TYBAF Sem 6 Financial Accounting Question Paper | Free download | Mumbai University

TYBAF Sem 6 Financial Accounting Question Paper

April 2019

[Duration:2.5 hours] [Marks 75]

Note:
1) All questions are compulsory.
2) Working Notes should form part of your answer.
3) Figures to the right indicate full marks.

Q.1 A) Select the correct alternatives and rewrite the sentence. (Any 8) (08 Marks).

1) At present electricity Companies are governed by __________ .
a) Electricity Act 1910
b) Electricity (Supply) Act 1948
c) Electricity Regulatory Companies Act 1998
d) Electricity Act 2003

2) The Whole of the day to day management of a co-operative. society vests in Sa
a) The general body
b) The managing committee
c) The secretary
d) The chairman

3) Value of share of each member in capital of the society ___________ .
a) Rs.250
b) Rs.300
c) Rs.1500
d) Rs.3000

4) Interest is always calculated on the ___________ .
a) Market value of the security.
b) Nominal value of the security
c) Book value of the security
d) Weighted average cost of the security

5) The cost of right shares is ___________ .
a) Added to the cost of investment
b) Subtracted from the cost of investment
c) No treatment is 5 required.
d) None of the above.

6) __________ is the fluctuating Income: Bearing security.
a) Debenture
b) Equity Shares
c) Preference Shares
d) Government Security

7) The maximum load that fund & can charge i is determined by the _____.
a) AMC
b) SEBI
c) AMFI
d) Distribution agents based on demand for the fund

8) The NAV of the mutual Fund __________ .
a) Is always constant
b) Keeps going up at steady rate
c) Fluctuates with market price movements
d) Cannot go down at all

9) A mutual Fund in India is a__________.
a) Body corporate
b) Company
c) Trust
d) An asset management company.

10) Total number of International financing reporting standards is__________.
a) 41
b) 15
c) 33
d) 19

Q.1 B) Match the column. (Any 7) (07 Marks)

Sr.No	Column A	Sr.No	Column B
1	IFRS	A	Equity Growth Fund
2	Highest Risk associated Fund	B	AS 13
3	Moderate Risk fund	C	Maximum Cash Balance
4	Profit on sale at investment	D	Prize Fund
5	Investment Accounting	E	25% of the net profit each year
6	Fixed Income bearing securities	F	Short Term Bond Fund
7	Special Fund	G	Credited to profit and loss account
8	Bye law No 145	H	Business Combinations
9	Company transfer to reserve fund every year	I	Share based Payment
10	IFRS 3	J	Debentures

Q.2 A) From the following trial balance as on 31/03/2017, Prepare Final accounts in the prescribed format as per applicable legal provisions. (15 Marks)

Particulars	Rs	Particulars	Rs
Audit Fees	10,000	Collection for establishment expenses	12,68,919
Cash in hand	8,24,175	Collection for property expenses	13,44,570
Cash in Bank	2,01,456	Income and expenditure account	9,49,298
Dues from Members	13,95,132	Interest – Fixed Deposit	35,408
Electricity Charges	2,52,082	Interest – saving Account	1,16,313
Equipments	2,06,120	Members contribution for building	26,31,600
Fixed Deposits	13,80,522	Premium on transfers	1,00,000
Land and Building	26,31,600	Sinking Fund opening	25,49,500
Property Taxes	18,95,609	Statutory reserve Fund Opening	3,10,129
Receivable from promoters	41,950	Subscribed Capital
Repairs and maintenance	1,60,948	885 shares of Rs.50 each	44,250
Salaries	1,48,940	Transfer Fees	800
Security	96,612
Water Charges	1,05,641
Total	93,50,787	Total	93,50,787

Additional Information

1. Authorised Capital 8000 shares of Rs.50 each.
2. Outstanding electricity expenses Rs. 32,368
3. Depreciation on equipments @ 10%
4. Prepaid security expenses Rs.5,984.

OR

Q.2.B) The Trial Balance of GLA Electric Supply Ltd. For the year ended 31st March, 2019 is as below: (15 Marks).

Particulars	Dr. (000)	Cr. (000).
Share Capital:
60,00,000 Equity shares of Rs. 10 each		60,000
Patents and Trademarks	2,000
14% Debentures		24,000
11% Term Loan		14,000
Land	12,400
Building	34,000
Power Plant	60,000
Capital Reserves		7,200
Contingency Reserves		12,000
Transformers	16,400
Net Revenue Account		6,800
Inventories	11,600
Trade Receivables	6,400
Contingency Reserve Investments	12,000
Bank Balance	2,400
Public Lamps	3,200
Depreciation Fund		24,000
Trade Payables		6,000
Declared Dividend
	1,66,000	1,66,000

Prepare Balance sheet.of GLA Electric Supply for the year ended 31% March, 2019,

Q.3.A) During the year ended 3 1% March 2018: Mr; Amod bought and sold the following 12% debentures of Rs.100 each of Sunshine Ltd. Interest being payable by Sunshine Itd on 1 April and 1 October every year. (15 Marks)

Date	Particulars
Ist June 2017	Bought 300 Debentures at 92 ex-Interest
1st September. 2017	Bought 100 Debentures at 94 cum-Interest
1st December2017	Sold 200 Debentures at 95 ex-Interest
1st February-2018	Bought 150 Debentures at 98 cum-Interest

Books.are closed on 31%” March every year. Market Price on 31% March 2018 was Rs.90 per debenture. You are required to.prepare Investment in 12% Debentures in Sunshine Ltd. Account for the year ended 31% March; 2018 in the books of Mr, Amod.

