LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034
B.Sc., B.A. DEGREE EXAMINATION – MATHEMATICS&HISTORY,ECONOMICS
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FOURTH SEMESTER – April 2009
CO 4205 / 4201 – FIN. ACCOUNTS & FIN. STAT. ANALYSIS
Date & Time: 27/04/2009 / 9:00 – 12:00 Dept. No. Max. : 100 Marks
SECTION A
Answer all the questions: (10 x 2 = 20 marks)
- List the various types of cash book?
- What is Bank Reconciliation Statement?
- Journalise the following:
- Goods worth Rs.1,000 taken by the proprietor for personal use
(ii) Paid Advertisement expenses to Anil & Co., Rs.1,500
- Classify the following under Personal, Real, Nominal account
- Outstanding salary (b) Goodwill (c ) Loss by fire (d) Purchases
- Fill in the blanks:
- Purchases book is also known as ___________.
- Journal is the book of _________ entry.
- Ascertain the amount of profit/loss on sale of machinery:
Cost of Machine Rs. 1,00,000; Accumulated Depreciation on machinery Rs. 30,000 ; Sale value of machinery Rs. 85,000
- Find out Earning per share from the following:
Net profit after tax Rs. 2,00,000
10% Preference Share capital Rs. 4,00,000
Equity share capital (Rs.10 each) Rs. 1,00,000
- Calculate the amount of subscription to be credited to Income and expenditure account for the year 2008:
Subscriptions received during 2008 Rs.24,000
Subscriptions received in advance for 2009 Rs. 1,600
Subscriptions outstanding in the beginning of 2008 Rs. 2,000
Subscriptions outstanding at the close of 2008 Rs. 1,500
- What are the different modes of expressing ‘Ratios’?
- Give adjusting entry for the following:
- Depreciation @10% on furniture of Rs. 5,000
- Wages outstanding Rs. 200
SECTION B
Answer any five questions: (5 x 8 = 40 marks)
- Who are the users of accounting information and why do the users need the accounting information?
- Explain any four accounting concepts.
- What is ‘Petty cash book’? What are its advantages?
- Prepare a bank reconciliation statement from the following data as on 31-12-2008
Rs.
- Balance as per cash book 25,000
- Cheques issued but not presented for payment 18,000
- Cheques deposited in bank but not collected 20,000
- Bank paid insurance premium 8,000
- Direct deposit by a customer 5,000
- Interest on investment collected by bank 12,000
- Bank charges 1,000
- Enter the following transactions in Rohan’s cash book with discount and cash column:
Date Particulars Rs.
Jan 1 Cash balance 18,500
3 Cash sales 33,000
7 Paid David 15,850
Discount allowed by him 150
13 Sold goods to Mohan on credit 19,200
15 Cash withdrawn for personal expenses 2,400
16 Purchased goods form Charles on credit 14,300
22 Paid into bank 22,750
25 Cash received from Mohan 19,000
Allowed him discount 200
- A Ltd., provides the following accounting data for the year ending 31st March 2008 and request you to ascertain (a) Gross profit ratio (b) Net profit ratio
(c) Operating ratio (c) Operating profit ratio
Rs.
Sales 20,00,000
Gross profit 8,00,000
Office expenses 60,000
Selling expenses 40,000
Finance expenses 30,000
Loss on sale of plant 4,000
Interest received on investments 5,000
Net profit 6,71,000
- Naresh Ltd., had a balance of Rs. 80,000 in its Profit & Loss appropriation account on 1st April 2007. During 2007-2008, its profit before tax amounted to Rs. 7,62,500. The income tax provision of the year amounted to be 347,500. The company decided to transfer Rs. 60,000 to General Reserve, Rs,. 87,500 to sinking fund for redemption of debentures to pay a dividend for the financial year at the rate of 10%. The company’s share capital consisted of 3,00,000 shares of Rs.10 each. Draw up the Profit & Loss Appropriation Account.
