B.Com In Banking & Insurance (BCBI) Sem I 2016 2017 March 2017 FYBBI SEM I FIN.ACC Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 Q.2 to Q.5 having internal options
2. Q3 Figures to right indicate full marks
3. Q4 State your assumptions clearly
4. Q1 A. Multiple choice (Any 8/10) 8 marks
5. Q1 Goods returned to the suppliers should be accompanied by
6. Q2 Bank reconciliation statement is
7. Q3 Atrial balance is a list of accounts
8. Q4 Income tax appears in trial balance column
   • S. Atransaction not recorded at all is called as an error of 6 Interest on investment is of business concern 7 Allthe items of income are shown on the credit side of account
9. Q2 Balance sheet (b) Profit & Loss (c) Manufacturing (d) none of them & The method of valuation of closing stock is to
10. Q2 value at cost (b) value at market price (c) value at cost or market price whichever (d) value cost or market price under Hire purchase system is chatged on price (b) Hire purchase price (c) purchase price or cash price whichever is higher (d) none Sark facility to ‘account above statements are True/ False. (Any 7/10) (07) is useful for the owner transaction of proprietors is recorded in the books of accounts of business slip to withdraw the amount bank, () voucher is must for all transaction recorded in the journal
    • Q.P. Code :00325
11. Q3 State, giving reasons whether you will consider the following items as Capital, Revenue or Deferred 15 marks
12. Q1 Cost incurred in replacing worn out but costly spare parts of a machine
13. Q2 Repairing of the building
14. Q3 Asum of Rs2500 previously written off as bad debts now recovered in this year
    • (15) 4) Legal expenses incurred in an action for infringement of trademark
15. Q5 spent for replacing the electric motor of amachinery. The motor was destroyed by fire
16. Q6 Travelling expenses of a director for going to Germany to purchase a new machinery
17. Q7 Expenditure on uniforms for the staff
18. Q3 The following particulars have been extracted in respect of Material ‘A’. Prepare a Stores Ledger Account showing the receipts and issues, pricing the material issued on the basis of : 15 marks
    • b) First In First Out Method
    • i) opening stock 200 units at Rs.3.50 per unit
    • ii) 03-10-2016 purchased 300 units at Rs.4.00 per unit 13-10-2016 purchased 900 units at Rs.4.30 per unit
    • (08) iv) 23-10-2016 purchased 600 units at per unit
    • i) 05-10-2016 issued 400 units
    • i) 25-10-2016 issued
    • i) 26-10-2016 issued 200 units following trial balance as-on 31-03-2016 and-after considering the other information you are (15) = prepare Manufacturing A/c, Trading and Profit & Loss A/c of the trading Co. for the year
    • Q.P. Code :00325
19. Q6 who endorses the cheque is known as endorser
20. Q7 Narration is not necessary in ledger,
21. Q8 Interest credited in pass book isan income to the customer
22. Q10 Errors of omission are Committed by clerks
23. Q2 the following transactions in the book of Shri Herambh and also prepare necessary ledge 01- Herambh started business with cash Rs. 71,000 02 Purchased g00ds from Mahesh Rs.20,000 on credit 05 — cash into Bank of India Rs.30,000 039 — Sold goods to Dhanraj Rs.25,000 on credit 11- Purchased furniture of Rs. 10,000 for cash 14 — Paid to Mahesh by cheque of Bank of India Rs.10,000 18 Received a bearer cheque for Rs.15,000 from Dhanraj 30 — Paid salary by cheque Rs.4000 Prepare Bank Reconciliation statement as on 2016 of Mr Nilesh
    • i) Bank overdraft as per Cash Book Rs.5000
    • ii) Cheque issued but not recorded in Cash Book Rs.2,500
    • iii) Bank charges not recorded in cash book Rs.250,
    • iv) Charges deposited and collected by bank as per bank statement but not entered in Cush Book Rs.750
    • v) Interest charged by bank recorded twice in the Cash Book Rs.500,
    • vi) Bank paid dues as per standing instructions but not recorded in the Cash Book Rs.300,
    • vii) Cheque issued by Mr. Nilesh returned dishonoured Cheque deposited but not bank Rs.900, Atrial balance shows excess debit of Rs.2800 which was transferred to Suspense A/c, following errors wer then located, Rectify them and prepare Suspense A/c
24. Q1 “Salary paid: Pinal was debited to Pinal’s A/c,
25. Q2 Goods purchased of from Ajay were recorded as Rs.35000 in the Purchase Book,
26. Q3 Rs.1600 paid for printing bill was Posted to credit side of Printing Bill A/c
27. Q4 Purchased 800ds from Rajesh worth Rs.7,700 not Posted to his account in purchase book, Freight Paid twice to freight A/c
28. Q6 Total of Purchase book Rs.23,000 Was posted to purchase account as Rs.13,000
    • Q.P. Code :00325 Sales of finished goods Repairs to machinery extension to building
29. Q1 Stock of raw material as on 31-3-2017 was Rs.20,000. There was tio opening and closing stock of finis
30. Q3 Provide for doubtful @ 5% and for discount on sundry debtors @2%
31. Q4 Rent amounting to Rs.200 is not paid
32. Q5 . Insurance amounting to Rs.1500 is for the next year January 2016 Amir purchased an Audio system on Hire purchase system. The terms of contr: price of the:audio Rs.1,30,000 was paidion'the signing of the contract “The balancé installments of Rs.30000 each plus interest
    • d) Interest the outstanding balance was 6% p.a You are required years-:
33. Q1 showing calculation of interest
    • Q.P. Code :00325
34. Q5 a) the main functions of accounting? 8 marks
    • b) Distinguish between FIFO & Weighted average method. 7
35. Q5 short note (any 3/5) 15 marks
    • a. Manufacturing Accougt
    • b. Capital Expenditure
    • c. Accounting Standard - 1
    • d. Capital & Drawings
    • e. Purchase book

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