Tybaf Fa 25 April

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Paper / Subject Code: 85601 / Financial Accounting - VII

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Time : 3 Hours Marks: 75

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Note:

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1. All questions are compulsory

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2. Figures to the right indicate full marks

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3. Working notes should form part of your answer

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4. Use of simple calculator is allowed

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Q.1 A. Select the correct alternative and rewrite the sentence (Any 8) (8)

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I. Interest on security deposit from electricity consumers ______________

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a. is not payable

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b. is payable at bank rate or more as prescribed

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c. is payable only at bank rate

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d. may be paid at a rate lower than the bank rate

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II. Electricity Tariffs are fixed_________________
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a. by appropriation commission

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b. under Electricity (Supply) Act, 1948

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c. under Electricity Act, 1910

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d. Under Electricity Regulatory Commission Act, 1998


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B

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III. If market value of investment held as current asset is less than cost________________
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a. Difference is credited to profit & loss a/c


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b. Difference is debited to profit & loss a/c


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c. Difference is ignored
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d. Difference is debited to capital reserve a/c


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IV. Under the Maharashtra Co-Op. Societies Act, a society must prepare the profit & loss A/c and the
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Balance Sheet for an Accounting year. ______________


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a. As per Schedule VI
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b. In Form M
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c. In Form N
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d. In Form X
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80

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V. Companies having a net worth of Rs. 250 crores and whose equity shares are listed on any stock
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0A
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exchange in India must implement Ind AS for accounting period beginning on or after
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____________
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a. 01/04/2015
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0A
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E1
60

b. 01/04/2016
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8
C
DC

14
26
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c. 01/04/2017
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60

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A1

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8
C

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d. 01/04/2018
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60

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3A

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1D
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E1DA8C23A1DC727C6066692680A3B814
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Paper / Subject Code: 85601 / Financial Accounting - VII

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VI. In case of electricity companies’ depreciation is charged as per ___________

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a. The rate prescribed by the central electricity regulatory commission

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1D
b. The rate prescribed by the companies act

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c. The rate prescribed by the income tax act

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d. The rate prescribed by the comptroller and auditor general of India

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VII. A close ended scheme of a mutual fund is governed by_________________

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a. Exchange rules of the stock exchange where it is listed

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b. Listing agreement between the fund and the stock exchange

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A
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3A
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c. Guidelines issued by the ministry of commerce

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1
A
d. Companies act provisions relating to transactions in securities 27

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8
0
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C

2
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VIII. Investment policies of a mutual fund are determined by_____________
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a. The fund manager

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b. The AMC management

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c. The marketing department based on what distributors want
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B

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A3

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2

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d. The investors
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80

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IX. Section ______________ of the Act states that society shall construct its relevant annual financial
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1D
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B

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statement and arrive at its consequent net profit or loss in the manner prescribed 1D
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a. 65(1)
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b. 65(2)
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c. 64
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d. 68
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3A

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X. The maximum amount of cash allowable to be kept by sugar factories


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2
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0
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68
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a. Rs. 5,000
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7
1D

2
C2

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80
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b. Rs. 1,000
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26
4E

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1D
2

60
72

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1D

80
81

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c. Rs. 500
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C

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d. Rs. 300
81

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3A
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66
80

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27
14

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8C

Q.1 B. State whether the following statement is True or False (Any 7) (7)
A

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3B

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I. The main purpose of the electricity act, 2003 is to distance state electricity boards from tariff
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3A
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8
3B
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determination
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0A

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II. Interest security deposit from electricity consumers is payable at bank rate or more as prescribed
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26

1D

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6

0A

8
60

3B

III. Entrance fees are treated as revenue receipts


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C

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26
6

0A
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IV. Water charges are divided among the members on the basis of the area of the flats
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8
C
DC

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26
6

0A
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V. Interest is paid to the holder of the security on the due date, in respect of his actual period of holding
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C

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6
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1D

VI. Profit on sale of current investment is transferred to profit and loss account. While profit on sale of
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80
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3A

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long term investment is transferred to capital reserve


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1D
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E1DA8C23A1DC727C6066692680A3B814
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Paper / Subject Code: 85601 / Financial Accounting - VII

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VII. Open-ended schemes generally offer exit option to investors through stock exchange

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VIII. Investment in gold is a hedge against inflation but investment in a gold fund is risky

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2

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80
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3A

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A fund’s declared NAV does not include loads

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1D
IX.

