LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034
B.Sc. DEGREE EXAMINATION – STATISTICS
SECOND SEMESTER – APRIL 2012
CO 2104 – FINAN.A/C & FINANCIAL STATEMENT ANALYSIS
Date : 23-04-2012 Dept. No. Max. : 100 Marks
Time : 9:00 – 12:00
Section A
Answer all the questions: (10 X 2 = 20 marks)
- Name any four parties who are interested in accounting information?
- What is meant by contra entries? Give example.
- How is Legacy treated in the accounting books of a Non trading organization?
- Name any four accounting concepts.
- Plant and machinery is …………asset (fixed/current)
- Motor vehicles account is a …………. (Personal/ Real/ Nominal) account
- Ascertain the gross profit ratio:
Cost of goods sold . 70,800 ; Sales . 1,30,200
- From the following information compute the tax paid during the year:
Provision for tax(1-4-2011) . 30,000
Provision for tax(31-3-2012) .45,000
Tax provided during the year . 30,000
- Calculate the amount of salaries to be shown in Receipts and Payments Account:
.
Salaries as per Income and Expenditure Account 1,500
Paid in advance in previous year 700
Outstanding at the end of current year 300
Outstanding at the end of previous year 800
- Calculate the profit or loss on sale of machinery:
Original cost . 1,00,000; Accumulated depreciation . 25,000;
Sale value . 50,000
- Choose the correct alternative
- Receipts and Payments Account is a summary of
i)Income and expenses account ii) Cash receipts and Payments
iii) Debit and Credit balances of ledger accounts
- Goods worth . 1,000 taken by the proprietor for personal use should be credited to
i)Purchases account ii) Sales account iii) Drawings account
Section B
Answer any five questions (5 X 8 = 40 marks)
- Define Accounting. What are the objectives of Accounting?
- What is a Bank Reconciliation Statement? What are the causes of difference between a Pass book and Cash book?
- Differentiate between Receipts and Payments Account and Income and Expenditure Account.
- Enter the following transactions in a Petty cash book:
2012 .
Jan 1 Received from main cashier as imprest cash balance 1,000
7 Bought postage stamps 200
15 Paid for cartage 25
20 Paid taxi hire 75
23 Purchased stationery 35
25 Paid to travel agent for snacks 15
30 Courier services 25
31 Office cleaning 20
- Journalise the following transactions:
2012
April 1 Mr. Xavier brought cash . 1,50,000 to start a business
April 2 He deposited . 1,25,000 in a newly opened bank account
April 4 He purchased goods for cash . 8,000
April 7 He purchased goods for . 10,000 payment was made through bank
April 8 Mr. Xavier withdrew . 2,000 from the bank for office use
April 10 He withdrew . 1,000 from the bank for celebrating his son’s birthday
April 14 He paid salary in cash .250
April 18 He gave cheque to Mr. Anand, the landlord for rent . 3,000
- Enter the following transactions into proper subsidiary books:
2012
Jan 1 Purchased goods from Paul of the list price of . 50,000 less 10% trade discount
6 Sold goods to Rahul for . 10,000
8 Ramesh sent goods for . 40,000
12 Purchased a delivery van from Mahendra . 2,00,000
18 Sold goods to James for . 12,000
20 Returned goods to Paul, of the list price of . 5,000
22 Sent goods to Amir for . 6,000
24 Sold old newspaper for . 200
27 Sold goods to Rohit for . 8,000
- From the following particulars, prepare Income and Expenditure Account:
.
Fees collected, including . 80,000 on account of the previous year 3,80,000
Fees for the year outstanding 10,000
Salary paid, including . 3,000 on account of the previous year 28,000
Salary outstanding at the end of the year 1,000
Entertainment expenses 3,000
Tournament expenses 12,000
Meeting expenses 18,000
Travelling expenses 6,000
Purchase of books and periodicals,
including . 19,000 for purchase of books 29,000
Rent 10,000
Postage 4,000
Printing and stationery 15,000
Donations received 20,000
- From the following particulars, determine the maximum remuneration available to a
part time director and manager of a manufacturing company.
The Profit & loss Account of the company showed a net profit of .20,00,000 after taking into account the following items:
.
- Depreciation (including special depreciation of . 20,000) 50,000
- Donation to political parties 25,000
- Provision for income tax 1,00.000
- Ex-gratia payment to a worker 5,000
- Capital profit on sale of assets 7,500
- Preliminary expenses 5,000
- Profit on sale of investment 4,20,000
- Multiple shift allowance 2,10,000
Section C
Answer any two questions: (2 X 20 = 40 marks)
- The following balances were taken from the trial balance of Mr. Mohammed
as on 31-3-2012
| Particulars | Particulars | . | |
| Furniture(on cost)
Delivery van Building(on cost) Bad debts Debtors Stock (1-4-2011) Purchases Sales return Advertisement Interest Cash Tax General expenses Salary
|
64,000
6,25,000 7,50,000 12,500 3,80,000 3,46,000 5,47,500 20,000 45,000 1,11,800 65,000 25,000 78,200 3,30,000 |
Capital
Creditors Provision for Bad debts Overdraft Sales Purchase return Commission |
12,50,000
2,50,000 20,000 2,85,000 15,45,000 12,500 37,500 |
| 34,00,000 | 34,00,000 |
Additional information:
- Depreciate Building 5%, Furniture 10%
- Commission received . 12,500 is related to next year
iii. Create provision on debtors for bad debts @ 6%
- Stock (31-3-2012) . 3,25,000
Prepare Trading & Profit & loss account and Balance sheet as on 31- 3- 2012
- From the following balance sheets, prepare cash flow statement:
| Liabilities | 2010 | 2011 | Assets | 2010 | 2011 |
| Share capital
General reserve Profit & loss A/c Bank loan Creditors Provision for tax |
2,00,000
50,000 30,500 70,000 1,50,000 40,000 |
2,50,000
60,000 30,600 – 1,35,200 35,000 |
Building
Machinery Stock Debtors Cash Goodwill |
2,00,000
1,50,000 1,00,000 80,000 500 10,000 |
1,90,000
1,69,000 74,000 64,200 8,600 5,000 |
| 5,40,500 | 5,10,800 | 5,40,500 | 5,10,800 |
During the year:
- Dividend of . 23,000 was paid
(ii) Machinery was purchased for . 8,000
(iii) There is no sale of building or machinery
(iii) Income tax paid during the year . 33,000
- a Stock turnover ratio 3 times ; Cost of goods sold . 2,40,000
Stock in the beginning is . 20,000 more than the stock in the end. Calculate stock in the beginning and at the end (4 marks)
- From the following particulars, prepare a statement showing the proprietor’s fund as on 31st December 2011 with as many details as possible (16 marks)
Current ratio 2.5 Fixed assets to Proprietors funds 0 .75/2
Acid test ratio 1.5 Reserves and surplus . 60,000
Working capital .90,000 Bank overdraft . 15,000
Long term debt nils
Latest Govt Job & Exam Updates: