Bachelor Of Management Studies (BMS) SEM I ATKT INTRO. TO . FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

• 2. Figures to the right indicate full marks

1. Q1 (A) State whether the following are true or false: (Any 8) 8 marks
   • 1. Cash A/c always has debit balance
   • 2. Commission received is a nominal account
   • 3. Cash deposited into the bank is contra entry
   • 4. Sales book is a subsidiary book
   • 5. Only all cash purchase of goods are recorded in purchase book
   • 6. Amount withdrawn from business for personal use is called capital
   • 7. Trade discount is not recorded in books of account
   • 8. Creditors are liability
   • 9. Revenue expenditures are recurring in nature
   • 10. Mr. Ganesh is a personal account
   • (B) Match the following: (Any 7) 7
2. Q2 A) Give journal entries for the following transactions: Paper Subject Code: 81901 Introducaton to Financial Accounts 8 marks
3. Q2 B) You are required to prepared the Plant and Machinery A/c in the ledger book of Jaddu Ltd. on the basis of following information for December, 2017. (7)
4. Q2 Enter the following transactions in a three column cash book. Received a cheque from Mohan 10,000 15 marks
5. Q3 A) Jyoti Ltd purchased machinery Rs. 80,000 on 1“ April 2015. In the same year on October additional machinery costing Rs. 20,000 was purchased. On October 2017 the machinery purchased on 1“ April, 2015 became obsolete and was sold for Rs. 62,000. On 1*' January, 2018 a new machine was also purchased for Rs Depreciation was provided annually March at the rate of 10% per annum on straight line method Prepare machinery a/c for three years ending on 31.03.16, 31.03.17 and 31.03.18
6. Q3 B) Prepare for Mr. Star a Bank Reconciliation Statement from the following details Paper Subject Code: 81901 Introducaton to Financial Accounts
7. Q3 State with reasons which of the following expenses are capital or revenue. 15 marks
   • 1. Expenditure incurred on overhauling machinery
   • 2. Taxes paid
   • 3. Wages paid to the workers for erection of new machinery
   • 4. Cost of goodwill purchased
   • 5. Heavy expenditure incurred on advertisements
   • 6. Cost of construction of a building
8. Q4 A) The following balances appear in the books of Ms. Sonal on 30" September, 2017. Prepare her trial
9. Q4 B) Rectify the following errors. 7 marks
   • 1. Rs.30,000 paid for purchase of Computer charged to stationery account
   • 2. Wages paid Rs.1,500 for erection of new machinery were posted to wages A/c
   • 3. Paid Rs.15,000 for the purchase of a Furniture posted to purchase A/c amount of Rs.500 received on account of interest was credited to salary account of Rs.1,500 withdrawn by the proprietor for his personal use was debited to commission A/c Paper Subject Code: 81901 Introducaton to Financial Accounts
10. Q4 The Trial balance of Mrs. Deepali as on December, 2017 was as follows Following additional information is provided to you
    • 1. Closing stock as on December, 2017 was Raw material Rs.15,800, Finished Goods Rs.18,200 and Work in progress Rs.7,000
    • 2. Outstanding salary was Rs.2,000 and outstanding wages was Rs.1,500
    • 3. Depreciation is to be written off on machinery at 10% p.a. and on furniture at 5% p.a
    • 4. Prepaid lighting expenses were Rs.800
11. Q5 a) What are objectives of Accounting? 8 marks
12. Q5 b) What are the importance of a computerized accounting system? 7 marks
13. Q5 Write short notes on: (Any 3) 15 marks
    • a) Accounting for Fixed Assets
    • c) Balance Sheet
    • d) Distinguish between Capital Receipt and Revenue Receipt

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