University of Mumbai 2008 Post Graduate Diploma Financial Management (PGDFM) PGDFM Part-I - Accounting System - Question Paper
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W9 Aprii 08 32S
Con. 235408.
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(3 Hours)
N.B. : (1) Question No. 1 is compulsory, and carries 40 marks.
(2) Attempt any three from the rest, each carrying 20 marks.
(3) In all four questions to be attempted.
(4) Suitable assumptions, working notes and neatness shall form the part of your answer.
1. From the following Trial Balance and the additional information extracted from the books of 40 Mr. Sundar, prepare the Manufacturing Account, Trading Account, Profit and Loss Account for the year ended 31 -12-2007 and prepare the Balance Sheet as at 31 -12-2007 :
Capital Account as on 1-1-2007
Drawings Account
Purchases & Sales
Rates & Taxes
Salaries
Carriage
Fuel & Coal
Insurance Charges
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Factory Power
Bad Debts
Discount
Factory Expenses Opening ;
Raw Materials------
. - WIP
Finished Goods
Telaphone & Postage Wages
Factory Buildings Vehicles
Plant & Machinery Sundry Debtors & Creditors Fixed Deposits with Bank Invested on 31-12-2006, Carrying interest @ 10% p.a. Commission Received Cash in Hand _
Particulars (Amount in Rs.)
(d) Machinery & Vehicles are to be depreciated by 20%.
(e) Provide 5% on debtors for doubtful debts.
(f) Carriage inward on purchases are 50% of the total carriage while 75% of the insurance are for factory assets.
(g) The Sales Manager is entitled to commission @ 10% of the profit before charging his commission.
Additional Information
(a) Stocks as on 31-12-2007 were Rs. 38,600/- .
(b) Salaries outstanding Rs. 9,000/-.
(c) Wages include Rs. 12,200/- spent on extension of building
Credit
Debit
2,93,209
48,334 8,34,650 12,800 57,320 13,1 00 8,980 3,820 14,600 12,000 5,890 6,100 2,840
1 1,08,210
8.8G0
37,2001 1,810 58,560
1 ,07,570 6,890
44.200 96,000
51.200 98,230 93,280
1,51,805
10,000
9,990
44,21 0
15,72,014]
15,72,014
Total
Raw materials Rs. 44,100/- Finished Goods
2. The balance in Plant and Machinery Account of a company showed a debit balance 20 of Rs. 2,08,000/- on 31-3-2005. On 1-7-2005 a new machinery was purchased for Rs. 52,600/- and amount spent for installation on the same date was Rs. 2,400/-. On. 1-10-2005 a part of machinery purchased on 1-7-2005 for Rs. 36,000/- was sold for Rs. 18,000/- and a second hand machinery was purchased on the same date for Rs. 36,000/-. On 30-9-2006 a part of the machinery purchased on 1 -7-2005 for Rs. 20,000/ -was scrapped and sold for Rs. 2,000/- and a new machinery was purchased on "
1-1-2008 for Rs. 65,000/-.
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The company follows Written Down Value method of depreciation on financial year basis and rate of depreciation is 10% p.a. You are required to prepare Machinery Account and Depreciation Account for the years ended 313-2006, 31-3-2007 and 31-3'2008. ;;
3. X Ltd. issued 1,00,00,000/- Equity Shares of Rs. 10/- each at premium of Rs. 10/- payable 20 as under : "
Rs. 8 on application (including premium of Rs. 5) (
Rs. 6 on allotment (including premium of Rs. 5)
Rs; 3 on First Call *
Rs. 3 on Second and Final Cali
The Company received application for 20032008 shares. On scrutiny 23,000 applications were found defective and cheques for 9008 applications got dishonoured. Except these two instances, all the applications were valid and allotment was made on prorata basis, :i retaining the excess money towards further share money.
Mr. A who was allotted 14,000 shares failed to pay Final Call Money and hence hip shares were forfeited by giving due notice and the said shares were reissued for Rs. 10 per shp, You are required to journalise the above transactions and prepare ail the relev&nLXdger Accounts in the books of X Ltd. _ V
4. The Cash Book of Mr. Jay showed an overdraft of Rs. 78,200/- in his bank account as 20 on 31-3-2008. On careful examination it was found that : f
(a) Cheques worth Rs. 1,81,220/- issued to parties in March 2008 were presented in March, 2008 to the extent of Rs. 89,100/- only.
(b) Out of cheques deposited of Rs. 4,43,221/- in March, 2008, cheques worth Rs. 93,200/- were cleared only after 31-3-2008.
(c) The bank has collected dividend of Rs. 2,789/- and charged bank commission ' ' of Rs. 200/- on 28th March, 2008. Both these entries were not passed in his
cash book.
(d) The payment side of his Cash Book was overcast by Rs. 20,000/- and bank has wrongly debited a sum of Rs. 10,000/- to his account and these were not rectified. .
You are required to prepare a bank reconciliation statement to find out the balance as on 31-3-2008 as per bank statement and also mention in brief the need to prepare Bank Reconciliation statements. ......._____ ________________
5. (a) What is statement of Affairs ? 20 (b) What is Single Entry system of book keeping ? .
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