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

Questions asked in this paper

1. Q1 a Multiple choice questions (any eight) 8 marks
   • 1. is called as Book of prime Entry
   • 2. Goods Account is a. account Means business will continue for long period
   • 4. Credit Sales are recorded in. book
   • 5. Accounting Standard 6 deals with
   • a. Valuation of inventories b. Income recognition c. Depreciation
   • d. Fixed assets
   • 4. Amount invested in the business is called as
   • a. Capital c. Profit d. None of above
   • 6. Totaling of ledger is Under. method stock is valued after every transaction 8 Legal Expenses in connection with purchase of plot of land is considered as
   • d. Revenue Receipts 9 Prepaid insurance is classified as 10 On Hire purchase ownership of asset is transferred on payment of. installment
   • a. Last First c. Half d. All of these
   • b. State whether true or false (any seven) 07
   • 1. Loss is excess of revenue over expenses
   • 2. Cash discount is not recorded in the books of accounts
   • 3. All facts whether material or immaterial are recorded in accounts
   • 4. State bank of India is a nominal account
   • 5. Expenses incurred to keep machinery in condition are capital expenditure
   • 6. Errors committed due to lack of knowledge are called as Errors of Omission
   • 7. Purchase expenses should be deducted from purchases
   • 9. IFRS are issued by ICAI
   • 10. AS — 09 deals with government grant
2. Q2 a Journalise the following transactions in the books of Mr. Aniket 01* Aug. 2017 - Started business with cash Rs. Goods of Rs.55,000 and Aug. 2017 - Purchased goods from Philip costing Rs. 80,000 on 10% trade 05" Aug. 2017 - Purchased goods on cash worth Rs. 75,000 20" Aug. 2017 — Received a cheque from Manish in full settlement of the transaction Aug. 2017 — Goods worth Rs. 500 taken for personal use 7 marks
   • b. Following information is extracted from the books of M/S Pratik. Prepare Trail 08 Balance for the year ended 31* march 2018 State giving reasons, whether you will consider the following items as Capital, 15 Revenue or Deferred
   • 1. Import duty paid on the purchase of raw materials from Srilanka Rs. 5,000
   • 2. paid as erecting charges for newly purchased machinery
   • 3. Company purchased a second hand typewriter for Rs. 2500
   • 4. Rs. 1500 received as interest on bank deposit
   • 6. Interest on loan paid to the bank Rs. 7,500
   • 7. Discount on Issue of Shares Rs. 1,00,000 On 1“ April, 2013 Robin & Co. Purchased a Refrigerator from Vinayak & Co on Hire 15 purchase. The Cash Price of the Machinery was 5,00,000. The payment was to be made of Rs. 1,00,000 on the date of agreement and the balance in 4 annual installments of Rs 1,00,000 plus interest at 10 percent per annum. Depreciation @ 10% p.a. is to be written off on W.D.V. basis You are required to prepare, A statement showing calculation of interest, Refrigerator
3. Q3 From the following information extracted from the books of M/S Swapnil. You are to do the valuation of closing stock on 31-01-2018 by using principle of First In First Out and , Weighted Average Method on 01-01-2012 4000 units @ Rs. 10
4. Q4 a Prepare Manufacturing Account for the year ended March 2018 for Gaurav. Ltd Stock of Raw materials as on 1* April 2014 40,000 Work in progress as on March 2015 70,000 Stock of Raw materials as on 1* April 2014 60,000 Work in progress as on March 2015 25,000 Purchase of material 4,40,000 Depreciation on Plant 15,000 Depreciation on Delivery van 7,000 Depreciation on Factory Shed 2,500 Octroi On Purchases of raw material 1500 8 marks
   • b. Pass the necessary adjusting entries in respect of the close of the year before finalizing 07 the annual accounts on 31.12.2017
   • 1). Office Rent of Rs. 7700 was outstanding
   • ii) Wages and Insurance of Rs. 40,000 and Rs. 18,000 respectively were prepaid Uninsured Goods worth Rs 4000 were lost by fire
   • iv) Proprietor took Goods of Rs. 500 for his personal use
   • v) Provision for Doubtful Debts is to be made @ 5% on the debtors of Rs. 90,000
   • vi) Depreciation on Building and Plant of Rs. 25,000, Rs. 5,500 respectively
   • vii) Closing Stock was valued at Rs. 3,50,000
   • c. Form the given Trial Balance of Vaibhav Ltd, prepare Manufacturing, Trading and 15 Profit and Loss Account for the year ended March, 2018 and Balance Sheet as at
   • 1. Closing Stock was Work In Progress Rs. 4,10,000
   • 3. Depreciation :
5. Q5 a. Define the term ‘Accounting’ and explain the Importance of accounting. 8 marks
   • b. Discuss in detail- Subsidiary Books 07
6. Q5 Give Short Note (Any three) 5 Entity and Money Measurement Concept 15 marks

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