BCom In Accounting & Finance (BCAF) SEM I 2017 2018 March 2018 F.Y. BCAF SEM I (CHOICE BASE) (R 16) FIN. ACC. Question Paper - Mumbai University | munotes

Questions asked in this paper

• Please check whether you have got the right question paper

1. Q2 Solve all questions after exercising Internal option
2. Q3 Figures to the right indicate full marks
3. Q4 Working notes should form a part of your answer
4. Q5 Use of simple calculator is allowed
5. Q1 A_ the blanks with suitable words and rewrite the sentence. (Any 8) 1 According to AS-2 Inventories should generally be valued at lower of cost or value received is to be recognized on time basis under Profit of 50% of cost is equal to profit of Carriage Inward incurred for bringing machinery into the factory is expenditure 5 For Sugar Industry Sugarcane is 6 Reserve for Discount on Debtors is debited Power can be apportioned.on the basis of (No. of employees Horse Power of the machinery) 8 Hire Purchase transactions are governed by Hire Purchase Act, 9 purchase agreement instalment consists of 10 Loose Tools are type of Assets 8 marks
6. Q1 B Match the following and Rewrite both the sides: (Any 7) 7 marks
   • Q.P. Code : 19751
7. Q2 The Trial Balance of Rahul as on March, 2017 was as follows: The following additional information is provided to you: 15 marks
8. Q1 Closing stock: Raw Material Rs. 26000, Work In Progress Rs. 28000 & Finished Goods Rs. 25000
9. Q2 Outstanding wages for the year end.was Rs. 2000
10. Q3 Advertisement prepaid for the next year Rs. 400 Bills receivable dishonoured for the year end Rs. 4000 by fire worth Rs. 5000 and insurance company admitted claim worth Rs. 4000 only Prepare Manufacturing A/c, Trading A/c, Profit and Loss A/c and Balance Sheet as on
11. Q2 State with reasons whether the following Expenses Receipts are Capital or Revenue
12. Q1 A Delivery Van worth Rs. 7,00,000 is brought by proprietor for business activities. 2 marks
13. Q3 Legal expenses incurred in connection with the issue of capital 2 marks
14. Q4 Additional capital of Rs. 2,00,000 introduced in business. 2 marks
15. Q5 Recovery of Rs. 5000 as bad debts. 2 marks
16. Q6 Furniture worth Rs. 20,000 destroyed by fire, which was not insured 2 marks
17. Q7 Plant and Machinery which stood in the books at Rs. 1,50,000 included a machine at a book value of Rs. 3400. This being obsolete, was sold off at Rs. 900 and was replaced by a new machine which cost Rs. 4800 3 marks
    • Q.P. Code : 19751
18. Q3 M/s Saket and Lokesh the General Provision Merchants have prepared the following Trial Balance as on March 2017. They have three departments A, B and C Wages of DepartmentA 15 marks
    • i) Prepaid expenses Insurance Rs. 1600 and Rates & Taxes Rs. 1500
    • iii) 5% Reserve for Doubtful Debts to be made
    • iv) % Reserve for Discount to be provided on creditors
    • v) Interest on Capital to be allowed at 5% p.a
    • vi) Depreciate Furniture by 10% p.a
    • Q.P. Code : 19751
    • vii) Closing stocks were valued at Department A : Rs. 60,000 Department B: & Department Apportionment of all items in A, B and C departments to be done in the ratio of 40%, 20% and Prepare Department Trading Profit & Loss Account for the year March 2017 and the Balance Sheet as on that date
19. Q3 On 1* January 2014, Mahalaxmi Transport Ltd purchased-a Truck from HMT Ltd on Hire Purchase basis: The cash price of Truck was Rs. 5,96,000; Rs. 1,60,000 was to be paid on the date of purchase and the balance in three instalments of Rs. 1,60,000 on December every year subject to interest @ 5% p.a. Depreciation was to be provided @ 10% on the Reducing Prepare the following accounts in the books of Mahalaxmi Transport Ltd 15 marks
20. Q1 Vendor A/c
21. Q2 Truck A/c
22. Q3 Interest A/c
23. Q4 Depreciation A/c
24. Q4 A_ Roshan closes his books of accounts on March every year. He was unable to take actual stock till April 2017, on which date the physical stock at cost was valued at Rs. 5,25,000 Sales for the period 1* April to April 2017 was Rs. 1,44,000. Profit was made at rd on cost 9 marks
25. Q1 Purchases for the next year included in stock amounted to Rs. 54,000 at cost less 10% trade discount
26. Q2 Goods returned by customers were worth Rs. 1800 at selling price
27. Q3 There were slow moving items costing which could be estimated to be sold at Rs. 4,200
28. Q4 Due to certain reasons some goods costing Rs. 7,500 were supplied late by supplier therefore the customer refused to accept the goods. As.a result, the value was estimated to be Rs. 3,000 on March Compute the value of stock as on March 2017 Satya Ltd have changed their method of Depreciation from Straight Line Method to Written Down Value (03) Method but not disclosed it in their accounts. Analyse and comment with respect to AS-1 Mr. Vijay has invested in Shares of Tata Power Ltd. The company declared dividends on March 2017, but (03) the dividend cheque was actually received on April 2017. If Mr. Vijay closes his books on March every year; can he consider income from dividend for the financial year ended March 2017? Analyse and Comment with respect to AS-9
    • Q.P. Code : 19751
29. Q4 From the following data of Vashundhara Ltd for the month of February 2017 you are required to prepare the stores ledger by adopting FIFO Method: 15 marks
30. Q5 A) Explain the factors influencing the selection of Accounting Policies as per AS-1. 8 marks
    • B) What are the features of Hire Purchase Transactions? 7
31. Q5 Write short notes on (Any three). 15 marks
32. Q1 Procedure of Issuing Accounting Standards in India
33. Q2 Transactions excluded from AS-9,
34. Q3 Interdepartmental Transfers
35. Q4 Distinguish between FIFO and Weighted Average
36. Q5 Deferred Revenue Expenditure with examples

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