BCom In Accounting & Finance (BCAF) SEM I 2017 2018 Nov 2018 FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 Working Notes are allotted separate marks
2. Q3 Use of simple calculator is allowed
3. Q1 A) State whether the following statements are True or False and rewrite the sentence. (Any 08) 8 marks
4. Q1 Cost of purchase does not include duties and taxes
5. Q2 Accounting standards are laid down by law
6. Q3 AS-9 deals with government grants
7. Q4 Bin card shows stock position in the Bin
8. Q5 Livestock is a Current Asset
9. Q6 Drawings are deducted from Capital
10. Q7 Wages paid to worker is a Revenue Expenditure
11. Q8 Rent of building is allocated on the basis of area
12. Q9 There is no difference between hire Purchase price and Cash price
13. Q10 Under Hire Purchase installment is treated as hire charges the blanks with an appropriate word (Any 7) (07)
14. Q1 Following factors should be considered in selection of accounting policies
15. Q2 AS-2 defines inventory as assets
16. Q3 Under Perpetual inventory system inventory is valued
17. Q4 Following is not covered by AS-9
18. Q5 Stock is valued as cost or market value whichever is lower as per concept
    • Q.P. Code :00139
19. Q6 Expenditure incurred for acquiring the right to carry business is expenditure
20. Q7 Salaries and wages appear in account
21. Q8 For a Plastic company plastic is a
22. Q9 Following is a direct expenses in departmental accounting
23. Q10 Amount paid at the time of taking delivery of goods is
24. Q2 A) From the following information of Omkar Brothers prepare statement of valuation of stock by 15 marks
25. Q2 State with reasons whether the following are Capital or Revenue in nature
26. Q1 Cost of construction of building Amount spent on uniform of staff Heavy Advertisement Expenditure for launch of a new product Term Loan from bank Income from sale of goods
    • Q.P. Code :00139
27. Q3 On 1% January 2014 Sudha purchased a LED T.V. from Vijay Sales on Hire Purchase System. The terms of Contract were as under: 15 marks
28. Q1 The cash price of the T.V. was Rs. 1, 30,000
29. Q2 Rs. 40,000 was to be paid on signing of the contract
30. Q3 The balance was to be paid in annual installments of Rs. 30,000 each plus interest
31. Q4 Interest chargeable on the outstanding balance was 6% p.a
32. Q5 Depreciation @10% is to be written off on W.D.V. method You are required to prepare in the books of Sudha the following :
33. Q1 Statement showing calculation of interest
34. Q2 LEDT.V.’s account
35. Q3 Depreciation account
36. Q3 A) Mr. Suresh’s Financial year ends on 30" June, 2016 but the actual physical stock is not taken until the following July, 2016, when it is ascertained at Rs.74, 250 You Find that : 10 marks
37. Q1 Sales are entered in the sales day book on the day of dispatch and returns inwards in return inward book when goods are received back
38. Q2 Purchase are entered in purchase book as the invoices are received
39. Q3 Sales between to July as per sales book and cash book are Rs. 86, 000
40. Q4 Goods purchased between July as per purchase book are Rs. 6600 but out of these goods amounting to Rs.600 are not received till July
41. Q5 Goods Purchased and invoiced before June amounted to Rs.5000 out of which Rs.3500 worth of goods are received between to July and remaining goods after July Find out the Value of stock as on June 2016 assuming that rate of profit is on cost =
42. Q3 B) Ascertain the cost purchase by using the following data:
43. Q1 Cost of Purchase of inventory Rs. 5.50 lakhs
    • Q.P. Code :00139
44. Q4 AB and Co has two departments viz ‘A’ Department and ‘B’ Department. From the following Prepare Departmental Trading and Profit and Loss account for the year ended March 2016 Common Expenses and 15 marks
45. Q2 The area occupied by the two department is in ratio 5:4 Depreciation and general expenses are to be allocated equally
46. Q4 From the following Trial Balance of Happy Chemicals, prepare
    • i) Manufacturing Account
    • ii) Trading and Profit and Loss Account
    • iii) Balance Sheet for the year ended March, 2016
    • Q.P. Code :00139 Salaries and Wages
47. Q1 Closing stock: Materials Rs. 4, 20,000; Work-in-progress Rs. 25,000 and Finished Goods
48. Q2 Depreciation to be provided at 2.5% on Factory Building; 10% on Plant & Machinery and
49. Q3 Repairs, Rent & Taxes are to be apportioned between Factory and Office in the ratio of
50. Q4 Reserve for bad and doubtful debts to be provided at 4% on debtors Insurance Premium covers a period of one month in advance
    • Q.P. Code :00139
51. Q5 Answer the following:
52. Q1 Explain in brief- FIFO method and Weighted Average Method. 8 marks
53. Q2 Distinguish between Capital Expenditure and Revenue Expenditure. 7 marks
54. Q5 the following any 3 out 5. 15 marks
55. Q1 Differentiate between Hire Purchase System and Installment system
56. Q2 What are the Adjusting and Closing Journal Entries made during Finalization of Accounts?
57. Q3 Explain interdepartmental transfers at cost and selling price
58. Q4 What are the considerations in selection of accounting policies as per AS-1?
59. Q5 Explain Revenue from rendering of services as per AS-9

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