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1D

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X. IFRS 4 deals with consolidated financial statements

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3B
Q.2 A. The trial balance of Vijaya electric supply ltd. for the year ended 31st March, 2022 is as below: (15)

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DA

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D
2

60
72
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C
0A

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C
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3B

23
A
PARTICULARS Dr. Rs. ('000) Cr. Rs. ('000)

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1D
4

72
D
81

8C
A
92
Share Capital:

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1

C
0

E
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DA
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D
Equity Shares of Rs. 10 each 6,250.00

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A1
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14% Preference Shares of Rs. 100 each 1,875.00

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6

A
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1D
Patents and Trademark 313.00

A
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3A
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0

8
0

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15% Debentures 3,087.50

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DC

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A
16% Term Loan 27 1,912.50

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0
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Land 1,556.25

2
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0A
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Building 4,391.75 2

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C

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Plant Machinery 7,132.25
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D

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1D

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C

Mains 565.50
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7C
A8

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6

A3
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Meters 393.75
1D

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2

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1D

80
81

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7
3A

Electrical Instrument 191.25

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B

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A3

Office Furniture 306.25

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2

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1D

80
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8

6
80

Capital Reserve 627.50

26
3B

4E

23
A

06
1D
26

72

69
1D

Contingency Reserve 1,503.75


81

8C
0A

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A
69

66
B

23

Transformers 2,055.00
DA
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1D
4
66

A3

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1

C
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C7
Net Revenue Account 668.75
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E1
60

7C
A8
80

B
66

1D
7C

Stock in Hand 1,506.25


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2
A3
26

72
1D

8C
06

3A
8
72

69

DC
Sundry Debtors 780.75
80

E
C6

DA
DC

C2
66

3
26

Contingency Reserve Investment 1,501.25


A1
1
0A
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B8

1
60

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8
A1

4E
C7

Cash and Bank 406.75


23
DA
68
7C

66

3
23

8C
A
1D

Public Lamps 380.00


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E1
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72

69

0
8C

DA
8
3A

Depreciation Fund 3,227.00


7C
DC

4
66

3
6
DA

1
0A
2
C2

B8

E1
0
72

Sundry Creditors 815.50


9
A1

C6

68
E1

C
A8

14
6

Proposed Dividend 1,512.50


3

06

A
7
1D

2
C2

B8
72

69
1D

80

21,480.00 21,480.00
C6
3A

C
A8

66

A3
26
4E

During 2022-2023, Rs (‘000) 12,50 of 14% preference shares were redeemed at a premium of 10% out of
7
1D
2

60
72

69
1D

80
81

8C

3A

proceeds of fresh issue of Equity shares of necessary amounts at a premium of 10%. Prepare for the above
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C

26
3B

4E

DA

06
7
1D
2

period Balancesheet as on 31st March, 2023 as per schedule III of the companies Act, 2013.
69
81

8C
A

C6
7
3A
E1

DC

66
80

3B

DA

27
14

OR
60
A1
8C
A

C7
8

E1

7C
80

3B

3
DA

1D
14

C2
6

72
0A
92

3A
8

E1

DC
8
3B
6

DA
8

14

2
66

26

A1
C
0A

E1
60

A8
3B

23
66

14
26

1D

8C
6

0A

8
60

3B

E
66

DA
8
C

14
26
6

0A
27

E1
60

3B
7

66

8
C
DC

14
26
6

0A
27

B8
60

9
A1

C7

66

8
C

A3
26
6
27
1D

60

80
C7

66
3A

26
6
27
1D
C2

60

9
C7

66
3A

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Paper / Subject Code: 85601 / Financial Accounting - VII

