University of Mumbai 2007 B.A Economics Management Accounting - A/c 3 - Question Paper

2005 2006
Rs. Lakhs Rs. Lakhs Rs. Lakhs Rs. Lakhs
Share Capital
(Rs. 10 every fully paid) 10.00 10.00
Profit and Loss A/c 1.65 11.65 0.45 10.45
Bank Overdraft 1.55 5.95
Sundry Creditors 1.00 6.00
14.20 22.40
Land and Buildings 3.00 5.00
Plant and Machinery 5.00 6.00
Less: Depreciation 1.20 3.80 1.80 4.20
Motor Cars 1.00 1.30
Less: Depreciation 0.40 0.60 0.60 0.70
Stock 2.20 7.20
Debtors 4.60 5.30
14.20 22.40

The subsequent further info is available:
(a) Dividend was paid in 2006 at the rate of 10%.
(b) The company sold a motor car during 2006 for Rs. 8,000. This was purchased for Rs. 10,000 and its written down value in the books on 1-1-2006 was Rs. 5,000.
Prepare cash flow statement as per AS-3 by indirect method.
Q 3. From the subsequent particulars prepare a statement of sources and application of funds for the year ended 31-3-2006of M/s. Rimzim Ltd: 16
(a) Rimzim Ltd. issued 1,000 shares of Rs. 120 every and all shares are subscribed and fully paid up.
(b) The company has redeemed preference shares for Rs. 1,00,000 at 10% premium. Premium was adjusted against securities premium.
(c) Investments are sold for Rs. 50,000 (resulting in profit of Rs. 10,000).
(d) Sale of machinery during the year Rs. 30,000 (resulting in loss of 5,000).
(e) Purchase of Fixed assets Rs. 1,20,000.
(f) Dividend paid Rs. 40,000 and income tax paid Rs. 35,000.
(g) Working capital of the company was Rs. 1,20,000 on 1-4-2005 and Rs. 1,80,000 on 31-3-2006.
(i) Depreciation given for the year was Rs. 50,000 and preliminary expenses written off was Rs. 10,000.
Q 4. subsequent balances from the books of Account CHETAN Ltd. for the year ended 31-12-2006 you are needed to prepare vertical income statement and vertical Balance sheet: 16
Particulars Amount
Rs. Particulars Amount
Rs.
Advertising 25,000 Sales Return 10,000
Interest Received 6,000 Bills Payable 43,000
Sales 12,00,000 10% Pref. Share Capital 1,50,000
Equity Share Capital 9,00,000 Debenture Interest 24,000
Salaries 1,80,000 Wages 1,85,000
Furniture and Fixture 2,00,000 Cash and Bank Balance 80,000
Outstanding Expenses 25,000 Debtors 2,00,000
P/L A/c (Credit. Balance) 1,30,000 Opening Stock 50,000
Bad Debts 5,000 General Reserve 75,000
Purchases 6,00,000 Creditors 1,00,000

Earning:   Approval pending.