BCom FY BCom Sem 1 Bccom Sem 1 2017 To 2018 Nov 2018 B. COM ACC Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 and Q.6 carry 20 marks each
2. Q3 Q.2,Q.3,Q.4 and Q.5 carry 15 marks each
3. Q4 Use of simple calculator is allowed
4. Q1 (A) Choose the correct options from the bracket and rewrite complete sentences. 10 marks
5. Q1 item of inventory is excluded from the scope of Accounting Standard-2 (Finished Goods/ Goods for Resale/ Spare parts)
6. Q2 Payment of loan is a Expenditure
7. Q3 Dividend is a reward received from investment in :
8. Q4 Outstanding Expenses are recorded on the (Debit side of P&L Account/ Asset Side of Balance Sheet/ Liability side of
9. Q5 In Departmental Accounts, is debited to General Profit & Loss Account. (Salaries Rent Interest on loan)
10. Q6 The title to goods sold on Hire Purchase passes on payment of
11. Q7 Under Perpetual Inventory System, Closing stock may be ascertained from quantity details recorded on Bin Card/ Stock Ledger/ Sales Ledger)
12. Q8 Depreciation on the Asset taken on Hire Purchase is calculated on
13. Q9 factor should be considered while selecting and applying an
14. Q10 Stock reserve is closing stock in the Balance Sheet under Departmental Accounts. (Added to Deducted from Not adjusted in)
15. Q11 Inventories are generally valued at (Cost/ Net Realisable Value/ Lower of Cost or Net realizable Value)
16. Q12 is the total amount payable by the hirer which is made up of cash price of the asset plus interest. (Hire purchase price
    • Q.P. Code : 23652
    • (B) State whether the following statements are TRUE or FALSE and rewrite the same. 10
17. Q1 of Accounting Policy cannot be a remedy for a wrong or improper
18. Q2 Hire vendor has a right to terminate the hire purchase agreement for non payment of any installment
19. Q3 | Wages paid to a carpenter for making furniture is a Revenue Expenditure
20. Q4 from Interest is recognized only when it is actually received
21. Q5 Weighted Average Method of stock valuation is not recognised by AS- 2 marks
22. Q6 for Doubtful Debts is deducted from Creditors in the Balance Sheet
23. Q7 Departmental Profit and Loss Account are useful to managers for evaluating the performance of each department
24. Q8 | Under FIFO method, Closing Stock is calculated at the latest Purchase Cost
25. Q9 Over valuation of Inventory leads to higher profits and larger current assets
26. Q10 AS-1 if in a year method of charging depreciation is changed it need not be disclosed
27. Q11 Purchase is an agreement between the vendor and the agent
28. Q12 Fixed Assets are stated at their Historical Cost less depreciation in the
29. Q2 From the following Trial Balance as on March 2017 of Mr. Gaurihar, Prepare Manufacturing Account, Trading Account and Profit and Loss Account for the year ended March, 2017 and Balance Sheet as on that date : Trial Balance as on March, 2017 Opening Stock - Work in Progress 3,000 Factory Power and Fuel 13,000 15 marks
    • Q.P. Code : 23652 Following future information is provided to you :
30. Q1 Closing stock as on March, 2017 was Raw material Work-in-progress
31. Q2 Depreciate Machinery @5% p.a
32. Q3 During the year finished goods were withdrawn by proprietor costing for
33. Q4 Provide reserve for doubtful debts @ 10% on debtors
34. Q5 Outstanding advertisement expense is
35. Q2 following Trial Balance as on 31% March, 2017 of Mr. Kailash Prepare Manufacturing Account, Trading Account and Profit and Loss account for the year ended 31st March, 2017 and Balance Sheet as on that date : Trial Balance as on 31st March, 2017 15 marks
    • Q.P. Code : 23652 Following further information is provided to you :
36. Q1 Closing stock as on 31* March, 2017 was Raw material = 16,000, Work-in-progress
37. Q2 Outstanding Factory Rent is =1,000 Debtors include =15,000 due from amount of =8,000 is also due to him which is included in creditors, which needs to be adjusted
