MCom Part II SEM III 2018 2019 Dec 2019 GROUP A ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MGT. ADVANCED FINANCIAL ACC Question Paper - Mumbai University | munotes

Questions asked in this paper

• (2) Figures to the right indicate full marks

1. Q1 Enterprises had a branch at los-Angeles. Its Trial Balance as at September, 2018 is as Plant and Machinery 1,20,000 : Goods from Indian Co. 80,000 w Rent, Rates and Taxes 2,000 Cash at Bank 5,000 Cash in Hand 1,000 The following further information is given :
   • (2) Wages outstanding $ 1,000
   • (2) Depreciste Plant and Machinery and Furniture and Fixtures @ 10 per cent p.a
   • (3) The Head Office sent goods to Branch for 39,40,000
   • (4) The shows an amount of 43,00,000 due from Branch
   • (5) September, 2018 $ 52,000
   • (6) There were no in transit items either at the start or at the end of the year
   • (7) On September 1*, 2017 when fixed assets were purchased, the rate of exchange was @ 38 to 1S On 1*, 2017 the rate was 8 39 On September 2038 the rate was to 15 & Average rate during the year was 40 to 1S You are asked to Prepare - thot the foreign operation is in the nature of an integral operations:
   • (1) Trial incorporating adjustments given under 1 to 4 above converting dollars into rupees
   • (2) Trading and Profit and Loss Account for the year ended 30" September, 2018 and
   • (3) Sheet as on September, 2018 Code: 72201 Group A: Advanced Accounting, Corporate Accounting and Financial Management : Advanced
2. Q1 The following Balances appeared in the books of Andheri Branch of a firm in U.K, on 31-12-2017 Wages and Salaries 14,400 Rent, Rates and Taxes 10,800 Cash at Bank 90,870 Stock on 31-12-2017 was Rs. 65,000. Andheri branch A/c in the books of head office showed a debit balance = Furniture and Fittings were purchased from a remittance of £ 125 received from head office The average of exchange were : The average rate of 2017 may be taken at Rs. 68 per Prepare Trading and Profit and Loss Account and Balance Sheet of Andheri Branch in the books of Head
3. Q2 From the following information calculate the amount of provisions and Contingencies and prepare Profit and Loss Account of Zed Bank Ltd. For the year ended 31.03.2018. (15 Interest and Discount 8,860 (included interest accrued on investment) Interest accrued on investment 10 J
   • a) Rebate on bills discounted to be provided for 30
   • b) 8) classification of Advances:
   • i) Standard assets 4,000
   • iv) Doubtful assets — covered fully by security Less than 1 year 100 More than 1 year, but less than 3 years 600 More than 3 years 600
   • v) Loss Assets 376
   • c) Provide 35% of the profit towards provision for taxation
   • d) Transfer 20% of the profit to Statutory Reserve : 72201 Group A: Advanced Accounting, Corporate Accounting and Financial Management : Advanced
4. Q2 The following figures are extracted from the books of New Delhi Bank Ltd., as on December 31, 2017: Interest and discount received 40,60,000 Interest paid on deposits 24,04,000 and Subscribed capital 10,00,000 Reserve under Section 17 7,00,000 Commission, exchange and brokerage 1,80,000 Profit on sale of investment 1,90,000 Salaries and allowances 2,10,000 Directors fees and allowances 24,000 Rent and taxes paid 1,08,000 Postage and telegram 40,000 Depreciation on propertie 25,000 The following further information is given:
   • (a) A to whom of Rs. 5,00,000 has been advanced has become insolvent and it is expected only 40% can be recovered from his estate. Interest due at 15% has not been provided for
   • (b) Provision for bad and doubtful debts and other debts necessary, Rs. 1,00,000
   • (c) Rebate on bills discounted as on December 31, 2016, Rs. 10,000
   • (d) Rebate on bills discounted as on December 31, 2017, Rs. 15,000
   • (e) Provide Rs. 7,00,000 for income tax
   • (f) The directors desire to 10% dividend Prepare the Profit and Loss Account in accordance with the law. Make necessary assumptions
5. Q3 From the following information as on March, 2018, prepare the Revenue Accounts of Sagar Bhima Co On Insurance accepted 1,50,000 11,000 Code: 72201 Group A: Advanced Accounting, Corporate Accounting and Financial Management : Advanced Other expenses and income: F Salaries — Rs. 2,60,000; Rent, Rates and Taxes — Rs. 18,000; Printing and Stationery — Rs. 23,000; Indian Income Tax paid — Rs. 2,40,000; Interest, Dividend and Rent received (net) 1,15,500; Income Tax deducted at source — Rs. 24,500; Legal Expenses (Inclusive of Rs. 20,000 in connection with settlement of claims) — Rs. 60,000; Bad Debts — Rs. 5,000; Double Income Tax refund —Rs. 12,000; Profit on Sale of Motor Balance of Fund on April, 2017 was Rs. 26,50,000 including Additional Reserve of Rs. 3,25,000. Additional Reserve has to be maintained at 5% of the net premium of the year, 3.From the following Trial Balance of ABC Co-operative Stores Ltd. prepare Trading and Profit and Loss Account for the year ended March, 2018 and Balance Sheet as on that date considering the Stock of Goods 1,10,000 Rent, Rates and Taxes 27,400 Postage and Stationery 22,100 Interest on Investment =| 10,000 Cash in Hand 25,000 Cash at Bank 1,70,000
   • (a) Godown Rent Payable on March, 2018 was 4,000,
   • (b) Depreciate Furniture @ 5% p.a
   • (c) Closing Stock of goods valued at cost 1,40,000
   • (d) Interest accrued on Investment 2,000
   • (e) Salary outstanding on 31* March, 20188 5,000
   • (f) Authorized capital was 2,00,000 dividend into shares of 10 each
   • (g) Transfer to Reserve Fund 25% of net profit
6. Q4 A) Choose the most appropriate answer from the following. 8 marks
7. Q1 Discount on Bill is shown by a bank
   • a) In Schedule of Advance In Schedule of Other Investment
   • b) In Schedule of Interest Earned d) In Schedule of Interest Expended
8. Q2 Balance.with RBI are shown in the final account of a Bank in
   • a) Schedule 3 c) Schedule 5
   • b) Schedule 4 d) Schedule 6 72201 Group A: Advanced Accounting, Corporate Accounting and Financial Management : Advanced
9. Q3 Exchange difference of Integral foreign Operation
   • a) transferred to suspense Account c) transferred to profit and loss A/c currency None of the above
10. Q4 Revenue A/c of a life insurance company must be prepared in
11. Q5 Bonus payable to Policy holder is shown under
12. Q6 The aim of co-operative societies is
    • a) service profit 7, Register of members should be maintained in form
13. Q8 The currency of the enterprise preparing account is 4 B) State whether the following statements are True or False:- (07)
14. Q1 Discount on Bills is showed by a bank in Schedule of interest earned
15. Q2 Employee security Geposits is shown by a Bank under Other Liabilities,
16. Q3 Exchange difference of integra! foreign Operation is transferred to profit and loss A/c
17. Q4 The insured gets compensation only in case of loss
18. Q5 Co-operative societies cannot Pay dividend exceeding 15%,
19. Q6 Average rate = All transaction during certain period
20. Q7 The Maharashtra Co-operative Society Act was passed in 1960
21. Q4 Write Short notes (any three) 15 marks
22. Q1 Rebate on bills discounted
23. Q4 Bye-Laws of a Co-operative Society

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