BCom FY BCom Sem 1 Bccom Sem 1 2017 To 2018 March 2018 PAPER I 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
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
5. Q1 A) Fill in the blanks with the appropriate given options and rewrite the complete sentence. 10 marks
6. Q1 Accounting Standard 9(AS 9) deals with (Disclosure of Accounting Policies/ Revenue Recognition/ Inventory Valuation)
7. Q2 Ina Hire Purchase transaction, Initial amount paid at the time of signing the contract is called
8. Q3 In a Manufacturing Organization, the Trading Account is prepared to find out (Gross Profit/Cost of Production/Net profit)
9. Q4 In Departmental Accounts, Discount Allowed is allocated on the basis of each
10. Q5 In Method of Stock Valuation, latest purchased items are left in stock
11. Q6 Carriage Inward paid on purchase of Raw Materials is a . (Capital
12. Q7 Expenses incurred for repairs of a Car already in use, is
13. Q8 For a Furniture Manufacturing Company, wood is a (Raw Material/ Work-in Progress/ Finished Goods)
14. Q9 The Hire vendor records the hire purchase transaction in his books as (Sale of Fixed Asset/ Sales of goods Purchases)
15. Q10 In Profit & loss Account, the excess of credit side total amount over debit side total amount is
16. Q11 In Manufacturing Organization, depreciation on Machinery will appear on the debit side of
    • Q.P. Code :00987 12.In a Hire Purchase transaction, interest paid by purchaser. is credited to
    • B) State whether the following statements are TRUE or FALSE after rewriting the same. 10
17. Q1 Capital Expenditure is non-recurring in nature
18. Q2 AS- 1- Disclosure of Accounting Policies is mandatory in nature
19. Q3 Outstanding expenses are shown on the liability side of the balance sheet
20. Q4 Inventories should be valued at cost or net realizable value whichever is higher
21. Q5 Balance Sheet shows the Financial position of the business
22. Q6 Revenue from Sale of goods is recognized, when the seller has received the payment for the goods from the buyer
23. Q7 In Departmental Accounting, each department is treated as.a separate entity for the purpose of recording and reporting
24. Q8 Fixed assets acquired on Hire Purchase Basis are recorded at Hire Purchase price
25. Q9 The Hire purchaser becomes the owner of the asset only after paying the final installment
26. Q10 Inventory includes assets purchased and held for resale
27. Q11 Selling price is not considered while preparing stores ledger
28. Q12 Sale of scrap is debited to Manufacturing Account
    • Q.P. Code :00987 From the following Trial Balance of Mr. Mahadeo, prepare Manufacturing Account, (15) Trading Account, Profit and Loss Account for the year ended 31% March, 2016 and Balance Sheet as on that date : Trial Balance of Mr. Mahadeo as on 31st March 2016 : Following further information is provided to you :
29. Q1 Closing Stock as on March, 2016 is: Raw Material Rs. 21,000, Work-in-Progress Rs. 8,000, Finished Goods Rs 22,000
30. Q3 During the year, finished goods costing Rs. 10,000 were withdrawn by the proprietor for personal use, which were not recorded in the books
31. Q4 Provide Reserve for Doubtful Debts @ 5% on Sundry Debtors
    • Q.P. Code :00987 From the following Trial Balance of Mr. Bholanath, prepare Manufacturing Account, (15) Trading Account, Profit and Loss Account for the year ended 31“ March, 2016 and Balance Sheet as on that date. Trial Balance of Mr .Bholanath as on 31st March 2016 : Inward on Raw Following further information is provided to you :
32. Q1 Closing stock.as on March, 2016 was: Raw Materials Rs.24,000, Work-in-Progress Rs 8,000, Finished goods Rs 20,000
33. Q2 Depreciate Machinery @ 10% p.a. and Furniture @ 10% p.a Finished Goods free samples amounting to Rs. 8,000 were not recorded in the Provide Reserve for Doubtful debts @ 5 % on debtors
    • Q.P. Code :00987
34. Q3 ‘F’ Department Stores has three Departments X, Y and Z. The following particulars — regarding the three Departments are given: The following expenses are also incurred: 15 marks
