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BCom FY BCom Sem 1 2022 2023 Nov 2023 ACCOUNTANCY AND FINANCIAL MANAGEMENT I Question Paper - Mumbai University | munotes

F.Y.B.COM SEM I ACCOUNTANCY AND FINANCIAL MANAGEMENT I (28 NOV.22).pdf
FY BCOM · 1 May 2025

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Older exam Nov 2023 - B. COM FOUNDATION COURSE IN NSS Semester-end · 2022 2023 → Newer exam Dec 2023 - ENVIRONMENTAL STUDIES Semester-end · 2022 2023 →

Questions asked in this paper

  1. Q1 A) State the whether TRUE OR FALSE. (Any 10 marks
  2. Q1 AS is mandatory under companies Act, 2 Inventories are assets held for sale in the ordinary course of business
  3. Q3 AS 9 deals with recognition of revenue in the profit and loss account of a concern 4.Carriage inward cost should be included in the cost of inventory
  4. Q5 Capital expenditure is non — recurring in the nature
  5. Q6 Revenue receipts include the receipts for use of assets 7.Fixed assets are stated in the Balance sheet at their market value 8.Closing stock is to be valued at cost price of market price whichever is more 9.Rent of building is allocated on the basis of no.of employees of each department 10.Freight inward , octroi ete are allocated on the basis of sales of each department 11.Down payment means the total amount payable by the hirer 12.Hire purchase price is equal to cash price
    • B) Match the following. (Any 10) 1.Method of stock Valuation a. Loan Taken 2.Accounting standard - | b .Evaluation of performance of each department 3.Interest on Capital c. Initial payment at the time of HP agreement 4.Capital Expenditure d. Allocated on the basis of sales 5.Basic rule for valuation e. Revenue expenditure 8.Custom duty on raw material purchase h. Lower of Cost or NRV 9.Advertisement expenses i. Purchase of Machinery 10.Down payment j. Credited to capital account 10
  6. Q11 Departmental Accounting k. Disclosure of accounting policies VCD SEM | ACCOUNTANCY AND FINANCIAL MANAGEMENT -! 3HRS 100M
  7. Q2 From the following trial balance of Mr. Ganpati , prepare Manufacturing Account, Trading Account and Profit and loss account for the year ended March 2018 and Balance sheet as on Trial Balance of Mr. Ganpati as on March, 2018 20 Marks Purchase of Raw Material 11,24,000 Opening Stock — Work in Progress 56,000 Factory power and fuel 53,000 Cash at Bank 1,60,000 Selling and Distribution Expenses 29,000 Sale of Scrap | 7.000 Following further information is provided to you:
  8. Q1 Closing stock as on March 2018 is : Raw Material Rs.85,000 . Work In Progress Rs.58,000 and Finished Goods Rs.90,000
  9. Q2 March 2018 Finished Goods Costing Rs.10,000 were sent on sale or approval basis @ 20% on cost. These not approved till march 2018. The effect for the same needs to be given a the time for approval has not expired
  10. Q3 Depreciate machinery 5% P.a
  11. Q2 From the following trial balance of Mr. Hariprasad , prepare Manufacturing Account, Trading Account and Profit and loss account for the year ended 31“ March 2018 and Balance sheet as on that date: Trial Balance of Mr. Hariprasad as on March, 2018. 20 Marks Purchase of Raw 16,00,000 cD SEM | ACCOUNTANCY AND FINANCIAL MANAGEMENT - | MARKS Opening Stock — Work in Progress 70,000 Rent ( 75% for factory) 80,000 Cash at Bank 75,000 Following further information is provided to you:
  12. Q1 Closing stock as on March 2018 is : Raw Material Rs.60,000 Work In Progress Rs.70,000 and Finished Goods Rs.1,05,000
  13. Q2 Depreciate machinery @ 5% P.a
  14. Q3 During the year goods costing Rs.30,000 were distributed as free samples which
  15. Q4 Provide reserve for doubtful debts @5% on Sundry Debtors
  16. Q3 From the following information prepare Departmental Trading and Profit and Loss Account for the year ending 31“ March, 2018 in the books of Shree Ganesh Super Mart: 20 Mark in hand as on March 2018 — Department ‘A Rs.8,50,000 , Department B Rs.7,00,000 appointed by Department A 10 persons and Department B 5 persons 4.Depreciation on furniture was which was allocated in Dept. A and B equally VCD FYBCOM SEM | ACCOUNTANCY AND FINANCIAL MANAGEMENT 3 HRS 100 MA
  17. Q5 Goods transferred from Dept.A to Dept. B was
  18. Q3 The following particulars have been ‘extracted in respect of Raw materials of Ultra Chemicals. Find the value of closing stock and Value of cost of goods sold as on 30th June. 2018 on the basis of
    • (1) First In First Out Method and (II) Weighted Average Method. 01-1-2018 Opening Stock 100 units at Rs.35 per unit 03-2-2018 Purchased 400 units at Rs.40 per unit Purchased 900 units at Rs.45 per unit 23-6-2018 Purchased 600 units at Rs.50 per unit 24-6-2018 Purchased 500 units at Rs.55 per unit 20
  19. Q4 The Bharat Transport Ltd. purchased, truck from the TATA Motors Ltd. on hire purchase basis. The cash price of the Truck was Rs 32,00,000 the amount were Rs 10,00,000 on the date of purchase i.e. April 2018 Rs 8,00,000 on 31" March 2019 Rs.8,00,000 on March 2020 Rs 8.24,780 on 31 March, 2021 The TATA Motors Ltd, charged interest at 5% p.a. on the unpaid amount. The purchasing company decided to write off as depreciation 20% on the diminishing balance each year. It closes its account on March every year You are required to give truck account the TATA motors Ltd; account and interest account in the books of Bharat Transport Ltd, according to credit purchase method 20 marks
  20. Q4 State whether the following expenditure is a capital or revenue expenditure. 1.Cost of replacement of a defective part of the machinery incurred in preparing a project report 3 Fypenditure for training employees for better running of machinery VCD SEM | ACCOUNTANCY AND FINANCIAL MANAGEMENT 3HRS 100 MARKS 4.Expenditure incurred for repairing cinema screen 5.Amount spent on uniform of workers 6.Machinery costing Rs.10,000 sold for Rs.12,000 7.Rs.75,000 being cost of land purchased for agriculture farm and Rs.450 paid for land 8.A sum of Rs.99,500 was spent for dismantling , removing and re-installing plant . machinery 9.Invested Rs.2,00,000 on the purchase of 2000 equity shares of Rs.100 each of a subsidiary 10.Furniture worth Rs.19,500 destroyed by fire , which was not insured 20 marks
  21. Q5 a) What is Accounting Standards and Explain its Advantages. 10 marks
    • b) Define the term inventory. state the items covered and excluded from it. 10
  22. Q5 Write short Notes on any four 20 marks
  23. Q1 Capital Expenditure
  24. Q2 Cost of Production
  25. Q3 Hire purchase
  26. Q5 AS — 9 Revenue Recognition

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