B.Com. (Accounting and Finance) Sem VI ATKT ACCOUNTING PAPER III Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 All question carry 15 marks each
2. Q3 Working notes should form part of your answer
3. Q1 a) MATCH THE FOLLOWING : (ANY EIGHT) Must have Rs. 15 lakhs Capital 2.Exchange Difference b) In case of heavy risk Difference due to different rates 5 Bank in Mumbai 6.Liability of Partner f) Year ending 31st March 8.Accounting Year h) No fixed Income 8 marks
4. Q10 Balance sheet of banking Company 7 marks
   • b) State whether the following statement are true or false: (any seven)
5. Q1 Dividend on shares accrues on the date of closure of books
6. Q2 The is optional to companies
7. Q3 At least seven persons are required to form a LLP
8. Q5 Chairman of a banking company is appointed for a period not exceeding 10 years
9. Q6 In NO. 2 is the form of incorporation
10. Q7 Foreign currency is the currency other than the reporting currency
11. Q8 Issue of bonus shares is entered in Nominal Value column of Investment A/c
12. Q9 Capital Reserve can be distributed as dividend
13. Q10 Re- insurance obligations are contingent liabilities
    • Q.P. Code :36236
14. Q2 a) The following is the trial balance of A.P Bank Ltd as on 31-3-2017 “Share capital 30,000 shares of Rs ‘Commission and Brokerage Loans cash credit and overdraft Bills discounted and 15 marks
15. Q1 Rebate on 2 Create Reserve for bad and doubtful debts Rs. 11,000
16. Q3 Acceptances on behalf of customers Rs. 80,000 You are required to prepare profit and loss account for the year ended 31-3.-2017 and balance sheet as on date
    • b) On 1* January, 2004; Marina Ltd., an Indian Importer, purchased $ 2, 50,000 worth goods from Gemini Ltd of U.S.A The payment for the import was made as follow :
    • Q.P. Code :36236 Marina Ltd. Closes its book on march every year The exchange rate for $ 1 was as follows Pass journal entries in the books of Marina Ltd. & prepare forgein exchange fluctuation A/c
17. Q3 a) Prepare a Revenue A/c in respect of Fire business from the following details for the year Premium on Re — insurance accepted 3,20,000 Premium on Re — insurance ceded 4,30,000 Commission of Direct Business 4,86,000 Commission on Re — insurance Commission on Re — insurance ceded 21,000 Expenses on Management Dividend and Rent (Cr.) Profit on sale of Investment 2,40,000 Maintain additional Reserve at same percentage of Reserve for unexpired risk as on 1“ April, 15 marks
    • b) Raj and Viraj are partners sharing profit and losses equally in LLP in business. From the 15 Balance and adjustments you are required to prepare a Trading A/c. Profit and Loss A/c for the year ended on March, 2016 and Balance sheet as on that date
    • Q.P. Code :36236 Cash at Bank 16,120
18. Q2 Provide depreciation at 10% p.a. on Building and Motor Van
19. Q3 Accrued interest on investment Rs. 360
20. Q4 Provide 5% R.B.D.D. on Debtors
21. Q5 Stock at March, 2016 was Market Value Rs. 40,000; cost Price Rs. 50,000
22. Q4 a) Calcutta Investment held 600 12 per cent debentures of Rs. 100 each in Snow 1“ April, 2014 at a cost of Rs. 70,000. Interest is payable on 30th June and December each year. On Ist June, 2014; 200 Debentures are purchased ex — interest at Rs. 20,400 On Ist November, 2014; are purchased ex — interest at Rs. 19,200. On 30th November, 2014; 300 debentures are sold cum interest for Rs. 32,250. On 31st December, 2014; 400 debentures are sold ex —interest at Rs. 38,650 Prepare Investment Account valuing closing 31st March, 2015 at cost or market price whichever is lower. The debentures were quoted at par on 31st March, 2015 15 marks
    • b) On 1* April 2012 Sundar held 25,000 fully paid equity shares of Rs. 10 each in X Ltd. at 15 a book value of Rs. 15 per share. On 20th June, 2012 he purchased another lot of 5,000 shares of the company at of Rs. 15 per shares. Afterwards X Ltd. Announced a bonus issue and rights issue, the following being the terms Bonus issue in the ratio of 1 : 6 ( Record date 16 — 8 — 2012) Right issue in the ratio of 3 : 7 ( Record date 31 — 8 — 2012) The rights shares were issued at Rs. 15 per share and the full amount was payable by 30th September, 2012. Share holders were entitled to transfer their rights in full or in part. Accordingly, Sunder sold one — third of his entitlements to another person for a
    • Q.P. Code :36236 consideration of Rs. 2 per share on 5th September, 2012. After becoming ex —rights, the market price of the shares was Rs. 15 Dividends for the year ended 31st March, 2012 @ 20% were declared by X Ltd. and received by Sunder on 31st October, 2012. Dividend for shares acquired by Sunder on 20th June, 2012, were adjusted against the cost of purchase. On 15th November, 2012 You are required to prepare in the books of Sunder :
23. Q1 Investment in Equity Shares in X Ltd. Account
24. Q3 Profit and Loss Account
25. Q4 Assume that the books are closed on March, 2013 and shares are valued at average
26. Q5 a) Explain the type of General Insurance 7 marks
    • b) Explain the Procedure for formation of Limited Liability Partnership. 08
    • a) write a short notes on any three of the following: 15
27. Q1 Money at call and short notice li. Reserve for Unexpired Risks ion Right of Designated partner Monetary and non monetary items in foreign exchange

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