OR

Q.3.B) Mr. Sawant entered in to the following transactions of purchases and sale of equity shares of Rainbow ltd. The shares have paid up value of Rs.10 per share. (15 Marks)

Date	No of Shares	Terms
01-01-2018	600	Buy @ Rs.20 per share
15-03-2018	900	Buy @ Rs.25 per share
20-05-2018	1000	Buy (@ Rs.22per share
25-07-2018	2500	Bonus shares received
20-12-2018	1500	Sale @ Rs.22 per share
01-02-2019	1000	Sale @ Rs.24 per share

Additional Information

1. On 15″ September 2018 dividend @ Rs.3 per share was received for the year ended 31°
   march 2018.
2. On 12″ November 2018 the company made right issue of equity shares in the ratio of one
   share for five shares held on payment of Rs.20 per share. He subscribed to 60% of the shares
   and renounced the remaining shares on receipt of premium of Rs.3 per share.
3. Shares are to be valued on weighted average cost basis.

You are required to prepare Investment Account for the year ended 31-03-2018 and 31-03-2019.

Q.4 (A)
Calculate the NAV of a Mutual fund from the following information: (08 Marks)
On 1/4/2017
Outstanding units 1 Crore of Rs.10 each= Rs.10 Crores (Market value Rs.16 Crores)
Outstanding Liability Rs.5 Crore.
Other Information

• 20 lakhs units were sold during the year at Rs.24 per unit.
• No additional investments were made during the year and as at the year end 50% of the
  investment held at the beginning of the year were quoted at 80% of book value.
• 10% of the investment have declined permanently 10 % below cost
• At the year 31/03/2018 outstanding liabilities were Rs. Crore.
• Remaining Investments were quoted at Rs.13 crores.

Q.4 B)
The-investment: portfolio of a mutual fund scheme includes 5000 shares of A Itd and 4000 shares of B ltd acquired on 31*December 2016.
The cost of A Itd’s share is Rs.40 while B ltd’s shares is Rs.60.The market value of these shares at the end of the 2016-17 was Rs.38 and Rs.64 respectively. On 30/06/2017, shares-of both the companies were disposed off realising Rs37 per A 1td’s share and Rs. 67 per Y ltd’s-share.. Show important accounting entries in the books of the fund for the accounting years 2016-17 and 2017-18 (07 Marks)

OR

Q.4 C) (15 Marks)
A Metro Mutual fund Co. has the following assets under it on the close of business as on:

Company	No of shares	1″ February 2012 Market price per share (Rs)	2″ February 2012 Market price per share (Rs)
NG	20,000	20.00	20.50
MD	30,000	312.40	360.00
PC	20,000	361.10	382.10
PS	60,000	505.10	503.90

1) Calculate Net Asset Value (NAV) of the fund
2) Assuming One Mr. A, submits a cheque Rs.30,00,000 to the mutual fund and the mutual fund manager of this company purchases 8,000 shares of MD ltd and the balance amount is held in Bank. In such a case what would be the position of the fund.
3) Find new NAY of the fund as on 2″ February,2012.

Q.5 A) Discuss the meaning and features of Mutual Fund. (08 Marks)
Q.5 B) Explain effect of Ex-interest and Cum-Interest price on Accounting. (07Marks)

OR

Q.5 C) Write short note on ( Any 3) (15 Marks)

1) Pre acquisition dividend.
2) Types of Mutual Fund
3) Reserve Fund in Co-op housing society.
4) Accounting for Depreciation for Electricity accounts
5) Large Cap. Mid Cap and Small Cap mutual funds.

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Tips to score good marks in TYBAF Exam

1. Don’t wait until the last minute to start studying: begin early. You’ll have more time to learn the topic and solve questions, the earlier you start.
2. Remain arranged: Plan a study schedule and stick to it. Take time to rest and refresh during breaks.
3. Regularly review your notes: Regularly reviewing back your notes will help you keep the content in your memory.
4. Practice, practice, practice: By working through sample problems and completing sample tests, you can identify your areas of weakness and become familiar with the exam’s format.
5. Ask for assistance if you need it: If you’re having trouble with the subject, don’t be shy to ask for assistance. You can seek advice from your teacher, a classmate, or a tutor.
6. Get a good night’s sleep: The night before the exam, be sure to get lots of rest. A mind that has got enough sleep is better prepared to memorize and recall information.
7. Arrive early on exam day: Arrive early on the day of the exam to give yourself time to settle your worries and mentally prepare.
8. Stay focused during the exam: Avoid being distracted during the exam by remaining focused. Take a deep breath and return your attention to the activity at hand if you realize that your mind is roaming.
9. Don’t waste too much time on any one question: keep an eye on the time. If you start to struggle, leave it and return to it later.
10. Review your exam after you’re done: After you’re finished, review your paper for a while. By doing this, you’ll be able to correct any mistakes you may have made and provide any answers you’re not sure about.