BCom FY BCom Sem 1 BCom Sem 1 ATKT 2018 To 2019 Mar 2019 ATKT ACCOUNTANCY FINANCIAL MANAGEMENT PAPER I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 All questions are compulsory
2. Q2 Q. No 1 and Q. No. 6 carry 20 marks each
3. Q3 Q. No. 2, 3, 5 carry 15 marks each
4. Q4 Use of simple calculator is allowed
   • A.Choose the correct options from the bracket and rewrite complete sentences
5. Q1 As per Accounting Standard 2, the term Inventory covers (Goods on consignment/ Goods for resale/ Spare parts)
6. Q2 method of Inventory Valuation assumes that those items which have been purchased first are sold first (First In First Out (FIFO) Last In First Out (LIFO)/ Weighted Average)
7. Q3 Capital Expenditure means an expenditure carrying probable benefits (Present/ Past/ Present and future)
8. Q4 In Departmental Accounts, Salary is allocated on the basis of of each department. (Sales Turnover/ Number of Machines/ Number of Employees)
9. Q5 The initial amount paid at the time of signing the Hire purchase agreement is called
10. Q6 Purchase of a Fixed Asset is a Expenditure. (Capital /Revenue Deferred
11. Q7 The main objective of Accounting Standards is to the different Accounting Policies and practices followed by different concerns. (Standardise/ Mandate
12. Q8 Trade mark is a . (Current Asset/ Fixed Asset/ Investment)
13. Q9 is an example of Accounting policy. (Entity/ Accrual/ Depreciation) In Departmental Accounts, is debited to General Profit & Loss Account. (Audit fees Rent/ Power and fuel)
14. Q11 Expenses are shown on (Debit side of P&L Account Asset Side of Balance Sheet/ Liability side of Balance sheet) Under Hire Purchase system, Depreciation is provided by . (The Hire Both Purchaser and Vendor) Page 1 of 14 Turn Over
    • Q.P Code: 23651
    • B. State whether the following statements are TRUE or FALSE and rewrite the same. (Any 10)
15. Q1 As per AS-1, Disclosure is required if Fundamental Accounting Assumptions are not followed
16. Q2 Fixed Assets are stated in the Balance Sheet at their Present Values
17. Q3 Under FIFO method of Inventory valuation, Closing stock is valued at current cost
18. Q4 The Hire Purchaser becomes the owner of goods as soon as he pays the down payment
19. Q5 As per AS-9, Revenue from Sales is recognized only when the goods are invoiced and delivered
20. Q6 Capital Expenditure is shown as a Liability in the Balance Sheet
21. Q7 Accounting Standard- 2 applies to Agricultural Products
22. Q8 Gross profit is the excess of Sales over the Cost of Goods sold
23. Q9 The seller has a right to repossess the asset sold under Hire Purchase System if the Hire purchaser fails to pay any installment Departmental accounts Loss by fire is treated as general expenditure and charged to General Profit and Loss account Purchaser can mortgage the Asset purchased on hire purchase system
24. Q12 Trade discounts is deducted while determining the cost of purchases
25. Q2 From the following Trial Balance as on March 2017 of Mr. Manufacturing Account, Trading Account and Profit and Loss Account for the year ended March, 2017 and Balance Sheet as on that date. (15) Trial Balance as on March, 2017 Opening Stock - Work in Progress 9000 Purchase of Raw Material 108000 Freight on Raw Materials 6000 Factory Power and Fuel 9000 Page 2 of 14 Turn Over
    • Q.P Code: 23651 Cash at Bank Selling and Distribution Expenses 20000 Provisions for Bad Debts 2000 Following further information is provided to you :
26. Q1 Closing stock as on 31“ March, 2017 was Raw material = 10000, Work-in-progress
27. Q2 Depreciate Machinery @10% p.a
28. Q3 During the year finished goods destroyed by fire were = 5000.Insurance company admitted the
29. Q4 Provide Reserve for doubtful debts @ 5% on debtors
30. Q5 Factory rent outstanding is = 2000
31. Q2 From the following Trial Balance as on March 2017 of Mr.Tridev Prepare Manufacturing Account, Trading Account, Profit and Loss Account for the year ended 31* March, 2017 and Balance Sheet as on that date. (15) Trial Balance as on 31st March 2017 Opening stock - Work in Progress 4000 Purchase of Raw Material 250000 Carriage Inward on Raw Material 4000 Page 3 of 14 Turn Over
    • Q.P Code: 23651 Factory Power and Fuel 11000 Cash at Bank Provisions for Bad Debts 2000 Following further information is provided to you:
32. Q1 Closing stock as on 31“ March, 2017 was Raw material
33. Q2 Postage and Telephone expenses outstanding were
