BCom SY BCom Sem 4 BCom Sem 4 (2019 2020) Oct 2020 ACCOUNTS Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Debenture holder is the owner of the company
2. Q2 Abnormal goods are slow moving goods
3. Q3 Profit on re-issue of preference shares is credited to profit and loss account
4. Q4 Bonus shares are issued free of cost
5. Q5 A company can redeem only fully paid preference shares
6. Q6 Avearge clause is used when goods are under
7. Q7 Memorandum Trading Account is prepared to find out stock on the date of fire
8. Q8 A purchase order is issued by the seller to a buyer
9. Q9 Insurance avoids loss due to fire
10. Q10 The balance of Debenture Sinking Fund Investment Account is transferred to Debenture AD Q1.B)Match the columns. (Any 7) 07 Marks
11. Q2 Premium on Redemption of Debentures liability
12. Q3 Discount on issue of Debentures B. Used to Add a Voucher +. Redemption of Preference Shares C. Repayment to preference
13. Q5 Interest on Sinking Fund Investment, Shareholders
14. Q6 Divisible Profit D. Sale of Goods/Services
15. Q7 Alt+A E. To Delete a Voucher
16. Q9 Alt+D G. Credited to sinking fund
    • H. Securities Premium
17. Q1 Borrowed capital
    • J. Cover Risk of Loss
18. Q2 Mr. Yash prepares accounts on 30" September each year but on December 2017 fire destroyed the greater part of stock. Following information was collected from the books Purchases from 01.10.2017 to 31.12.2017 60,000 Wages from 01.10.2017 to 31.12.2017 26,400 Sales from 01.10.2017 to 31.12.2017 1,12,000 The rate of gross profit is 33 1/3% on cost. Stock to the value of Rs. 2400/- was salvaged Insurance policy was for Rs. 20,000/- and claim was subject to average clause
19. Q1 Stock in the beginning was calculated at 10% less than cost
20. Q2 A plant was installed by firm’s own worker. He was paid Rs. 400/- which was included
21. Q3 Purchases include the purchases of the furniture for Rs. 4000/ You are required to calculate the claim for the loss of stock
22. Q2 Arihant Traders have taken outa fire policy of Rs. 4,80,000. A Fire occurs on March 2017 & Stock was destroyed with the exception of worth Rs. 1,24,080. Following particulars are available from the books of accounts of the firm 15Marks Stock as on 1* Jan,2017 Purchases to the date of fire 7,80,000 Sales to the date of fire 5,40,000 Commission paid to the purchase manager on purchase 15,600 Carriage paid on purchase 4,800 Average Gross profits on cost 33.5% The policy was subject to Average Clause. You are required to arrive at the
23. Q1 Total Loss of Stock &
24. Q2 Amount of claim to be made against the insurance company
25. Q3 Following is the balance sheet of Kasturi Ltd as on 31-12-2016. 50000 equity share of Rs 10 5,00,000 | Sundry Assets 17,00,000 each fully paid up Cash 3,00,000 preference shares of Rs 100each | 5,00,000 Profit and loss A/C 4.75,000 The preference shares were redeemable on 31.03.2016 ata premium of 10%; for the purpose, the company decided to issue 50,000 Equity shares of Rs. at a premium of Rs. 4 per share payable in full on 15.03.2016. ignore dividend due following is the balance sheet of Radhe Ltd as on 31-03-2016. 15Marks 0, equity share of Rs 100 | 4,00,000 Fixed Assets 8,00,000 shares of Rs 100 Stock rofit and loss A/C 32,000 40,000 The 8% preference shares are to be redeemed at a premium of 10%. Fresh issue of equity share to be made to the extent required in terms of the provision of the companies Act, the investment to be sold at market value The Company Redeemed the preference shares except in case of one shareholder holding 20 preference share who could not be traced Subsequently the company issued bonus shares in the ratio of one equity share for every four Pass necessary journal entries in the books of the Company 15 marks
26. Q4 The A company issued 10,000 — 8% Debentures of Rs. 100 each at par on 01-01-2012 Redeemable on 31-12-2015 at par. The company decided to invest money outside business to provide funds for redemption. The outside investments were made @ 5% p.a. on the last day of each year. On December, 2015, the company sold all investments for Rs. 7.25.000 and redeemed the 8% Debentures. The Sinking Fund value of Rs. | @ 5% interest for 4 years is Prepare for all the four years:
27. Q1 8% Debentures Account Note: Calculation to be rounded off to the nearest rupee. 15Marks
28. Q4 Beeta Limited had issued 5,000 12% debenture of Rs.100 each redeemable on December, 2008 at a premium of 5% . The Company offered three options to Debentureholders as follows:
    • A) 14% Preference Shares Of Rs. 10 At Rs. 12
    • B) 15% Debenture of Rs.100 At Par,
    • C) Redemption in cash The options were accepted as under: Ca) i) Option A by holders of 1,500 debentures li) Option B by holders of 1,500 debentures ili) Option C by holders of 2,000 debentures The redemption was carriéd out by the company Pass Journal Entries. 15Marks
29. Q5 A) List of five special function key combinations and their functionality. 8 marks
30. Q5 B) Explain the need for insurance of stock against fire. 7 marks
31. Q5 Short Notes: (any three)
    • a. Sinking Fund
    • b. Over and under valuation of stock
    • c. Redemption of Debenture
    • d. List the steps for entering the purchase order in Tally
    • e. Role of MIS

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