BCom FY BCom Sem 1 BCom Sem 1 (2016 2017) March 2017 ATKT ACCOUNTS Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 Figures in brackets to the right indicate full marks allotted to the question
2. Q3 Working notes should form part of your answers
3. Q4 questions are compulsory, although, there are internal options in case of
4. Q5 Use of simple calculator is allowed Fill in the blanks with the appropriate given options and rewrite the complete sentence. (10) (15 1. Accounting Standard 2 (AS 2) deals with . (Disclosure of Accounting policies/ Revenue Recognition/ Valuation of inventory)
5. Q2 Total amount payable by the purchaser in a Hire Purchase transaction is called
6. Q3 In a Manufacturing Organization, Manufacturing Account is prepared to find out (Gross Profit/Cost of Production/Net Profit)
7. Q4 In Departmental Accounts, Rent is allocated on the basis of of each
8. Q5 Income received in advance is shown in the (Balance Sheet Profit and Loss
9. Q2 Amount received on issue of Shares is a . (Capital Expenditure/Capital
10. Q7 As per Accounting Standard-1, Accounting policies used to prepare the final accounts should (be scattered over the Final accounts be disclosed at one place, forming a part of final account not form a part of final account)
11. Q8 For a books manufacturing company, paper is a (Raw Material/ Work-:n
12. Q9 The person who receives goods under Hire Purchase System is called . (Hire
    • Q.P. Code :00986
13. Q10 In Departmental Accounts, Comprehensive Insurance (if ratio is not given) is taken 11, In a Manufacturing Organization, purchase of machinery spares will appear in the
14. Q12 Interest received under Hire Purchase System by the hire vendor is his
    • B) State whether the following statements are TRUE or FALSE after rewriting the sam
15. Q1 deals with Disclosure of Accounting Policies
16. Q2 For valuation of stock under FIFO method, the Cost of the latest items is compared with the
17. Q3 As per AS-9, Revenue from interest is recognized only when it is actually received
18. Q4 Profit and loss Account shows the financial position of a concern
19. Q5 Expenditure that results in acquisition of a permanent asset is a capital expenditure
20. Q6 Loss by fire in a Departmental is charged to General P & L A/c in Departmental Accounting,
21. Q7 Under Hire Purchase System, Depreciation on Asset is charged by the Vendor until the paymen of last installment
22. Q9 Freight inward is allocated on the basis of purchase of the department
23. Q10 Inventory is a current assets
24. Q11 If the buyer fails to pay the installment, the seller has a right to repossess the asset sold und
25. Q12 Under FIFO Method, the stock includes goods held for resale
    • Q.P. Code :00986
26. Q2 From the following Trial Balance of Mr. Shiva, Prepare Manufacturing Account, Trading Account, Profit and Loss Account for the year ended 2016 and Balance sheet as on that date: Trial Balance of Mr. Shiva as on 31st March 2016 : Opening stock - Work in Progress 2,000 Purchase of Raw Material 2,80,000 Inward on Raw Material 5,000 Cash at Bank 19,000 : Following further information is provided ; 1, Closing stock as on March, 2016: Raw Material Rs 32,000, Work-in-Progress Rs 4,000, Finished goods Rs 35,000 15 marks
27. Q3 On 1* January, 2016, there was a fire in the godown of Mr. Shiva, destroying finished goods worth Rs 12,000, insurance company admitted the claim for Rs. 8,000.This transaction was not recorded in the books
28. Q4 Provide Reserve for Doubtful Debts @ 5% on Sundry Debtors
    • Q.P. Code :00986
29. Q2 From the following Trial Balance of Mr, Neelkanth, prepare Manufacturing Account, Trading Account, Profit and Loss Account for the year ended March, 2016 & the Balance Sheet as on that date : Trial Balance of Neelkanth as on 31st March 2016: Purchase of Raw Material 1,95,000 Opening stock - Work in Progress 25,000 Factory Power and Fuel 18,000 Cash at Bank 10,000 j Selling and Distribution Expenses 29,000 Provisions for Bad Debts 2,000 Following further information is provided to you :
