BCom TY BCom Sem 6 BCom Sem 6 (2016 2017) April 2017 FINANCIAL ACC 3rd Question Paper - Mumbai University | munotes

Questions asked in this paper

• Please check whether you have got the right question paper
• N.B: 1. Figures to the right indicate full marks

1. Q2 Working notes should form part of your answers
2. Q3 Use of simple calculator is allowed
3. Q1 A) State whether the following statements are True or False. Rewrite the statement. 8 marks
4. Q1 deals with translation of foreign currency transactions
5. Q2 Deposit' with Municipality is shown under the head in the Balance Sheet of Co-operative Housing Society
6. Q3 Balance Sheet of a Cooperative Housing Society should be prepared in Form
7. Q4 Salary to partners is allocated in time ratio while calculating profits for the Pre and the Post incorporation period
8. Q5 Asset — Backing method is a method for valuation of goodwill
9. Q6 A Company cannot buy back more than 25% of its paid up equity capital in any financial year
10. Q7 Discount on Issue of shares written off, is charged only to the Post incorporation period while calculating profits for the Pre and the Post
11. Q8 Exchange Rate is the ratio for Exchange of two currencies
12. Q9 Buy Back of Shares can be done out of free reserves of the company
13. Q10 Average Rate is the mean of the exchange rates in force during a period
    • B) Match the following (Any Seven) : 7
14. Q1 Discount to debtors, while calculating e Profit & Loss Account prior to incorporation
15. Q3 Intrinsic Value Method e Allocated to Post 4). fees received is disclosed in e Allocated In Time Ratio the Balance Sheet of Co-operative
16. Q5 Fixed Deposits with Banks made by e Method of Valuing Shares Co-operative Housing Society is
17. Q8 Profits earned prior to Incorporation is e Reserve Fund
18. Q9 Balance in Foreign Exchange e Investments
    • Q.P. Code : 01508
19. Q2 Following is the Trial Balance of Giriraj Co-operative Housing Society Ltd. as on Cash in Hand 500 | Contribution from 2,00,000 Miscellaneous Expenses 1,900 | 5,000 Equity Shares of 2,50,000 Salary 85,800 | Income and Expenditure 2,35,000 Printing and Stationery 6,500 15 marks
20. Q1 Collection from Members, given in the Trial balance is towards : Provide for the following Outstanding Expenses: Prepare Income and Expenditure account for the year ended March 2017 and Balance Sheet as on that date in the format required under, the Maharashtra
    • Q.P. Code : 01508 November 2015 when the exchange rate was per US The amount was paid to Zen Ltd. in five equal installments on the following dates : Aparna Ltd. closes the books on March every year. On March 2016 the exchange rate was per USS You are required to pass Journal Entries in the books of Aparna Ltd. for the years ended March 2016 and March 2017 Ascertain the value of Goodwill of Ltd. carrying on business as 15 from the following information : Summarized Balance Sheet as on March, 2016 5,000 Equity Shares of | 5,00,000 | Goodwill 1,10,000 The Profits earned before providing for taxation were as follows : Income-tax may be taken at 30% Normal Rate of Return is 10% Profits for the year ended March, 2016 include an extraordinary Income of whereas profit for the year ended March, 2014 includes loss by earthquake of In future, Rent of p.a. will no longer be payable Goodwill is to be calculated with reference to capitalization of Maintainable Profits
    • Q.P. Code : 01508
21. Q3 Ltd. took over the business of Kapoor Bros., a firm w.e.f January, 2016. The Company was Incorporated on March, 2016.Summarised Profit & Loss Account for the year ended December, 2016 was as under : To Interest on Purchase 1,00,000 15 marks
22. Q1 Sales for each of the months April, May, June, October, November and December were twice the sales for each of the months January, February, March, July, August and September
23. Q2 Anand Ltd. settled purchase consideration on November, 2016
24. Q3 Audit fees are payable for the entire year Prepare a statement showing profits for pre-incorporation and post incorporation
25. Q4 Balance Sheet of Shreeram Ltd. as on March, 2017 is as follows: 15 marks
    • Q.P. Code : 01508 Ascertain the maximum number of equity shares the company can buyback at a price of per share Assuming the buyback is actually carried out,
    • a) the journal entries in the books of Shreeram Ltd
    • b) Prepare Notes to Accounts of Share Capital and Reserves & Surplus as they would appear in Notes to Accounts forming part of the Balance Sheet of Shreeram Ltd. as on March, 20 17 (Do not Prepare Balance Sheet)
26. Q4 'Golden' Limited submits the following information as on March, 2016 : Capital of the company comprises of 10,000 equity shares of each fully paid Calculate the value of Equity share using Net Asset method 8 marks
    • B) A Company's share capital is divided into 10%, 4,000 Preference 7 shares of each & the remaining are equity shares of each The average profit (after tax @30%) earned during the past three years was In future, expenses will increase by per annum Normal rate of return is 12% Find out the value of Equity share by Yield Method
    • A)~ Explain the conditions which a company has to comply with, as per the provisions 8 of the Companies Act, regarding Buy Back of shares
    • B) Explain how accounting of foreign currency transaction differs from 7
27. Q5 Write Short notes on any three of the following : 1). Divisible and Non-Divisible Profits 15 marks
28. Q3 Yield method of valuing shares
29. Q4 Income & Expenditure Account of a Co-operative Housing Society
30. Q5 Need for calculating Profits prior to and post Incorporation
    • Q.P. Code : 01508
31. Q2 got
32. Q3 Je frat
    • Q.P. Code : 01508
33. Q2 we
    • Q.P. Code : 01508
34. Q2 ye
    • S) vast
    • Q.P. Code : 01508
35. Q2 FE. Hea CL 20% Be. sua =
    • Q.P. Code : 01508
36. Q3 SMe fe. 08-08-2088
37. Q3 ame
    • Q.P. Code : 01508
38. Q2 aa at fet. ST
    • Q.P. Code : 01508

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