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University of Mumbai 2006 B.A Economics Management Accounting - A/c 3 omber - Question Paper

Friday, 12 July 2013 10:40Web
Aman, Ram and Sanju withdrew Rs. 16,000, Rs. 15,000 and Rs. 10,000 respectively during the year. You are further informed that the partnership firm tax of Rs. 2,000 was paid during the year. Balance Sheet of the firm as on 31st March, 2005 was as under:

Liabilities Rs. Rs. Assets Rs. Rs.
Creditors 30,000 Bank 6,000
Loan from Bank of India 40,000 Cash 6,000
Capitals: Debtors 60,000
Aman 39,000 Less: RDD 3,000 57,000
Ram 48,000 Stock 50,000
Sanju 43,000 1,30,000 Fixed Assets:
Cost 95,000
Less: Depreciation 14,000 81,000
2,00,000 2,00,000
Prepare a statement showing flow of fund during the year ended 31st March. 2005 along with statement of modifications in working capital, together with item wise modifications in working capital.
Q.3 While preparing the financial statements for the year ended 31-3-2005 of XYZ Ltd., it was discovered that a substantial portion of the records were missing. However, the accountant was able to gather the subsequent data: 16

Liabilities Rs. Rs. Assets Rs. Rs.
Paid-up Share Capital Land 3,60,000
60,000 Equity shares of Rs. 10 6,00,000 Plant and Machinery:
each) Cost 9,00,000
Reserves and Surplus: (-) Depreciation 3,60,000 5,40,000
Balance on 1-4-04 1,80,000 Current Assets:
+ Transfer during the year 1,20,000 3,00,000 Stock ?
10% Loan 6,00,000 Debtors ?
Current Liabilities: Cash and Bank ?
Proposed Dividend ?
Provision for Tax ?
Creditors ? 6,00,000
Total ? Total ?

The subsequent other info is available:

Current Ratio 2:1
Cash and Bank 30% of Total Current Assets
Debtors Turnover (Sales/Debtors) 12 Times
Stock Turnover (Cost of Goods Sold/Stock) 12 Times
Creditors Turnover (Cost of goods Sold/Creditors) 12 Times
Gross Profit Ratio on Sales 25%
Proposed Dividend 20%

You are needed to complete the Balance Sheet as on 31-03-2005 with available information, working notes shall form part of your ans.

Q.4 From the subsequent Balance Sheet, prepare Vertical balance sheet which is suitable for analysis and compute TrendPercentages taking 2003 as base year and comment on it. 16
Balance Sheets as at 31st December
Particular 2005
Rs. 2004
Rs. 2003
Rs.
Share Capital 50,000 50,000 50,000
Reserve and Surplus 5,000 10,000 10,000
Secured Loan 3,00 5,000 5,000
Unsecured Loan 2,000 - 6,000
Current liabilities 5,000 5,000 4,000
65,000 70,000 75,000
Particular 2005



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