34. Q3 Depreciate Furniture @ 5% p.a. and Machinery @10% p.a
35. Q4 Provide Reserve for doubtful debts @ 10% on debtors 5 Debtors include due from Mr. Amal. An amount of is also due to him which is included in creditors, which needs to be adjusted
36. Q3 Following figures are extracted from the books of Swati Ltd. Prepare Departmental Trading and Profit & Loss Account in columnar form and General Profit & Loss Account for the year ended 31“ March, 2017 of the following three departments Page 4 of 14 Turn Over
    • Q.P Code: 23651 Good transferred from Department A to: Department B 10,000 Good transferred from Department B to: Department A 5,000 Good transferred from Department C to: Department A 7,000
37. Q1 Following expenses are to be allocated equally: Telephone charges Insurance charges. 6,000 and Office expenses
38. Q2 Rent 24,000 to be divided in proportion of space occupied which was as follows:
39. Q3 Other expenses were: Discount allowed = 18,000, Legal Expenses = 24,000 ,
40. Q3 A departmental stores carries on business through five departments 15 marks
    • a) Following information for the year ended on December 2016 is now available to you Salaries and Commission 11,020 Rent and Rates 2,900 All the above expenses are chargeable to each department in proportion to the cost of goods sold in the
    • b) Following balance as on 31* December, 2016 were ascertained Opening Stock (at cost) 10,000 6,000 15,000 8,000 9,000 Closing Stock (at cost) 23,000 8,000 6,000 2,000 11,000 Prepare departmental Trading and Profit and Loss Account for the year ending December, 2016
41. Q4 M/s Amar Studio purchased a Smart-TV on hire-purchase basis from Vijay Sales on 1“ January, 2014. They paid = 10,000 on signing the contract and agreed to pay three yearly instalments excluding interest as follows. (15) The cash price of the smart TV was =. 1,00,000. Vijay Sales charged interest at 10% p.a Depreciation @ 20% p.a. on W.D.V. method is charged on Smart TV Page 5 of 14 Turn Over
    • Q.P Code: 23651 Prepare Smart-TV Account, Vijay Sales Account and Interest account in the books of M/s Amar Studio for the years 2014, 2015 and 2016 using Full Cash Price Method
42. Q4 State with reasons whether the following expenses or incomes are Capital or (First sub- question carries 3 Marks and remaining carry 2 marks each) 15 marks
43. Q1 Amount of = 5000 realized from sale of old Computer and incurred a loss of = 1000
44. Q2 Repairs of machinery
45. Q3 Replacement of defective parts of a machinery costing = 65,000
46. Q4 Cost of increasing the seating capacity of a cinema hall = 1,50,000
47. Q5 Legal charges paid for defending a legal suit = 12,000
48. Q6 A hand car purchased for = 2,00,000
49. Q7 Paid fees = 6,000 to the Association for membership
50. Q5 Sumit Ltd. has purchased and issued the materials in the following order: Ascertain the value of closing stock as on 31March, 2017 under the following methods 15 marks
    • (i) First in first out method, (ii) Weighted Average method
51. Q5 Following is the record of transactions regarding purchase and sales of Mr. Vijay. Page 6 of 14 Turn Over 15 marks
    • Q.P Code: 23651 Find the following from the above:
    • a) Value of Stock using FIFO Method as on 31* January, 2017
    • b) Cost of Goods Sold for the month of January, 2017
    • c) Sales and Gross Profit for the month of January, 2017
52. Q6 Answer the following:
    • a) Explain in brief the provisions of Disclosure of Accounting Policies and Fundamental Accounting Assumptions as per AS-1. (10)
    • b) Define the term inventory. State the Items covered and excluded from the scope of AS-2. 10
53. Q6 Write short notes on any four of the following: 20 marks
    • a) Weighted Average Method of Stock Valuation
    • b) Accounting for Hire Purchase Transactions
    • c) Basis of allocating common expenses amongst departments
    • d) Cost of Production
    • e) Capital Expenditure
    • f) Importance of Accounting Standards Page 7 of 14 Turn Over
    • Q.P Code: 23651 Please check whether you have got the right question paper
54. Q1 Fa
55. Q5 fod Page 8 of 14 Turn Over
    • Q.P Code: 23651
56. Q8 - TAR, AG
57. Q2 HAC) AA
58. Q3 Hrpt (FIFO) Page 9 of 14 Turn Over
    • Q.P Code: 23651
59. Q8 4% Ae Page 10 of 14 Turn Over
    • Q.P Code: 23651
60. Q9 3% Ale
61. Q2 Wa
62. Q3 90% a ax 9% TART Page 11 of 14 Turn Over
    • Q.P Code: 23651
63. Q2 Wooo Sen Page 12 of 14 Turn Over

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