Loyola College B.Sc. Statistics April 2008 Finan.Ac & Financial Statement Analysis Question Paper PDF Download

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

RO 3

 

B.Sc. DEGREE EXAMINATION – STATISTICS

SECOND SEMESTER – APRIL 2008

CO 2104 / 2101 – FINAN.A/C & FINANCIAL STATEMENT ANALYSIS

 

 

 

Date : 25/04/2008                Dept. No.                                        Max. : 100 Marks

Time : 1:00 – 4:00

 

SECTION A

Answer all questions:                                                              10 x 2 =20 marks

 

  1. Classify the following accounts into Personal, Real and Nominal:
  2. a) Cash account b)  Dividend account    c) Goodwill account
  3. d) Chennai Cricket Club Account

2.a  The subdivisions of a journal into various books are called ___________ books.

  1. A _________ organisation is a legal and accounting entity  whose main     objective’s are to provide        service to the members or beneficiaries.
  2. Give any two advantages of cash flow analysis.
  3. What are Bad debts and how are they treated?
  4. What is imprest system of cash book ?
  5. List out any four direct expenses.
  6. Write short note on Legacy
  7. What is Proprietory fund?
  8. Calculate cost of goods sold: Opening stock – Rs. 2,500, Purchases – Rs.50,000 Closing stock –  Rs. 7000
  9. Compute the Profit or loss on sale of Land: Original cost – Rs. 10,000      Accumulated Depreciation –        5,000  Sale value Rs.5,500.

 

 

SECTION B

Answer any five questions:                                                                 5 x 8 =40 marks

 

11  What is Bank Reconciliation Statement?  Why should it be prepared periodically?

  1. Distinguish between Trial balance and Balance sheet.
  2. Describe the advantages and disadvantages of accounting.
  3. M/s Praveen Furniture Mart purchased the following items during the month of December 2007

5    Purchased from M/s Goodwill furniture

200 Chairs @ Rs. 100 per chair

25 Tables @ Rs. 200 per table

11  Purchased from M/s Nithya motors

One Maruti  car for Rs. 1,40,000

One Scooter for Rs. 14,000

  • Cash purchases from Dilip furniture:

4 Sofa sets @ Rs. 5,000 per set

1 Computer table @ Rs. 2,500

20  Purchased from Ram & Co

24 Dining chairs @ Rs. 200 per chair

4 Dining tables @ Rs. 2,000 per table

Less : 15% trade discount

Prepare purchases book and show ledger posting of purchases book.

  1. From the following balances, prepare the Balance sheet of a Company in the prescribed format, Goodwill       Rs. 1,50,000; Investments Rs. 2,00,000; Share capital Rs. 5,00,000 ;  Reserves Rs. 1,10,000; Share premium           Rs. 15,000; Preliminary expenses Rs. 10,000; Profit and Loss A/c (Cr) Rs. 25,000; Debentures         Rs. 2,50,000, Plant and Machinery  Rs. 2,70,000; Land Rs. 2,00,000; Stock Rs. 80,000; Debtors Rs. 60,000;       Bank balance Rs. 30,000; Unsecured loan Rs. 65,000; Sundry creditors Rs. 35,000

 

  1. From the following Receipts and Payments account of Chennai Club for the year ended 31-3 – 2007.       Prepare Income and Expenditure Account.

Receipts and Payments Account for the year ended 31-3-07

Receipts                      Rs.                Payments                       Rs.