35. Q1 General Expenses 24,000
36. Q2 Rent, rates and Taxes 18,000
37. Q3 Commission received 9,000
38. Q4 Discount allowed 27,000
39. Q5 Salesman’s salary 9,000
40. Q6 Discount. received 14,000 Goods worth Rs.10,000 were transferred from Department X to Department Y. Goods worth Rs.5,000 were transferred from Department Z To Y
41. Q1 Allocate General Expenses and Rent, Rates and Taxes equally between the three Departments
42. Q2 Commission received is divided in the ratio of 3:2:1 between Departments X, Y and Z Prepare Departmental Trading and Profit. and Loss Account allocating other expenses on
    • Q.P. Code :00987
43. Q3 Stock of material with M/s. V.K on 1-3-2016 was 1,000 units at Rs.10 per unit. The following purchases and issues were made during month ended 31st March, 2016 05-03-2016 2,000 units at Rs. 11 per unit 08-03-2016 3,000 units at Rs. 12 per unit 21-03-2016 9,000 units at Rs. 14 per unit You are required to find the following from the above details:
    • (a) Closing Stock as on 31“ March 2016 using FIFO Method 7
    • (b) Closing Stock as on 31*t March 2016 using Weighted Average Cost Method 7
    • (c) Cost of Goods sold during the month using Closing stock as per FIFO Method. (01)
44. Q4 From the following details of purchases and sales of stock of M/s. Unique traders, find out
    • a) The value of closing stock as on 31“January, 2017 on the basis of First in First out Method and
    • b) Cost of Goods sold and Profit earned by M/s Unique Traders. If the selling price of goods sold 01-01-2017(Opening Stock) 2,500 units at Rs.18 per unit 05-01-2017 3,000 units at Rs. 20 per unit 18-01-2017 10,000. units at Rs. 21 per unit 25-01-2017 6,000 units at Rs. 22 per unit 30.01.2017 2000 units at Rs. 25 per unit 5
    • Q.P. Code :00987
45. Q4 State whether the following expenditure or receipts are capital or revenue. Give reasons for your answers
46. Q1 A machinery costing Rs. 2,00,000 was sold for Rs 2,15,000. 3 marks
47. Q2 Premium of Rs. 35,000 was received on issue of 6% Preference Shares. 2 marks
48. Q3 Spent Rs. 30,000 for white washing of Factory building. 2 marks
49. Q4 Legal expenses of Rs. 8,000 paid to defend a suit for breach of contract to supply goods. 2 marks
50. Q5 Wages of Rs. 20,000 paid for erection of Machinery. 2 marks
51. Q6 Office rent paid in advance for 2 years, Rs. 10,000. 2 marks
52. Q7 Goods costing Rs. 30,000 distributed free of cost amongst the workers. 2 marks
53. Q5 M/s. Cool Cabs Car from Toyota Motors Ltd. on Hire Purchase Basis. The Cash Price of the car was Rs. 5,00,000. M/s. Cool Cabs paid on the date of purchase 1.e Ist January, 2014. The balance was paid in three annual instalments including interest @ 10% 15 marks
    • p.a. on unpaid Cash Price on December each year, The instalments are as follows: M/s. Cool Cabs decided to write off depreciation @ 15% p.a. on the Diminishing Balance Method. You are required to prepare Car Account and M/s. Toyota Motors Ltd. Account in books of the M/s. Cool Cabs, by using Credit Purchase Method for the year ended 31.12.2014,
    • Q.P. Code :00987
54. Q5 Following figures are extracted from the books of Gigna stores having three Departments The following expenses are also incurred Indirect expenses to be allocated in the ratio of 3:4:5 among the three department Prepare departmental Trading and Profit and Loss A/c 15 marks
55. Q6 Answer the following 20 marks
    • a) Explain the Provisions of AS! regarding Disclosure of Accounting policies
    • b) Explain the main features of AS 9 Write short notes on Any Four of the following: (20)
56. Q1 Advantages of FIFO method of stock valuation Account of Manufacturer Allocation of common expenses in Departmental Accounting
    • Q.P. Code :00987 Please check whether you have got the right question paper
57. Q6 Aw
    • Q.P. Code :00987
58. Q80 Ad AAT
59. Q2 (AS1) &
60. Q6 Gat
61. Q82 ale
    • Q.P. Code :00987
62. Q2 9% TART
    • Q.P. Code :00987
63. Q3 Cooo ale

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