Bachelor of Management Studies (B.M.S.) SEM V 2022 2023 Dec 2023 S FINANCE FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 (A) Multiple Choice Questions.(Any 8) 8 marks
2. Q1 Unclaimed dividend is shown under
   • a) Secured Loan
   • b) Short term Provision
   • d) Current Liability
3. Q2 When the entire issue is underwritten it is called
   • a) Partial Underwriting
   • b) No Underwriting
   • c) Full Underwriting
   • d) Half Underwriting
4. Q3 Anexchange rate on the date of balance sheet is known as
   • a) Monetary Rate
   • b) Monetary Rate
   • c) Closing Rate
   • d) Average Rate
5. Q4 Interest on securities is always calculated
   • a) Face Value
   • b) Market Value
   • c) Cost
   • d) Cum Interest
6. Q5 A Company has to spend in CSR
   • a) 10% of Net Profit
   • b) 20% of Net Profit
   • c) 2% of Net Profit
   • d) 1% of Net Profit
7. Q6 Short term loan is the loan due for not more than
8. Q7 Total share for which guarantee is given by each underwriter individually is known as
   • a) Net Liability
   • b) Gross Liability
   • c) Marked Application
   • d) Unmarked Application
9. Q8 Foreign currency is a currency
   • a) Used in recording foreign transaction
   • b) Other than the reporting currency
   • c) In presenting foreign financial statements
   • d) Is the proportion between two currencies
10. Q9 Loss on sale of investment is
    • a) Debited to Profit and Loss A/c
    • b) Credited to Profit and Loss A/c
    • c) Debited to Investment A/c
    • d) Debited to Interest A/c
11. Q10 ASB is constituted in
12. Q1 (B) State whether the following statements are True or False:(Any 7) 7 marks
13. Q1 The income for pre-acquisition period should be credited to Investment Account
14. Q2 13 deals with accounting for Foreign Currency Transactions
15. Q3 The applications forms received by the company without any stamp of any of the underwriters are known as Marked Application
16. Q4 Accounting policies adopted by a company should be disclosed as per AS — 1
17. Q5 CSR is governed by section 135 of Companies Act 2013
18. Q6 Ethical behaviour should be practiced with Shareholders only
19. Q7 Issue of bonus share is entered in N.V. column of Investment A/c
20. Q8 Balance in Foreign Exchange Fluctuation A/c is transferred to capital A/c
21. Q9 When the issue is underwritten by two or more underwriters it is called as “sole
22. Q10 Interest is disclosed under cash and cash equivalent
23. Q2 (A) Poonam Limited furnishes you with the following Trial Balance as on March, 2022. Equity share capital: shares of 10/- each fully paid 50,00,000 General Reserve - as per last Balance Sheet Advance against salary 1,50,000 Income received in advance 60,000 Inventory at Cost Profit and Loss A/c 15 marks
24. Q1 Authorized share capital is = 1 Core
25. Q2 Transfer 7,00,000 to the General Reserve
26. Q3 Out of the Debtors 2,00,000/- are outstanding for a period exceeding six months. All debtors are unsecured and considered good
27. Q4 Investment represent 10,00,000 Equity Share in X Ltd. of = 10 each, 2 8 Paid up
28. Q5 Bill Discounted with bank worth = 20,000 not matured till the Balance sheet date You are required to prepare the Balance Sheet of Poonam Limited as on 31 March, 2022 as per
29. Q2 (B) Sapna Ltd. issued 90,000 equity shares of 20 each. The issue was underwritten as follows: A 50%, B 25%, and C 25%. The company received a total number of 80,000 applications including Firm Underwriters and Marked applications were as follows: A: 30,000 shares, B: 15,000 shares and C: 5,000 shares The Firm Underwriting is A:5,000 shares ; B: 3,000 Shares; C: 2,000 Shares Determine the liability of each of the underwriters, If 15 marks
30. Q1 Benefits of Firm underwriting is given/Credit is given for firm underwriting
31. Q2 Benefits of Firm underwriting is not given/Credit is not given for firm underwriting
32. Q3 (A) Vishal Ltd., exported goods to James Trading Company Germany worth US $ 1,00,000 on 20th January, 2022, on which date the exchange rate of 1 US $ was 70.50 The payment for the same was received as under: (15) Vishal Ltd. closes its books on 31st March every year. The exchange rate on 31st March, Pass Journal Entries for the following transactions in foreign currency in the books of 'Vishal Ltd. and prepare Foreign Exchange Fluctuation Account
33. Q3 (B) Following is the extract of Trial Balance of Bhavik Ltd. As on 31“ March 2022. Bonus to Employees 20,000 Land and Building Plant and Machinery Furniture and Fixture 50,000 5,50,000 Repairs and Maintenance 70,000 Rent, Rates and Taxes 50,000 15 marks
34. Q1 Closing Stock is valued at = 15,00,000
35. Q2 Outstanding Expenses are:
    • b) Electricity Charges 25,000;
    • c) Rent = 3,000
36. Q4 Prepaid Advertisement Expenses was 30,000
37. Q5 Provide RDD = 50,000
38. Q6 Make a Provision for Tax = 5,00,000 You are required to Prepare Statement of Profit and Loss for the year ended 31‘ March
39. Q4 (A) On Ist April, 2021; 500 6% debentures of = 100 each of Mars Ltd. were held as investment by Mr. Kushal at a cost of = 46,200 Excellent Ltd. pays interest on Ist July and Ist Jan every year The following other transactions were entered by him during the year ended 31st March, 2022 in regard to these debentures You are required to prepare investment in 6% debentures in Mars Ltd. Account for the year 31st March, 2022 as it would appear in the books of Mr. Kushal. (Apply AS-13) (15)
40. Q4 (B) On Ist April 2021 Mr. Manoj holds 10,000 Equity Shares of = 10 each in PG Ltd., at a cost of On Ist July 2021 he purchased 5,000 additional shares of the same Company at a cost of On 1st September 2021 Company issued a bonus of one share for every Five shares held as on On Ist January 2022 he purchased right shares, announced by the Company at the rate of two shares for every Six shares held as on that date at 12 each On Ist February 2022 he sold 1,000 shares for = 20 each Prepare Investment in Equity shares account in the books of Mr. Manoj for the year ended 31st
41. Q4 (C) issued 30,000 debentures which are underwritten as follows: Raj - 15,000 debentures, Rajan - 10,000 debentures and Sajan - 5,000 debentures The total subscriptions were 29,000 Debentures including marked applications were: Raj 10,000 debentures; Rajan - 4,000 debentures and Sajan - 1,000 debentures You are required to show the allocations of liability of each underwriter. (07) Describe the fundamental principles of IFAC Code. (08)
42. Q5 (B) What does the Accounting Profession mean by Ethical Behaviour? 7 marks
43. Q5 (C) Write Short Notes:(Any Three) 15 marks
44. Q1 Corporate Governance
45. Q2 Contingent Liability
46. Q3 Net Liability of Underwriters
47. Q4 Exchange Rates
48. Q5 Bonus Share

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