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BCom TY BCom Sem 6 BCom Sem 6 (2017 2018) April 2018 T.Y.B.COM SEM VI (CBSGS) (70 25) FIN. ACC. Question Paper - Mumbai University | munotes

BCom Sem 6 (2017 2018) Question Paper, Apr.pdf
TY BCOM · 646 KB · 1 May 2025

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Older exam None: this is the earliest we hold
Newer exam April 2018 - T.Y. B.COM SEM VI (CBSGS)(60 40) MGT.ACC Semester-end · BCom sem 6 (2017 2018) →

Questions asked in this paper

  • 2 Figures to the right indicate full marks
  1. Q1 A State whether the following statements are True or False. (Any 8) 8 marks
  2. Q1 Goodwill is an intangible fixed asset which has a realizable value
  3. Q2 Super profit is the profit earned over and above the normal profit
  4. Q3 Accounts receivable is an example of monetary item
  5. Q4 Reporting currency is the currency used in presenting the financial statements
  6. Q5 Balance sheet of a Co-operative Housing Society is to be prepared in Form —N
  7. Q6 The partly paid shares can be bought back
  8. Q7 After buyback of shares, the Debt- Equity ratio should not exceed 1:2
  9. Q8 Carriage outward is allocated in Time ratio while calculating profits for the pre and
  10. Q9 While calculating profits prior to incorporation, Preliminary expenses written off is a
  11. Q10 Entrance fees received from the members is shown as an income in Income and Expenditure account of the Co-operative Housing Society Match the Columns ( Any 7) (07)
  12. Q3 Transfer to Reserve Fund Transfer to profit and loss account at the end of the year LOR OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI FINANCIAL ACCOUNTING & AUDITING : PAPER FINANCIAL
    • Q.P. Code : 31095
  13. Q2 GR Pvt. Ltd. was incorporated on August, 2016. This company agreed to take over business of S.R.& Co. as going concern with effect from 1‘ April, 2016 The Profit and Loss Account for the year ended 31“ March, 2017 is given below: To Printing and Stationery To Salesman’s Salaries
  14. Q1 Total Sales for the year amounted to Rs 16,00,000. Sales for pre incorporation period is
  15. Q2 Rent upto September 2016 was Rs 18,000 p.a. after which it was increased to
  16. Q3 Purchase Consideration was paid on 30" August, 2016 Prepare Profit and Loss A/c for the year ended 31“ March 2017 in the columnar form appropriating all income and. expenditure items between Pre-incorporation and Post incorporation period on suitable basis. (15)
  17. Q2 On 1/1/2017 PS Ltd., has imported goods from Canada based company S. R. & Co. worth Canadian(CA$) 70,000$ at an exchange rate of Rs 47 per CA$ The payments were follows: The books of accounts are closed on March. The Exchange Rate of 31/3/2017 was Rs 48 Pass necessary Journal Entries in the books of PS Ltd. and Prepare Foreign Exchange LOR OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI FINANCIAL ACCOUNTING & AUDITING : PAPER FINANCIAL
    • Q.P. Code : 31095
  18. Q3 From the following trial balance as on 31.3.2017 of “Happy Home CHS Ltd.”, prepare Income & Expenditure A/c for the year ended March, 2017 and the Balance Sheet as on that date in the format required under Maharashtra Cooperative Societies Act Accounting Charges 9,500 | Collection for Property Exp. 87,165 Accumulated Losses not w/off 1,61,213 | Collection for Establishment BMC Deposit for Water 3,550 | Statutory Reserve. Fund Cash in Banks 4,50,500 | Entrance Fees 2;700 Cash on Hand 3,141 | Interest- FD 46,166 Dues from Members 73,187 | Subscribed Capital: Insurance Charges 19,733 | 1,000 shares of Rs.50 each 50,000 Subscription to Hsg. Fed 1,000 | Tower Rent 11,000 Property Taxes 10,312 to member Repairs and Maintenance 55,142
  19. Q1 Authorised Share Capital: 2,000 Shares of Rs 50 each
  20. Q3 Charge depreciation @ 15% on Water Pump
  21. Q5 Tower Rent received in advance Rs 1,000. 15 marks
  22. Q3 Ascertain the value of goodwill of IPL Ltd. carrying on textile business from the following Balance Sheet as on 31-3-2017: 3,750 equity shares of Rs 100 000 | Goodwill 52,500 each fully paid Land & Buildings 1,50,000 Provision for Taxation 90,000 | Sundry Debtors 1,27,500 The company commenced the operation in 2011. The profits earned for the last 5 years before providing for taxation are: Assuming that income tax at the rate of 30% has been payable on these profits and 15% is the fair return on capital employed in such types of concerns, ascertain goodwill of the business by: a. Capitalization of average profits and
    • b. How would your answer differ by capitalization of super profits Consider closing capital employed as average capital employed. (15) LOR OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI FINANCIAL ACCOUNTING & AUDITING : PAPER FINANCIAL
    • Q.P. Code : 31095
  23. Q4 The following is the Balance Sheet of Seema Ltd. as on 31-3-2017: Equity shares of Rs 10 each 12,00,000 | Fixed Assets 40,00,000 of Rs 100 each 3,00,000 | Stock 10,00,000 Keeping in mind all the legal requirements, ascertain the maximum number of shares that Seema Ltd. can buy back @ Rs 50 per share. Investments costing Rs 6,00,000 were sold for Rs 6,40,000. Pass necessary Journal entries to record the above transactions. (15) 4A) Following information pertains to Vijay corporation 2,00,000 12 % Preference Shares of Rs Rs 20,00,000 Equity shares of Rs 10 each Rs Transfer to Reserves 20% Normal return in similar industry 25% Mr. Kundan holds 2,000 equity shares of the company. He has requested you to value his shareholding on the basis of yield value of shares. (8) 4B) Varun Ltd. provides the following information as on March, 2017: Share Varun Ltd. comprises of 12,500 equity shares of Rs 100 each It is ascertained that Patents Rights are valueless Ascertain the value of shares by asset backing method (7)
  24. Q5 A. What is buy-back of shares? Explain in brief the sources of buyback of shares 8 marks
  25. Q5 B. What are the basis of allocation of expenses and incomes for calculating pre and post
  26. Q5 Write short notes on (any three) 15 marks
    • i). Income and Expenditure account of a Co-operative Housing Society li) Features of Goodwill
    • iv) Intrinsic value method of valuing equity shares
    • v) Monetary and non- monetary items as per AS-11 OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI FINANCIAL ACCOUNTING & AUDITING : PAPER FINANCIAL A‘
  27. Q3 Hed HA AT OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI FINANCIAL ACCOUNTING & AUDITING : PAPER FINANCIAL A
  28. Q2 30 HIS %,000
  29. Q3 Gal 30 2086 OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI /C0173 FINANCIAL ACCOUNTING & AUDITING : PAPER FINANCIAL A IELOR OF COMMERCE VI FINANCIAL ACCOUNTING & AUDITING : PAPER FINANCIAL A OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI FINANCIAL ACCOUNTING & AUDITING : PAPER FINANCIAL A MM. Heel AT

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