BCom FY BCom Sem 2 BCom Sem 2 (2014 2015) Mar 2015 Accountancy II Question Paper - Mumbai University | munotes

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Q1 A. Multiple choice questions: ( Any 8)
- 1) Under the * Debtor’ method, closing balance in the goods sent Branch
- a) Indicates the closing stock at branch
- b) Indicates gross profiv/loss at branch
- c) Is transferred to purchase/ trading account
- d) Indicates the amount due from the branch debtors
- 2) A removable magnetic dise is known as disc
- 3) Goods sent on consignment are property
- a) the consignee b) both the consignor & the consignee equally
- c) customers d) the consignor
- 4) Extra commission given to consignee to avoid bad-debts is known
- c) profit of consignee d) none of the above
- 5) Branch account under debtors system
- 6) The balance of goods sent on consignment account is transferred
- c) balance of goods with consignee none of the above
- 7) The designers and manufactures of computers, the programmers and the operator are known as
- 8) An estimate of assets and liabilities as on 4 date iscalled
- a) balance sheet b) statement of affairs
- c) statement of capital d) trial balance
- 9) sale
- a) a ledger account in the books of consignee
- b) a ledger account in the books of consignor
- c) a statement showing particulars of goods sold
- d) none of the above
- 10) Cash received from debtors needed for the construction of cash account can be ascertained
- c) analysis of cash book d) pass book
Q1 B. State whether the following statements are true or false. (any 7)
- 1) Consignee does not pass any entry for good sent on consignment
- 2) Aconsignee is allowed to sell goods on credit only
- 3) Under single entry system, all entries are passed as well as posted only by one person vcp dit sales recorded only in the debtors
- 4) Normally jn si maintained: the computer put no sales for enterine the consignor will bear the bad
- 6) Ifthe consignee always calcu a nalances of branch assets and
- 7) Del credere btors method, closing at the Itigg k and de ccounts
- 8) Under the orandum 4 ‘ng transactions i are ascertained from ne record of all accountine called
- 9) A branch not main p devices are the brain of the p
- 10) Output Jan 2013 ii) A summary of cash
Q2 given: i) A balance transactions for that year transactions for 2013. iii) A list To balance on | By payment to creditors 330000 To amount received from debtors 516000 cash cash purchase 75000 To bills receivable 705000 | By bills payable 135000 To cash sales | By loans paid 36000 By balance on 31-12-2013 Discount allowed to customers 705000 Discount allowed by creditors 3750 Bills receivable received during the year 5550 Bills payable granted during the year 180000 Stock on Dec, 2013 150000 Owing for outstanding liabilities 270000 Commission earned by the firm but not received 4500 Provide 5% reserve for doub oubtful debts and 2 149% for di building by 2 4% and plant by 5% pa 0 or on debtors and depreciate account and balance sheet from the are required to prepare trading and profit & loss Mr. Suryakant does not proper books of accounts. He produces following From debtors (cash) Loan from bank (Bank) 30000 To creditors (Bank) 37500 For expenses (Cash) 18000 Cash on hand 2400 8400
Q3 S Itd of Madras consigned — 1000 cases of goods for Rs. 400 each to P Ltd of Maharashtra. Consignor paid Rs. 2,400 for carriage. P Itd sent an account sale stating that the entire quality of goods were sold for Rs. 5,00,000 out of which Rs. 1,00,000 was on credit basis. The balance due to consignor was paid by bank draft after deducting 8% commission Prepare ledger a/c in both the books
Q3 S Ltd consigned goods to K Ltd. Costing Rs. 1,25,000. K Itd sent an account sale stating that the entire quantity of goods were sold for Rs.2,60,000 out of which Rs. 60,000 was on basis. Bad debtors Rs. 15,000 occurred from credit sale. K is entitled for a commission @ 12% and del credere commission @ 5% Prepare necessary ledger a/c in the books of consignee
Q4 A) From the following details prepare Mumbai Branch a/c for the six months ended December 2014. After depreciating branch furniture at 20% p.a paid by the Read expenses pai the head office Goods sent to the branch 5,40,000 Branch outstanding salarics Petty cash sent to the branch 31 marks
Q4 B) S & Co. Mumbai hore a branch at Chennai. All expenses of the branch are paid head office. From the following particulars, prepare branch a/c in head office books: when goods are shown at cost price Goods sent to branch Rs. 48,000 expenses Expenses made by Head office: Rent Rs. 1,800, Wages Rs. 600, Salaries Rs. 2,700 Remittances made to Head office: Cash sales Rs. 7,950 Cash collected from Debtors 63,000 Goods returned by branch Rs. 960
Q4 A.K. Trading Co. Mumbai, invoices goods to its Delhi Branch which sells on credit as well as for cash. From the following particulars prepare Branch stock account, Branch Debtors Accounts, Branch Expenses. Account cash is immediately remitted by branch to Head office, Expenses are paid direct by Head Office Stock at Branch 1-1-2014 22.680 Goods from Head Office Goods returned by customers 900 Cash paid by customers and commission to customers
Q5 Answer in brief:
- a) Input Devices? Explain in detail
- b) How is accounting data processed by computer
Q5 Short Notes: (Any 3)
- a) Consignor
- b) Stock and debtors method
- c) commission
- e) Branch Account

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