University of Mumbai 2008 Diploma Financial Management Pgdfm part 1 - accounting system - Question Paper

ACOUNTING SYSTEM

. Con. 2077-09.    DU00c;

Kl cy 0 Ac (o{jr\A-*2

(3 Hours)

^T Total Marks : 100

N.B. (1)    Question No. 1 is compulsory carrying 40 marks.

(2)    Attempt any three questions from the rest.

(3)    In ail four questions to be attempted.

(4)    Suitable assumptions, working notes, cleanliness shall form part of your answers.

From the following Trial Balance and additional information extracted from the books of M/'s; Asoka Agencies, Prop. Mr. Ashok Rao for the year ended 31-3-2009, you are .required to prepare Manufacturing Account, Trading Account, Profit and Loss Account for the year ended 31-3-2009 and also Balance Sheet as at 31-03-2009.

Particulars	Debit (Rs.)	Credit (Rs.)
Factory Rent fT*	1,10,000
Office Rent 0. ry Purchases & Sales'	2,25,000
	88,23,450	99,21,320'
.. Returns	44,230	28,910
Wages	11,21,300
Salaries f * :	6,27,220
\ Workers Welfare Expenses	51;775
t Travelling & Conveyance ? jv>	3,18,940
e.lepfjpne & Mobile Expenses?.	2,23,556	t'.
Salesman Commission ? , f	1,89,600
* ,Bad Debts ,	84,700	f.
' Reserve for Bad Debts ? o\61		88,450
Factory Building fr	23,67,890
Machinery &	27,33,230
Furniture p	3,44,560
.-Motor Car ft	3,11,200
Debtors/Creditors	34,55,670	28,12,200
Factory Insurance	11,044
General Expenseslp	22,870
Power & Fuel rn	3,33,342
Commission Received <?		66,770
Bank Interest and charges?	66,940
Selling & Distribution Expenses?	1,88,200
Advertisement Expenses f	89,910
Carriage inward	78,970
Cartage..f	21,230
Bank Overdraft		11,11,230
Stock on 1-4-20Q8 :
Raw Materials	4,72,310
Finished Goods t	9,76,550
Drawings	1,80,000
Capital Account l		94,44,807
Total	.2,34,73,687	2,34,73,687

Additional Information : /    \

(1) Closing Stock : Rawmaterials Rs. 612,900, Finished Goods Rs. 12,23,450

(2) Factory Rent is for 11 months and Office Rent paid is for 1

; vo,ooof~i | of? - Ms- oOo

adjustment is necessary. ^r'V)    ta^M5,00(^f'^ref

(3)    Write off further a sum of Rs. 89200 as Bad Debts and provide for doubtful debts at 3%     H D Ml    ^v

(4)    Depreciate factor$N$id machinery at 10% and other fixed assets at 15%.

(5)    Goods costing Rs. 75,200 withdrawn for personal use have not been recorded.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. 20

Pnrm and Horizontal Form of Profit and Loss Account through 20

) 11

Attachment: university-of-mumbai-2008-diploma-financial-management-51668-1.pdf

Earning:   Approval pending.