BCom FY BCom Sem 2 BCom Sem 2 (2018 2019) May 2019 Accountancy Financial Management Paper II 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 allotted to the question
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) State whether the following statements are True or False (Any Ten) 10 marks
   • a) For ascertaining credit purchases, sundry debtors account is prepared
   • b) Bills receivable dishonored are credited to bills payables Account
   • c) A statement of assets and liabilities as on a particular date with missing figure is called as
   • d) Profit/Loss on consignment belongs to the consignor
   • e) Consignor is a person who consigns goods
   • f) Invoice price is always higher than cost
   • g) Under Stock and Debtors method, Branch Debtors account is maintained
   • h) Credit sales are debited to Branch Debtors account under Stock and Debtors Method
6. Q1 Loading on opening stock is credited to Branch Account under Debtors Method
   • j) Fire Insurance covers death of human beings due to fire
   • k) RBI governs insurance business in India
7. Q1 Memorandum Trading Account is prepared to ascertain the amount of salvage
   • B) Fill in the blanks choosing the correct alternatives. (Any Ten) 10
   • a) Bills Payable dishonored are debited to Account
   • b) With the available information a trader needs to convert the incomplete records into complete records, it is known as
8. Q1 Complete records method ii) Statement of affairs method Conversion method iv) None of these If the rate of gross profit is 25% on sales and the cost of goods sold is Rs. 10,000/- the gross profit will be
   • i) Rs. 2500 ii) Rs. 3333 111) iv) None of these
   • d) The relationship between Consignor and Consignee is that of
9. Q1 Principal and 11) Debtor and Creditor 1ii) Buyer and seller iv) Owner and Servant
   • e) If the consignee gets he will bear bad debts
10. Q1 Commission. ii) Del credere commission iii) Discount iv) None of these
    • i) Personal ii) Real iii) Nominal iv) None of these
    • g) Goods sent by head office to the branch but not received by the branch are termed as
    • i) Branch Account ii) Goods in Transit iii) Neither (i) nor (ii) iv) Both (4) and (ii)
    • h) Under method, goods returned by Branch are credited to Branch Account
11. Q1 Stock & Debtors ii) Debtors Both (1) & (ii) iv) None of these
12. Q1 The branch is said to be when its accounts are maintained by Head office
13. Q1 Dependent iii) Foreign iv) None of these
    • j) Stock for the purpose of claim should be
14. Q1 At marginal cost 11) At market value iii) At cost iv) At realizable value
    • k) The amount to be paid by insurance company in the event of loss is called as
    • i) Premium ii) Insurance iii) Sum None of these
15. Q1 If Gross profit is 20% on cost, then it is on sales
    • i) 25% iv)
16. Q2 M/s Kunal steel suppliers does not maintain double entry books of Accounts. They have furnished you with the following information 15 marks
    • b) Summary of cash Transactions for the year 2018-19
    • c) Other Transactions: Depreciation is to be provided on furniture @10% p.a. and on machinery @ 20% p.a Prepare Trading, Profit and Loss Account of M/s Kunal steel suppliers for the year ended March 2019 and Balance Sheet as on that date
17. Q2 Mr. Samsher does not maintain his books of account on Double Entry keeping supplies you the following information: 15 marks
18. Q1 Assets and Liabilities as on 1“ April, 2017 and 31“ March, 2018
19. Q2 Cash transactions during the year:
20. Q1 Depreciation is to be provided on Plant @ 10% p.a and Motor Vehicle @ 20 % p.a
21. Q2 Rent Outstanding is Rs. 2,000
22. Q3 Discount allowed was Rs. discount received Rs. 2,000 You are required to prepare:
23. Q1 Trading and Profit and Loss a/c for the year ended March, 2018
24. Q2 Balance sheet as on March, 2018
