Bachelor of Management Studies (B.M.S.) SEM V 2023 2024 Dec 2024 S ELECTIVE FIANCE FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Dividend can be paid to lenders of funds
2. Q2 R.D.D. is usually estimated as percentage of debtors
3. Q3 Trade Receivables are always shown under current Liabilities
4. Q4 Shareholders funds are always non-current
5. Q5 Capital profit realized in cash can be used for paying dividend
6. Q6 The underwriting commission can be more than 10%
7. Q7 Unmarked applications are known as direct applications
8. Q8 Inventory is a non-monetary item
9. Q9 Foreign currency is a currency other than home currency
10. Q10 Dividend is always calculated on Market Value of the security
11. Q1 B) Match the following: (Any 7) 7 marks
12. Q1 10% Debentures a. Ethics
13. Q3 Marked Applications c. Accounting of Foreign Currency
14. Q5 Ex- Interest e. Added to cost
15. Q6 Brokerage on Purchase f. Excluding interest
16. Q7 Home Currency g. Maximum 5% in case of shares
17. Q8 AS-11 h. Bears stamp of underwriters
18. Q9 Rules that must be followed by all i, Intangible Assets
19. Q10 Rules expected to be followed by all j. Long Tem Borrowings
20. Q2 From the following particulars of Urvashi Ltd., prepare Profit and Loss statement for 3-2022 as per revised schedule. 15 31 marks
21. Q2 Tejpal Ltd exported goods to Happy Ltd from USA worth US $50,000 on 15th February 2021 when exchange rate was 65 per US $. 15 The payment was received in installments as under: ae Amount of Installment US $ | Exchange Rate per US $ Tejpal Ltd closes its books every year on 31st March. On 31st March 2021, the exchange rate was = 68 per US $ You are required to pass Journal Entries in the books of Tejpal Ltd. for the year ended 31st March, 2021 and 31st March, 2022. Also prepare Foreign Exchange Fluctuation account in the
22. Q3 Manish Ltd has authorized capital of 1,00,000 equity shares of = 10 each. Company issued 60,000 shares at a premium of % 2 each. The entire issue was underwritten by Jay, Ajay and Vijay in the ratio of 5:3:2 respectively. 15 Applications were received for 48,000 shares out of which marked applications were as Underwriters are entitled to get 5% commission on issue price You are required to:
    • a) Find out the net liability of underwriters
    • b) Pass Journal Entries in the books of Manish Ltd
23. Q3 From the following is the trial balance of Vikas Ltd., prepare the Balance Sheet of the on 31“ March 2021 as per Schedule III of the Companies Act. 15 Trial Balance as on March 2021 Advances to employees 3,00,000, Equity Share Capital Cash at Bank 3,64,320 CapitalReserve 8% Govt. Bonds Loan from SBI 8,00 000 issue 25,000 Short term loan from bank 4,90,200
24. Q4 During the year ended March 2021 Mr. Virat bought and sold the following 12% Debentures of each of Cherry Ltd. Interest being payable on 1“ April and October each 1“ June, 2020 Bought 300 Debentures at Ex-interest September,2020 Bought 100 Debentures at 794 Cum-Interest December, 2020 Sold 200 Debentures at Ex-interest February, 2021 Bought 150 Debentures at Cum-Interest Books are closed on March every year. You are required to prepare Investment in 12% Debentures in Cherry Ltd. Account for the year ended March, 2021 in the books of Virat
25. Q4 A) Prepare Investments Accounts in the books of Miss Neena for the following 12/04/2021 1,00,000 Equity Shares of each in ABC Ltd. For = 50,00,000 15/05/2021 Ltd. Issued bonus shares of 3 Shares for every 2 Shares held 30/06/2021 Neena Sold 1,25,000 Bonus shares for each XL limited issued 40,000 shares of Rs 10 each. These shares were underwritten as by P and Q in the ratio of 3:2. The public applied for 38,000 shares which included marked applications from the underwriters as follows : P -5,000 shares; Q -3,000 shares. Determine the net liability of the underwriters. 07
26. Q5 a) What do you mean by Ethics? Describe its Scope. 7 marks
27. Q5 b) Explain the types of Underwriting. 8 marks
28. Q5 Write a Short notes (Any Three) 15 marks
29. Q1 Contingent Liabilities
    • ii) Five Fundamental Principles of IFAC
    • iii) Ex-Interest and Cum-Interest Price
    • v) Corporate Governance

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