BCom FY BCom Sem 2 BCom Sem 2 (2017 2018) April 2018 ACCOUNTANCY Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 Working notes should form part of your answers
2. Q3 All questions are compulsory, although, there are internal options
3. Q4 Use of simple calculator is allowed
4. Q1 (A) Fill in the blanks choosing the correct alternative (Any Ten) 10 marks
5. Q1 is a statement sent by the consignor to the consignee showing the details of goods sent on Consignment. (Pro-forma invoice/ Account sale/Invoice)
6. Q2 Bills Receivables dishonored are recorded on side of Debtors
7. Q3 Goods sent on Consignment account is closed by transferring balance to account of consignor. (Consignment Account/Goods Account/Trading Account)
8. Q4 Opening stock reserve is to branch A/c in Branch Debtors Method
9. Q5 is prepared in single entry to find out credit purchases (Debtors Account/ Cash and Bank Account/Creditors Account)
10. Q6 Cash remitted by Head office to branch is to Branch A/c in head office books under Branch Debtors method. (Debited/Credited/Added)
11. Q7 Fire insurance covers due to . (Fire /Flood/Earthquake)
12. Q8 Actual loss of stock due to Fire = Stock on the date of fire less
13. Q9 Memorandum Trading Account is prepared to find (Closing stock on the date of fire /Gross profit on the date of fire/Salvage on the date of fire)
14. Q10 If Del Credere commission is paid to consignee bad debts loss is assumed by
15. Q11 In calculating Fire Insurance claims undervaluation of stock needs to be brought to . (Market Price/Cost Price/Undervalued Price.)
16. Q12 Goods which are slow moving are (Abnormal goods/Salvage/Claim)
17. Q1 (B) State whether following statements are true or false (Any Ten) 10 marks
18. Q1 If gross profit is 20% of sales that means it is 25% of cost
19. Q2 Purchase Return is debited to creditors Account
20. Q4 Debtors Account shows opening balance to the debit side of Debtors Account
21. Q5 To find credit sales, head office prepares Debtors Account
22. Q6 Bills Receivable dishonored are credited to Creditors Accounts
23. Q7 Payment to Creditors can be ascertained from cash Bank Account
24. Q8 Average clause is applicable in case of underinsurance
25. Q9 Stock on consignment belongs to the consignor
26. Q10 Account sale is sent by the consignor to the consignee Statement of Affairs method of single entry, complete records are converted into
27. Q12 Insurer gets compensation less than the amount of policy, in case of full insurance
28. Q2 Mr. Roy supplies you the following information: Summary of cash transactions for the year ended March, 2018: Received from Debtors 3,90,000. | Salaries 75,000 Loan from Joy 50,000 | Expenses 30,000 Machinery Purchased(on Discount Allowed were = 6,000 and Discount Received = 5,000. Bad Debts written off were = 4,000. Depreciation is to be provided on Furniture @ 5% p.a. and on Machinery @ 10% p.a. Expenses include payment of 1,000 which relates to April, 2018 Prepare Trading and Profit & Loss Account of Mr. Roy for the year ended March, 2018 and Balance Sheet as on that date Mr. Omkar, a retailer of Mumbai, submits his financial position as on 31st March, 2017 and 2018 as under: (15) Stock (at cost ) 76,500 80,000 Cash at Bank 44,000 ? Loan from Vija 40,000 ? During the year ended March, 2018; Mr. Omkar: 15 marks
    • a) Received from debtors 3,03,500
    • b) Paid 2,33,500 to creditors for goods
    • c) Repaid = 10,000 of Vijay's Loan
    • d) Purchased a computer for = 14,000
    • e) Withdrew <= 1,600 per month for domestic use
    • f) Introduced additional capital of
    • g) Hesold goods only on credit
    • h) He spent for business expenses 18,000
    • i) Charge 20% Depreciate on Plant & Machinery and Computers Prepare Mr. Omkar’s Final Accounts by showings all yours workings
29. Q3 Hero Motors consigned on 01/07/2017, 100 bicycles to Vastu Motors of Kolhapur to be sold on behalf of Hero Motors. The Cost of each bicycle was Hero Motors incurred on freights and insurance. Vastu Motors received the consignment on 14/07/2017 and accepted a three months bill drawn upon by Hero Motors for Vastu Motors paid as rent and as insurance and by 31/12/2017 had sold 80 bicycles at each. Vastu Motors is entitled to total commission of 5 per cent on sales including a del-credere commission of 1%. Vastu Motors sold 20 bicycles on credit and was not able to recover sales proceeds of 5 bicycles because of insolvency of the debtor Prepare Consignment Account and Consignee’s Account in the books of Hero 15 marks
