Gujarat University 2008-1st Year B.C.A Computer Application Financial Accounting and Management - Question Paper
Scar No.: 35-
April-2008
Financial Accounting And Management (New Course)
|Max. Murks : 70
All questions arc compulsory.
Figures to the right indicate lull marks.
Answer of each question must start on new page.
Answers of all sub-questions of a question should be written in continuous order.
Time : 3 Hours]
(1)
(2)
(3)
(4)
Instructions:
Radha and Kishan are equal partners in a firm. Taking into consideration the adjustments given below prepare the Trading A/c., Profit & Loss A/c. for the year ended on 31-3-08 and a Balance Sheet as on the same day: 14
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Trial Balancc as on 31-3-08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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FBCA-06 1 P.T.O.
Adjustments:
(1) The book value of closing stock as on 31 -3-08 was Rs. 30,000 whose market value is less by Rs. 2,000.
(2) Depreciate fixed assets by 10%.
(3) Write off Rs. 500 from debtors. Maintain a 5% reserve on debtors.
(4) Partners arc to be paid interest on capital @ 5%.
(5) Interest on drawings to be calculated at 10% for an average period of 6 months.
(6) Rs. 1,500 yet to be paid for wages.
(7) Insurance premium Rs. 200 is prematured.
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2. The Balance Sheet of Arihant Ltd. as at 31-12-06 are as under: | ||||||||||||||||||||||||||||||||||||||||
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Additional information : |
14
b
Particulars
31-12-06
(Rs.)
7.20.000
5.10.000
30.000
1.20.000
96.000
Sales (Credit sales arc three times cash sales)
Purchases Purchase expenses Office expenses Sales distribution expenses
The book value of stock on 31-12-05 was Rs. 2,40,000 and its market value was Rs. 2.10.000. Find out the following ratios on the basis of above information :
(1) Gross Pr&fitRatio Net Profit Ratio Liquidity Ratio Stock Ratio
(2)
(3)
(4)
(5)
(6) (7)
Debtors Ratio (assume 360 days)
Debt-Lquity Ratio Operating Ratio
FBCA-06 2
2. (a) How would you classify Accounting Ratio ? Explain. ' 7
(b) What kind of duties arc to be performed by the Financial Manager. 7
3. From the following information of Nasik Ltd., prepare Cash Budget for the three months from April to June 2005: * 14
(1) Cash and bank balance on 1-4-2005 is Rs. 1,50,000.
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Month |
Total sales (Rs.) |
Purchases (Rs.) |
Wages (Rs.) |
Overhead expenses (Rs.) |
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February |
18,00.000 |
8.00.000 |
3,60,000 |
2,81.250 |
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March |
12,00,000 |
7,00,000 |
2,40,000 |
2,43,750 |
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April |
17,00,000 |
8,00,000 |
3,40,000 |
3,18.750 |
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May |
24,00,000 |
12,00,000 |
4,80,000 |
3.56.250 |
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June |
14,00.000 |
70,00.000 |
2.80,000 |
2.81.250 |
(2)
r
(3) Assume 40% of total sales are cash sales and 60% of crcdit sales.
(4) 50% of crcdit sales are realized in the month following sales and the remaining 50% in the next month following.
(5) The period of crcdit allowed by supplier is one month.
(6) Overhead expenses include Rs. 56,250 per month for depreciation on fixed assets.
(7) The time lag in payment of overhead expenses is Zi month and time lag in payment of wages is one month.
(8) In June 2005 Debenture interest of Rs. 93.750 is to be paid.
OR
3. (a) Whal is meant by Cost Accounting ? State characteristics of good costing system. 8 (b) Stale the suitable method of costing for the following industries : 6
(1) Brick making industry
(2) Television making industry
(3) Printing industry
(4) Transport industry
(5) Textile industry
(6) Industry of construction of building
FBCA-06 ivr.o.
From the following informations prepare the cost sheet of Vardhaman Industries for the year ending on 31 -3-OS :
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Particulars |
Amount (Rs.) |
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Raw materials : Stock on 1 -4-07 |
52,500' |
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Stock on 31 -3-08 |
60,000 |
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Purchases |
5.55.000 |
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Semi Finished goods : Stock on 1-4-07 |
75.000 |
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Stock on 31-3-08 |
60,000 |
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Other details: | |
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Rent Factory |
42,000 |
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Office |
52.500 |
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Selling & distribution officc |
15.000 |
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Carriage Inward |
7,500 |
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Outward |
12,000 |
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Salary Administrative staff |
1,12.500 |
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Selling distribution staff |
1.20,000 |
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Factory staff |
54,000 |
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Other expenses : Direct wages |
1,20,000 |
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Direct expenses |
30.000 |
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Advertisement expenses |
30,000 |
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Office expenses |
37,500 |
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Audit fees and legal expenses |
15.000 |
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Fucl-coal |
42,000 |
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Packing charges |
11,250 |
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Depreciation : Machinery |
27,000 |
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Furniture v OT |
15,000 |
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V Goods distributed as samples |
6,000 |
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Appropriation to general reserve |
37.500 |
During the year 1500 units_wcre produced. out of which 13,50 ljniLs were ai a profit of 25% on cost price. Closing stock of finished goods have to be valued on the basTs~o?production cosTThere was no opening stock of finished goods. Semifinished goods are to be valued at prime cost level.
(b) If 4
Variable cost per unit Rs. 30 Contribution per unit Rs. 20 Total contribution Rs. 25,00,000 (at B E P)
Find out sales to cam profit of Rs, 50.00,000.
OR
4. (a) The operating results of the company for the last two years are as follows : 10
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Year |
Sales (Rs.) |
Profit (RsJ |
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2007 |
4,32,000 |
9,600 |
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2008 |
4.80,000. |
24,000 |
You arc required (o calculate :
(1) P/V Ratio
(2) Fixed Cost
(3) Break-even point
(4) Margin of safety
(5) Probable sale when the profit is Rs. 10,000.
(b) Write a note on margin of safely. 4
5. Shri Vimal Shah has started a new business in the name of Mahavir Electronics on 1-3-04 with the capital of Rs. 2,00,000. Prepare subsidiary books, do the posting and prepare Trial Balance of Mahavir Electronics. 14
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Dcna Bank | ||
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Current Account No.: 101 |
Date: 1-3-2004 | |
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M/s Mahavir Electronics Account credited | ||
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Particulars |
Rs. | |
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(Rs. 100x800 Notes) |
80,000 | |
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Total |
80,000 | |
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Cashier |
Bank Stamp | |
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Herry Shah | ||
FBCA-06 5 P.T.O.
(2)
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Credit Memo Maheshwari Electronics Ahmcdabad Mahavir Electronics Gandhinagar |
Date: 3-3-04 | |||
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Sr. |
Particulars |
Qty* |
Rate |
Amount |
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No. |
(Rs.) |
(Rs.) | ||
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(0 |
Radio |
25 |
400 |
10,000 |
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(2) |
Tape Recorder |
20 |
500 |
10.000 |
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(3) |
Television |
10 |
10,000 |
1,00,000 |
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1,20.000 | ||||
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Less: 10% Trade Discount |
12,000 | |||
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1,08,000 | ||||
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Note : If payment is made within 10 days, 5% cash discount allowed. | ||||
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i |
Jaya Mehta | |||
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(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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FBCA-06 6
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Attachment: |
| Earning: Approval pending. |
