Gujarat University 2007 B.C.A Computer Application _ Financial Accounting and Management (New ) - Question Paper

Sr. No.
Particulars
Nos.
Rate Amount
Rs.
1.
2.
3. Sofa set Tables Chairs


Less: Cash Discount @ 10% 2
8
2 850
55
175 1,700
440
350
2,490
249
2,241
Sanjay Mevada



2. The subsequent is the Trial Balance of Shri Ravi as on 31st December, 2006. (14)

Debit Balances Rs. Credit Balances Rs.
Bills Receivables
Insurance Premium (for the year ending 31–3–2007)
10 % Investments Interest on 12% Loan Discount Advertisement Postage & Telegram Printing & Stationery Octroi
Bad Debts Salaries Wages
Sales Return Purchases Cash on Hand Debtors Furniture
Stock (1–1–2006) Machinery Drawings Buildings 50,000
3,000


10,000
250
7,625
5,000
2,500
2,500
10,000
3,750
22,500
25,000
25,000
2,25,000
22,475
1,88,750
21,000
1,15,000
62,500
37,500
62,500 Interest on 10% Investments
12% Loan Capital Creditors Sales
Purchase Return Bad Debts Reserve Discount
Bills Payable
Commission 600
12,500
2,50,000
1,62,500
4,12,500
20,000
5,000
6,250
12,500
20,000
9,01,850 9,01,850

Prepare Final Accounts, taking into account the subsequent adjustments.
(i) Closing Stock Rs. 50,000 (Market value Rs. 45,000)
(ii) Depreciate Machinery and Building by 10% p.a. and 4% p.a.
(iii) Write off Rs. 1,250 from Debtors and give reserve for doubtful debts at 5% on debtors.
(iv) Interest at 12% p.a. on capital is to be allowed and interest at 12% p.a. for 6
months on drawings.


3. (a) Explain Limitations of Ratio Analysis. (7)

(b) Explain functions of Financial Manager. (7) OR



subsequent is Revenue Statement and Balance Sheet of ABC Ltd. (14)

Revenue Statement
Balance Sheet

Sales

(Including Credit sales

Rs. 7,00,000)

Less: Cost of Goods sold : Op–Stock 1,20,000
+ Purchases + 3,80,000

5,00,000

– Cl. St. – 1,30,000

Gross Profit

Less: Operating Expenses

Net Profit
10,00,000













– 3,70,000
Liabilities
Rs.
Assets
Rs.

Equity Share

Capital

Reserves & Surplus

Creditors Bills Payable Bills overdraft


5,00,000


3,00,000

1,00,000

50,000

50,000 Fixed Assets Debtors Stock
Bills
Receivable
6,00,000

2,00,000

1,30,000

70,000

6,30,000

– 2,30,000

4,00,000
10,00,000
10,00,000


compute :

(i) Net Profit Ratio.

(ii) Stock Turnover Ratio. (iii) Liquid Ratio.
(iv) Debtors Ratio (No. of days in a year 300) (v) Operating Ratio.

4. Prepare Cash Budget of XYZ Ltd. for the period of three months ending on 31–3–2006
from the subsequent info : (14)

(i) Bank Balance as on 1–1–2006 Rs. 1,25,000.

(ii) Months Sales Purchases Wages Overheads
November 6,25,000 2,50,000 50,000 30,000
December 4,37,500 1,87,500 62,500 37,500
January 5,62,500 3,12,500 68,750 35,000
February 6,87,500 3,75,000 75,000 40,000
March 7,50,000 4,37,500 81,250 45,000




(iii) Payment of income tax is to be made in the month of January Rs. 62,500.
(iv) Purchase of machine worth Rs. 1,75,000 is to be made in the month of March.



(v) Time lag :

Wages – 1/2 month Credit allowed by suppliers – one month. Overheads – 1/4 month Credit allowed to customers – two months.
(vi) presume all Sales and Purchases are on credit.
OR

(a) Write a note on importance of Cost Accountancy. (4)
(b) Differentiate ranging from direct and indirect cost. (6)
(c) Differentiate ranging from Fixed and Variable Cost. (4)


5. (a) (i) How would you determine Prime Cost ? (4)
(ii) Write a note on utility of cost sheet. (3)
OR
(a) Prepare cost sheet from the subsequent info : (7) Rs.
Direct Material 3,00,000

Direct Labour 2,00,000

Direct Expenses 1,00,000

Opening Stock

Work–in–progress 10,000

Finished Goods 20,000

Closing Stock

Work–in–progress 15,000

Finished Goods 25,000

Sale of Material waste 20,000
Sale of Factory waste 10,000
Factory overheads 1,50,000
Administrative Overheads 2,00,000
Selling Overheads 1,00,000
Distribution Overheads 2,00,000
* Profit is computed at 10% profit on cost price.



(b) (i) Write a note on Break–even point. (4)
(ii) Write a note on importance of Marginal Costing. (3)

OR

subsequent data is available from the records of PQR Ltd. (7)

Selling Price Rs. 75 per unit; Variable cost Rs. 30 per unit. Fixed Cost Rs. 1,50,000 p.a.
compute :

(i) Break–even point (in units and in rupees)

(ii) Necessary sales to earn profit of Rs. 2,50,000.

(iii) New Break–even point, if selling price is decreased by 20%.

Earning:   Approval pending.