Master of Commerce (M.Com.) Part II SEM III 2022 2023 Jun 2023 ADV.ACCTG,CORP,ACCT & FIN.MGMT.ADVANCED FINANCIAL ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 From the following Trial Balance of Apna Consumer’s Co-operative Stores Ltd prepare Trading and Profitand Loss Account for the year ended 31 March, 2022 and Balance Sheet as on that date considering the additional information. (15)
   • 1) Godown Rent Payable on 31st March, 2022 was Rs 4,000
   • 2) Depreciate Furniture @ 5% p.a
   • 3) Closing Stock of goods valued at cost Rs 1,40,000
   • 4) Interest accrued on Investment Rs 2,000
   • 5) Salary outstanding on 31st March, 2022 Rs 5,000
   • 6) Authorized capital was Rs 2,00,000 divided into shares of Rs 10 each
   • 7) Transfer to Reserve Fund 25% of net profit Code: 72201 Advanced Accounting, Corporate Accounting and Financial Management : Advanced
2. Q1 The following figures have been obtained from the books of the Bank Ltd. for the year
   • 1. The Profit and Loss account had a balance of Rs. 10,00,000 on 1* April, 2021 An advance of Rs. 5,68,000 has become doubtful and it is expected that only 50% of the amount due can be recovered from the security
   • 3. The provision for tax be made at 35%
   • 4. A dividend of Rs 2,00,000 is proposed by the board of directors Prepare Profit & Loss Account of the Bank Ltd. for the year ending 318t March, 2022
3. Q2 From the following figures taken from the books of Insurance Co. Ltd., doing fire underwriting business, Prepare the Revenue and Profit and Loss Accounts for the “Commission on Re-insurance on Re-insurance Accepted intimated but not paid Code: 72201 Advanced Accounting, Corporate Accounting and Financial Management : Advanced The following further information may also be noted:
   • a) Expenses of Management include survey fees and legal expenses of Rs.3,600 and Rs.2,000 related to claims;
   • b) Claim intimated but not paid on March, 2022 Rs. 10,400
   • c) Income-tax to be provided Rs. 31,400
   • d) Transfer of Rs. 20,000 to be made from current profits to General Reserve
   • e) 50% is to be transferred to reserve for unexpired risk along with an additional reserve of
4. Q2 From the following figures relating to New Insurance Company. Prepare Revenue Account for fire Department tin vertical form for the year ended 31st March 2022. (15)
   • 1) Expenses of Management include Survey fee of Rs. 62000 and Rs. 50000 in respectively in relationto claims
5. Q3 From the following balances, prepare Balance Sheet of Prateeth Bank Ltd. as on ‘Bills discounted and purchased Code: 72201 Advanced Accounting, Corporate Accounting and Financial Management : Advanced The bank had bills for collection for its constituents Rs.8,00,000 and Acceptance of Rs. 5,00,000. There was a claim of Rs. 2,00,000 against the Bank but not acknowledged as a debt. The liabilities for bills discounted was Rs. 32,000. Liabilities for forward exchange contract was Rs. 10,00,000. The Directors decided to transfer 20% to statutory reserves & reserves of Rs. 2,000 for unexpired discounts
6. Q3 Tom Ltd. Mumbai, had a branch at New York. Its Trial Balance as on 30th September You are required to convert the Branch Trial Balance into rupee & prepare Branch Trading & Profit and Loss Account for the year ended 30-09-2022 & Balance Sheet of New York Branch in the books of Mumbai head office Code: 72201 Advanced Accounting, Corporate Accounting and Financial Management : Advanced
7. Q4 the blanks with correct alternatives 8 marks
   • 1. Discounted Bills Purchased are shown under
   • 2. Locker Rent under Banking Company are shown under
   • 3. Reinsurance Obligations are disclosed under
   • c) Contingent Liabilities d) Advances and Other Assets
   • 4. Exchange difference of Integral foreign Operation is
   • a) transferred to suspense Account b) transferred to profit and loss A/c
   • c) transferred to foreign currency d) None of the above
   • 5. Interest payable on deposits which is accrued but not due is shown under
   • a) Deposits b) Advances
   • 6.A assets would be one, which has remained NPA for a period less than or equal to twelve months
   • a) Substandard b) Standard
   • c) Loss d) Doubtful
   • 7. The total number of schedules to an insurance company’s financial statements in
   • 8. Insurance business is controlled by
   • c) IRDA Regulation 2002 d) All of the above whether the following statements are True or (07)
   • 1) Discount on Bills is showed by a bank in Schedule of interest earned
   • 2) Maharashtra C-operative Society Act passed in the year 1960
   • 3) Exchange difference of integral foreign operation is transferred to foreign
   • 4) The insured gets compensation only in case of loss
   • 5) Co-operative societies cannot pay dividend exceeding 15%
   • 6) Average rate = All transaction during certain period
   • 7) Banking company prepare their financial statement as per Form N
8. Q4 Write Short notes on: (Any 3) 15 marks
   • 1) Rebate on bills discounted
   • 4) Bye-Laws of a Co-operative Society
   • 5) Re-insurance

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