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July 2011 Master of Computer Application (MCA) Semester 1 MC0065 Financial Management and Accounting 4 Credits

(Book ID: B0724)

Assignment Set 1 (60 Marks) Note: Each question carries 10 Marks. Answer all the questions.
1. The agreement of the trial balance is not the conclusive proof of the accuracy of the books. Explain. 2. Discuss the followings: 1.) assets and liabilities 2.) net profit 3.) current assets 4.) Gross Profit 3) What are different types of ratios according to conventional and functional classification? 4. Following are the extracts from the Trial Balance of a firm as on 31st March 20X7

Dr Sundry Debtors Provision for Doubtful Debts Provision for Discount on Debtors Bad Debts Discount Additional Information: 1) Additional Bad Debts required Rs.4,000 2) Additional Discount allowed to Debtors Rs.1,000 3) Maintain a provision for bad debts @ 15% on debtors 4) Maintain a provision for discount @ 3% on debtors 2,000 2,000 1,05,000

Cr

20,000 1,500

Required: Pass the necessary journal entries and show the relevant accounts including final accounts. 5. What is the purpose of Trial Balance? Explain the contents of trial balance. 6. A fresh MBA student joined as trainee was asked to prepare Trial balance. He was unable to submit a correct trial balance. You, as a senior accountant find out the errors and rectify them. After redrafting the trial balance prepare trading and Profit and loss account. Particulars Capital Cash in Hand Purchases Sales Cash at bank Fixtures and Fittings Freehold premises Lighting and Heating Bills Receivable Return Inwards Salaries Creditors Debtors Stock at 1st April 2007 Printing Bills Payable Rates, taxes and insurance Discount received Discount allowed 21,175 Adjustments: 1) Stock on hand on 31st March 2008 was valued at Rs.1800 5,700 3,000 225 1,875 190 445 200 21,705 1.075 1890 885 225 1.500 65 825 30 8,990 11,060 Debit Credit 7,670 30

2) Depreciate fixtures and fittings by Rs.25 3) Rs.35 was due and unpaid in respect of salaries 4) Rates and insurance had been paid in advance to the extent of Rs.40

July 2011 Master of Computer Application (MCA) Semester 1 MC0065 Financial Management and Accounting 4 Credits
(Book ID: B0724)

Assignment Set 2 (60 Marks)


Answer all Questions Each question carries TEN marks

Note: Each question carries 10 Marks. Answer all the questions.


1. From the following data calculate the: 1. Break-even point expressed in terms of sale amount/revenue 2. Number of units that must be sold to earn a profit of Rs.60,000 per year Sales price (per unit) Variable manufacturing cost per unit Variable selling cost per unit Rs.20 Rs.11 Rs.3

2.From the following Balance Sheet of X Ltd., as on 31st December, 2004 and 31st December, 2005 you are required to prepare a funds flow statement:
Liabilities Share Capital Gen. Reserve P & L A/c Bank Loan (Long Term) Creditors Provision for Taxation 2004 4,00,000 80,000 64,000 3,20,000 3,00,000 60,000 12,24,000 2005 5,00,000 1,40,000 78,000 80,000 2,60,000 80,000 11,38,000 12,24,000 11,38,000 Assets Land & Building Machinery Stock Debtors Cash at Bank 2004 40,0000 36,0000 20,0000 16,0000 10,4000 2005 4,80,000 2,60,000 2,52,000 1,28,000 18,000

Additional information: a) During the year ended 31st December 2005 dividend of Rs. 84,000 was paid.
b) Assets of another company were purchased for consideration of Rs. 1,00,000 payable by the issue of shares. c) Deprecation written off on machinery is Rs. 24,000 and on Land and Building is Rs. 45,000. d) Income-tax paid during the year was Rs. 70,000. e) Additions to Building were for Rs. 75,000 3. What is standard costing? Point out clearly the distinction between standard cost and other cost systems? 4. Mr. Rajendra furnishes the following data relating to the manufacture of X standard product during the month of April, 2005: Raw Materials consumed Direct labour charges Machine hours worked Machine hour rate Administrative overheads Selling overheads Units produced Units sold 16,000 at a) the cost per unit. b) Profit per unit sold and profit for the period. 5. The standard material required to manufacture one unit of product X is 10 kg and the standard price per kg of material is Rs.2.50.The cost accountant records, however, reveals that 11,500 kg of materials costing Rs.27, 600 were used for Manufacturing 1,000 units of product X. Calculate the material variances. 6. From the following information, calculate cash from operations
Particulars P & L A/c (credit) 2004 40,000 2005 50,000

Rs.15, 000 Rs. 9,000 900 Rs. 5 20% on works cost Rs.0.50 per unit 17,100 Rs. 4 per unit

You are required to prepare a Cost Sheet from the above, showing:

Debtors Bills Receivable Prepaid Rent Prepaid Insurance Goodwill Depreciation Creditors

20,000 20,000 2,000 1,000 20,000 32,000 20,000

26,000 12,000 3,000 8,000 14,000 40,000 30,000