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Marks Total Marks Criteria Q.No Inventory in a business is valued at the end of an accounting period, at either cost or market price, 1 whichever is lower. This is accepted convention or a practice in accounting. Give a small introduction on accounting conventions and elucidate all the eight accounting conventions. A Introduction of accounting convention Explanation of all the 8 types of conventions 2 2 8 10

Write down a table with the accounts involved / the nature of account/its affects/ debit or credit. Please have the transactions given below and prepare the table as per the instructions given above for each transaction. a. 1.1.2011 Sunitha started his business with cash Rs. 5,00,000 b. 2.1.2011 Borrowed from Malathi Rs. 5,00,000 c. 2.1.2011 Purchased furniture Rs. 1,00,000 d. 4.1.2011 Purchased furniture from Meenal on credit Rs. 1,50,000 e. 5.1.2011 Purchased goods for cash Rs. 50,000 f. 6.1.2011 Purchased goods from Ram on credit Rs. 2,50,000 g. 8.1.2011 Sold goods for cash Rs. 1,25,000 h. 8.1.2011 Sold goods to Shyam on credit Rs. 55,000 i. 9.1.2011 Received cash from Shyam Rs. 25,000 j. 10.1.2011 Paid cash to Ram Rs. 90,000 Filling in all the details in the table for all the transactions. Each transaction carries one mark(1*10=10)



From the given trial balance, draft an Adjusted Trial Balance. Trial Balance as on 31.03.2013 Debit balances Furniture and Fittings Buildings Sales Returns Bad Debts Sundry Debtors Purchases Advertising Cash Taxes and Insurance General Expenses Salaries TOTAL Rs. Credit balances 15000 Bank Over Draft 500000 Capital Account 1000 Purchase Returns 2000 Sundry Creditors 25000 Commission 90000 Sales 20000 10000 5000 7000 20000 695000 TOTAL 695000 Rs. 16000 400000 4000 35000 5000 235000

Adjustments: 1. Charge depreciation at 10% on Buildings and Furniture and fittings. 2. Write off further bad debts 1000 3. Taxes and Insurance prepaid 2000 4. Outstanding salaries 5000 5. Commission received in advance1000 A Preparation of all the ledger a/cs Preparation of adjusted trial balance as on 31.3.2013 5 5 10

The reports prepared in financial accounting are also used in the management accounting. But there are few major differences between financial accounting and management accounting. Explain the differences between financial accounting and management accounting in various dimensions. Writing down all the differences between the 10 10 financial and management accounting Draw the Balance Sheet for the following information provided by Sandeep Ltd.. a. Current Ratio : 2.50 b. Liquidity Ratio : 1.50 c. Net Working Capital : Rs.300000 d. Stock Turnover Ratio : 6 times e. Ratio of Gross Profit to Sales : 20%

f. g. h. i. A 6

Fixed Asset Turnover Ratio Average Debt collection period Fixed Assets to Net Worth Reserve and Surplus to Capital :

: 2 times : 2 months : 0.80 0.50 10 10

Preparation of Balance sheet (Includes all the ratios)

Write the main differences between cash flow analysis and fund flow analysis. Following is the balance sheet for the period ending 31st March 2011 and 2012. If the current years net loss is Rs.38,000, Calculate the cash flow from operating activities. 31st MARCH 2011 2012 15,000 18,000 30,000 8,000 1,200 18,000 20,000 15,000 13,000 10,000 22,000 800 600 300 500 4 6 10

Short-term loan to employees Creditors Provision for doubtful debts Bills payable Stock in trade Bills receivable Prepaid expenses Outstanding expenses Differences between cash flow and fund flow analysis Preparation of statement showing cash flow from operating activities

*A-Answer Note Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.