BCom FY BCom Sem 1 BCom Sem 1 (2019 2020) Nov 2020 ACCOUNTANCY AND FINANCIAL MANAGEMENT Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 (A) Fill in the blanks with the given appropriate options (any Accounting Standard 9 deals with (Disclosure of Accounting Policies/Revenue Recognition/Inventory valuation) 10 marks
2. Q2 The person who sells the goods on Hire Purchase basis is called a
3. Q3 In case of manufacturer, Sale of Scrap appears on the credit side of
4. Q4 In Departmental Accounts, Office Rent is allocated on the basis of if
5. Q5 Wages paid for installation of new machinery is a
6. Q6 The inventory system keeping accounting records that continuously disclose the amount of
7. Q7 Cost of Goods ___ + Purchase - Closing Stock
8. Q8 In Manufacturing Final A/c depreciation on Machinery is transferred to Debit side of ;
9. Q9 Amount received on sale of fixed asset is a
10. Q10 Discount received is allocated on the basis of of each department Hire purchase installment = Part of principal amount +
11. Q12 Balance from Manufacturing Account is known as (Gross Profit/Cost of Production/Net Profit)
    • Q. (B) whether the following statements are TRUE and RALSE.{any 10) deals with Disclosure of Accounting Policies 2, Expenditure on acquisition of a permanent asset is a capital expenditure 10
12. Q3 Stocks are normally valued at cost or market price whichever is lower
13. Q4 Under Hire Purchase System the seller is the owner of goods until the payment of last installment
14. Q5 FIFO method is more suitable for perishable goods AS-2 is applicable to livestock
15. Q7 Wages is allocated on the basis of purchase of the department
16. Q8 Carriage inward cost should not be included in the cost of Raw material
17. Q9 Repairs of Furniture are a capital expenditure
18. Q10 In Departmental Accounts, Advertisement expenses is allocated on the basis of purchase of each Revenue expenses are non-recurring expenses Income received in advance is shown on the asset side of the balance sheet
19. Q2 From the following trial balance of M/s SCE Ltd. prepare Manufacturing A/c, Trading A/c, P & L A/c and Balance sheet for the ended December 2018. (20)
20. Q1 On December 2018 stock were valued as: Raw Material Rs.2.10,000Work in Progress Rs.2,50,000 Finished Rs.2.90.000
21. Q3 There were fire ina warehouse of M/s SCE , destroying goods costing out of which was Raw Material & Rs.2000 was Finish Goods. Insurance company admitted a Rs.8000. This transection was not recorded in the books
22. Q4 Outstanding Expenses were Printing & Stationery Rs.5,000
23. Q5 Provide reserve for doubtful debts @ 10% on Debtors
24. Q6 During the year goods costing Rs.20,000 were distributed as free sample which remain Raw Material 1,70,000 | Sale of scrap 8.000 Purchase of Raw Material 8,00,000 | Sundry Creditors Wages & salaries 1,50,000 | Reserve for Bad Debts 12.000 Salary to salesman 33,000
25. Q2 The trial balance of Mr. CHRISTOFER as on December 2018 is as follows: in progress 40,000 | Sale of scrap 4.500 Sundry debtors 71,000 | Provision for doubtful debts 5.000 Purchases of Raw material 6,00,000 Cash at bank 36,000 The following information is provided to you: Closing stock: Raw Material. Rs.37,400 Work in progress Rs.1 1,000 Finished goods Rs.44.600 2 Machinery to be depreciated by 10% & Furniture by 5% 20 marks
26. Q3 Debtors include 10,000 due from M/s Sona and an amount of Rs.6000 is due to her which is in creditors, which needs to be Finish goods costing Rs.10,000 were sold on sale or approval basis @ 20% on cost. It was not approved till 31 Dec, 2018. This need to be adjusted as the time of approval is not
27. Q5 Provision for Doubtful Debts is to be maintained at 10% You are required to prepare Manufacturing Account, Trading account, Profit & Loss account and Balance shect as on December 2018
28. Q3 From the following information prepare Departmental Trading and Profit & Loss account & General P&L A/e for two Departments X & Y for the year ended 31% March 2018
29. Q1 Closing stock was Rs.40,500 & — Rs.37,600
30. Q2 Area occupied by both the Department is on the ratio of 2:1 respectively
31. Q3 Carriage outward, Advertisement & Discount allowed should be distributed as per Sales Ratio Whereas Discount Earned should be distributed as per Purchase Ratio
32. Q4 General salaries and General expenses are to be allocated equally
33. Q5 Good costing Rs.3000 was transfer to Dept. X to Dept. Y
34. Q3 From the following the balance prepare Departmental Trading and Profit & Loss account tor the year Goods transfer from Dept. A to: Dept. B 20,000 Goods transfer from Dept. B to: Dept. A 10,000 Goods transfer from Dept. C to: Dept. A 14,000
    • A. Following are the expenses which should be allocated equally:
35. Q1 Telephone charges 6,000
36. Q3 Office expenses i
37. Q4 General salaries 24,000
    • B. Rent 48,000 is to be divided in the ratio of space occupied which was Dept. A '% , Dept. B 4
    • C. Other expenses were: Discount allowed 36,000, Discount received 48,000, Bad debts 30.000,
38. Q4 Following is the information related to purchases and sales of goods made by M/s OMG Ltd in the month of March, 2018. Find out from the given information. (20)
    • a) Closing Stock as on 31st March, 2018 using Weighted Average & FIFO Method
    • b) Cost of Goods Sold for the month of March, 2018
    • c) Sales and Gross Profit for the month of March, 2018 19-03-2018 Purchase Return from purchase of March 15,000 23-03-2018 Sales Return out of sale of 4" March 45,000 Stock on Ist March, 2018 was 90,000 units @ 40 per unit
39. Q4 a) State whether the are Capital or Revenue expenditures or receipts. 10 marks
40. Q1 Carriage paid for bringing new Machinery
41. Q3 Insurance premium paid for the insurance of Plant
42. Q4 Loan repaid which was taken from BOIL
43. Q5 Paid tax consultancy fees to CA
44. Q6 Repairs and maintenances of machinery
45. Q7 Interest received on Investment
46. Q8 Cost of increasing the seating capacity of a cinema hall
47. Q10 Paid fees to the Association for membership
48. Q4 b) Mr Evans purchased a Car on Hire Purchase basis from BMW on 1* Jan, 2017. The cash price of the Car was An initial payment of Rs.15,00,000 was made on the date of purchase Was paid in two annual installments excluding interest as follows: (10) BMW charged interest 10% and Mr. Evans charged Depreciation @ 15% p.a. on Straight line Method. You are required to pass Journal entries in the books of Mr. Evans for two years
49. Q5 Answer the following:
    • a) Explain Accounting Standards and Explain Benefits of Accounting Standards. 10
    • b) Explain features of Hire Purchase Agreement. 10
50. Q5 Write short notes on:- (any 4) 20 marks
51. Q1 Manufacturing Account
52. Q2 Revenue Receipts
53. Q4 Capital Expenditure
54. Q5 Interest & Installment
55. Q6 Allocation of Expenses

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