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Home / Question Papers / BCom / FY Bcom / Sem 2 / 2022 2023 / Apr 2023 - ACCOUNTANCY AND FINANCIAL MANAGEMENT II

BCom FY BCom Sem 2 2022 2023 Apr 2023 ACCOUNTANCY AND FINANCIAL MANAGEMENT II Question Paper - Mumbai University | munotes

F.Y.BCOM SEM II APR.23 ACCOUNTANCY AND FINANCIAL MANAGEMENT II (100 MARKS) (PD 15 APR.23).pdf
FY BCOM · 1 May 2025

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Questions asked in this paper

  1. Q1 A) Fill in the blanks choosing the correct alternatives (any 10) {10 Marks]
    • 1. The relationship between consignor and consignee is that of Debtors and Creditors (b) Principal and Agent (c) Buyer and Seller (d) None of these
    • 2. Under Debtors System, the Branch Accountis
    • (a) Real Account (b) Nominal Account (c) Personal Account (d) None of the above
    • 3. Consignment A/c is prepared inthe
    • (a) Consignee (b) Consignor (c) Transporter (d) None of these
    • 4. If the consignee gets he will bear the bad debts
    • (a) Del Credere Commission (b) Normal Commission (c) Discount (d) None of these
    • 5. Under Single entry system, credit sales are ascertained by
    • 6.Claim =stock on the date of fire [ -]
    • 7. Goods distributed as free sample should be creditedto [a] Trading A/c [b] Profit & Loss A/c [c] Balance sheet [d] none of these
    • 8. Stock for the purpose of claim should be At market value [b] At marginal cost [c] At Cost [d] None of these
    • 9.Books of accounts are not maintained by
    • 10.Under debtors method, opening balance of debtors is [a] Debited to Branch A/c [b] Credited to Branch A/c [c] Debited to H.O.A/c [d] Credited to H.O. A/c
    • 11.A send goods costing Rs. 100000 on consignment to yield a profit of 20% on cost. What is the invoice
    • 12. A consignee is entitled to [a] commission on sales [b] salary [c] fees [d] None of these
  2. Q1 B) State whether the following statements are True or False (any 10) 10 marks
    • 1. Fire insurance covers the death of human beings due to fire
    • 2. Credit purchases are ascertained from Total Debtors A/c
    • 3.Memorandum Trading A/C i8 prepared to ascertain the Amount of salvage single entry system, only one journal Entry is passed for all the transactions during a day
    • 5.Consignment is a sale between the consignor & consignee
    • 6.Balance in goods sent to branch A/c is transferred to credit of Profit &Loss A/c
    • 7. Profit & Loss on consignment belongs to the consignor
    • 8. Consignor is a person who consigns goods
    • 9.Credit sales are debited to Branch Debtors Account under Stock and Debtors Method
    • 10.Loading on opening stock is credited to Branch Account under Debtors Method
    • 11.Bills payable A/c is prepared to ascertain Bills accepted by creditors
    • 12. In case of overvaluation of stock , it should be brought down to cost
  3. Q2 A fire occurred in the premises of Miss. Neha on From the following particulars ascertain the loss of stock & prepared a statement of claim to be lodged with insurance Company Stock as on 1-1-2021 68000 Purchases from 1-1-2021 to 31-12-2021 244000 Sales from 1-1-2021 to 31-12-2021 360000 Stock as on 31-12-2021 60000 Purchases from 1-1-2022 to 14-10-2022 294000 Sales from 1-1-2022 to 14-10-2022 300000 Salvage was Rs. 36000. The amount of Policy was Rs. 126000. The claim was subject to average clause
  4. Q2 M/s. Suryakant traders supplies you the following information. {20 marks] of Cash Transactions for the year 2022-2023 Machinery purchased on 1-4-2022 Discounts allowed were Rs. 6000 and discount Received Rs.5000. Bad debts written off were Rs.4000 Depreciation is to be provided on furniture @ 10% p.a. and on Machinery @20% p.a. Expenses include payment of Rs.1000 which related to 2023-2024. Wages outstanding Rs. 5500 = Prepare Trading, Profit & Loss A/c for the year ended 31* March 2023 and Balance sheet as on that date
  5. Q3 A) Rohit is having H.O. At Pune & Branch office at Mumbai. Prepare the Branch Account in the books of the H.O. from the following transactions with the branch. {10 marks] Goods Supplied to Branch during the 310000 Closing Balances Amounts remitted by the Branch: Pettycash
  6. Q3 B) From the following details prepare Surat Branch A/c for the six month ended December 2022 after depreciating branch furniture at 20% p.a. [10 Marks]
  7. Q3 YK Trading Company Nagpur, invoices goods to its Kanpur Branch at cost which sells on credit as well as for cash. From the following particulars prepare Branch Stock Account, Branch Debtors Account, Branch Expenses Account. Cash is immediately remitted by Branch at Head Office. Expenses are paid direct by Head Office. [20Marks] Stock at Branch on 1-1-2022 7,560 Goods from Head Office 35,500 Goods returned by customers 300 Goods returned to Head Office 350 Stock at Branch on 31st December 2022 6,950 Debtors on Ist January 2022 13,000 Cash paid by customers 24,600 Discount and commission to customers 1,360 Rent, Rates and Taxes 900 Salaries and wages etc 3,650
  8. Q4 On November 2022 Raj&co. sends goods costing Rs.100000 to Rani&co. on consignment basis Raj paid Rs.5000 as railway freight and Rs 2000 as insurance. On 31st December 2022, an Account sale was received from Rani & co. disclosing that the entire quantity of goods were sold for Rs. 150000-out of which, Rs. 30000 was sold on credit. A customer who purchased goods for Rs 5000 failed to pay and the debt proved bad. All other debts were collected by Rani &co. in full. As per agreement Rani is allowed a commission @10%on sales. Rani sends the amount due to Raj by a cheque Prepare necessary ledger account in the books of Raj and Rani. [20 marks]
  9. Q4 M of Meerut consigned 100 sewing machines to R of Ranchi to be sold on his risk. The cost ofone sewing machine was Rs. 150, but the invoice price was Rs. 200. M paid freight Rs. 600 and insurance in transit Rs. 200. R sent a bank draft to M for Rs. 10,000 as advance payment and later sent an account sales showing that 80 sewing machines were sold at Rs. 220 each. Expenses incurred by R were: carriage inward Rs. 25, octroi Rs. 75, godown rent Rs. 500 and advertisement Rs. 300. R is entitled to a commission of 5% on sales. Prepare the necessary accounts in the books of both parties. [20 marks]
  10. Q5 A) Explain single Entry System and its features
  11. Q5 B) Explain in brief, Fire insurance claim and points to be considered while preparing Memorandum
  12. Q5 Write shorts notes on (any 4) 20 marks
    • 1. Consignment Accounts
    • 2. Branch Accounts
    • 5. Distinguish between Ordinary Commission & Del-Credere Commission
    • 6. Distinguish between Single entry double entry system ALL THE BEST

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