BCom FY BCom Sem 2 BCom Sem 2 (2019 2020) Nov 2020 ATKT FINANCIAL MANAGEMENT Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) Multiple Choice questions. (Any 8) 8 marks
2. Q2 Lighting is allocated on the basis of _ each department
   • a) No of points c) No of employees
3. Q3 Branch account under Debtors system is a
4. Q4 Stock reserve in relation to closing stock appears
   • a) on the debit side of branch A/c c) on the credit side of branch A/c
   • b) on the debit side of P&L A/c d) on the credit side of P&L A/c is the purchase price payable if full payment is made immediately
5. Q6 Fixed capital A/c is credited with
   • a) Interest on capital c) Profit of the year
   • b) Salary of the partner d) None of the above
6. Q7 Which of the following expenses is a direct expense in departmental accounting ?
7. Q8 As soon as payment is made the hirer gets possession of the article and can start using it immediately
   • a) Down Full
   • b) Cash d) Last
8. Q9 In absence of an agreement , partners are entitled to
   • a) Salary c) Commission
   • b) Interest on loans and advances d) Profit share in capital ratio
9. Q10 Under Hire purchase system, the buyer becomes the owner of goods immediately after
   • a. Receipts of goods c. Signing of agreement
   • b.Payment of Ist Instalment d. Payment of last Instalment
10. Q1 B) State true or false. ( any 7) 7 marks
11. Q1 Branch stock account is always prepared at cost price
12. Q2 Down payment means the total amount payable by the hirer
13. Q4 Rent of the building is allocated on the basis of no of employees of each department
14. Q5 Depreciation is apportioned equally in all departments
15. Q6 Under the stock & Debtors system branch stock account is real account
16. Q7 Hire purchase agreements normally last more than one year
17. Q8 Building expense and depreciation expense are both examples of indirect expenses
18. Q9 When you buy something with Hire purchase you become the owner after all the
19. Q10 It is compulsory for a partner to contribute capital
20. Q2 A firm has two departments X and Y. From the following figures prepare the Departmental Trading and profit and Loss Account for the year ended on 3 December Rent and Rates 18,000 Interest on Bank Loan 5,000 Area occupied by the two departments is in the ratio of 2:1. General Salaries are to be allocated equally. Insurance premium is for a comprehensive policy, allocation being inconvenient. Closing stock were for 36,0000 and for Y 40,000. (15)
21. Q2 Jay purchased a printing machine from Ashok printers on Hire purchase basis on July 2018. The terms of the contract were as follows:
22. Q1 The cash price of the machine was
23. Q2 30,000 was paid on signing the contract on July 2018
24. Q3 The balance was paid in instalment of 40,000 plus interest at 15% p.a
25. Q4 The instalment were paid on December every year commencing from December Jay charged depreciation at 20% p.a. under SLM. They closed their books on 3 December Show in the books of Jay necessary accounts. ( 15)
26. Q3 Gupta Traders of patna have their branch at Mumbai. Prepare the necessary accounts in the books of the Head office from the following transactions with the branch. (15) Petty cash at Branch 1,250 - Petty cash at Branch 1,880 Stock at Branch 77,000 - Debtors et Branch 1,26,150 Debtors at Branch 41,250 - Stock at Branch 57,880 Goods sent to Branch during the year | 3,78,000 | Discount allowed to customers 1,060 Amount remitted to the Branch: Amount remitted by the Branch: For salary 18,500 - Realisation from Debtors | 4,10,350 For Rent and Taxes 6,000 Mr Sharma to whom goods were | 9,000 sold by Branch directly remitted the amount to H.O
27. Q3 Raj agency is having a branch in Mumbai. Goods are invoiced to branch at 25% profit on sale.Branch has been instructed to send al! cash daily to Head office. All expenses are paid by head office except petty cash expense, which are met by the branch . From the following particular prepare Branc account in the books of Head Office: Cash in Hand as on 01/04/2013 10,000 Sundry Debtors as on 01/04/2013 | 2,50,000 Goods returned by debtors 12,500 Cash received from debtors Expense paid by HO: Other petty expenses paid by branch Stock as on 31/03/2014 ( Invoice price) 3,50,000 Depreciation to be provided on furniture @ 10% p.a. (15)
28. Q4 From the following prepare Departmental Trading and Profit and Loss Account for the The following information is also provided :
29. Q1 Internal transfer of goods from Dept X to Dept Y 2,000
30. Q2 The items Rent, Rates and Insurance , Lighting & Heating , Salaries & Carriage inward to be apportioned 2/3 to Dept X and 1/3 to Dept Y
31. Q3 Advertising to be apportioned equally
32. Q4 Discount allowed and Discount received are apportioned on the basis of departmental
33. Q5 Depreciation @ 10 % on Furniture & Fixtures to be charged 3/4 to Dept X and Dept
34. Q6 Stock as at December 2015: Department X : 17,000
35. Q4 The following trial balance of firm as on December 2015: Rent and Rates 17,700 Capital
36. Q1 P and Q were partners sharing profits & Losses equally > MrR was admitted to the partnership on July 2015
37. Q3 On 31 December ,2015 stock was valued at 70,500
38. Q4 Rent and Rates paid in advance
39. Q5 Sundry expenses were outstanding 400
40. Q6 Depreciate sundry assets by 20% p.a
41. Q7 Goodwill of the firm was valued at on July 2015 and not to appear in 8 Interest on capital to be charged at the rate of 10% p.a You are required to prepare Trading , Profit and Loss A/c for the year ended on 31 December,2015 and Balance sheet as on that date
42. Q5 Write short notes . (any 3) 15 marks
43. Q1 Departmental Accounting
44. Q3 Dependent branch

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