Veer Narmad South Gujarat University 2011-3rd Year B.Com SB-0509 Management Accountincy : ( : 4) . - Question Paper

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ENGLISH VERSION

Instructions : (1) As per the instruction No. 1 of Page No. 1.

(2)    Figures to the right indicate full marks of the question.

(3)    Show the necessary calculation as a part of your answer.

(c) Balance Sheet of Shri Bajrang Co. Ltd. on 31.12.2010 3 Liabilities    Assets    Rs.

Debtors................2,00,000

Additional Information :

(i)    Debtors are allowed two months credit

(ii)    In the year 2011, the sales will increase by 50%

(iii)    Credit sales were made at equal monthly rate; and the same pattern would also continue in 2011.

Calculate the collections in the month of February and March.

2 Saraswati manufacturing company has an installed    12

capacity of 1,00,000 units of per annum. The cost structure of the product manufactured is as under :

(i)    Variable Cost    Per unit Rs.

Materials.........................................20

Wages..............................................10 (subject to a minium of

Rs. 50,000 per month)

Overheads........................................5

(ii)    Fixed Overheads.............................Rs. 1,20,000 per annum

(iii)    Semi variable overheads Rs. 60,000 per annum at 50% capacity, which is increased by Rs. 12,000 per annum for the increase of every 20% capacity or any part them of.

The estimated capacity utilization for the next year is as follows :

50% for = 6 months

60% for = 4 months

84% for = the balance part of the year.

Company expects to get to Rs. 6,47,000 total profit. Assume that there is no opening or closing stock.

Prepare the budget to find out estimated selling price for each of the production.

OR

2 Capital structure of Gayatri company is as follows :    12

Rs.

2,00,000 1,00,000

3.00.000

6.00.000

The market price of equity share is Rs. 32. The company is expected to declare a dividend per share of Rs. 2 and there will be a growth of 10% in the dividends for the next 5 years.

The preference shares are redeemable at a premium of Rs. 5 per share after 8 years and are currently traded at Rs. 84 in the market.

Debentures redemption will take place at 5% premium after 7 years. Their current market price is Rs. 180 per unit.

The corporate tax rate is 40%.

Calculate the cost of a equity share, a preference share and a debenture.

(i)    Stock was valued at 10% less than its original cost in previous year. Now it is decided to value at cost price. Stock on 31.3.10 is shown at its cost price.

(ii)    In the beginning of current year, the company has redeemed pref. shares at a premium of 8%, after observing necessary legal provisions. For this purpose, the company has transferred required amount to capital Red. Reserve A/c from general reserve A/c.

(iii)    The company has sold off all fixed assets for Rs. 12,00,000 in the begining of the year and has credited profit to Capital Reserve Account.

(iv)    The company has given fully paid up bonus shares to its equity share holders from Capital Reserve Account.

(v)    The company has sold off its investments for Rs. 2,50,000.

(vi)    During the year the company has paid Rs. 1,00,000 on account of Interim dividend and Rs. 2,00,000 for tax.

Prepare cash flow statement as per Accounting Standard

3 Prepare a cash budget of Shri Ganesh Co. Ltd. for the 12

period from April to June 2010. Cash and Bank Balance on 1^st April Rs. 2,00,000.

Sales (Estimated)

Rs.

The cost of sales for the month of January is as under :

Rs.

Materials

Wages.......................

Variable Overheads

Fixed overheads are Rs. 1,50,000 which include Rs. 50,000 depreciation on machinery. 20% of sales are cash sales, 50% of credit sales are collected in the first month after sale, 40% in the second month after sale and remaining in the third month after sale.

Materials are purchased equal quantum from two merchants Ridhhi traders and Sidhhi traders respectively. The purchases of Ridhhi traders and Sidhhi traders are mode two months advance and one month advance respectively. The amount of all the purchases is paid in the month after the month of purchase.

Materials and wages are strictly variable. An uniform gross profit on variable cost is maintained by the company. Wages and variable overheads are paid after one month.

At the end of each month cash on hand of Rs. 1,00,000 is to be kept and the additional amount will be invested in the Government Bonds,

4 The following are the Balance Sheets of Sai Ram Co. Ltd. 12 as on 31^st March :

(i)    On 1.6.09, it was decided to redeem Pref. shares at 15% premium. The final call on these shares was made. All the amount of call money except on 500 shares were received fully. On 31.12.09, the Pref. shares were redeemed and so created reserve was utilized for issuing bonus shares to equity share holders.

(ii)    A piece of land costing Rs. 30,000 was sold at 30% profit and the profit on sales was credited to Capital Reserve Account.

(iii)    During the year vehicle of Rs. 45,000 was purchased and no sale of it was made.

(iv)    The machine costing Rs. 40,000, on which accumulated depreciation was Rs. 12,000 was sold for Rs. 18,000.

(v)    Tax liability for year 2008-09 was at Rs. 35,000, it was paid and the excess provision was transferred to General Reserve Account.

(vi)    Equity share dividend of previous year was paid at 18%. During the year new equity shares were issued at 10% premium.

Prepare Fund Flow statement.

OR

4 Mahalaxmi Co. Ltd. has given you the following    12

information for the year 2010 :

Rs.

Sales at Break even point....................... 8,00,000

Fixed Costs................................................. 3,20,000

Profit obtained........................................... 6,80,000

Compute the following :

(i)    Profit Volume Ratio

(ii)    Sales of the year 2010.

(iii)    Profit, when present sales are to be increased by 20%.

(iv)    Compute the following when present selling price is to be decreased by 20%

(a)    New Profit volume ratio

(b)    New break even point

(c)    Sales to earn 100% more profit than the profit earned in the year 2010.

(v) If selling price is to be increased by 20% and yet there is a loss of Rs. 1,00,000, then find out the sales.

(i)    Closing stock is 25% of opening stock.

(ii)    Purchases are made five times of the opening stock.

(iii)    The ratio of purchases and sales is 2:5

(iv)    Gross profit rate is 50%

(v)    Credit sales are 60% of total sales

(vi)    Divisible profit to equity share holders is Rs. 1,40,000

(vii)    Taxation Rate is 40%

Calculate the following Ratios :

(i)    Rate of return on capital employed

(ii)    Debtors ratio (360 days is to be considered)

(iii)    Operating ratio

(iv)    Net profit ratio

(v)    Inventory Turnover ratio

(vi)    Proprietory ratio.

OR

5 (a) Somnath Companys share is quoted in the market 6 at Rs. 40 currently. The company pays dividend of Rs. 2 per share and investors expect growth rate of 5% per share. Compute :

(i) Cost of equity capital

SB-0509]    14    [Contd...

(ii)    If the companys expected return is 12%, anticipated growth rate is 10% and market price of a share is Rs. 150, calculate the dividend per share.

(iii)    If the anticipated growth rate is 8% calculate the market price of a share.

(b) Following information is obtained from Kamnath    6

Co. Ltd. :

Calculate :

(i)    Profit and Break even point sales for the first year

(ii)    Sales and fixed cost for the second year

(iii)    Profit and break even point sale for the second year.

6 Write short notes on : (any three)    12

(i)    Functions of Management Accountant

(ii)    Limitations of Zero-base budgeting

(iii)    Merits and demerits of responsibility accounting

(iv)    Recording of T.D.S. in Tally

(v)    The roll of computers in accounts

(vi)    Limitations of financial statements.

SB-0509]    15    [ 10000 ]