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Q.2 B. From the following trial balance as on 31-3-2022, prepare final accounts in the prescribed format as

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C7

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68
3A

A3
per applicable legal provisions. (15)

6
7
1D

2
C2

0
2

69

80
C6
7
3A

C
A8

66

26
DIVYA CHS LTD.

27
1D
C2

60

69
1D

C7
A

7C
8

66
Trial Balance

4E

3
DA

1D

2
C2

0
2

9
81

C6
C7

6
3A
1

66
Particulars Rs. Particulars Rs.

3B

4E

DA

7
D
2

60
72
A1
1

C
0A
1 Share of MDCH Federation 100 Collection from members 3,97,761

E1

7C
C
8
3B

23
A
68

1D
Cash in Banks 3,08,575 Collection for Sinking Fund 10,000

72
D
81

8C
A
92

3A
1

C
0
Cash on Hand 6 Income and Expenditure Account 26,605

E
66

DA
8

D
14

2
A3
6

2
A1
Electricity Charges 76,170 Interest - Fixed Deposit 62,726

8C
06

C7
8

E1
9

3B
C6

3
6

A
68

1D
Fixed Deposits 8,00,568 Interest - Savings Bank 8,022

14

C2
6

1D
6

A
27

92

3A
8
0
Furniture and Fittings 734 Sinking Fund - Opening 1,65,000

8
0

E
C6
7

DA
8
DC

C2
66

3
26
Insurance Charges 9,557 Statutory Reserve Fund - Opening 7,95,661

1
A
27

B8

1
60

8
0
A1

E
C7

A
Office Expenses 1,344 Subscribed :

8
C

2
66

3
26

1D
23

8C
0A
7
1D

Professional Fees 7,000 100 Shares of Rs. 50 each 5,000

B8
0
2

69
C

E
C6
7

DA
8
A

C
A8

14
66

3
6
Property Taxes 1,49,723
23

0A
27
D

B8

E1
60

9
1D

A1
C

Repairs & Maintenance 42,940 C7

68
7C
A8

14
6

A3
4E

23

6
1D

2
Salaries 36,500

B8
0
2

69
1D

80
81

6
7
3A

7C
DC
A8

Subscription of Housing Federation 500

66

A3
26
B

4E

2
A3

60
2

69
1D

80
A1

Subscription to the Education Fund 300


81

C7

7C
8

6
80

26
3B

4E

23
A

06
Water Charges 36,758 1D
26

72

69
1D
81

8C
0A

C6
A
14,70,775 14,70,775
69

66
B

23
DA
68

27
1D
4
66

A3

60
Adjustments:
1

C
92

C7
3A
8

E1
60

7C
A8
80

B
66

1D
7C

14

(a) Outstanding expenses -,


A3
26

72
1D

8C
06

3A
8
72

69

DC
80

E
C6

DA

(i) Salary Rs. 3,200


DC

C2
66

3
26

A1
1
0A
27

B8

1
60

69

8
A1

4E
C7

23
DA
68

(i) Water charges Rs. 12,394


7C

66

3
23

8C
A
1D

B8

E1
60
72

69

0
8C

DA
8

(iii) Repairs and Maintenance Rs. 4,200


3A

7C
DC

4
66

3
6
DA

1
0A
2
C2

B8

E1
0
72

9
A1

C6

(iv) Electricity Charges Rs. 13,500


68
E1

C
A8

14
6

3
3

06

A
7
1D

2
C2

B8
72

69
1D

80
C6

(b) Depreciation on Furniture @ 10%


3A

C
A8

66

A3
26
4E

7
1D
2

60
72

69
1D

80
81

(c) Authorized Capital: 180 shares of Rs. 50 each


8C

3A

C
C

26
3B

4E

DA

06
7
1D
2

69

(d) Dues from members for establishment expenses Rs. 43,242


81

8C
A

C6
7
3A
E1

DC

66
80

3B

DA

27
14

60

Q.3 A. During the year ended 31st March, 2023 Mr. Virag bought and sold the following 12% Debentures
A1
8C
A

