San Diego State University Operations And Supply Chain Management Assignment Help - Balance Sheet

Question - Fall Drive 2011

Master of Business Administration - MBA Semester 1
Subject Code – MB0041
Subject Name – Financial and Management Accounting
4 Credits
(Book ID: B1130)
Assignment Set- 1 (60 Marks)


Note: Each question carries 10 Marks. Answer all the questions.

Q.1 Assure you have just started a Mobile store. You sell mobile sets and
currencies of Airtel, Vodaphone, Reliance and BSNL. Take five transactions
and prepare a position statement after every transaction. Did you firm earn
profit or incurred loss at the end? Make a small comment on your financial
position at the end. [10 Marks]
Q.2a. List the accounting stan ...Read More dards issued by ICAI. [5 Marks]
2b. Write short notes of IFRS. [5 Marks]
Q.3 Prepare a Three-column Cash Book of M/s Thuglak & Co. from
The following particulars: [10 Marks]
20X1 Jan 1. Cash in hand Rs. 50,000, Bank Overdraft Rs. 20,000
2. Paid into bank Rs. 10,000
3. Bought goods from Hari for Rs, 200 for each
4. Bought goods for Rs. 2,000 paid cheque for them,
discount allowed 1%
5. Sold goods to Mohan for each Rs. 1.175
6. Received a cheque from Shyam to whom goods were
sold for Rs. 800.Discount allowed 12.5%
7. Shyam’s cheque deposited into bank
8. Purchased an old typewriter for Rs. 200 , Spent Rs. 50
on its repairs
9. Bank notified that Shyam’s cheque has been returned
dishonored and debited the account in respect of
charges Rs. 10
10. Received a money order Rs. 25 from Hari
11. Shyam settled his account by means of a cheque for
Rs. 820, Rs. 20 being for interest charged.
12. Withdrew from the bank Rs. 10,000
18. Discounted a B/E for Rs. 1,000 at 1% through bank
20. Honored our own acceptance by cheque Rs. 5,000
22. Withdrew fir personal use Rs. 1,000
24. Paid tread expenses Rs. 2,000

Fall Drive 2011

25. Withdrew from bank for private expenses Rs. 1,500
26. Purchased machinery from Rajiv for 5,000 and paid him
by means of a bank draft purchased for Rs. 5,005
27. Issued cheque to Ram Saran for cash purchased of
furniture Rs. 1,575
28. Received a cheque for commission Rs. 500 from R.&
Co. and deposited into bank
29. Ramesh who owned us Rs. 500 became bankrupt and
paid us 50 paise in the rupee
30. Received payment of a loan of Rs. 5,000 and deposited
Rs. 3,000 out of into bank
31. Paid rent to landlord “Mohan” by cheque of Rs. 220
31. Interest allowed by bank Rs. 30
31. Half-yearly bank charges Rs. 50

Q.4 Choose an Indian Company of your choice that has adopted Balance Score
Card and detail on it. [10 Marks]

Q.5 From the following data of Jagdish Company prepare (a) a statement of
source and uses of working capital (funds) (b) a schedule of changes in working
capital

Assets 2008 2007
Cash 1,26,000 1,14,000
Short-term investment 42,400 20,000
Debtors 60,000 50,000
Stock 38,000 28,000
Long term Investment 28,000 44,000
Machinery 2,00,000 1,40,000
Building 2,40,000 80,000
Land 14,000 14,000
Total 7,48,400 4,90,000
Liabilities and Equity
Accumulated depreciation 1,10,000 60,000
Creditors 40,000 30,000
Bills Payable 20,000 10,000
Secured loans 2,00,000 1,00,000
Share capital 2,20,000 1,60,000
Share premium 24,000 Nil
Reserves and surplus 1,34,400 1,30,000
Total 7,48,400 4,90,000

Income statement
Sales 2,40,000

Fall Drive 2011

Cost of goods sold 1,34,600
Gross Profit 1,05,200
Less Operating expenses:
Depreciation – machinery 20,000
Depreciation – building 32,000
Other expenses 40,000



92,000
Net profit from operation
13,200
Gain on sale on long-term investment 4,800
Total 18,000
Loss on sale of machinery 2,000
Net Profit 16,000

Adjustments:
1) Machinery worth Rs.70000 was purchased and worth Rs.10000 was sold
during the year [Accumulated depreciation on machinery is Rs.18000 after
adjusting depreciation on machinery sold]. Proceeds from the sale of
machinery were Rs.6000
2) Dividends paid during the year Rs.11600 [ 10 Marks]

Q.6 What is a cash budget? How it is useful in managerial decision making?
[10 Marks]





Master of Business Administration - MBA Semester 1
Subject Code – MB0041
Subject Name – Financial and Management Accounting
4 Credits
(Book ID: B1130)
Assignment Set- 2 (60 Marks)


Note: Each question carries 10 Marks. Answer all the questions.

Q.1 Selected financial information about Vijay merchant company is given below:
2010 2009

Fall Drive 2011

Sales 69,000 43,000
Cost of Goods Sold 57,000 32,500
Debtors 7,200 3,000
Inventories 11,400 5,500
Cash 1,500 800
Other current assets 4,000 2,700
Current liabilities 16,000 11,000
Compute the current ratio, quick ratio, average debt collection period and inventory
turnover for 2009 and 2010. State whether there is a favorable or unfavorable
change in liquidity from 2009 to 2010. At the beginning of 2009, the company had
debtors of Rs..2500 and inventory of Rs.3000. [10 Marks]
Q.2 Explain different methods of costing. Your answer should be studded with
examples (preferably firm name and product) for each method of costing.
[10 Marks]
Q.3 State the importance of differentiating between the fixed costs and variable
costs in managerial decision. [10 Marks]
Q.4 Following are the extracts from the trial balance of a firm as at 31st March
2009
Name of the account Dr Cr
Sundry debtors 2,05,000
Bad debts 3,000
Additional Information
1) After preparing the trial balance, it is learnt that Mr.X a debtor has become
insolvent and nothing could be recoverd from him and, therefore the entire
amount of Rs.5,000 due from him was irrecoverable.
2) Create 10% provision for doubtful debt.
Required: Pass the necessary journal entries and show the sundry debtors

Fall Drive 2011

account, bad debts account, provision for doubtful debts account, P&L a/c and
Balance sheet as at 31st March 2009. [10 Marks]
Q.5 A change in credit policy has caused an increase in sales, an increase in
discounts taken, a decrease in the amount of bad debts, and a decrease in
investment in accounts receivable. Based upon this information, the company’s
(select the best one and give reason)
1) Average collection period has decreased
2) Percentage discount offered has decreased
3) Accounts receivable turnover has decreased
4) Working Capital has increased.
[10 Marks]
Q.6 Identify the users of accounting information. [10 Marks] ...Read Less

Solution Preview - No Solution Preview Available

Original Question Documents

N/A