BCom FY BCom Sem 2 BCom Sem 2 (2021 2022) Apr 2022 ACCOUNTANCY FIN. MGT Question Paper - Mumbai University | munotes

Questions asked in this paper

• 3. Figures to the right indicate Marks

1. Q1 Multiple Choice Questions: 50 marks
   • 1. Cash remitted to branch is debited to
   • A) Branch Head Office A/c C) Debtors A/c D) Goods sent to branch A/c
   • 2. Opening balance of petty cash is shown on
   • A) Credit side of Branch Account B) Debit Side of Branch Account
   • C) Credit side of Head Office Account D) Debit Side of Head Office Account
   • 3. Under debtors method, Goods sent to Branch by HO are recorded on
   • 4. Under Debtors method, Goods returned by Branch to Head Office are recorded on
   • 5. Expenses in respect of Branch paid by Head Office are recorded on Goods sent to branch A/c Debit Side D) Goods sent to branch A/c Credit Side Cash remitted by Branch to Head Office is credited to Account
   • A) Branch B) Debtors C) Creditors D) Goods sent to Branch 7 Credit Sales will be in the Debtors A/c 8 Account is prepared to ascertain bills received from debtors in order to complete
   • 9. Discount Allowed by the creditor to us is in the creditor's A/c
   • 10. Discount received is a
   • 11. Amount received from Debtors is to cash bank A/c Value of Furniture is 25,00,000 and the rate of Depreciation is 10 %. What is the amount of
   • 12. Memo, trading A/c is prepared to find out
   • A) Stock on date of fire B) Loss of stock C) Opening stock D) Claim
   • 14. Loss of stock= stock on date of less
   • 15. Fire insurance covers the risk of loss due to ?
   • 16. Purchase of Furniture included in purchases should be
   • A) Deducted from furniture B)Deducted from purchases
   • C) Added to sales D) Added to purchases
   • 17. Goods taken by Proprietor are
   • A) Add to sales B) Add to purchase
   • C) Credited to Memorandum Trading A/c D) Credited to P&L Alc
   • 18. As per average clause insurance company pays compensation ‘
   • A) Proportionately B) More than the loss
   • C) Less than the loss D) More than policy amount
   • 19. Goods recovered in good condition at the time of fire accident is called é
   • 20. The relationship between the Consignor and the Consignee is that
   • A) Principal and Principal B) Agent and Principal
   • C) Principal and Agent D) Agent and Sub Agent 21 Goods sent on Consignment are the property of ?
   • A) The Consignee B) Both Consignee and Consignor equally
   • C) Either the Consignee or Consignor D) The Consignor
   • 22. Any stock remaining unsold with the consignee
   • A) Belongs to consignor B) Belongs to consignee
   • C) Belongs to consignor or consignee D) Belongs to or consignee equally
   • 23. If the consignee gets Del credere commission
   • A) The consignee will bear the The will bear the bad debts
   • C) The consignor will bear all the expenses D) None of the Above
   • 24. Balance of consignment A/c indicates
   • A) Profit or Loss B) Goods sent to Consignor
   • C) Balance of goods with Consignee D) Goods returned
   • 25. Extra Commission given to the consignee, for making him responsible for bad Debt this extra commission is known as
   • C) Profit to consignee D) Over-riding commission
2. Q2 On 17th June. 2019, a fire occurred in the premises of Mr. Aditya. Most of the Stock was destroyed, the cost of the salvaged stock being 22,400. In addition, some stock was salvaged in damaged condition and its value was estimated at 20,800. The following Particulars were available from the vooks of accounts:
   • (1) Stock at the close of accounts on 31st December, 2018 was 1,67,000
   • (2) Purchases from 1-1-2019 to 17-6-2019 amounted to 2,24,000 and sales during that period
   • (3) On the basis of the past three years it appears that on average the gross profit of 25% is earned Stock was insured for 1,50,000. Compute the amount of claim. (10)
