BCom In Accounting & Finance (BCAF) SEM I 2016 2017 Oct 2017 FYBAF ATKT EXAM SEM I FIN. ACC Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 Rent paid is capital expenditure
2. Q3 AS in India are issued by the Central Government 4 Units in stock = opening stock — Purchases + Sales
3. Q5 Capital expenditure increases funds and profit
4. Q6 Balance Sheet shows the financial position of the firm
5. Q7 Single entry system follows the basic accounting principle of accrual Outstanding expenses are a liability
6. Q10 Received Rs. 50000 as a loan from Father is Revenue Expenditure
   • (B) Match the following. (Any 7) 7
7. Q2 b, Recurring
8. Q6 AS
9. Q8 Depreciation on Plant & Machinery H. Opening Statements of Affairs
10. Q9 AS 2 |. Inventory Valuation
11. Q10 Bills payable accepted J. Disclosure of accounting policy
12. Q2 From the following particular, prepare stock ledger by FIFO and Weighted Average Method The stock in hand on May 2015 was 50 units @ Rs. 12 each. (15)
13. Q2 From the following information of XYZ Itd. prepare stock ledger by FIFO and Weighted Average Method Stock as on I* January 2014 5000 60
14. Q2 On 15" January 2014 3000
15. Q3 From the following trial balance of ABC Itd. Prepare manufacturing account, trading account and profit and loss account for the year ended 31“ December, 2014, And balance sheet as on that date Cash in hand 1000 | Loan 40000 at bank 17500 | Reserve for Bad Debts 3000 Legal charges for acquisition Purchases of Raw Material 30000 Work-in-progress (1-1-2014) 37508
16. Q1 On 31* December 2014 the stock were valued as: Raw Material Rs. 25000. Work-in-progress
17. Q2 Outstanding expenses — Advertisement Rs, 250 and Printing Rs. 150
18. Q3 Stock of stationary on hand Rs. 500 on December 2014
19. Q4 Depreciate plant & Machinery @ 10% and Patents @ 20%, Manager is entitled for a commission of 5% on net before charging his
20. Q0 Reserve for Bad Debts by Rs. 1500
21. Q7 Interest on loan OF Rs. 500 is still unpaid, 15 marks
22. Q3 From the following trial balance of infotek Itd. Prepare manufacturing account, trading account and loss actount for the year ended December, 2014. And balance sheet as on that date Land & Building 120000 | Reserve for debt 5500 Trade marks 9000 | Return outwards 6500 Salary to manager 16000 Purchase of Raw Material 150000 Work-in-progress 60000 Factory rent and rates 15000 On December 2012 stocks were valued as: Raw material Rs. 53000. Work-in-progress is entitled for a commission of 2% on net profit berore charging his commission Increase reserve for bad debts by Rs. 5000 é on is still unpaid Rs. 1200,
23. Q8 Write off Trade Marks @ 33.1/3 % p.a. (94. Shiok his boo by single entry. On January. 2015 his capital was Rs. 69000. An analysis of his cash boo 4 he gives the particulars Received from sundry debtors 60000 | Due to Bank (Jan 1) 7400 Paid on capital accoun 5000 | Payment to creditors 25000 Balance at bank 4000 Balance in hand 100 From the above material prepare a profit & loss account for the year ended 31“ December 2015 and a Balance sheet as on that date, after providing 5% interest on capital. (Ignore additional capital), 10% depreciation on plant. 3% depreciation on furniture. Reserve on sundry debtors is 5%. (15) i Q4. Anjali ltd. prepares accounts on 30" June each year. On 30” September fire destroyed the greater part of their stock. Following information is collected from their books Stock as on 30" June 2041 Rs. 146250 Average percentage of Gross Profit to Cost is 33.1/3 %. Stock of value Rs. 35000 was salvaged. Policy amount was Rs. 125000. Following further information is available: Stock at the beginning was calculated at 10% less than cost 15 marks
24. Q2 Purchases include Purchase of Plant Rs. 25000
25. Q3 Plant was installed in August and paid installation charges Rs. 1250 which was included in wages Calculate the amount of Claim. (15)
26. Q5 State whether the following statements are capital, revenue expenditure or income. Paid import duty on Raw Material Purchased 15 marks
27. Q2 Sold old type writer costing Rs. 10000 for Rs. 5000
28. Q3 Discount allowed to Debtors
29. Q4 Cost of replacement of a defective part of the machinery
30. Q5 Salary paid
31. Q6 Wages paid for installation of new machinery Rs. 5000
32. Q7 Renovation of factory building
33. Q9 Loan taken from ICICI Bank Payment of Electricity bill Write Short Notes. (Any 3)
34. Q1 Accounting standard issued by ICAT
35. Q2 Characteristics of Capital
36. Q4 Manufacturing Account,
37. Q5 Characteristics of Revenue Expenditure

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