Exam Details
| Subject | advanced accountancy paper ii | |
| Paper | ||
| Exam / Course | m.com. | |
| Department | ||
| Organization | Shreemati Nathibai Damodar Thackersey Womens University | |
| Position | ||
| Exam Date | May, 2017 | |
| City, State | maharashtra, mumbai |
Question Paper
Code 210601-Advanced Accountancy Paper I (MCom-Sem-II-April/May 2017-Fresh/Repeater)- Marks 100
Q.1 From the following Receipts Payments Account of Chandra Hospital, Thane. Prepare
income and expenditure A/c for the year ended 31st March 2016 and Balance Sheet
thereafter.
Receipt and Payment A/c
Receipts Rs. Payments Rs.
To balance b/d 24,000 By Lab Equipments 80,000
To O.T Rent 42,000 By Doctor Fees 40,000
To OPD Fees 52,000 By Salaries 52,000
To Operation Fees 82,000 By Admin Exp 14,000
To Govt Grants 80,000 By Stationery 16,000
To Other Income By Fixed Deposit on 1.3.16) 50,000
By balance c/d 72,000
3,24,000 3,24,000
Additional Information:-
1. 50% of Govt. Grants are to be capitalised.
2. O.T fees receivable as on 31.03.2016 Rs. 15,000/-.
3. The assets of the Hospitals as on 01.04.2015:-
Buildings Rs. 4,00,000
Lab Equipment 3,00,000
O.T. Fees Receivable Rs. 14,000.
4. Depreciate Lab. Equipments by 15% and Buildings by 10%.
Note Question No. 1 is compulsory.
ii) Attempt any THREE questions from Q no. 2 to Q no. 5.
Code 210601-Advanced Accountancy Paper I (MCom-Sem-II-April/May 2017-Fresh/Repeater)- Marks 100
Q.2 Ace Insurance Company provides the following information as on 31st March 2017.
Particulars Rs. Particulars Rs.
Establishment Expenses 34,300 Interest rent dividend received 88,270
Contribution to Provident Fund 28,400 Bad debts recovered 10,000
Rent Paid 25,110 Reserve for unexpired risk 1,45,810
Depreciation on Motor Car 9,500 Additional reserve 76,790
Claims paid directly 1,20,670 Premium Less reinsurance 3,04,810
Commission 65,450 Claims O/s at the beginning
Income Tax on interest 3,190 of the year 2,200
Investment 8,00,000 Share Capital 10,00,000
National Saving Certificate 3,68,060 Employees Security Deposits 33,000
Shares in Companies 1,50,000 Contigency reserve 2,00,000
O/s Premium 83,000 General reserve 2,50,000
Fixed Deposit with Bank 50,000 Other reserve 83,000
Agents balances 60,000 Miscellaneous receipts 3,000
Cash balances 29,600
Building 2,50,000
Directors travelling expenses 1,500
Printing Stationary 8,100
Motor Car 1,10,000
21,96,880 21,96,880
Additional Information:-
1. Equity Share Capital consists of 10,000 share of Rs. 100 each.
2. Depreciation on Building Rs. 25,000 is to be provided.
3. Direct claim includes Rs. 45,000 covered by reinsurer.
Code 210601-Advanced Accountancy Paper I (MCom-Sem-II-April/May 2017-Fresh/Repeater) Marks 100
4. Provision for unexpired risk to be made at 100% of net premium and additional reserve to
be raised by of net premium.
Prepare Final Accounts as at 31st March 2017 of Ace Insurance Company.
Q.3 Camy of India has exported goods to various parties abroad as under:
1st May 2016 D of USA goods with 40,000 (exchange rate Rs. 42)
30th June 2016 E of UK goods worth 87,000 (exchage rate Rs. 45)
30th November 2016- F of France goods worth 32,000 (exchange rate Rs. 38)
31st January 2017 G of Germany goods worth 33,000 (exchange rate Rs. 43)
During the financial year 2016-17, he received the payment as under:
24th May, 2016 20,000 from D of USA (exchage rate Rs. 41)
29th July, 2016 27,000 from E of UK (exchange rate Rs. 44.50)
26th August, 2016 20,000 from D of (exchange rate Rs. 44)
1st December, 2016- 32,000 from E of UK (exchange rate Rs 45.50)
27th December, 2016- 12,000 from from F of France (exchage rate Rs. 39.20)
31st January, 2017 12,000 from E of UK (exchange rate Rs. 45.20)
22nd Febrauary, 2017- 18,000 from F of France exchange rate Rs. 37.45)
You are required to give joural entries in the books of Camy and also prepare Foreign
Exchange Fluctuation Account for the year ending on 31st March, 2017 and Cash/Bank
Account.
Q.4 Mitali Ltd of Mumbai has imported the machinery 5,00,000. From US Traders, a
trader From USA on 1st January 2016 when exchange rate was Rs. 50 per
The payment was made as under:
On 31.1.2016 US 1,00,000 1 Rs. 48)
On 31.3.2016 US 2,00,000 1 Rs. 51)
On 30.6.2016 US 2,00,000 1 Rs. 50)
The accounting year ends on 31st March every year.
Journalise the above transactions and prepare Foreign Exchange Fluctuation A/c
in the books of Mitali Ltd.
Code 210601-Advanced Accountancy Paper I (MCom-Sem-II-April/May 2017-Fresh/Repeater)- Marks 100
Q.4 Explain need and benefits of IFRS issued by IASB.
