Master of Commerce (M.Com.) Part II SEM III 2017 18 Jan 2017-18 ADVANCE ACCOUNTANCY ADV. FIN. ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

• (2) Figures to the right indicate full marks

1. Q1 From the following particulars, prepare the final accounts of “H” Bank Ltd. Trial Balance as on 31st March, 2017 1,00,000 Shares of (= 10 each, = 5 paid 5,00,000 Borrowed from Bank Cash in hand 60,000 Cash at bank 28,00,000 Money-at-Call and Short notice Interest accrued and paid Net Profit for the year 4,50,000 Loans, Advances, Overdrafts.and Cash 70,00,000 The Bank has the bills for = as collection for its constituents and also acceptances and endorsements for them amounting to = 4, 00,000 GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL ADVANCED FINANCIAL AC 15 marks
   • Q.P.Code: 29204
2. Q1 The following is the Trial Balance from the books of Yash Bank Ltd. As on 31.03.2017 Interest accrued on Investment 300 Land and Building (Cost = Deposit with RBI Cash Credit and Overdraft 1,40,00,000 Postage and Telegram 2,300 Rent Taxes and Premium 17,000 Cash in hand Deposits with Other Bank 24,10,200 Printing and Stationery 6,700 Profit and Loss A/c 80,600 Interest and discount 6,24,000
   • (a) The bank has accepted on behalf of customers bill worth = 4, 00,000 for collection
   • (b) Depreciation is to be written off 23,000 from furniture and from Land and Building is
   • (c) The authorized capital is 40,00,000. All shares have been subscribed but only half of the face value has been called up GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MANAGEMENT: ADVANCED FINANCIAL AC
   • (d) Create Provision for Taxation 2, 20,000
   • (e) Transfer 25% of Net Profit to Statutory Reserve Prepare Bank Final Account for the year ended 31st March, 2017 in the books of Yash
3. Q2 From the following information of Raj Insurance Ltd., you are required to prepare Revenue A/c for Fire Department for the year ended 31st March, 2017. (15)
   • (1) Claims Payable as on:
   • (2) Premium Paid on Reinsurance 4,00.000 Recovered on Reinsurance 8,00,000
   • (3) Commission on Interest and Dividend (Gross) 5,00,000 Reserve for Unexpired Risk was = as on 01/04/2016. Provide Reserve 50% of Net Premium as on 31st March, 2017 GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL ADVANCED FINANCIAL AC
   • Q.P.Code: 29204
4. Q2 From the following balances as on 31-03-2017, prepare Revenue account for the marine business of Sunita Insurance Company Ltd. (15)
   • (A) Premiums
   • (B) Claims
   • (C) Commission On reinsurance ceded — 2,500
   • (D) Other Expenses Rent and Rates — 40,000
   • (E) Balance of fund GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MANAGEMENT : ADVANCED FINANCIAL AC
5. Q3 The firm Rajini & Co. with its H.O. at Vijaywada is a branch in Washington. On 31-12-2016 a Trial Balance is sent by the branch in Dollar currency The following Trial Balance Is compiled at branch as on 31-12-2016 (15) Depreciation on furniture & fixtures The stock in hand on December 31, 2016 was $5,000. The rates of exchange were: From December 31, 2015 to June 30, 2016 1 $= = 44 From 1* July, 2016 to December 31, 2016 = 46 In Vijayawada books the balance of the Washington Branch Account and of the remittances from Washington Branch Account appear as Rs 3,57,694 and = 74,136 respectively The original furnitures were bought when the rate of exchange was | $ = = 40 Convert the above trial balance into rupees currency and prepares final accounts of the branch for the year ended December, 2016
6. Q3 From the following Trial Balance of ‘Akshay Co-operative Consumers Society Ltd., Pune as on 31.3.2017, prepare Trading and Profit & Loss Account for the year ended on 31.3.2017 and Balance Sheet as on that date after considering the adjustments given. (15) GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL ADVANCED FINANCIAL AC Opening Stock of Consumer’sGoods
   • 1. Outstanding rent payable on 31.3.2017 was = 1,000
   • 2. Charge 5% depreciation on furniture
   • 3. Closing Stock of consumers’ goods is valued at cost = 1,40,000
   • 4. Interest accrued on Investment = 2,000
   • 5. Outstanding salary on 31“ March, 2017 was = 2,000 & 3,000 paid in advance
   • 6. Authorized capital 20,000 shares of = 10 each
   • 7. Contribute to Education Fund = 100
   • Q. No. State True or False from the following Banking Company in India are governed by Banking Regulation Act 1949 8
   • 2) Treasury Bills are usually for 3months
   • 3) Sum insured is the amount for which policy is taken
   • 4) Demand deposits are repayable on demand
   • 5) Rebate on bills discounted is unearned discount
   • 6) Closing inventory should be translated at closing rate
   • 8) Banks maintain SLR of 25% GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL ADVANCED FINANCIAL AC
   • Q.P.Code: 29204
   • B) Match the following 7
   • 1. AS-11 a) 100% reserve for unexpired risk
   • 4. Opening Stock d) 50% reserve for unexpired risk
   • 5. Contingent Liabilities e) Rate on date of purchase
   • f) Schedule 12 Charged to PRL
   • Q. No. 4 Write short notes ( any three) 15
   • 3) AS-11
   • 4) Surrender Value
   • 5) Appropriations of profits

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