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

Questions asked in this paper

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1. Q2 are allotted separate marks
2. Q3 Use of simple calculator is allowed
   • (a) State whether the following statement are TRUE or FALSE and rewrite the sentence.(Any 8 8
3. Q1 Accounting policies are not same for all concerns
4. Q2 Machinery spare parts are included in inventories
5. Q3 AS9is mandatory and applicable to all enterprises
6. Q4 Historical cost is the cost to be incurred in the future
7. Q5 An expenditure intended to benefit the one accounting period is a revenue expenditure Wages paid for erection of machinery are debited to Profit & Loss Account
8. Q7 Power is allocated on the basis of Horse Power of machines in each department
9. Q8 Under Hire purchase system the buyer does not provide depreciation on asset till he becomes the owner of asset
10. Q9 Prepaid expenses is a liability
11. Q10 Staff welfare expenses are allocated on the basis of number of
    • (b) Fillin the blanks and rewrite the sentence. ( Any 7) IS NOt a fundamental Accounting Assumption. (Accuracy Accrual) 7
12. Q2 Discount Allowed appears on. side by Profit & Loss A/C
13. Q3 Closing Stock is valued at cost or market value whichever is
14. Q4 purchase, the title to the goods remains with . (Hirer Vendor)
15. Q5 Expenses that cannot be apportioned to any department are debited to
16. Q6 Electricity expenses are apportioned on the basis Of No. of employees)
17. Q7 Specific identification method deals with . of stock
18. Q8 Revenue expenses in nature. (Non-recurring recurring)
19. Q9 a asset. (Intangible Tangible)
20. Q10 Revenue arising from. is outside scope of AS-9. ( Government Grants sale of goods)
    • Q.P. Code : 00141 From the following particulars, prepare stock record by FIFO method in the books of Jayant Ltd for the month of January 2016. The stock on hand on January 2016 was 100 units. @ Rs, 25 e 04.1.2016 Purchase
    • Q. No. 2 From the following Trial Balance of Jane you are required to only pass the adjusting and closing ‘Be, journal entries as on March 2016 Stock as on April 2015 Purchases and Sales 1,60,000 2,80,000 Cash at bank Closing stock as on 315* March 2016 was Rs. 28,000
    • Q.P. Code : 00141
    • Q.No.3 Baniya Ltd has two department P and Q. The following balances have been extracted from their books Salaries of staff 10,000 Common expenses were as follows ; The proportion of the total area occupied by loss account and Q: Prepare the Departmental Trading, Profit and General Profit and Loss Account ason Apportion the expenses on suitable basis and show the details in working note 25
    • Q.No.3 State with reason whether the following- receipt are Capital or Revenue Purchase of machinery for (02) Wages paid to workers for converting raw material into finished goods. (02) 4 “Money by issue of equity (02) of Rs, 5,000 realised on of investment, (02) Rlant and-machinery stood in the books at Rs. 1,50,000 included a machine at a book value (03) This being obsolete, was sold off at Rs. 900 and was replaced by a new machine which cost
    • Q.P. Code : 00141
    • Q.No.4 From the following Trial Balance of Vision Enterprises, prepare Manufacturing, Trading and Pre Loss A/C for year ended December 2016 and Balance Sheet as on that date: Work-in-progress Purchase on raw material 97000 on raw Material m Cash at Bank 22000; Provision for Bad debt 3000 Stock in trade as on Dec. 2016 — Raw Material Rs. 8,000, Finished Outstanding Direct Wagesat the end were Rs. 3000 Direct Expenses were prepaid to the extent of Rs. 1000
21. Q4 machinery @ 10% 5). Maintain provision for Bad Debts @ 5% of Sundry Debtors } (15) Q.No.4 Watson Purchased a printing machine from Samson printers on hire-purchase basis on July 2012. (15) The terms of the contract were as follows:
22. Q1 The cash price of the machine was Rs. 75000
23. Q2 Rs. 15000 was paid on signing the contract on July 2012
24. Q3 The balance was paid in installment of Rs. 20000 plus interest at 15% p.a
25. Q4 The installment were paid on December, year commencing form December
26. Q5 Watson charged depreciation at 20% p.a. under WDV method. They closed their book on 315* December , show in books of Watson accounts till the end of 2015
    • Q.No.5 1. Explain the following with reference to AS-9 : 8
    • i) Revenue from-sale of goods
    • ii) Revenue earned by rendering of services
27. Q2 Distinguish between Periodic Inventory System and Perpetual Inventory System. Answer any 3 out of 5 (15) 7 marks
28. Q1 What is Capital Expenditure? Explain and give examples
29. Q2 What are the Accounting Policies? Give six exarnples of the areas in which different Accounting Policies can be by the Company
30. Q3 Explain cash price method adopted in Hire Purchase System,
31. Q4 What are the objectives of Departmental Accounting?
32. Q5 What isthe procedure of issuing Accounting India?

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