B.Com. (Financial Management) SEM II 2021 2022 May 2022 FINANCIAL ACCOUNTING II Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Multiple Choice Questions (2 marks each 40 Marks)
2. Q1 Travelling expenses are allocated on the basis of
   • a) c)Horse power d) No. of lights Points
3. Q2 Following is allocated in the ratio of number of employees \ 3. Rent is allocated on the basis of
   • a) Sales b) Purchases c) Number of employee d) Floor space area
4. Q4 Following is credited to general profit and loss account
5. Q5 The person who sells goods on Hire Purchase basis is called
6. Q6 The initial amount paid at the timing of signing the hire purchase agreement is called
7. Q7 Hire purchase price is equal to 8 The Installment paid under Hire Purchase System comprises of
   • a) Cash price only b) Cash price and Interest c) Interest only d) Cash price less Interest 9.Hire purchase agreement is governed by
   • a) Sale of goods Act , 1930 b) Hire Purchase Act, 1972 c) Companies Act , 2013 d) Partnership
8. Q10 Sacrifice ratio is calculated
9. Q11 Under stock debtors system, salary is transferred to -----, 12.Cash remitted from head office is debited to
10. Q13 Collection from debtors can be ascertained from
11. Q14 Ifprofit on Cost is 25% , then profit on Sales will b
12. Q15 On the death of a partner
    • a) Old firm is dissolved b) Old partnership is dissolved c) Both old partnership and firm are dissolved _d) Neither partnership nor firm is dissolved
13. Q16 Assets taken over by partners are
14. Q17 On retirement of a partner, goodwill will be credited to the Capital Account
    • a) Retiring Partner b) Remaining Partners c) All Partners d) None of the Above
15. Q18 On the death of a partner, the amount due to him will be credited to ----,
    • a) All partners’ Capital Accounts b) Remaining partner’s Capital Accounts
16. Q19 Revaluation Account or Profit and Loss Adjustment A/c is prepare when
    • a) Admission of new partner b) Retirement of partner c) Death of partner d) Dissolution
17. Q20 Gain ratio is calculated at the time
    • a) Admission of new’partner b) Dissolution c) Retirement of partner d) Death of partner \ Q.2 SUN Ltd. Supply goods to Nashik branch at cost. All cash sales at branch afe daily remitted to the head office. From the following particulars prepare the branch account in the books of head office for the year ended December 2021. 7 Marks Cash paid by Head Office Rent and Taxes 24,000 Salaries and wages 76,000
18. Q2 Kamat Solvent Co. Banglore opened a branch at Goa on 1“ Jan 2021.The following information is available in respect of the branch for the year 2021. 7 Marks Prepare Branch account in the books of head office for the year ended 2021
19. Q3 Manas firm has two departments M and N, from the following figures prepare Department profit and loss account for the year ended December 2021. 7 Marks Area occupied by the two departments is in the ratio of 2:1, General salaries are to be allocated equally. Sales and purchases for department M Rs.10,00,000 and Rs.6,00,000 respectively. Sales and purchases for department N Rs.6,00,000 and Rs.4,00,000 respectively,
20. Q3 M.M firm has two departments X and Y, from the following figures prepare Department profit and loss account for the year ended 31" December 2021. 7 Marks Salaries and General expenses in the ratio of 1:1. Area occupied by the departments is in the ratio of 3:2. Other expenses allocated as per suitable basis
21. Q4 On 1* January 2015 Devraj Ltd purchased a Machine from Ltd on Hire Purchase System. The cash price of the machine was Rs.12,00,000. Sairaj Ltd paid Rs.1,60,000 on signing of the agreement and agreed to pay balance in 5 Installments of Rs.2,,40,000 each payable annually on December. The Hindustan Itd charged 5% Interest p.a. on yearly balance Prepare the schedule of payment showing the amount interest and principal amount in columnar
22. Q4 On January 2021, Karmayogi Itd purchased a Bulldozer from JCB under Hire Purchase System.Rs.2,00,000 being paid on delivery and balance in five installments of Rs.3,00,000 each payable annually on December. The vendor charges 5% Interest p.a. on yearly balances. The cash price of the truck was Rs.15,00,000. Prepare the schedule of payment showing the amount interest and principal amount in columnar format
23. Q5 From the following information prepare profit and loss account for the year ended 31"
24. Q1 Machinery is to be depreciated by 10% and furniture by 5% p.a
25. Q2 Interest on capital is charged at the rate of 6% p.a
26. Q5 A) Distinguish between Income and Expenditure. 4 marks
    • B) Draw the format of Realization account. 3
27. Q6 Write short notes (Any 2) 7 marks
    • a) Basis of Allocation
    • c) Fixed Assets
    • e) Types of Branches

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