To Balance b/d           3,485               By Books                    6,150

To Entrance fees           650               By Printing and

To Donations             6,000                       Stationery               465

To Subscribtions         6,865               By Newspapers           1,110

To Interest on                                      By Sports Materials    5,000

Investments    1,900               By Repairs                     650

To Sale of furniture        685               By Investments           2,000

To Sale of old                                     By Furniture                1,000

Newspapers       465               By Salary                    1,500

To Proceeds from                                By balance c/d                        3,165

Entertainments     865

To Sundry receipts         125

_____                                                 _______

21,040                                                 21,040

Additional information:

  1. Capitalise Entrance fees and Donations
  2. Sports Materials valued at Rs. 4,000 on 31-3-07.

 

  1. Given the following figures:

Sales                                           Rs. 15,00,000

Gross profit                                20% on sales

Current assets                               4,00,000

Current liabilities                          2,00,000

Fixed assets (Gross) 5,00,000

Less: Depreciation  1,00,000    4,00,000

Calculate : (i)  Capital turnover ratio  (ii) Fixed assets turnover ratio

  • Working capital turnover ratio

 

  1. X Ltd made a profit of Rs. 4,00,000 after considering the following items:

(i)         Depreciation on fixed assets Rs. 15,000

(ii)        Writing off preliminary expenses Rs. 6,000

(iii)       Loss on sale of furniture         Rs.      900

(iv)       Provision for taxation             Rs. 75,000

(v)        Transfer to general reserve      Rs.   5,000

(vi)       Profit on sale of buildings       Rs. 10,000

The following additional information is also supplied to you:

Particulars                   31-12-06                      31-12-07

Rs.                               Rs.

Sundry Debtors                       15,000                         20,000

Sundry Creditors                    12,000                         17,000

Bills receivable                        14,000                         17,500

Bills payable                              9,500                           6,000

Outstanding expenses             3,000                            2,000

Prepaid expenses                         100                               200

You are required to ascertain the amount of cash from operations.

 

SECTION C

Answer any two questions:                                                     2 x 20 =40 marks

 

  1. From the following Trial Balance of Thiru. Raj as on 31st March 2007, Prepare Trading and Profit & Loss A/c and Balance Sheet taking into account the adjustments:

Debit balances         Rs.           Credit balances             Rs.

Land and Buildings          42,000       Capital                         62,000

Machinery                          20,000       Sales                            98,780

Patents                                  7,500       Return outwards              500

Stock 1-4-2006                     5,760       Sundry Creditors          6,300

Sundry debtors                  14,500        Bills payable                  9,000

Purchases                           40,675

Cash in hand                           540

Cash at bank                        2,630

Return inwards                       680

Wages                                  8,480

Fuel and power                    4,730

Carriage on sales                  3,200

Carriage on purchases          2,040

Salaries                               15,000

General expenses                 3,000

Insurance                                 600

Drawings                              5,245

______                                           ______

1,76,580                                         1,76,580

Adjustments

  • Stock on 31-3-2007 was Rs. 6,800
  • Salary outstanding Rs. 1,500
  • Insurance Prepaid Rs. 150
  • Depreciate machinery @ 10% and patents @ 20%
  • Create a provision of 2% on debtors for bad debts.

 

  1. From the following transactions, prepare Three- Column cash book of Akash for the month of Aug 2007

Aug

2007                                                                               Rs.

1       Cash balance                                                   20,000

Bank balance                                                   23,000

3       Paid rent by cheque                                          5,000

4       Cash received on account of cash sales            6,000

6       Payment for cash purchases                              2,000

8       Deposited into bank                                          8,000

9       Bought goods by cheque                                  3,000

10       Sold goods to Naresh on credit                        7,120

12       Received cheque from Mohan                          2,900

Discount allowed to him                                      100

13       Withdrew from bank for office use                  4,350

14       Purchased furniture by cheque                         1,260

15       Received a cheque for Rs. 7,000 from

Naresh in full settlement of his account,

Which is deposited into bank

16       Withdrew for personal use from bank              1,200

18       Suresh our customer has paid directly

Into our bank                                                              4,000

  • Prasad settled his account for Rs. 1,250

By giving a cheque for                                   1,230

  • Prasad’s cheque sent for collection

 

  1. Using the following information, construct a Balance Sheet:

Gross profit (20% on sales)  Rs. 6,00,000

Shareholder’s equity               Rs. 5,00,000

Credit sales to total sales        80%

Total assets turnover(on sales) : 3 times

Average collection period (360 days in a year)  : 18 days

Current ratio                1.6

Long term debt to equity                    40%

 

 

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