B.Com. (Financial Management) SEM V 2022 2023 Sep 2023 CORPORATE ACCOUNTING III Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) State whether the following statements are TRUE or FALSE ( Any 8) 8 marks
2. Q1 Accounting for Banking transactions involves double entry systems of book keeping
3. Q2 Accounting for banking transactions requires tallying of trial balance of general ledger on 3.IRDA Regulates insurance sector in India 4.The arrangement where one insurance company gets insured with the other is called as is always calculated on the Nominal Value of the security 6.Ex — Interest price less Accrued interest= Cost of the investment 7.Reporting currency is the currency used in presenting the financial statement
4. Q8 AS 11 deals with recording and translation of foreign currency transactions 9.Every banking company in India required to transfer at least 25% of its current year’s profit to the reserve fund 10.The term surrender is used in life insurance
   • B. Match the following ( Any 7 ) 7
5. Q2 Fire Insurance b. Revenue account of General Insurance
6. Q4 Monetary Item c. AS 13 marks
7. Q5 Variable Income bearing security d. Plant and Machinery 6.Average rate e. Mean of the exchange rate
8. Q10 Dividend Approved in AGM 1. Reserve of 50%
   • j. Schedule 1
9. Q2 A. Central Bank Ltd. gives the following details on March, 2022 Bill Due Date of Bill Estimate the amount of Rebate on Bills discounted and summarize the transactions with Journal entries for Discount and Rebate 8 marks
10. Q2 B. From the following information, calculate the amount of provision required to be made in the Profit and Loss Account for KDN Bank for the year ended 31 st March, 2022. Term loans (standard)includes Rs. 10lakhs for SME sector and Rs. 20 lakhs for Commercial Real Estate sector All sub- standard assets are secured. (7)
11. Q2 C. The following details pertain to Jupiter Bank Ltd as on 31“ March, 2022. Draw the Profit & Loss Account for the year ended March, 2022 and Balance Sheet as on that date Capital(Rsl0each) ]
12. Q1 Authorised Capital was Rs. 80, 00,000, Equity Shares of Rs. 10 each
13. Q2 Unexpired discount amounted to Rs.50, 000
14. Q3 Provision for tax is Rs.1, 00,000
15. Q4 Endorsements on behalf of customers were Rs. 11, 00,000
16. Q5 Transfer to Statutory Reserve 25%
17. Q3 A. From the following information of Max Insurance Company Limited prepare Revenue Account Marine Department for the year ended 31st March 2022 15 marks
18. Q3 b) Exim Ltd. entered into the following transactions during the year ended 31-3-2017
    • a. On 1-7-2016 on FOB basis US $ 1,05,000 to P Ltd. The amount was realised
    • b. On 1-12-2016 on CIF basis US $ 75,000 to Q Ltd. The amount was receivable
    • a. On 15-9-2016, raw materials on FOB basis US $ 20,000, to R Ltd. payable as 50% advance and balance on of the materials were in stock on
    • b. On 1-2-2017, machinery spares on CIF basis (by air) US $ 3,500 to S Ltd. The company’s bankers on receipt of the documents made the payment for the
    • c. On 15-3-2017, raw materials on FOB basis US $ 12,500 to T Ltd. The same had not reached India as on 31-3-2017 The exchange rates for US $ are as under: Iv. 1-1-2017 48.00 Vi. 15-3-2017 48.25 Pass journal entries (including for bank transactions) for the above transactions in the books of the company for the year ended 31 March 2017. Also prepare the Foreign
19. Q4 A) Solve the following On 1“ January 2021, 1000-12% Debentures of Rs. 100 each of Shiva Ltd. were held as investment by Mr. Dharmesh at a cost of Rs. 91000. Interest is payable on December On 1“ April 2021, Rs. 20000 of such Debentures were purchased by Dharmesh @ Rs. 98 On 1* September 2021, Rs. 30000 of such Debentures were sold at Rs. 96 ex-interest On December 2021, Rs. 50000 of such Debentures were sold at Rs. 99 cum-interest Interest is received on the due date Prepare investment account for 12% Debentures of Shiva Ltd. in the books of Mr. Dharmesh valuing closing stock as on December 2021 applying AS-13. The debentures were quoted at Rs. 93 on December 2021 15 marks
20. Q4 B) Solve the following On 1-4-2021 Mr. Ajay had 30000 equity shares in Vipro Ltd. face value of the share was Rs 10 each but his purchase price was Rs. 14 per share. On 1-7-2021, Ajay purchased 6000 additional equity shares of the same company for a price of Rs. 16 per share. On 31-7-2021 the directors of the company announced a bonus and rights issue. Bonus was declared at the rate of one equity share for every six shares held. Bonus shares were received on 5-8-2021 Right Issue was as per the following terms: 15 marks
    • a. Right shares to be issued to the existing holders on 17-8-2021
    • b. Rights offered were at the rate of one share for every three shares held at Rs. 15 per share Full amount was payable by 30-9-2021
    • c. Existing shareholders may to the extent of their entitlement, either wholly or in part, transfer their rights to outsiders
    • d. Ajay exercised his option and subscribed for 60% of his entitlement and the balance of rights, he sold to Vikas for a consideration of Rs. 1.50 per share
    • e. Dividend for the year ended 31-3-2021 @ 14% was declared by the Company and received by Ajay on 22-10-2021
    • f. On 1-11-2021 he sold 25000 shares at Rs. 15 per share Prepare investment account of Equity Shares in Vipro Ltd. for the year ended 31-3-2022 in the books of Mr. Ajay. Apply AS-13 The market price of an equity share was Rs. 14 as on 31-3-2022 Distinguish between Cum- Interest Price and Ex- Interest price. (8)
    • B ) What are the disclosure requirements of AS 13 “Accounting for 7
21. Q5 Write Short Notes ( Any three) 15 marks
    • a. Contingent liabilities
    • b. Reserve for unexpired risk
    • d. Monetary Items

Read from the scan above, so a character or two may differ. The scan is the original.