You cannot exactly transliterate Russian with pure Latin alphabet. For example, you cannot convey whether a consonant is soft.
In your example, the both transliterations even not consistent with themselves.
For example, in both words "falshiviy" and "ekzemplyar" the "l" sound is soft, and in the second word there is no "y" sound after "l". To indicate softness sometimes used apostrophe, so to be consistent the transliteration should be "fal'shiviy ekzempl'ar".
Another difficulty is that you cannot in English indicate that "g" to be pronounced as in "give" rather than as "zh".
Third difficulty is that in your transliterations "y" is used to transliterate "й" (a consonant as in yes), "ы" (a vovel that makes the preceding consonant hard) and to indicate softness of a consonant (in the case of "ly" in the last word).
That is in "byl" the b should be hard (in "zhil" zh is also hard so to be consistent it should be either both byl and zhyl or bil and zhil, but "bil" can be confuzed with word "бил" with soft "b")
in "ekzemplyar" "l" should be soft and there is no "y" sound
in "fal'shivyi" the v is hard, the "y" is a vowel (not consonant as in "yes") and the final "i" is a consonant as in "yes". With only two letters "i" and "y" you cannot distinguish three letters "й", "ы" and "и" in Russian.
So if to consider "y" to be always consonant as in "yes", g as in "give" and all consonants hard by default unless apostrophed, two character representing one phoneme grouped with brackets, the transliteration should be
V (ch)'a(sh)'a(kh) y'uga (zh)il-bil (ts)itrus...--da, no fal'(sh)iviy' ekzempl'ar!
But this is far from usual transliteration because English speakers would tend to pronounce consonants before "i" softly.