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TYBCOM Sem 6 Financial Accounting Question Paper April 2024 with Solution | Download Free PDF | Mumbai University

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TYBCOM Sem 6 Financial Accounting Question Paper April 2024
TYBCOM Sem 6 Financial Accounting Question Paper April 2024

TYBCOM Sem 6 Financial Accounting Question Paper April 2024 PDF with Solution

The TYBCOM Sem 6 Financial Accounting Question Paper April 2024 is an essential resource for students preparing for thier final examinations. This paper not only assesses the knowledge acquired throughout the course but also helps student identify key areas for improvement.

In this blog post, will provide a comprehensive overview of the question paper along with solutions, ensuring that students have acess to valuable study materials. By utilizing these resources, candidates can enhance thier understanding of economic concepts and improve thier performance in exams. Stay tuned as we explore further into the specifics of the question paper and offer insights into effective preparation strategies.

Q.1 A) Q.1 A) Select the most appropriate option from the given option and rewrite the sentence. (Any ten) (10 marks)

1) Underwriting commission is calculated on __________.
a) Issue price of shares underwritten
b) Net liability value
c) Marked application value
d) Firm underwriting value

2) The exchange dilference arising due to lmport of raw material is transferred to
a) Purchase A/c
b) Trading A/c
c) Profit & Loss A/c
d) Suppliers A/c

3) In amalgamation as a merger, all the assets and liabilities of the vendor company become the assets and liabilities of _________.
a) Transferee company
b) Vendor company
c) Holding company
d) Subsidiary company

4) Preferential creditors are included in _________.
a) List E
b) List C
c) List D
d) List B

5) Maximum number of partners in LLP is – __________.
a)20
b) 500
c) 100
d) No limit

6) In case of shares, underwriting commission cannot exceed ________.
a) 3% of issue price AF
b) 7.5% of issue pnce
c) 5% of issue price
d) 2.5% of issue price

7) Designated partner must obtain DPTN from ________.
a) The Central Government
b) The State Governrient
c) The ROC
d) Registrar of firms

8) In case of compulsory winding up Statement of Affairs is sent to ________
a) The Official Liquidator
b) The Liquidator
c) The Government
d) The High Court

9) Non-monetary items are valued at _________.
a) Market price
b) Current price
c) Historical cost
d) Fluctuating price

10) On amalgamation, preliminary expenses in Balance Sheet of Vendor Company are debited to ________.
a) Realization A/c
b) Equity shareholders A/c
c) Cash A/c
d) Preference Shareholders A/c

11) The asset which is not taken under Net Asset Method of calculation of purchase consideration is ________.
a) Discount on issue of shares
b) Loose tools
c) Furniture
d) Bills Receivable

12) Average rate is the rate which is _________.
a) On the Balance Sheet date
b) The mean of the exchange rates
c) The praportion between two currencies
d) The rate at which asset could be exchanged

Q.1 B) State whether the following statements are True or False:- (Any 10) (10 Marks)

  1. Designated partners are like directors of a company.
  2. Debenture interest is to be paid up to the date of winding up.
  3. The exchange difference in case of export sale should be transferred to Sales Account.
  4. In partial underwriting, only 2 persons underwrite the issue.
  5. Inventory is a monetary item.
  6. On, amalgamation, payment of liquidation expenses does not form part of purchase consideration.
  7. Scheme of amalgamation requires approval by 75% of shareholders of every company involved.
  8. LLP agreement must specify the contribution of partners.
  9. Reporting currency is the lndian rupee used for presentation of financial statements.
  10. Underwriting commission is calculate on the face value of shares.
  11. Capital reserve or goodwill can arise in pooling of interest method.
  12. In compulsory winding up, remuneration of the liquidator is fixed by the court.

Q.2. The Balance Sheets of Rohit Ltd. and Surya Ltd as at 31* March 2023 are as follows:

ParticularsRohit Ltd.Surya Ltd
1.Equity and Liabilities:
1) Shareholders Funds:
a) Share Capital
i) Equity Share Capital (Share’s of Rs. 10 each)20,00,0006,00,000
ii) 9% Preference Share Capital (Shares of Rs. 100 each) 2,00,000 –2,00,000
iii) 10% Preference Share Capltal (Shares of Rs. 100 each)2,00,000
b) Reserve and Surplus
General Reserve2,00,0001,60,000
2) Non Current Liabilities
Bank loan1,00,00040000
3) Current Liabilities:
Trade Payables2,60,0001,60,000
Total27,60,00011,60,000
II) Assets
1) Non-current Assets:
a) Property Plant and Equipment
Building7,00,0002,50,000
Machinery10,00,0003,00,000
b) Non Current Investment40,000
c) Other Non Current Assets (Expenses on Issue of Shares)60,00020,000
2) Current Assets:
a) Inventory. (Stock)
b) Trade Receivables4,00,0002,00,000
Total27,60,00011,60,00

