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
- Authorised Capital 8000 shares of Rs.50 each.
- Outstanding electricity expenses Rs. 32,368
- Depreciation on equipments @ 10%
- 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
- On 15″ September 2018 dividend @ Rs.3 per share was received for the year ended 31°
march 2018. - 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. - 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.
TYBAF SEM 6 Financial Accounting Question Paper 2019 Pdf
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