B.Com In Banking & Insurance (BCBI) Sem I 2019 2020 Nov 2020 FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) Fill in blanks. (Any Eight) 8 marks
   • 1. Money value or reputation of business is
   • a) Goodwill Copyright
   • 2. Totaling of journal or ledger is called as
   • a) Folio b) Casting
   • 3. Office furniture is acconnt
   • a) Personal Real 4, Paid salary to Mandar should be debited to
   • a) Salary b) Mandar
   • 5. Bad debts. Are recorded in book
   • 6. Valuation of inventories is governed by
   • a) AS-1 b) AS-2
   • 7. Carriage on purchase is to cost of inventory
   • a) Added b) Deducted
   • 8. Hire Purchase comprise of Hire
   • a) Vendor b) Lawyer
   • 10. Prenaid is side of item in balance sheet
   • a) Liabilities b) Asset
   • B) Match the column (Any Seven) 7
   • 2. Rent account b) Asset side of balance sheet
   • 6. Depreciation is Trial balance f) Initial payment Mode
   • 9. Accounting standard issued by i) Nominal account
   • 10. Father of accounting }) Profit and Loss account
2. Q2 Journalize the following transactions post then into ledger and prepare trial balance in books of M/S RatnamIndustries Ltd. (Narration not required). (15) Jan.01 Business started with cash Rs.25000, building Rs.75000, Furniture Rs.10000 Jan.06 Purchased Goods worth Rs.15000 @10% Trade discount from Rachit& company Jan.08 Sold Goods worth Rs.18000 to Darshit & co Purchased furniture worth Rs.2500 on credit basis from Shubham Furniture Mart Jan.20 Received cash from Darshit& Co Jan.25 Paid to Rachit& Co. in full and final
3. Q2 A) State the whether following capital, Revenue or deferred revenue Expenditure. 8 marks
   • 1. Purchased machinery for production
   • 2. Purchased typewriter for resale
   • 3. Heavy inaugural expenses paid for new company
   • 4. Wages paid for installation of new machinery. \
   • B) Prepare Bank reconciliation for the year ending 31/03/2015. (07) \
   • 1. Bank balance as per cash book Rs.8600. \
   • 2. Cheque of Rs.4000 issued but not presented for payment 4, Cheque of Rs.28009 deposited into bank but not credited by bank
   • 6. Bank credited interest on investment Rs.1900 but not recorded in the cash book Trading Company purchased machinery from Salem machinery Ltd. On hire purchase agreement on 2015, paying cash Rs.10000 and agreeing to pay further three installments of Rs.10000 each on 31sty December every year. The cash price of the machine is Rs.37250. The Salem machinery Ltd. Charges interest at 5% p.a. Teruppur Trading Company writes off @10% p.a as depreciation on the reducing balance method
   • 1. Machinery Account
   • 3. Interest Table
4. Q3 The following are the transactions in respect of Material X for the month of Prepare stores Ledger Account as per FIFO and weighted Average Method 15 marks
5. Q4 From the following Trial Balance of Ravindra Co. Prepare Manufacturing Account Trading and Profit & Loss account and balance sheet as on 31/03/2016. (15) Work in Progress
   • 1. Stock on 31/03/2016 was follows Work in progress Rs.1500
   • 2. to be depreciated @10% p.a
   • 5. Salaries to be distributed between factory and office in ratio 2:5,
6. Q4 A) From the particulars, prepare Manufacturing account for the yearended Ia Purchases of Raw Material Purchase Return on Raw material Freight &Octroi on Raw material 600 Sale of factory scrap 150 Insurance (20% for factory) Repairs to building(40% for office Depreciation on machiner Manager’s Salary for factory) : Closing stock as on 31/03/2016
7. Q4 Pass necessary adjustinent entries for the following adjustment. 7 marks
   • 1. Depreciation on Machinery @!0% on cost Rs.100000, Land & Building @2% on cost
   • 3. Closing stock was valued at Rs.55000
   • 4. Goods worth Rs.5000 destroyed by fire. Insurance company accepts the claim for
   • 5. Rs.2000 to be transferred to Revenue Fund
8. Q5 A) Explain the process involved in accounting? 8 marks
   • B) Explain the types of Accounting 7
9. Q5 Write short Notes. (Any three) 15 marks
   • 2. Features of hire Purchase System
   • 3. Capital Expenditure
   • 4. Entity concept and going concern concept
   • 5. Accounting Standard — 01

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