25. Q3 A Head office in Chennai has a branch in Delhi to which goods are invoiced by the Head office @ 20% Profit on sales price All cash received by the branch is daily remitted to Head Office From the following particulars, show the Branch Account in the books of the Head office Also prepare necessary accounts required to find out the value of Branch credit sales Cheques received from Head Office Liability for outstanding petty expenses as on 5,500 15 marks
26. Q3 Ishani Enterprises of Mumbai has a branch at Shimla. Following information is obtained from the branch for the year 2018-19 Transactions during the year 2018-19 Prepare following accounts for the branch under stock and Debtors method in Mumbai 15 marks
27. Q4 Jai of Mumbai sent 400 cookers at Rs. 1000 each to Disha of Nagpur and paid for carriage Rs. 2000, Packing Rs. 2,500 and Insurance Rs. 3,000. Disha accepted a 3 months bill drawn upon by Jai for Rs, 80,000. The bill was discounted by Jai with his bankers on the same day for Rs. 77,600, and discount was charged to consignment account Jai received an Account sales from Disha from which it appeared that: 15 marks
    • a) 340 Cookers were sold at Rs.1,400 each for cash
    • b) 40 Cookers were sold at Rs. 1,500 each for Credit Disha paid for Rent and Taxes Rs. 3200 and advertisement Rs. 1800. Disha is entitled to a total commission of 10% on sales which includes a del-credere commission of 2%. The balance amount was remitted by bank draft Prepared consignment a/c and in the books of Jai
28. Q4 M/s ABC & co of Mumbai consigned to Mr. D of Nashik 1200 sewing machines costing Rs On receiving the consignment Mr. D accepted a bill for half the amount of invoice price M/s ABC & Co discounted the bill @ 1% of its value. The discount was charged to consignment account. Mr. D. sent an account sales which shows as follows:
    • a) Cash sales of 600 sewing machines @ Rs. 4,000 each
    • b) Credit sales of 500 sewing machines @ Rs. 4,500 each
    • c) Mr. D paid godown rent of Rs. 10,000/- and selling expenses Rs. 15,000/ Mr. D. remitted the balance due by bank draft after deducting his expenses and commission (15) @ 10% on sales and del credere commission @ 2% on sales Prepare Consignment Account and Consignee’s Account in the books of Consignor
29. Q5 The business premises of Gala Timber Mart destroyed by fire on 16/07/2018. However all the books of accounts and stock amounting Rs. 18,000 were salvaged and the following information was available from the books
    • a) Stock on 31-03-2018 Rs. 1,02,250
    • b) Purchases from 01-04-2018 to 16-07-2018 Rs. 2,12;380
    • c) Sales from 01-04-2018 to 16-07-2018 Rs. 3,50,000
    • d) Wages from 01-04-2018 to 16-07-2018 Rs 25,000
    • e) The amount of policy was Rs. 55,000 Claim was subject to Average clause You are required to prepare a statement of claim against insurance company
30. Q5 The premises of Shlok Ltd. were engulfed by fire on November, 2018 whereby substantial stock was severely destroyed. The records available with the company yield the 15 marks
    • a) For the year ended 31“ March, 2018:
    • b) For half year ended 30" September, 2018
    • c) For the period from 1“ October, 2018 to date of fire, purchases and sales were at the same monthly rate as for the period April, 2018 to September 2018
    • d) The wages and Direct Expenses during the period 1* April,2018 to date of fire were at the same rate per month as in last year
    • e) Salvage Value is Rs. 26,250
    • f) The policy amount was The claim was subject to Average clause Compute the amount of claim to be lodged with the Insurance Company
31. Q6 A) What is Single Entry System? Distinguish between Single Entry and Double Entry System 10 marks
    • B) What is a Branch? Describe various accounting methods of Branch Accounting. 10
32. Q6 Write short notes on (Any Four) 20 marks
    • a) Consignment Account
    • b) Average Clause
    • e) Dependent Branch
33. Q2 ST
    • H) ale F) TET
    • (i) (ii) S) & 2
34. Q2 Te
    • H) AS FT
    • a) Goo 0/
35. Q3 fe. WAT

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