- The following balances were extracted from the ledger of Ram on 31st March 2008. You are required to prepare a trial balance as on that date in proper form:
Rs. Rs.
Drawings 6,000 Salaries 9,500
Capital 24,000 Sales returns 1,000
Sundry creditors 43,000 Purchase returns 1,100
Bills payable 4,000 Travelling expenses 4,600
Loan from Karthik 10,000 Commission paid 100
Furniture 4,500 Trading expenses 2,500
Opening stock 47,000 Discount earned 4,000
Cash in hand 900 Rent 2,000
Cash at bank 12,500 Bank overdraft 6,000
Tax 3,500 Purchases 1,26,000
Sales 1,28,000
SECTION C
Answer any two questions: (2 x 20 = 40 marks)
- The following Trial Balance is extracted from the books of Mr. Rahul on 31-12-2008
Particulars Debit Credit
Rs. Rs.
Furniture 640
Motor vehicles 6,250
Buildings 7,500
Capital 12,500
Bad debts 125
Sundry Debtors and Creditors 3,800 2,500
Stock on 1-1-08 3,460
Purchases and Sales 5,475 15,450
Bank overdraft 3,050
Sales and Purchases returns 200 125
Advertising 450
Interest 118
Commission 375
Cash 650
Taxes and insurance 1,250
General expenses 782
Salaries 3,300 ______
34,000 34,000
Adjustments:
Stock on 31-12-2008 was Rs. 3,250
Depreciate Buildings @ 5% Furniture @ 10% and Motor vehicle @ 20%
Salaries Rs. 300 amd taxes Rs. 120 are outstanding
Insurance prepaid for Rs. 100
Write off further Rs. 100 as bad debts
Prepare Trading and Profit and Loss account for the year ending 31-12-2008 and
a Balance Sheet as on that date.
20 The following is the Receipts and Payments A/c of Delhi football association for the first year ending 31st Dec 2008
Receipts & Payments Account
Receipts Rs. Payments Rs.
To Donation 50,000 By Pavilions office 40,000
To Reserve Fund (Life
Membership and entrance fees) 4,000 By expenses in connection
To Receipts from football with matches 900
Matches 8,000 By furniture 2,100
Revenue Receipts: By Investments at cost 16,000
To Subscriptions 5,200 Revenue Payments:
To locker Rents 50 By Salaries 1,800
To interest on securities 240 By Wages 600
To sundries 350 By Insurance 350
By Telephone 250
By Electricity 110
By Sundry expenses 210
By Balance on hand 5,520
67,840 67,840
Additional information:
- Subscriptions outstanding for 2008 are Rs. 250
- Salaries unpaid for 2008 are Rs. 170
- Wages unpaid for 2008 are Rs. 90
- Outstanding bill the sundry expenses is Rs. 40
- Donations received have to be capitalized.
Prepare from the details given above and Income and Expenditure A/c for the year ended 31-12-2008 and the Balance Sheet of the Association as on that date.
21.Following are the summarized Balance Sheets of Arul Ltd as on 31st Dec 2007 and 2008
Balance Sheets
| Liabilities | 2007
Rs. |
2008
Rs. |
Assets | 2007
Rs. |
2008
Rs. |
| Share capital
General reserve P&L A/c Bank Loan Sundry creditors Provision for taxation |
1,00,000
50,000 30,500 70,000
50,000
32,000
|
1,50,000
60,000 30,000 –
37,200
35,000 |
Land & Building
Plant & Machinery Stock Debtors Cash Bank Goodwill |
1,00,000
1,00,000 50,000 75,000 500 2,000 5,000 |
90,000
1,19,000 24,000 63,200 1,000 15,000 |
| 3,32,500 | 3,12,200 | 3,32,500 | 3,12,200 |
Additional information:
During the year ended 31st December 2008
- Dividend of Rs. 23,000 was paid
- Depreciation written off on building Rs. 10,000, Machinery Rs. 14,000
- Income tax paid during the year Rs. 28,000
Prepare a statement of cash flow for the year ended 31 Dec 2008.
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