Rohit Ltd; absorbs Surya Ltd; on following terms:

i) Building of Surya Ltd. is valued at Rs. 4,00,000 and the Machinery Rs. 3,20,000:
ii) Stock is to be taken at Rs. 3,15,000 and provision for doubtful debts on Debtors is to be created at 7.5%
iii) The holders of 10% Preference Shares are to be paid at 10% Premium by the issue of 9% Preference Shares of Rohit Ltd. at par.
iv) For the Balance of Purchase consideration for amalgamation, Equity Shareholders of the Surya Ltd. will be issued equity shares at 5% Premium;

You are required to:
a) Calculate Purchase Consideration.
b) Pass Journal entries in the books of Rohit Ltd
c) Balance Sheet of Rohit Ltd. after absorption as at 31″ March 2023.

OR

Q.2 Ankush Ltd. makes a public issue of 500,000 shares of Rs 2.5 each at 20% premium, entire amount is payable with application. Ms: Bhakti, Shraddha and Pooja underwrite whole issue in the ratio of 5:3:2. They have also applied for an Underwriting as below
Ms. Bhakti – 15, 000 shares .
Ms. Shraddha – 15,000 shares
Ms. Pooja – 24,500 shares
The total subscriptions excluding firm underwriting but including marked applications were 3,60,000 shares.

The marked applications were as under:
Ms. Bhakti – 82,500 shares
Ms. Shraddha – 55,000 shares
Ms, Pooja – 41,000 shares
5% Commission on issue price is allowed to underwriters

You are required to:
1) Find out the liabilities of individual underwriters assummg benefit of firm underwriting is given,
2) Pass necessary journal entries in the books Ankush Ltd. (20 Marks)

Q.3 Mr. Kapil and Mr, Kamlesh decided to convert their, firm into LLP They both were equal partners in a firm.
The following is the balance sheet as on 31st March 2023

LiabilitiesAmount ₹AssetsAmount ₹
Capital A/c:Building1,02,000
Kapil 1,20,000Machinery63,000
Kamlesh 1,20.0002,40,000Motor Car37,000
General Reserve20,000Debtors55,000
Creditors12,000Bills Receivable40,000
Bills payable18,000Stock5,000
Bank overdraft16,000Prepaid Expenses4,000
306,000306,000

Following are the terms and conditions of conversion agreed upon by the partners:

  1. Building and stock took over by Mr. Kamlesh at 21,00,000 and 4,000 respectively. All other
    assets were taken over by LLP. Goodwill of 25,000 was also paid.
  2. Mr. Kapil agreed to settle bills payable and other liabilities were taken over by LLP.
  3. Mr. Kapil and Mr. Kamlesh contributed ₹ 3,00,000 each LLP.
  4. The Purchase consideration was settled in cash

Prepare:

  1. Statement of Purchase Consideration.
  2. Realisation A/c.
  3. Partner’s Capital A/c.
  4. LLP A/c.
  5. Cash A/c.
  6. Pass Journal Entries in the Books of LLP.

OR

Q.3 A) On 21st January 2022, Shubhman Ltd. exported goods worth $ 1,00,000 to Miami Ltd. USA when the exchange rate was 1 US $= ₹ 74.00 The amount was received in four installments as under:

DateInstallment (US ₹ )Rate of Exchange
25/01/202225,000₹ 76.25
12/02/2022 ~ 25000 > 2732525,000₹ 73.25
05/03/202225,000₹ 75.50
130/03/202225,000₹ 78.50

Pass Journal Entries the books of Shubhman Ltd. for the year ended 31 March 2022.

