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Gujarat University 2009-1st Year B.C.A Computer Application Financial Accounting and Management - Question Paper

Sunday, 12 May 2013 10:00Web

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2. The following arc ihe summarized balance sheets for two years of HL Lid. Calculate following ratios and comment on them : 14

U) Current Ratio

(2) Liquid Ratio

(3) Debtors Ratio

(4) Stock Turnover Ratio

Liabilities	2007	2008	Assets	2007	2008
Equity share capital of Rs. 100 each	3,00,000	4,50,000	Fixed assets	10,50,000	14,70.000
Reserves	7,50,000	6,00.000	Stock	4.50,000	1,80,000
Debentures	3,00,000	3.00,000	Bills	1,20,000	1,05.000
Other currcm liabilities	3,00,000	4,20,000	Receivables	30,000	15,000
	16,50,000	17,70,000		1630.000	17,70,000

Total Sales during the year 2007 : 3,65,000

2008:5,47,500 *7 <4

Cost of Sales 60%

Opening Stock of 2007 was Rs. 3,00,000.

OR

(a) How docs modem approach of finance function differ from traditional approach ? Explain. 7

(b) Explain ihe Revenue Statement Ratios with example. 7

3. Prepare Cash-Budget for ihree months ending on 31M December, 2008 from the following information: 14

Cash Balance on 1^st October, 2008 was Rs. 30,000.

I Month	Credit Sales \| Rs. ! 1	Credit Purchases Rs.	Wages Rs.	Sales Expenses Rs.
July	1,00,000 (	60,000	10,000	8,000
¹ August	1,20,000 \|	80,000	10,000	8,000
September	80.000- \|	80.000	12,000	8,000
i October	60,000 ,	60,000	8,000	8,000
November	$o_fooo?;	50,000	14,000	8,000
¹ December	1,00,000	40.000	16,000	8,000

2020-B 2

Additional Information :

y(l) Credit allowed by creditors is two months and credit allowed to debtors is one month.

Xl) Time lag in the payment of wages is one month. *

3) A new machine is to be bought in the month of November costing Rs. 30,000. \4) Interest of Rs. 10,000 is to be received in December.

(5) Income-tax Rs. 8.000 is to be paid in December

OR

(a) Prepare a statement of cost with imaginary figures, showing various elements of cost.

8

(b) Explain difference between direct cost and indirect cost. 6

4. (a) From the following figures prepare a cost sheet: 10

Opening Stock;	Raw material	20,000
	Work in progress	30,000
	Finished goods	25.000
Closing Stock;	Raw material	18.000
	Work in progress	22,000
	Finished goods	30,000
Purchase of raw material		1.50.000
DirgglJKages. .		10,000
Indirect wagps		8.000
Custom duty on purchases		12.000
Sale of raw material		7.000
Factory overheads		35,000
Rent of A.C. Machine used in office		12,000
Power		7,000
Bad debt		3,000
	A	5,000
Advertisement	A	8,000
Carnage outward		3,000
Salaries		25.000
Office rent		12,000
Depreciation of machinery profit 25% on selling price		12.000

2020-B 3 P.T.O.

The P/V Ratio of company is 50% and margin of safety is Rs. 10.00,000. Find out Break-even point and net profit if the sales is Rs. 40.00.000.

OR

ABC Co. Ltd provides following information :

Sales (2,00,000 units) - Rs. 2,00,000 Variable expenses - Rs. 80,000

Fixed expenses - Rs. 1,00.000

Calculate: (1) Profit-volumeratio

(2) Break-even point

(3) Margin of safety

(4) How- these three will be affected if there is 20% increase in number of units sold ?

Explain Break-even point with illustration.

5. Prepare Subsidiary Books of Raj Electronics with help of following vouchers and post the transactions there from to respective Ledger Accounts and also prepare Trial Balance.

On 1/1/2008 cash and book balances brought as capital are Rs. 2,000 and Rs. 40,000 respectively. 14

, \j&-¹ Credit Memo Bill No: 50 M/s. Raj Electronics, Ahmcdabad			/ Date: 2/1/2008
Sr. No.	Particulars	Qty.	Rate	Amount
I	LCD Player	40	1,000	40,000
2	VCD Player	20	600	12,000
3	DVD Player	14	2,000	28,000
				80.000
Less : 10%- Trade Discount				8,000
				72,000
Eand O.E.
Terms : 2% cash discount will be allowed if payment is made
within one month.				Sd/- Dev Dcsai

4

2020*H

(2)

Cash Memo Raj Electronics, Ahmedabad

Bill No: 01

M/s. Ramesh Electronics

Sr. No.	Particulars	Qty.	Rate	Amount
1	LCD Player	3	1,200	3,600
2	VCD Player	3	SOO	2.400
				6,000
Less: 5% Trade Discount				300
				5,700
E and O.E.
Received crossed chcque No : 0123 drawn on Dena Bank for
Rs. 5,700				Sd/- Rajendra

(3)

C, ¹

Date: 5/1/200$

Credit Memo Raj Electronics, Ahmedabad Bill No : 01 Date: M/s. Ajay Electronics, Ahmedabad				10/1/2008
Sr. No.	Particulars	Qty.	Rate	Amount
1	LCD Player	20	1,200	24,000
2	VCD Player	10	800	8,000
				32,000
Less : 5% Trade Discount				1,600.
j 30,400
E and O.E.				Sd/- Rajendra

2020-B P.T.O.

(4)

Credit Memo
Raj Electronics, Ahmedabad
No: 3	Date : 12/1/2008
M/s. Ajay Electronics A/c...........credited
Rs. 2,280 has been credited to your account for two LCD players
being defective returned by you.
Rs. 2,2807-	Sd/- Rajendra

(5)

i

Debit Note
Raj Electronics, Ahmedabad
No: 4	Date: 13/1/2008
M/s. Dev Electronics A/c...........debited.
Rs. 1,800 have been debited to your account for two defective LCD
players being returned to you.
Rs. 1,800/-
	Sd/- Rajendra

(6)

Receipt Dev Electronics, Baroda No: 101 ' Date: 25/1/2008

Received with thanks Rs. 68,796/- (Rupees sixty eight thousand seven hundred ninty six only) by cheque No : 002345 dated h 25/1/2008 drawn on Dena Bank in full settlement of your account, v Rs. 68,796/-

Sd/- Dev Desai

(7)

Raj Electronics, Ahmedabad
Voucher No: 28	Date: 31/1/2008
Account: Salary A/c
Amount: Rs. 2,400/-
Particulars: Paid Rs. 2,400/- cash as	salary to accountant
Mr. Paresh.
Rs. 2.400/-
Paresh Patel	Rajendra
(Received Signature)	(Sanctioned by)