BCom TY BCom Sem 6 2022 2023 Apr 2023 FINANCIAL ACCOUNTING AND AUDITING VII FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

• 2. Figures to the right indicate full marks

1. Q3 Use of Simple calculator is allowed
2. Q4 Working notes should form part of your answer State whether the following statements are True or False ( Any Ten) (10)
3. Q1 AS 14 is applicable for the Investment Accounting
4. Q2 Partly paid-up shares can be bought back
5. Q3 General Reserve is a non-free reserve
6. Q4 Sundry Creditors are shown in Trade Payables
7. Q5 Company is not liquidated in Internal Reconstruction
8. Q6 Company has to spend 5% of the Net Profit for the Corporate Social
9. Q7 Ethics are the rules which should be followed by all
10. Q8 Profit and Loss Account and Security premium are also the sources of buy back
11. Q9 Loss on sale of investment is debited to profit and Loss Account 10)In Company Balance Sheet, Capital Reserve is shown in the head of Share
12. Q11 Claims forgone by creditors are debited in the capital reduction account
13. Q12 Computer Software is the intangible asset Rewrite the following sentences choosing the correct answer (Any Ten) (10)
14. Q1 Interest on Debenture is calculated on (Market Price /Face Value /Fair
15. Q2 Bills Payable is shown under (Inventories/Other current
16. Q3 The word ‘ethics’ is derived from (Latin/French/Greek)
17. Q4 Statutory Audit is conducted by (Director/internal Auditor/External
18. Q5 Employee Salary is shown under (Finance Costs/Employee Benefits
19. Q6 Interest on Bank Loan paid is shown under (Other Expenses/Other Income
20. Q7 Sub division of shares is (Value of shares reduced/ Value of Shares Increased/No Changes in Value of shares)
21. Q8 Debt Equity Ratio after buy back of shares should be in __(1:1/ 1:2/ 2:1)
22. Q9 Surrender of shares means (Giving up possession of shares/Forfeiture of shares/Buyback of shares)
23. Q10 Dividend on Equity Shares are ascertained on the basis of (Authorised
24. Q11 Before Buy back all the shares must be (Fully paid up/ Partly paid up
25. Q12 Cheque on hand should be shown under the head of (Other Current Assets/ Inventories/ Cash and Cash Equivalents) Paper Subject Code: 23101 Financial Accounting and Auditing VII - Financial Accounting
26. Q2 A_ Trial Balance as at 31.3.2022 of GAGAN Ltd is as under. Called up Capital. 1,200 shares of Profit and Loss statement [ Closing Stock as on 31.3.2022 was 1,53,000 Trade Payables include Rs. 10,000 outstanding dues of micro enterprises and small Prepare statement of Profit and Loss for the year ended 31st March, 2022 and Balance sheet as on that date of GAGAN Limited as per the requirement of Companies Act of 2013 20 marks
27. Q2 B_ The following is the Balance Sheet of Vaibhav Shipping Limited as at 31st March, and Investment in Paper Subject Code: 23101 Financial Accounting and Auditing VII - Financial Accounting Security Premium 3,00,000 |) Loans and Advances Profit and Loss Account 3,00,000 | Bank Balance Current Liabilities and The company decides to buy back the maximum number of equity shares as may be permitted by law at a price of Rs. 20 per share, being the current market price Pass journal entries in the books of Vaibhav Shipping Limited assuming that buy back is carried out. (Do not prepare Balance Sheet) 10 marks
28. Q2 C On 1* February 2022, Ms. Urvi bought 100, 12% Debentures of SJ Ltd. each ex-interest. On 30" April 2022 she again purchased 250, 12% Debentures at Rs. 103 each cum-interest. On November 2022 she sold 150 Debentures at Rs. 99 each ex Interest is paid half-yearly on 30" June and December, every year Prepare Investment in 12% Debentures Account in the books of Ms. Urvi. for the year ended March 2023. Notes should be part of your answer 10 marks
29. Q3 Mr. Swanand was dealing in 12% Debentures of RS Ltd having face value Rs. 100 each. He furnished the following details about its transactions: e 01/06/2022- Purchased 1,200 Debentures at Rs. 96 each Cum Interest e 01/08/2022- Sold 500 Debentures Rs. 99 each Cum Interest e Purchased 800 Debentures at Rs. 93 Ex Interest e Sold 1500 Debentures Rs. 90 each Ex- Interest Interest being payable on 31 March and 30" September every year. The market value of the Debentures on 31st March 2023 was at Rs. 93 each. Debentures are valued at lower of cost or market price Prepare Investment in 12% Debentures Account for the year 2022-23. Apply AS-13 20 marks