C7
8

E1

7C
80

3B

of Rs. 100 each of Limozin Ltd. Interest being payable by Limozin Ltd. on 1st April and 1st October each
DA

1D
14

C2
6

72
0A
92

3A

year. (15)
8

E1

DC
8
3B
6

DA
8

14

2
66

26

A1
C
0A

Date Particulars
8

E1
60

A8
3B

23
66

14
26

1st June, 2022 Bought 300 Debentures at Rs.92 ex-interest


1D

8C
6

0A

8
60

3B

E
66

DA

1st September, 2022 Bought 100 Debentures at Rs.94 cum-interest


8
C

14
26
6

0A
27

1st December, 2022 Sold 200 Debentures at Rs.95 ex-interest


E1
60

3B
7

66

8
C
DC

14
26

1st February, 2023 Bought 150 Debentures at Rs. 98 cum-interest


6

0A
27

B8
60

9
A1

C7

66

Books are closed on 31st March every year. Market price on 31st March, 2023 was Rs.90 per Debenture.
8
C

A3
26
6
27
1D

You are required to prepare Investment in 12% Debentures in Limozin Ltd. Account for the year ended 31st
60

80
C7

66
3A

26

March, 2023 in the books of Mr. Virag (Apply AS 13).


6
27
1D
C2

60

9
C7

66
3A

26552 Page 4 of 6
C
A8

6
27
1D
C2

60
1D

7
A

C
DC
A8

23

27
1D

A1
8C

E1DA8C23A1DC727C6066692680A3B814
C7
6

3
6

81
06

0A
27

92
Paper / Subject Code: 85601 / Financial Accounting - VII

3B
C6
C7

66

68
06

0A
27
1D

92

B8
OR

C6
C7

66

68
3A

A3
6
7
1D

2
C2

0
2

69
Q.3 B. Miss Bhagawati entered into the following transactions of purchase and sales of 12% Debentures of

80
C6
7
3A

C
A8

66

26
100 each of Mansi Ltd. Interest is payable on 30th June and 31st December every year. Transactions are as

27
1D
C2

60

69
1D

C7
A
under: (15)

7C
8

66
4E

3
DA

1D

2
C2

0
2

9
81

C6
C7

6
3A
Date No. of Debentures Terms

66
3B

4E

DA

7
D
2

60
72
01-04-2022 800 Opening Balance at a cost of Rs. 76,000

A1
1

C
0A

E1

7C
C
8
3B

23
A
01-06-2022 300 Sold at Rs. 105 each cum-interest

68

1D
4

72
D
81

8C
A
92

3A
1
01-09-2022 700 Purchased at Rs. 98 each Ex-Interest

C
0

E
66

DA
8

D
14

2
A3
6

2
01-12-2022 400 Purchased at Rs. 108 each Cum-Interest

A1
8C
06

C7
8

E1
9

3B
C6

3
6

A
68
01-02-2023 900 Sold at Rs.97 each Ex-Interest.

1D
14

C2
6

1D
6

A
27

92
Prepare Investment Account of 12% Debentures in the books of Bhagawati for the year ended 31st March,

3A
8
0

8
0

E
C6
7

DA
8
DC

C2
66

3
26
2023. The market value on 31st March, 2023 was Rs 67,500 of the said Investment. Apply AS-13

1
A
27

B8

1
60

8
0
A1

E
C7

A
8
C

2
66

3
26

1D
Q.4 A. On 1st April, 2022, Good Return Mutual Fund has the following assets and prices at 3.00 p.m (15)
23