Q.5 Write notes on the following IFRS's
1. IFRS 1
2. IFRS 2
3. IFRS 9
Q.1 From the following Receipts Payments Account of Chandra Hospital, Thane. Prepare
income and expenditure A/c for the year ended 31st March 2016 and Balance Sheet
thereafter.
Receipt and Payment A/c
Receipts Rs. Payments Rs.
To balance b/d 24,000 By Lab Equipments 80,000
To O.T Rent 42,000 By Doctor Fees 40,000
To OPD Fees 52,000 By Salaries 52,000
To Operation Fees 82,000 By Admin Exp 14,000
To Govt Grants 80,000 By Stationery 16,000
To Other Income By Fixed Deposit on 1.3.16) 50,000
By balance c/d 72,000
3,24,000 3,24,000
Additional Information:-
1. 50% of Govt. Grants are to be capitalised.
2. O.T fees receivable as on 31.03.2016 Rs. 15,000/-.
3. The assets of the Hospitals as on 01.04.2015:-
Buildings Rs. 4,00,000
Lab Equipment 3,00,000
O.T. Fees Receivable Rs. 14,000.
4. Depreciate Lab. Equipments by 15% and Buildings by 10%.
Note Question No. 1 is compulsory.
ii) Attempt any THREE questions from Q no. 2 to Q no. 5.
Code 210601-Advanced Accountancy Paper I (MCom-Sem-II-April/May 2017-Fresh/Repeater)- Marks 100
Q.2 Ace Insurance Company provides the following information as on 31st March 2017.
Particulars Rs. Particulars Rs.
Establishment Expenses 34,300 Interest rent dividend received 88,270
Contribution to Provident Fund 28,400 Bad debts recovered 10,000
Rent Paid 25,110 Reserve for unexpired risk 1,45,810
Depreciation on Motor Car 9,500 Additional reserve 76,790
Claims paid directly 1,20,670 Premium Less reinsurance 3,04,810
Commission 65,450 Claims O/s at the beginning
Income Tax on interest 3,190 of the year 2,200
Investment 8,00,000 Share Capital 10,00,000
National Saving Certificate 3,68,060 Employees Security Deposits 33,000
Shares in Companies 1,50,000 Contigency reserve 2,00,000
O/s Premium 83,000 General reserve 2,50,000
Fixed Deposit with Bank 50,000 Other reserve 83,000
Agents balances 60,000 Miscellaneous receipts 3,000
Cash balances 29,600
Building 2,50,000
Directors travelling expenses 1,500
Printing Stationary 8,100
Motor Car 1,10,000
21,96,880 21,96,880
Additional Information:-
1. Equity Share Capital consists of 10,000 share of Rs. 100 each.
2. Depreciation on Building Rs. 25,000 is to be provided.
3. Direct claim includes Rs. 45,000 covered by reinsurer.
Code 210601-Advanced Accountancy Paper I (MCom-Sem-II-April/May 2017-Fresh/Repeater) Marks 100
4. Provision for unexpired risk to be made at 100% of net premium and additional reserve to
be raised by of net premium.
Prepare Final Accounts as at 31st March 2017 of Ace Insurance Company.
Q.3 Camy of India has exported goods to various parties abroad as under:
1st May 2016 D of USA goods with 40,000 (exchange rate Rs. 42)
30th June 2016 E of UK goods worth 87,000 (exchage rate Rs. 45)
30th November 2016- F of France goods worth 32,000 (exchange rate Rs. 38)
31st January 2017 G of Germany goods worth 33,000 (exchange rate Rs. 43)
During the financial year 2016-17, he received the payment as under:
24th May, 2016 20,000 from D of USA (exchage rate Rs. 41)
29th July, 2016 27,000 from E of UK (exchange rate Rs. 44.50)
26th August, 2016 20,000 from D of (exchange rate Rs. 44)
1st December, 2016- 32,000 from E of UK (exchange rate Rs 45.50)
27th December, 2016- 12,000 from from F of France (exchage rate Rs. 39.20)
31st January, 2017 12,000 from E of UK (exchange rate Rs. 45.20)
22nd Febrauary, 2017- 18,000 from F of France exchange rate Rs. 37.45)
You are required to give joural entries in the books of Camy and also prepare Foreign
Exchange Fluctuation Account for the year ending on 31st March, 2017 and Cash/Bank
Account.
Q.4 Mitali Ltd of Mumbai has imported the machinery 5,00,000. From US Traders, a
trader From USA on 1st January 2016 when exchange rate was Rs. 50 per
The payment was made as under:
On 31.1.2016 US 1,00,000 1 Rs. 48)
On 31.3.2016 US 2,00,000 1 Rs. 51)
On 30.6.2016 US 2,00,000 1 Rs. 50)
The accounting year ends on 31st March every year.
Journalise the above transactions and prepare Foreign Exchange Fluctuation A/c
in the books of Mitali Ltd.
Code 210601-Advanced Accountancy Paper I (MCom-Sem-II-April/May 2017-Fresh/Repeater)- Marks 100
Q.4 Explain need and benefits of IFRS issued by IASB.
Q.5 Write notes on the following IFRS's
1. IFRS 1
2. IFRS 2
3. IFRS 9
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- accounting_for_managerial_decisions
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- advanced accountancy paper ii
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- advanced_accountancy
- area – finance security analysis & portfolio management
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