 from bank
25. Q2 raj deposited Rs. 8000 with Bank of Baroda
26. Q3 Raj purchased goods from Nayan and paid i000 in cash on account
27. Q4 Raj paid the commission to Narendra Rs. 50 marks
28. Q5 Raj sold goods to Tambe worth Rs. 2000 for cash Mr. shukla Purchased furniture worth Rs. 20000 on 1/4/2018. He charges depreciation at the rate of 10% on the straight line method. 1/7/2020 he sold out a part of furniture for Rs. 2000 the original cost of which on 1/4/2018 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 4 years
29. Q3 Staie with reasons the nature of following expenses and receipts Cost of repainting the factory
30. Q2 Gave Rs. 100000 as a custom duty on machinery purchased
31. Q3 Import duty on raw material purchased machinery for Rs. 20000
32. Q5 Cost of land purchased
33. Q6 Heavy expenditure incurred on advertisement
34. Q7 Rs 50000 spent on repairing the second hand machinery before installation
35. Q8 Legal expenses incurred in connection with issue of capital q A) Explain accounting concept. (7)
    • B) From the following information of Mr. Mahadev on 31-12-2020 you are required to prepare net trial Plant and machinery Provision for depreciation for plant and 2550 Rent, rates and taxes Postage and telegram From the following trial balance as on 31/3/2020, 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 ended Plant and machinery 100000 Bills receivable and bills payable 20000 60000 Cash on hand 1000 Purchases of raw materials 1100000 Sales of finished goods 1480000 Power and fuel 17200 Debtors and creditors 449000 90000 Stationary and printing 4000 Repairs to machinery 3200 Extension to building
    • A) Explain the importance of accounting? 7
    • B) Explain the advantages of computers in accounting? 8
36. Q5 write short notes (any three) 15 marks
    • b) Accrual aspect
    • c) AS 1
    • d) Book keeping
    • e) depreciation

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