Sikkim-Manipal University of Health Medical and Technological Sciences (SMUHMTS) 2006 M.B.A Financial Management FINANCE

c. Cash A/c Dr. 200
To Salary A/c 200

d. None of the above

56. ‘It’ is a control account maintained in the general ledger which records transactions of individual customers accounts in a summarized manner. Here ‘It’ stands for
a. General Reserve A/c
b. Sundry Creditors A/c
c. Sundry Debtors A/c
d. Both b & c

57. Subsidiary Ledger is classified into
a. Main Ledger and Secondary Books
b. General Ledger: Debtors Ledger, Creditors Ledger
c. Both a & b
d. None of the above

58. Pass the Journal Entry for: sold goods on credit Rs.1,10,000
a. Sales A/c Dr. 1,10,000
To Debtors A/c 1,10,000

b. Debtors A/c Dr. 1,10,000
To Sales A/c 1,10,000

c. Goods A/c Dr. 1,10,000
To Sales A/c 1,10,000

d. None of the above

59. Purchased goods worth Rs.1,00,000 paying Rs.15,000 cash and balance payable after 3 months. The elements included are:
a. Cash and Creditor
b. Purchase and Creditor
c. Purchase, cash and Creditor
d. Goods and cash

60. 1. Expenses and Losses = Debit
2. reduce in assets and increase in Liabilities (also equity) = Credit

a. 1-True; 2-True
b. 1-False; 2-False
c. 1-True; 2-False
d. 1-False; 2-True

PART – C

ABC Ltd., maintains a Current Account with the S.B.I. Bank 31st March 2004, the bank column of its cash allowed a debit balance of Rs.1, 54,300. However, the Bank statement showed a various balance as on that date.

Reasons:
Cheques deposited but not yet the bank Rs.75, 450
Cheques issued but not yet presented Rs.80,760 Bank charges not yet recorded in the cash book Rs.1,135
Cheque received by the bank directly Rs.1,35,200 Insurance premium paid by the bank as per standing instructions not yet intimated Rs.15,400

By preparing reconciliation statement ans Q.No. 61-65.

61. What is the total amount to be deducted from Bank balances as per the Cash book?
a. Rs.1, 35,200
b. Rs.2, 15,960
c. Rs.91,985
d. None of the above

62. What is the total amount to be added to Bank Balance as per the Cash book?
a. Rs.1, 80,760
b. Rs.1, 90,850
c. Rs.2, 15,960
d. None of the above

63. What is the balance as per the Bank Statement?

Earning:   Approval pending.