30. Q3 B_ Following is the Balance sheet of TQM Ltd. as on 31“ March, 2023. Paper Subject Code: 23101 Financial Accounting and Auditing VII - Financial Accounting Note: - Preference dividend is in arrears for three years The following scheme of reconstruction was submitted & approved by the court 20 marks
31. Q1 Equity Shares of Rs.100/- each fully paid were reduced to the denomination of
32. Q2 10% Preference shares be reduced to Rs. 50/- each
33. Q3 Rs. 15,000/- be paid to Preference shareholders in lieu of arrears of Preference
34. Q4 Fixed assets be appreciated by 25% & provision be made for doubtful debts at
35. Q5 Investments of Rs. 3,50,000, miscellaneous exp & goodwill written off Give journal entries for the above scheme of reconstruction. Prepare Capital Reduction Account in the books of TQM Ltd. & Balance sheet of the company after
36. Q4 A_ The Balance Sheet of Solarfield Limited as at 31 March 2022 is as follows: Particulars Notes Amt Rs 20 marks
37. Q1 Equity and Liabilities
38. Q1 Shareholders' Funds:
    • a) Share Capital 1
    • b) Reserves and Surplus 2 4.Current Liabilities:
39. Q2 Assets
    • a) Property, Plant & Equipment and Intangible Paper Subject Code: 23101 Financial Accounting and Auditing VII - Financial Accounting
    • a) Current Investments
    • c) Trade Receivables 2,00 ,000
    • d) Cash and Cash Equivalents 85,000 Notes to Accounts
40. Q1 Share Capital: 1,00,000 Equity Shares of 10 each 10,00,000 Issued, Subscribed and Paid-up Capital: 50,000 Equity Shares of 10 each fully paid 5,00,000
41. Q2 Reserve and Surplus: Profit and Loss Balance The terms of buyback as per resolution passed was as under;
42. Q1 Buy back 10% of the paid-up capital @ Rs. 12 each Sell investments worth Rs. 1,00,000 for Rs. 80,000 Issue 1,000, 8% Debentures of Rs.100 each at a premium of 10% to finance the buy back of shares
    • iv) Maintain a balance of Rs. 50,000 in General Reserve account Pass necessary Journal Entries and prepare Balance Sheet immediately after the buy back in the books of Solarfield Limited Following is the Balance Sheet of Damyanti Ltd. as on 31st March, 2023. (10) (Share of Rs. 10 each) Goodwill 50,000 Paper Subject Code: 23101 Financial Accounting and Auditing VII - Financial Accounting The following scheme of reconstruction was submitted & approved by the court
43. Q1 10% Preference Shares of the Rs.100/- each fully paid were reduced to 13% Preference Shares of Rs.75 each
44. Q2 Equity Shares of Rs.100/- each fully paid were reduced to the denomination of
45. Q3 Fixed assets be appreciated by 25% & provision be made for doubtful debts at Give journal entries for the above scheme of reconstruction of Damyanti Ltd Maya Enterprise Private Limited furnishes you with the following Trial balance ason (10) in Debentures of TataLtd Fixed deposits with IDBI Bank (maturity on The directors have proposed to maintain final equity dividend @ 15% and appropriation of Rs. 1,00,000 to General Reserve Creditors include Rs. 4,00,000 payable to MSME Prepare Balance Sheet as at 31st March, 2022 as required by the Companies Act, Paper Subject Code: 23101 Financial Accounting and Auditing VII - Financial Accounting
46. Q5 What are the determinants of amount of buy back of shares? What is Internal Reconstruction? How the accounts are affected? (10) Write Short Notes (Any Four) (20) 10 marks
47. Q1 Buy back of shares
48. Q2 Fixed and Variable Income Investments
49. Q3 Role of Whistle Blowing
50. Q4 Objectives of Ethics Education
51. Q5 Statement of Profit and Loss
52. Q6 Pre Acquisition Dividend and Post Acquisition Dividend Paper Subject Code: 23101 Financial Accounting and Auditing VII - Financial Accounting
53. Q2 Ward
54. Q1 AS 14 marks
55. Q7 et are
56. Q8 Slat
57. Q1 ata ord
58. Q5 ay ore
59. Q6 we) Paper Subject Code: 23101 Financial Accounting and Auditing VII - Financial Accounting
60. Q2 A TH 2022 Paper Subject Code: 23101 Financial Accounting and Auditing VII - Financial Accounting 20 marks
61. Q2 B 2 Wad Paper Subject Code: 23101 Financial Accounting and Auditing VII - Financial Accounting 20 marks
    • i) Ga 200000

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