   • 12) Vijaay Enterprises close their accounts on 30th June every year. On 30th September 2019 4 major fire destroyed most of their Stock. Following information could be gathered from their books: Stock on 30th June 2019 7,20,000 Purchases 1st July, 2019 to 30th September 2019 12,00,000 Wages ‘st July, 2019 to 30th September 2019 Sales — 1st July, 2019 to 30th September 2019 20,00,000 Carriage inward for the above period 20,000 Carriage outward for the above period 30,000 Average percentage of GP. to cost is 33 Stock of the value of 1,50,000 could be Salvaged. Policy was for Claim was Subject to average clause Following further information is available: Stock in the beginning was calculated at 19% less than cost
   • (2) Purchases include purchase of furniture Rs 50,000
   • (3) spent for bringing and setting-up the furniture in the office was 10,000 which was included in You are required to calculate the amount of claim. (10)
3. Q3 A) The following information is given: Calculate Total Purchases. Cash paid to Creditors 3,02,000 5 marks
   • B) From the following information supplied by Mr. Shaurya, Calculate Total Sales: Capital in beginning 2,40,000 | Cash paid to suppliers 60,000 Cash in hand in the beginning 80,000 | Sales Returns 17,400 B/R in the beginning 15,600 | B/R dishonored 3,600 Debtors (opening) 61,600 | B/R at the end ihe year 12,000 received from Debtors 1,40,000 | Debtors at the end of the year 51,000 Encashed during the year 41,800 | Cash Sales 81,800 5
   • 13) Mr. Chris commenced business as a Food merchant on 1st January, 2019 with a capital of 40 000. On the same day he purchased Furniture and fittings for cash 16,000. From the following particulars obtained from his books kept by Single Entry you are asked to prepare a Trading and Profit and Loss Account for the year ended Sales (Inclusive of Cash 40,000) 80,000 Purchase (Inclusive of Cash 24,000) 68,000 Salaries of Staff 7,200 Chris took food worth 2,000 from the shop for private use and paid 800 to his son, but omitted to record these transactions in his-books. On 31st December, 2019 his Sundry Debtors were 20,800 and Sundry Creditors 4,400 Stock in on 31st December, 2019 was 26,000. (10)
   • 4) Hriti is having her Head Office at Mumbai and Branch Office at Nasik. Prepare the Branch Account in the books of the Head Office from the following transactions wit! branch: 10 Opening Balance at Branch: Amounts remitted to the Branch for: 42,000 | - Rent and Taxes 7,000 Goods Branch during the year 6,20,000 Amounts remitted by the Branch: Closing balances at Branch: Realization from Debtors 2,26,400 | - Debtors 1,06,000
   • 14) From the following details prepare Mumbai Branch Account for the six months ended 31st December, 2013 depreciating branch fumiture at 20% per annum: (10 Opening Branch Assets: Branch expenses paid by the Head Office 68,000 Branch Stock 40,000 | Remittances received from the Branch 4,65,600 Goods sent to the Branch 3,60,000 Petty Cash sent to the Branch 32,000
   • 25. R & Company of Rajasthan consigned 100 bundles of cloth @ Rs. 700 each to M & Company of Mumbai to be sold on commission basis. An advance of Rs. 32,000 was received from M & Company. M & Company sent an account sale which states that total goods were sold for Rs. 1,12,000 and Rs. 3,600 were paid for carriage, godown rent and port expenses. Their commission was Rs. 4,000. They sent a bank draft for the balance amount to R & Company. From the above prepare Necessary Ledger Accounts In the Books Of
4. Q5 The Kolkata motors Ltd. consigned to their agent in Patna two motor cars costing Rs. 96,000 each for sale Commission was payable ordinary 8% and del-credere commission 2%. The agent was to bear all expenses in Patna which amounted to Rs. 13,000. The agent sold one car for Rs. 1,30,000 and remitted Rs. 1,04,000 on account. The second car was sold for Rs. 1,43,000 but out of this a sum of Rs. 26,000 became bad debts Prepare necessary ledger account in the books of consignor. (10)
5. Q6 Short Notes (Any two) 10 marks
   • 1. Actual loss
   • 2. Debtors Method
   • 3. Consignor
   • 4. Total Creditors A/c

Read from the scan above, so a character or two may differ. The scan is the original.