University of Mumbai 2009-1st Year Diploma Financial Management Pgdfm accounting system - Question Paper
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Accounting system May 2009
DD000
M0 ArfouM (3 Hours)
N.B. (1) Question No; 1 is compulsory carrying 40 marks.
(2) Attempt any three questions from the res .
(3) In ail four questions to be attempted. . f r answers.
(4) Suitable assumptions, working notes, cleanliness shall torm par y
From the following Trial Balance and additio"oo of M/s: Asoka Agencies, Prop. Mr. AbhokR Tradinq Account, Profit and Loss
BalaShe.asaOO,
-------' " 1 - - Credit (Rs.)
Particulars
1,10,000 2,25,000 88,23,450 44,230 11,21,300 6,27,220 51,775 3,18,940 2,23,556 1,89,600 84,700
23,67,890 27,33,230 3,44,560 3,1 i >200 34,55,670 11,044 22,870 3,33,342
cc on
gOjOTu
1,88,200
89,910
76,970
21,230
4,72,310
9,76,550
1,80,000
Factory Rent Office Rent V Purchases & oales '
Returns .
Wages f1 :
Salaries f '
Workers Welfare Expenses n Travelling & Conveyance ?
' Velephdne & .Mobile Expenses?% Salesman Commission ? , f Bad Debts ,
' Reserve for Bad Debts ? o\A Factory Building fv Machinery Furniture ip MotorCarf' ,
Debtors/Creditors cnt-Factory Insurance*
General Expenses
Power & Fuel ro Commission Received ?
Bank Interest and charges P Selling & Distribution Expenses? Advertisement Expenses? Carriage Inward t01 Cartage, f Bank Overdraft
Stock on 1:4-2008 : ***'*** Raw Materials
Finished Goods t Drawings Capital Account t
Total
Add': Raiais Rs. 612,900,
y. Factory Reffi is for 11 monsM Office Ren; grij. foM nths. p?per
adjustment is necessary. {/(, b fa wrt)ihtfHi
(3) Write off further a sum of Rs. 89200 as Bad Debts, and provide for doubtful
(4) DfprecSactord machinery at 10% and
(5) Goods costing Rs. 75,200 withdrawn for personal use have not been recorded. Discuss in brief the advantages and limitations of Book Keeping and Accountancy.
Porm and Horizontal Form of Profit and Loss Account through 20
4, r/s. Sonal Garments gives you the following information about its Plant and Machinery. 20 Ovt 1-4-2006, the balance in Plant and Machinery Account was. Rs. 88,20,500. On 21-09-2006 a new machine costing Rs 4.8,00,000 was purchased and was installed ov) 30-09-06 by spending additional Rs. 2,00,000/-. The machine was put to use on 1-10-06. On 1-1-2007 a Machinery Purchased on 1-10-2004 for Rs. 8,20,000 was Sold for Rs. 5,11,230. On 1-1-2008 further new machine was purchased for Rs. 23,55,000/- and on 30-09-2008 a machine purchased on 1-4-2005 for Rs- 18,40,000/- was sold for Rs. 15,00,000/-.
The Company follows Financial year as accounting year and charges Depreciation @20% under Straight Line Method.
You are required to prepare Machinery Account for the years 2006-07, 2007-08 and 2008-09.
Alpha Novelties Ltd. offered to Public 60,00,000 Equity shares of Rs. 10 each at-a 20
p,'amium of Rs. 60 per share. On following terms :
(a) On Application Rs. 62 (including full amount of Premium)
(b) On Allotment Rs. 3 .
(c) On 1st Call Rs. 2.50 ;iV
(d) On Final Call Rs. 2.50. , '
The Company received applications for 74,00,000* shares with application money.
The cheques accompanying applications for 200,000, Equity Shares 6ould not be -cleared. While the applications for 12,00,000 shares were notconsideredandmoney
. s refunded immediately. f
: 9 Calls were made and everyone except Mr.'A and Mrs. B, paid all ihe money " vnonever due. -
Mr. A holding 10,000 shares failed to pay both the calls while Mrs. B failed to pay . fi:.'I call on 8,500 shares, '
The directors after following proscribed procedure forfeited the shares and immediately r-" -;ssued them at a price of Rs. 55/- per share.
You are required to pass Journal Entries to record the above transactions in the books of the Company.
6. i'. Shekhar is having Current Account with Bank of Baroda Fort Branch. While 20 comparing his Bank Book with Bank Statements for the month of March 2009, he found that : -
(a) Out of the cheques deposited in the last week of March 09, cheques for
- Rs. 2,12,200 and Rs. 89100 were cleared only in First week of April 2009.
(b) Out of cheques issued to parties, cheques worth Rs. 18,12,200 were not presented to the bank till 31-3-2009.
(c) One of the Customers has directly credited a sum of Rs. 1,78,000/- which was wrongly recorded by Mr. Shekhar as Rs. 1,87,000/-
(d) Bank Interest of Rs. 39,230/- charged on O.D. and Bank Charges of Rs. 613/- were not recorded by him till 31-3-2009
(e) There was a mistake in totaling at his end whereby his payment side was totaled short by Rs. 32,200/-.
' balance as per bank Statement on 31-3-2009 was Overdraft of Rs. 45,98,300/-.
:->.re required to find#out the balance as per Mr. Shekhar's books by preparing Reconciliation statement for March 2009.
7. short notes on any four of the following : 20
a) Non Trading Organization
o) Depreciation Fund Method
(c) Bad Debts
, id) Secured Loan '
(e) Outstanding Liabilities
if) Accounting Concepts.
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