30. Q1 Closing stock as on March, 2016 is: Raw Material Rs. 20,000, Work-in-progress Rs. 6,000 Finished Goods Rs. 39000
31. Q2 Outstanding Factory, Power and Fuel is Rs 2,000
32. Q3 Depreciate Machinery @ 5% p.a. and Furniture @ 5% p.a
33. Q4 Provide Reserve for Doubtful Debts @ 5% on Sundry Debtors
    • Q.P. Code :00986
34. Q5 Q3 Following figures are extracted from the books of Swadeshi Stores Ltd. Prepare Departmental Trading & Profit and Loss Account for the year ended 31 December, 2016 in columnar form, of the three departments allocating the expenses indicating the basis on which they are Stock as on 31.12.2016 40,000 Goods transferred from Department A to : Dept.B 10,000 Goods transferred from Department B to Dept.A 5,000 Goods transferred from Department C to: Dept.A 7,000 [1] Following expenses are to be allocated equally : [2] Rent Rs.24,000 is to be divided in proportion of space occupied : Department A Dept. B [3] Other Expenses were: Discount allowed Rs. ] 8,000, and Bad Debts Rs.15,000 Find out the value of Closing Stock as on March, 2016 of M/s Shankar Traders using: 15 marks
    • a) FIFO Method Also find the Cost of Goods sold on FIFO Basis (O1) 7
    • Q.P. Code :00986 01.04.15 Opening Stock 500 35 05.06.15 Purchases 1000 38 1.10.15 Purchases 1200 34 20.02.16 Sales 1000 31.03.16 Purchases 600 30
35. Q4 Following is the information relating purchase and sale of cloth made by Jagjivan Textiles L in the month of March 2016. Find out from the given information wt A. The value of Closing Stock as on March, 2016 applying FIFO Method
    • B. The Cost of goods sold and profit if the selling price of goods sold is Rs. 1,20,000
36. Q4 State whether the following expenditure and receipts are capital or revenue. Give reasons
37. Q1 Sold Government Securities (held as Investment) for Rs. 10, 00,000 and earned a profit
38. Q2 Paid Rs. 1, 20,000 as Customs Duty on machinery purchased from Germany
    • Q.P. Code :00986
39. Q5 M/s. Presto Plast Company purchased Machinery from M/s. Kabra Ltd. on Hire Purchase System on April 2013. The cash price of the machine was Rs. 10,00,000. An initial payment of Rs. 2,50,000 was made on the date of purchase, The balance was paid in 3 annual installments including interest @ 8% p.a as follows: M\s. Presto Plast Company charged Depreciation @ 10% p.a. on Written Down Value Method You are required to Prepare Machinery;Account and M/s. Kabra Ltd A/c. in the books of Presto Plast Company for 3 years ending 31.3.2014, 31.3.2015 and 31.3.2016 0.5 Following figures are extracted from the books of Sadguru Electronics. Prepare Departmental (15) Trading and Profit and Loss Account, of the Radio and Television Departments for the year ended 31st March,2016 by allocating the income and expenses on appropriate basis: 15 marks
40. Q0 Rent and Rates Selling and Distribution Expenses 1,500
41. Q7 Further information is given : a General Expenses and insurance are to be allocated equally
42. Q2 occupied is Radios 4/5 and Television 1/5 { 3. The closing stock of the two departments were Radios Rs.1,10,000 and Television Rs.55,000 i 4; Other expenses and incomes are to be allocated between the two departments on suitable
    • Q.P. Code :00986
43. Q6 Answer the following:
44. Q1 What are the main features or requirements of AS-2?
45. Q2 How would you allocate expenses on different basis in case of Departmental Accounts? 0.6 Write short notes on Any Four of the following:
46. Q1 Cost of production
47. Q2 Interdepartmental transfers
48. Q3 Factors influencing choice of Accounting Policy,
49. Q4 Distinguish between Capital Expenditure and Revenue Expenditure
50. Q5 Importance of Stock Valuation
51. Q6 Revenue as per

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