BCom SY BCom Sem 4 BCom Sem 4 (2016 2017) March 2017 SYB COM ACC.AND FINANCIAL MGT Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) false. (any eight) 8 marks
2. Q1 Insurance avoids loss due to fire
3. Q2 Salvage means cost price of goods saved from fire
4. Q3 Preference shares cannot be redeemed at premium
5. Q4 Right shares are issued free of cost
6. Q5 Memorandum Trading Account can be prepared if proper stock records are available
7. Q6 Asales order is issued by the seller
8. Q7 Capital Redemption reserve is used for payment of dividend
9. Q8 Debenture Redemption Reserve is to be created even if debentures are redeemed through
10. Q9 To print reports we use CTRL+P key in Tally
11. Q10 The company can redeem only fully paid preference shares
    • B) Match the columns (Any 7) 7
12. Q1 Dividend Equalization Reserve A. |Under Insurance of stock
13. Q2 |Average clause B. |Contract of Indemnity lneurance C. available for redemption of
14. Q4 premium D. |Cannot be redeemed
15. Q5 |Interest on Sinking Fund Investment. | E. |Preference share redemption
16. Q7 Redemption G. |Created to sinking fund
17. Q8 |Capital Redemption Reserve H. |Goods saved from fire
18. Q9 |. to Sinking Fund Investment
19. Q10 |Profits not divisible J. |Capital Reserve On 1st April, 2016, accidently completely destroyed the stock. However, from the information and records available from his Chartered Accountants, the following information was obtained, from which you are requested to prepare a statement showing the amount of claim to be lodged with the Jeevan Insurance Company Ltd VCD-210317 (2) | ACCOUNTANCY AND FINANCIAL MANAGEMENT In February, 2016 goods valued at sales price of Rs. 5,000 were distributed as samples Manufacturing Expenses were normally found to be constant. The value of the salvaged stock was estimated at Rs. 7,625
20. Q2 Amin Enterprises close their accounts on 30th June every year. On 30th September 2016 a major fire destroyed most of their stock. Following information could be gathered from their books: Purchases- 1St July 2016 to September 2016 6,00,000 Wages- July 2016 to September 2016 2,30,000 Sales - 1St July 2016 to September 2016 10,00,000 Carriage inward for the above period 10,000 Carriage outward for the above period 15,000 Average percentage of gross profit to cost is 33 1/3. Stock of the value of Rs. 75,000 could be salvaged. Policy was for Rs. 2,50,000/-. Claim was subject to average clause Following further information is available:
21. Q1 Stock in the beginning was calculated at 10% less than cost
22. Q2 Purchases include the purchases of the furniture for Rs. 25000/
23. Q3 Amount spent for beginning and setting up the furniture in the office was Rs. 5000/ which was included in the carriage inward You are required to calculate the claim for the loss of stock MENT S.Y.B.Com. (3) | ACCOUNTANCY AND FINANCIAL MANAGEMENT Following is the summary Balance Sheet of ABC Agro Ltd. As on 31st March, 2016: Shares of Rs. 10 each, fully paid Investment (M. V. Rs 1,00,000 Equity Shares of Rs. 10 Other Current Assets 10,50,000 each 13,50,000 |Debtors (Long Term) 20,000 Profit and Loss Account 13,50,000 k was Sundry Creditors 1,34,500 ft was decided to redeemable Preference shares at a premium of 10%. For this purpose, the ajor - company issued 75,000 right shares of Rs. 10 each at a premium of Rs. 10 per share. This issue was fully subscribed and all the monies were duly received. Investments are sold for Rs. 5,13,000 All the payments were made except to the shareholder holding 675, 8% Redeemable Preference Shares who could not be traced You are required to give Journal entries to record the above transactions in the books of the company and also Balance Sheet of the company after redemption Following is the balance sheet of Rama Ltd as on 31-03-2016 15 Equity share of Rs 10 each fully 10,00,000 | Fixed Assets 11,00,000 Shares of Rs 100 each fully paid up Bank Balance 90,000 8% debentures of Rs. 100 each 4,00,000 |: On the above date the company decided to redeem its preference shares at 10% premium. For This the company its investments at a profit of 10% and issued 25000 equity shares of Rs. 10 each at par. Preference shares were duly redeemed. All the money under new issue Was received and all money on redemption was paid Pass necessary journal entries in the books of the Company. Also prepare Balance sheet after
24. Q4 Bharat Ltd. had issued 5,000 - 12% debentures of Rs. 100 each redeemable on 31-12-2007 The company offered three options to the debenture.holders as under: 15 Mar
    • i. 14% Preference share of Rs. 101 each at Rs. 12
    • ii. 15% Debentures of Rs. 100 each at par
    • iii. Redemption in cash The options were accepted as under: by holders of 1,500 debentures Option (ii) by holders of 1,500 debentures Option (iii) by holders of 2,000 debentures The redemption was carried out by the Co. Pass journal entries in the books of Bharat Ltd
25. Q4 , The following balances appeared in the books of P Ltd on 0 1.04.2016 15 Mai
26. Q1 Debenture Redemption Fund Rs. 60,000 represented by investment of an equal amount
27. Q2 The 12% Debentures stood at Rs. 90,000/ The company sold required amount of investments at 90% for redemption of Rs. 30,000 debentures at a premium of 20% on the above date. Show the:
28. Q1 12% Debentures Account
29. Q5 A) Explain the provision of Companies Act 1956 regarding redemption of preference shares
    • B) Explain in brief Average Clause (7
30. Q5 Short Notes: (any three) (15
31. Q3 Redemption of preference shares
32. Q4 List the stapes for entering the purchase order in Tally
33. Q5 Redemption by conversion

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