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.
40
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
months. Proper
; vo,ooof~i | of? - Ms- oOo
adjustment is necessary. r'V) taM5,00(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(5) Goods costing Rs. 75,200 withdrawn for personal use have not been recorded.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: |
Earning: Approval pending. |