38. Q5 Provide Reserve for doubtful debts @ 10% on debtors
39. Q3 Enterprises is a Departmental Store having three departments A, B and C. The information about three departments for the year ended March, 2017 are given below : No. of employees 25 20 15 15 marks
    • Q.P. Code : 23652 Balance of other revenue items and their basis of allocation is as follows : Salaries 81,000 No. of employees Rent, rates and taxes 7,500 Floor space occupied Depreciation on Furniture 1,500 Equal Prepare Departmental Trading and Profit and loss account for the year ended March, 2017
40. Q3 Prepare Departmental Trading and Profit and Loss Account and General Profit and Loss. Account of M/s Surekha from the following particulars for the year ending March, 2017 : 15 marks
41. Q1 There was no opening stock
42. Q2 The floor space occupied by the three departments A, B and C is in the ratio of 3:2:2
43. Q3 The Motor Van Expenses are to be divided equally between departments B and C
44. Q4 The insurance premium is on a comprehensive policy and cannot be allocated
45. Q4 Mr Murugan purchased a Machinery from Rallys Ltd. on hire purchase system on April 2014. The cash price of the machine was =9,00,000. An initial payment of was made on the date of purchase. The balance was paid in Three annual instalments of = 2,00,000 plus interest @ 15% p.a.on outstanding principal amount. Depreciation is charged @ 10% p.a on written down value 15 marks
    • Q.P. Code : 23652 Mr Murugan closes its books on March every year. You are requested to draw Machinery Account, Rallys Ltd. Account and Interest Account in the books of Mr Murugan for the year, 2014-15, 2015-16 and 2016-17 using Full Cash Price Method
46. Q4 State with reasons whether the following expenses or incomes are Capital or Revenue. (First sub- question carries 3 Marks and remaining carry 2 marks each) : 15 marks
47. Q1 A dealer in timber acquired wood worth and made furniture out of it at a total cost of =3,75,000 and sold it to for =4,50,000
48. Q2 A plant worth =7,00,000 is bought by proprietor for business activities
49. Q3 Incurred =1,00,000 on research of a new product, which did not materialize
50. Q4 Repairs to the roof of the building =1,00,000 for protection against rains
51. Q5 Carriage and freight paid for bringing machinery to be used in factory
52. Q6 Payment of legal fees to advocate for preparation of Purchase Agreement of Land
53. Q7 Wages paid to workers for erection of new machinery in own plant
54. Q5 From the following information of M/s. ABC and M/s. XYZ, value closing stock on March, 2017 as per the methods mentioned below : 15 marks
    • a) By FIFO Method for M/s."ABC”
    • b) By Weighted Average Method for M/s." XYZ"
    • Q.P. Code : 23652
55. Q5 Following is the record of transactions regarding purchase and sales of Mr. Ram : Find the following from the above : 15 marks
    • a) Value of Stock using FIFO Method as on 31“ March, 2017
    • b) Cost of Goods Sold for the month of March, 2017
    • c) Sales and Gross Profit for the month of March, 2017
56. Q6 Answer the following :
57. Q1 Explain the Provisions of Revenue Recognition. 10 marks
58. Q2 Explain in brief the main Features of Accounting for Hire Purchase and contents of the Hire Purchases Agreement 10 marks
59. Q6 Write short notes on any four of the following : 20 marks
    • a) Manufacturing Account
    • b) General Profit and Loss Account, as prepared in Departmental Accounts
    • d) Importance of Accounting Standards
    • f) Capital Expenditure and Revenue Expenditure
    • Q.P. Code : 23652
    • (2) 2o WUT
    • (3) 3, AMT
60. Q2 oe. / fend
61. Q92 het GT
    • Q.P. Code : 23652
62. Q2 Te He
63. Q3 ws se AS-1 Fak Warn
    • Q.P. Code : 23652
64. Q3 oft. art
    • Q.P. Code : 23652
65. Q3 20% TART
    • Q.P. Code : 23652
66. Q3 32 ard, 20% carat

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