8C
0A
7
1D

B8
0
2

69
C

E
C6
7

DA
8
A

C
A8

14
66

3
6
Shares of No. of Shares Market Price Per Shares
23

0A
27
D

B8

E1
60

9
1D

A1
C

C7

6
X Ltd. 10000 18.50

68
7C
A8

14
6

A3
4E

23

6
1D

2
Y Ltd. 35000 384.40

B8
0
2

69
1D

80
81

6
7
3A

7C
DC
A8

66

A3
26
Z Ltd. 10000 263.60
B

4E

2
A3

60
2

69
1D

80
A1
81

A Ltd. 75000 575.60


C7

7C
8

6
80

26
3B

4E

23
A

06
1D
B Ltd. 20000 27.65
26

72

69
1D
81

8C
0A

C6
A
69

C
No. of Units of Fund 5,00,000 units

66
B

23
DA
68

27
1D
4
66

A3

60
(a) Calculate the Net Asset Value (NAV) of the fund.
1

C
92

C7
3A
8

E1
60

7C
A8
80

B
66

1D
7C

14

2
A3
26

72
1D

(b) Assuming Mr. Suresh, send a cheque of Rs.75,00,000 to the fund on 1st April, 2022 and Fund of
8C
06

3A
8
72

69

DC
80

E
C6

DA

Manager purchases 15,000 shares of Z Ltd. and balance is held in bank. What will be the new position of the
DC

C2
66

3
26

A1
1
0A
27

B8

1
60

fund?
69

8
A1

4E
C7

23
DA
68
7C

66

3
23

8C
A
1D

B8

E1
60

(c) Calculate the new Net Asset Value (NAV) of the fund if on 2nd April, 2022, at 3.00 p.m. the market
72

69

0
8C

DA
8
3A

7C
DC

4
66

3
6

price of shares is as follows:


DA

1
0A
2
C2

B8

E1
0
72

9
A1

C6

68
E1

C
A8

14
6

Shares of Rate per Shares (in Rs.)


3

06

A
7
1D

2
C2

B8
72

69
1D

80
C6

X Ltd. 21.30
3A

C
A8

66

A3
26
4E

7
1D

Y Ltd. 417.00
2

60
72

69
1D

80
81

8C

3A

C
C

Z Ltd. 289.80
26
3B

4E

DA

06
7
1D
2

69
81

8C
A

A Ltd. 512.20
C6
7
3A
E1

DC

66
80

3B

DA

27

B Ltd. 35.00
14

60
A1
8C
A

C7
8

E1

7C

OR
80

3B

3
DA

1D
14

C2
6

72
0A
92

3A
8

E1

DC
8
3B
6

DA
8

14

2
66

26

A1
C
0A

E1
60

A8
3B

23
66

14
26

1D

8C
6

0A

8
60

3B

E
66

DA
8
C

14
26
6

0A
27

E1
60

3B
7

66

8
C
DC

14
26
6

0A
27

B8
60

9
A1

C7

66

8
C

A3
26
6
27
1D

60

80
C7

66
3A

26
6
27
1D
C2

60

9
C7

66
3A

26552 Page 5 of 6
C
A8

6
27
1D
C2

60
1D

7
A

C
DC
A8

23

27
1D

A1
8C

E1DA8C23A1DC727C6066692680A3B814
C7
6

3
6

81
06

0A
27

92
Paper / Subject Code: 85601 / Financial Accounting - VII

3B
C6
C7

66

68
06

0A
27
1D

92

B8
C6
C7

66

68
3A

A3
6
7
1D

2
C2

0
2

69
Q.4 B. A Mutual Fund Co. has the following assets under it on the close of business as on: (15)

80
C6
7
3A

C
A8

66

26
27
1D
C2

60

69
1D
Company No. of shares 1st February 2022 2nd February 2022

C7
A

7C
8

66
4E
Market Price Per Share (Rs.) Market Price Per Share (Rs.)

