Bachelor Of Management Studies (BMS) SEM I 2023 2024 Dec 2024 INTRODUCTION TO FINANCIAL ACCOUNTS Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 (A)Fill in the Blanks (Any 8). 1)The process of a in Journal is as 2)Real a/c are related to .(Assets,Debtors, Expenses,Liabilities) Sabdeep sold goods for cash it will be recorded in Book,Sandeep a/c,None of above) 4)An Expenditure is revenue in nature when it (It benefits the current period,it benefits the future period,it belongs to the previous period,None of above) 5)Depreciation is related to (Current Assets,Investments, Fixed Assets,Fictitious 6)A Trial Balance is a (Real a/c,Personal a/c,List of balances) 7)Closing Stock of Finished Goods will appear in (Profit & Loss A/C,Trading A/c,Manufacturing A/c,None of above) 8)Capital is Liability,Bank) 9)Goodwill is an example of ‘+ (Deferred Revenue Expenditure, Intangible of recording transactions based on dual concepts is called (Single Entry System,Cash System,Double Entry System,None of above) 8 marks
2. Q1 (B)State True or False.(Any 7) is related to recording of Financial data 2)Incomes are debited 3)The Balance of Cash Book is always debit 4)Sales Book is used to record all Cash Sales 5)The installation Expenses for New Machinery is debited to Repairs a/c 6)Computers are examples of Fixed Assets 7)Cash Book does not record credit Purchases 8)Debtors are examples of Current Assets 9)Loan taken by Company is a liability 10)As per Materiality Concept only significant financial transactions must be recorded 7 marks
3. Q2 Journalise the following transactions Started Business with cash Rs20,000 MarS5 Deposited Rs5,000 in SBI Mar10 Goods sold to Motorola for Cash Rs9,000 Purchased Goods of Rs20,000 from Ericson on credit Mar22 Sold machinery to Siemens for Rs1,000 Mar27 Withdrew Rs 500 from SBI for personal: use Mar 28. Received Rs12,000 as Dividend 15 marks
4. Q2 Enter the following in a Cash Book with Cash & Discount Column. Apr3 Bought goods for Rs16,000 @10% CASH Received from Kishore Rs980 full settlement of rs1000 15 marks
5. Q3 Describe the following as capital or Revenue Expenditure with appropriate reason
   • a)Rs20,000 has been spent due to negligence of workers
   • b)Rs5,000 has been spent on worn out parts
   • c)Rsi0,000 has been spent on installing new devices which will increase efficiency
   • d)Rs2,000 paid to technical consultants to advise the company as to how the machine can be maintained in normal working condition
   • e)Legal fees to acquire Property Rs7000
   • f)Heavy advertising Expenditure to introduce new products in the Market Rs1,00,000
   • g)Import duty on raw material purchased Rs2,000
6. Q3 (A) Prepare bank ReconciliationStatement from the following particulars on Balance as per Cash Book Rs12,000 Cheques deposited but not cleared Rs5,000 Apr3 Cheques issued but not presented for I/Financial A/c/75 Marks/2.5hrs Apr5 Dividend Collected by bank but not entered in Cash Book Rs700 Apr30 Balance as per pass Book Rs11,500
7. Q3 (B)State reasons for the difference in Balances between Pass Book & Cash Book. 7 marks
8. Q4 Anil purchased following Plant & machinery on various dates. He writes off depreciation on Straight Line Method which is 10% per annum.He sold machinery bought on 1/4/2007 for Rs55,000 on 1/10/2008 Prepare machinery A/C in the ledger of Anil for the year 2006,2007,2008.financial year is from Ist Apr. to 31st Mar 15 marks
9. Q4 Prepare Trial Balance in the Book of MrABC on 30th Nov 2010. Income received in Advance 3,000 Income earned but not received 15 marks
10. Q5 (A)From the following Trial balance of Mr.ABC & additional Information prepare Manufacturing A/c,Trading A/e ,Profit & Loss A/c & Balance Sheet for the year ended Salaries 3,820 Provision for
    • J. A/c/75 Marks/2.5hrs
    • a)Additional Bad Debts to be provided Rs500
    • b)Depreciate Machinery at 10% p.a & Furniture 15% p.a
11. Q5 (p)Write short notes(on any 3) 15 marks
    • b)Convention of Disclosure
    • c)Persons interested in accounting
    • d)Assets
    • e)Objectives of Accounting

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