TYBCom Sem 6 2019-2020 Financial Accounting Question Paper PDF 2026 - 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. (Any 8) 8 marks
4. Q1 ‘Super Profit’ method is a method for valuing Goodwill
5. Q2 ‘Computers’ should be disclosed under the head ‘Fixed Assets’ in the Balance Sheet of
6. Q3 An amount equal to face value of equity shares bought back out of free Reserves, should be transferred to Capital Redemption Reserve account
7. Q4 Inventory is an example of Non Monetary item
8. Q5 Closing rate is the exchange rate at the Balance Sheet date
9. Q6 Preliminary expenses written off is a post incorporation expense
10. Q7 Balance in Foreign exchange fluctuation account should be transferred to Profit and Loss account at the end of the year
11. Q8 Buy Back of Shares can be done out of General Reserve of the Company
12. Q9 Commission to salesman is allocated in Time ratio while calculating profits for the Pre and the Post incorporation period
13. Q10 Repair Fund should be disclosed under the head ‘Share Capital’ in the Balance Sheet of Co-operative Housing Society
    • B) Match the columns:- (Any 7) 7 to post incorporation on Fixed assets in allocated | Method of valuing 7 Entrance fees received is disclosed in the Share Capital Balance Sheet of Co-operative Housing Society under the head Co-operative Housing Society under the head [Trade of [Fixed
    • Q.P. Code :01509
14. Q2 Following is the Trial Balance of Maharaja Co-op. Hsg. Soc. Ltd. as on March 2017 Cash in hand 3,000 | Contribution from 3,00,000 Cash at Bank 3,00,000 | Members Fixed Deposits 1,00,000 | Interest on Bank account 6,000 Insurance premium 7,000 | 5000 Equity shares of 2,50,000 Water Charges 60,000 | 50 each fully paid Property tax Income and expenditure 3,30,000 15 marks
15. Q1 Contribution from Members, given in the trial balance is towards:
    • a. Maintenance 74,000
    • b. Sinking fund = 25,000
    • c. Property Tax 2,00,000
    • d. fees 1,000 3). Outstanding Electricity charges are Audit Fees & Water charges 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 Cooperative Societies
    • Q.P. Code :01509
16. Q2 The following is the summarized Balance sheet of Akshay Ltd. as on 31th March, 2016: of = 10 each fully Cash and Bank The company transfers 20% of its profits (after tax) to General Reserve. Net Profits before taxation for the last three years have been as follows: Machinery is valued at & Furniture at Normal Rate of Return is 20% Future rate of Income Tax may be taken as 30% Calculate the value of Equity Share on the basis of (a) Intrinsic worth (b) Yield basis. (Use 15 marks
17. Q3 Anupam Ltd. imported goods from Flora Ltd. of USA, on August 2015, for USS 1,00,000 when the exchange rate was per US S. Amount is paid in installments as follows: Amount of Exchange Rate per The books are closed on March every year. On 315t March 2016 the exchange rate was You are required to pass Journal Entries in the books of Anupam Ltd For the years ended March 2016 and March 2017 15 marks
    • Q.P. Code :01509
18. Q3 Zee Ltd. was Incorporated on June 2016 to take over the running business of a Partnership Firm from 1% April 2016. The Annual accounts were prepared up to March 2017, which revealed the following expenses : Rent, Rates and Taxes 24,000 Depreciation on Fixed Assets 60,000 Interest on purchase consideration 20,000 15 marks
19. Q1 The sales for the entire year was out of which sales till May 2016 were 1,00,000. Gross profit ratio was uniform throughout the year at 40% on
20. Q2 Bad debts include in respect of sales effected two years ago. The remaining Bad debt are our of sales occurred throughout the year 3). Audit fees were paid only for the period since the company was incorporated
21. Q4 Purchases consideration was discharged on May 2016 along with the interest Prepare a statement showing profits for the pre and post incorporation period
    • Q.P. Code :01509
22. Q4 The summarized Balance Sheet of PAM Ltd. as on 315t March 2017 is as follows: 100,000Equity shares of 10 10,00,000 each fully paid 1000, 10% Preference shares of 1,00,000 100 each fully paid Reserves and Surplus Keeping in view all the legal requirements, ascertain the maximum number of equity shares that PAM Ltd can busy at an offer price of per share. Assuming the buyback is actually 15 marks
    • (a) Record the journal entries in the books of PAM 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 PAM Ltd. as on (Do not Prepare Balance Sheet)
23. Q4 “Puranik” Limited furnishes the following information and requests you to find out the value of Goodwill on the basis of capitalization of Future Maintainable Profits method: 15 marks
    • a) Summarized Balance Sheet as on March, 2016 8,500 equity shares of each 8,50,000 | Land and Building 9,00,000 Other Current Liabilities 40,000 | Cash and Bank Balance 50,000
    • Q.P. Code :01509
    • b) In similar business normal return on capital is 10% (After Tax)
    • c) Profits for last 4 years before tax are as follows:
    • d) An average rate of 30% is payable as Income Tax
    • e) In the year 2013-14, there was an abnormal loss of and during the year 2014-15, there was an abnormal profit of
    • f) The changes expected in the future are:
    • i) Decrease in Selling & Distribution expenses of p.a
    • ii) Increase in Administrative Expenses of p.a
    • g) Land & Building is revalued at (Use simple Average) 5 What is Buy Back of Shares? What are its objectives? 08
    • B) Explain Income and Expenditure Account of a Co-operative Housing Society. 07 5 Write short notes on Any three of the following: 15
24. Q1 Classifications of Expenses in Income & Expenditure Account of a Co-operative
25. Q2 Benefits of Buy-back of shares
26. Q4 Net Asset method of Valuing Shares
27. Q5 Allocation of expenses on the basis of Time Ratio
    • Q.P. Code :01509
28. Q3 AT
29. Q2 Te fee Hott at sd
    • g. ore ar)
    • Q.P. Code :01509
30. Q2 TE TAM
31. Q2 4% 20% Tare
    • Q.P. Code :01509
32. Q3 Bow
    • Q.P. Code :01509
    • a) we

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