3
DA

1D

2
C2

0
2

9
81

C6
C7
L Ltd. 20,000 20.00 20.50

6
3A
1

66
3B

4E

DA

7
D
M Ltd. 38,000 312.40 360.00

60
72
A1
1

C
0A

E1
N Ltd. 20,000 361.20 383.10

7C
C
8
3B

23
A
68

1D
4

72
P Ltd. 60,000 505.10 503.90

D
81

8C
A
92

3A
1

C
0
Total No. of Units 6,00,000

E
66

DA
8

D
14

2
A3
6

2
A1
8C
06

C7
8

E1
9

0
1. Calculate Net Assets Value (NAV) of the fund.

3B
C6

3
6

A
68

1D
14

C2
6

1D
6

A
27

92

3A
8
0

8
0
2. Following information is given: Assuming one Mr. A, submits a cheque of Rs.30,00,000 to the Mutual

E
C6
7

DA
8
DC

C2
66

3
26

1
A
Fund and the Fund Manager of this company purchases 8,000 shares of M Ltd.; and the balance amount is 27

B8

1
60

8
0
A1

E
C7

A
8
held in Bank. In such a case, what would be the position of the fund?
C

2
66

3
26

1D
23

8C
0A
7
1D

B8
0
2

69
C

E
C6
7

DA
8
A

3. Find new NAV of the fund as on 2nd February, 2022.


C
A8

14
66

3
6
23

0A
27
D

B8

E1
60

9
1D

A1
C

C7

68
Q.5 A. Explain the need of convergence with IFRS in India (8)

7C
A8

14
6

A3
4E

23

6
1D

B8
0
2

69
1D

80
81

6
7
3A

Q.5 B. Enumerate Advantages and disadvantages of a mutual fund (7)

7C
DC
A8

66

A3
26
B

4E

2
A3

60
2

69
1D

80
A1
81

C7
OR

7C
8

6
80

26
3B

4E

23
A

06
1D
26

72

69
1D
81

8C
0A

C6
A
Q.5 A. Write short Note (Any 3) (15)
69

66
B

23
DA
68

27
1D
4
66

A3

60
1

C
92

C7
1) Tax Saving Schemes
3A
8

E1
60

7C
A8
80

B
66

1D
7C

14

2
A3
26

72
2) Debenture investment Account
1D

8C
06

3A
8
72

69

DC
80

E
C6

3) Types of Mutual Fund


DA
DC

C2
66

3
26

A1
1
0A
27

4) Large cap, Mid Cap and small Cap


B8

1
60

69

8
A1

4E
C7

23
DA
68
7C

66

5) ELSS
23

8C
A
1D

B8

E1
60
72

69

0
8C

DA
8
3A

7C
DC

4
66

3
6
DA

1
0A
2
C2

B8

E1
0
72

9
A1

C6

68
E1

C
A8

14

********
6

3
3

06

A
7
1D

2
C2

B8
72

69
1D

80
C6
3A

C
A8

66

A3
26
4E

7
1D
2

60
72

69
1D

80
81

8C

3A

C
C

26
3B

4E

DA

06
7
1D
2

69
81

8C
A

C6
7
3A
E1

DC

66
80

3B

DA

27
14

60
A1
8C
A

C7
8

E1

7C
80

3B

3
DA

1D
14

C2
6

72
0A
92

3A
8

E1

DC
8
3B
6

DA
8

14

2
66

26

A1
C
0A

E1
60

A8
3B

23
66

14
26

1D

8C
6

0A

8
60

3B

E
66

DA
8
C

14
26
6

0A
27

E1
60

3B
7

66

8
C
DC

14
26
6

0A
27

B8
60

9
A1

C7

66

8
C

A3
26
6
27
1D

60

80
C7

66
3A

26
6
27
1D
C2

60

9
C7

66
3A

26552 Page 6 of 6
C
A8

6
27
1D
C2

60
1D

7
A

C
DC
A8

23

27
1D

A1
8C

E1DA8C23A1DC727C6066692680A3B814
C7

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