30. Q3 Following information is available from the books of Sunny Pharmaceuticals Ltd for its branch at Bangalore for the year ended 31‘ March 2018. The head office invoices goods to the Branch at 25% on Invoice Price. You are required to prepare Bangalore Branch A/c in the books of Sunny Pharmaceuticals Ltd using Branch Debtors Method Also prepare Total Debtors Account to support your answer Balance as on 1-4-2017 Stock at Invoice price 75,000 Cash- in —hand 10,000 Balance as on 31-3-2018 Stock at Invoice Price 1,25,000 Goods sent by H.O. at Invoice Price 2,25 000 Cash received from debtors 55,000 Goods returned by debtors 3,000 Goods returned by Branch to H.O ( Invoice Price) 5,000 Cash received from HO for Branch Expenses : Rent and Taxes 8,000 15 marks
31. Q4 Following are the details of Mysore Branch of Majestic Trading Company for the Transaction during the year 2017-18 Goods sent to Branch Sales on Credit ? Sales for Cash 1,60,000 Goods Returned by customers to Branch 6,000 Goods Returned to Head Office (by branch) 7,000 Cash Received from Debtors 1,26,000 Expenses paid at Branch : Rent and Taxes 15,500 Discount to customers 2,000 Using the information given, draw up the following accounts in the books of Trading Company for the financial year 2017-18 using Stock and Debtors Method: 15 marks
32. Q4 Mysore Branch Cash Account and
33. Q4 On 315t July 2017, A major fire broke in the premises of M/s Shalimar International destroying stock of goods available with them. Stock having cost worth could be salvaged. The Insurance policy was for 25,000 Following information was obtained from the books of Accounts saved 15 marks
    • a. Balances as per the last Balance sheet as on March 2017:
    • b. Transactions between 1.4.2017 and 31.07.2017 Payment to Creditors 42,000 Receipts from Debtors 60,000 Unpaid Creditors as on July 2017 40,000 Unpaid Debtors as on July , 2017 55,000 All Sales are made at a profit of 33.33 % on Selling Price. You are required to draw up a statement showing claim to be submitted to the Insurance Company
34. Q5 Goods costing 45,000 were invoiced by Mr. Amarendra of Aurangabad to Mr. Charul of Chandigarh. 28,125 is received as advance from Charul. Charul is to get 5 per cent commission on sales and 2% per cent del-credere commission. Eighty per cent of the goods were sold for Expenses of the Consignor were and of Consignee £300 proved bad. The account was settled by cash payment Prepare Consignment Account and Consignee’s Account in the books of Mr 15 marks
35. Q5 On June 2017 there was a devastating Fire in the godown of Welspun Ltd. Following details were available from the books that were saved Purchases from 1.4.2016 to 31.3.2017 2,30,000 Purchases from 1.4.2017 to 5.06.2017 23,000 Sales from 1.4.2016 to 31.3.2017 3,60,000 Sales from 1.4.2017 to 5.06.2017 36,000 Wages from 1.4.2016 to 31.3.2017 21,400 Wages from 1.4.2017 to 5.06.2017 5,200 The salvage amounted to 3,200. Company spent = 1,640 as firefighting Expenses. The sum assured by Insurance Company was 60,000. The Policy bears an Average Clause You are required to compute the claim to be filed with the Insurance Company 15 marks
36. Q6 A) What is single entry system? Enumerate the steps in finalizing accounts in conversion method of single entry. (10)
37. Q6 B) State the Accounting Methods of Dependent Branches. 10 marks
38. Q6 Write short notes on any four of the following: (Any FOUR) 20 marks
39. Q1 Calculation of Fire Insurance Claims
40. Q2 Proforma Invoice in consignment
41. Q3 Goods invoiced to branches at higher price
42. Q4 Debtors and Bills Receivables Account
43. Q5 Consignment Account
44. Q6 Stock Debtors Method of Branch Accounts
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45. Q9 fea carl are : 20 marks
46. Q2 het
47. Q3 at deft
48. Q82 wea
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49. Q2 oft. ame
50. Q3 fe. 200

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