Q.3 B) Following data is furnished by Aslanka & Co, which does in to voluntary liquidation on 1stJanuary, 2024 you are required & prepare the liquidators final statement of Account. (10 Marks)

i) Assets Realised Rs: 20,00,000
ii) Preferential Creditors to be pald Rs. 1,90,000
iii) Other Unsecured Creditors Rs. 10, 00,000
iv) 12% Preference Share Capital Rs 8,00,000
v) 10,000 Equiity Shares of Rs. 100 each Rs.80 paid up
vi) 16,000 Equity Shares of Rs: 100 each Rs:50 paid up
vii) Liquidators Refuneration is Rs. 22,000

Tybcom sem 6 Financial Accounting Question Paper Solution – Click Here

Q.4 Virat Ltd. purchased goods worth US $ 60, 000 from Ad: Traders of Boston unl” Tuly, 2021.
(20 Marks)

The payments were made as under:

On 12″ August, 2021 $ 15,000
On 27″ September, 2021 – $ 10000
On 09″ November, 2021 – $ 5,000
On 13″ December, 2021 – $ 8,000
On 10â„¢ March, 2022 – $ 6,000
On 25″ April, 2022 – $ 10,000
On 17″ May, 2022 – $ 6,000

The exchange rate for 1 US $ during the transaction period was as follows:

1 July, 2021 ₹ 75.00
12 August, 2021 ₹ 72.50
27 September, 2021 ₹ 76.50
09 November, 2021 ₹ 75.00
13 December, 2021 ₹ 73.75
10 March, 2022 ₹ 76.00
31 March, 2022 ₹ 75.50
25 April, 2022 ₹ 76.50
17 May, 2022 ₹ 77.00

Virat Ltd. closes its books on 31st March every year.

Pass Journal entries aud prepare Foreign Exchange Fluctuation A/c in the books of Virat Ltd.

OR

Q.4 A) Following is the Balance Sheet David Ltd. as on 31st March 2023. (10 Marks)

Balance Sheet

Liabilities₹Assets₹
16000, 10% Preference Shares of ₹ 100 each fully paid16,00,000Land & Building26,00,000
32,000, Equity Shares of ₹ 100 each fully paid32,00,000Furniture10,00,000
9% Debentures12,00,000Stock17,00,000
Creditors14,00,000Debtors14,00,000
Outstanding Salaries2,00,000Bank3,00,000
Profit & Loss A/c6,00,000
76,00,00076,00,000

Due to mismanagement and heavy losses, David Ltd. declded to go for voluntary liquidation on 1st April, 2023.

  1. The liquidator realized the assets as follows:
    Land & Building ₹ 24,00,000
    Furniture ₹ 4,00,000
    Stock ₹ 11,00,000
    Debtors ₹ 8,00,000
  2. Preference dividend was in arears for last 2 years and to be settled.
  3. Debentures were settled on 30″ June, 2023.
  4. The expenses of liquidation amounted fo % 42,000 and the remuneration fixed to liquidator
    was 3% on amount of assels realized,
    Prepare Liquidator’s Final Statement of Account.

Q.4 B) Following is the Balance Sheet of Cumnmins Ltd; as on 31st March 2023 (10 Marks)

LiabilitiesAmount ₹AssetsAmount ₹
Equity Shares of Rs. 100 each15,00,000Building6,90,000
General Reserve2,03,000Plant & Machinery4,35,000
Bank Loan3,75,000Stock4,91,000
Sundry Creditors1.42,000Sundry Debtors3,26,000
Profit & loss A/c2,78,000
Total22,20,00022,20,000

On the above date Sunrisers Ltd is formed to take over the business of Cummins Itd; on the following terms and conditions
1) All assets and liabilities were taken over at book value except the Building and Plant & Machinery. Building ls valued at ₹ 10, 00 000 and PIant & Machinery at Rs. 4,00,000.
2) Entire Purchase Consideration is discharged in Equity Shares of Rs. 100 each, issued at par

You are required:
a) Calculate Purchase Consideration and
b) Prepare Realisation account and Equity Shareholders a/c to close the books of cummins ltd;

Q.5 A) What is Amalgamation ? Explain the types af Amalgamation as per. AS-14 (10 Marks)
Q.5 B) Explain the Procedure of Consideration of Net liability of the Underwriters. (10 Marks)

OR

Q.5 Write Short Notes (Any Four) (20 Marks)

a) Need for conversion of foreign currency transactions.
b) Preferential Creditors.
c) Statemcent of Affairs.
d) Designated Partners.
e) Monetary and Non monetary items
f) Limited Liability Partnership. (LLP)

 TYBCOM Sem 6 Financial Accounting Question Paper Solution – Click Here

TYBCOM Sem 6 Financial Accounting Question Paper April 2024 Pdf

TYBCOM Sem 6 Question Papers April 2024

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Tips to score good marks in TYBCOM 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.

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