Loyola College B.Com April 2010 Fin. Accounts & Fin. Stat. Analysis Question Paper PDF Download

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Loyola College B.Sc. Mathematics April 2008 Fin. Accounts & Fin. Stat. Analysis Question Paper PDF Download

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

       B.Sc.,B.A. DEGREE EXAMINATION – MATHEMATICS & ECONOMICS

RO 13

 

FOURTH SEMESTER – APRIL 2008

CO 4205 / 4201 – FIN. ACCOUNTS & FIN. STAT. ANALYSIS

 

 

 

Date : 24/04/2008                Dept. No.                                        Max. : 100 Marks

Time : 9:00 – 12:00

SECTION A

Answer all questions:                                                              10 x 2 =20 marks

 

  1. What is Overdraft?
  2. How does one treat recovery of bad debts in accounts?
  3. Differentiate between Cash discount and Trade discount?
  4. a. Only __________transactions are recorded in the Single Column Cash Book
  1. A ___________is a short explanation of the transaction.
  1. What is a voucher?
  2. Who are non- profit seeking concerns?  Give examples
  3. List any two advantages of Subsidary books?
  4. Why is a Trial balanace prepared?
  5. Ascertain  purchases from the following figures:

Cost of goods sold                  Rs. 80,700

Opening Stock                        Rs.   5,800

Closing stock                          Rs.   6,000

  1. Calculate the Capital fund by preparing Balance sheet:

Rs.                                                    Rs

Cash                                       6,000               Bank balance               35,000

Subscription outstanding        2,000               Furniture                     20,000

Building                             1,00,000               Salaries outstanding      4,000

 

SECTION B

Answer any  five questions:                                                    5 x 8 = 40 marks

 

  1. What are Assets? Discuss the various types of assets?
  2. Write a brief note on the importance of ratio analysis.
  3. Briefly explain the concepts which form the backbone of Accounting.
  1. Moon Ltd had a balance of Rs.75,000 in its Profit & Loss account on 1st April 2006.  During 2006-2007, its profit before tax amounted to

Rs. 7,62,500.  The income tax provision for the year amounted to be

Rs. 3,47,500.  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 Appropriate account.

 

  1. Statement of the financial position of Mr. Ram is given below:

Liabilities         2006      2007         Assets           2006         2007                                            

Creditors            2,900     2,500       Cash               4,000       3,000

Capital              73,900   61,500       Debtors           2,000      1,700

Stock                 800       1,300

Building        10,000       8,000

Land              60,000     50,000

———   ———                             ———-    ———

76,800     64,000                            76,800     64,000

Additional information:

(i)  There were no drawings

(ii)  There was no purchase or sales of either building or other fixed      assets.

Prepare a Statement of cash flow.

 

 

 

 

 

 

  1. Journalise the following transactions in the books of Mr. Hari for the month of January 2008

Rs.

1          Hari started business with capital                   2,50,000

5          Purchased goods from Shankar                         24,000

7          Purchased goods for cash                                    4,000

8          Purchased chairs                                                  1,500

10        Proprietors drawings                                            1,000

11        Paid rent to the landlord , Mr. Ram                     1,700

13        Received interest                                                 1,000

15        Sold goods to Suresh                                           4,000

20        Paid to Shankar  Rs.23,500 and discount received Rs.500

22        Paid salary to the Manager, Mr. Arun                             2,000

 

  1. Prepare a bank reconciliation statement from the following:

Rs.

Bank balance as per Cash Book                                             18,500

Cheques deposited but not collected by the bank                    6,000

Cheques issued but not presented for payment                        4,500

Bank charges debited in the pass book                                        150

Dividend collected by bank not entered in the cash book       1,200

Insurance premium paid by the bank not entered in the

Cash book                                                                               350

 

  1. M/s Sathish & Co furnishes the following information for the month of January 2008. Prepare a Cash book with Cash and Bank columns:

Jan                                                                                 Rs.

1        Balance in Hand                                             1,000

Bank Overdraft                                               3,000

3        Issued a cheque to Sharma                                500

5        Received a cheque from Mr. Charles and

Deposited into bank                                      1,000

7        Drew from bank for office use                          500

9        Paid Life insurance premium in cash                 250

15        Bank collected dividend                                    500

 

SECTION C

Answer any  five questions:                                                    2 x 10 =40 marks

 

 

  1. The following is the summary of cash transactions of Chennai Literary Club for the year ended 31st December 2007

Receipts                    Rs.              Payments                  Rs.

To Balance from last year  3,190        By Rent & Rates         1,680

To Entrance fees                 2,250       By Wages                    2,450

To Subscription                 16,000       By Lighting                    720

To Donations                      1,650       By Lecture fees           4,350

To Life membership fee       2,500      By Books                    2,130

To Interest                              140       By Office expenses     4,500

To Sale of furniture                             By Placed on 6%

(Book value Rs. 500)           720          fixed deposit                        8,000

By Cash at bank          2,420

By Cash in hand            200

——–                                          ——–

26,450                                         26,450

——–                                          ——–

At the beginning of the year, the Club possessed Books worth Rs.20,000 and Furniture worth Rs.8,500.  Furniture worth Rs. 500 was sold on 1.1.07 for

Rs. 720 as shown in the above cash summary. Ordinary Subscription in arrears at the beginning of the year amounted to Rs. 350 and at the end of the year Rs. 450.

Prepare Income and Expenditure Account of the Club for the year ended 31st December, 2007 and a Balance sheet at that date after writing off Depreciation at 5% per annum on Furniture and 10% per annum on Books.

Entrance fees and Donations to be capitalized.

 

 

  1. From the following Trial Balance of M/s Ram & Sons, Prepare Trading and Profit and Loss Account for the year ending on 31st December 2007 and the Balance Sheet as on that date

Dr.                   Cr.

Purchases and Sales                            21,750             35,000

Discount                                                1,300

Wages                                                   6,500

Salaries                                                  2,000

Travelling expenses                                 400

Commission                                            425

Carriage inwards                                     275

Administration expenses                         105

Trade expenses                                        600

Interest                                                                250

Building                                              5,000

Furniture                                                 200

Debtors                                               4,250

Capital                                                                         13,000

Cash                                                    7,045

Creditors                                                                       2,100

———             ———

50,100             50,100

Additional information:-

 

Stock on 31st December 2007, was Rs. 6,000.  Depreciate building by 20%.  Create a  provisions  for bad debts at 10% on debtors.  Outstanding wages

Rs. 475.

 

  1. Using the following data, complete the balance sheet below:

Gross profit ratio                                             20%

Current ratio                                                    1.8

Stock turnover ratio                                        4times

Debt collection period                                                20 days

(360 days year)

Long-term debt to equity                                40%

Total assets turnover ratio

(on sales)                                                 0.3 times

Credit sales to total sales                                80%

Gross profit                                                     Rs. 1,08,000

Share capital & Reserves and Surplus            Rs. 12,00,000

 

 

 

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Loyola College B.Sc. Mathematics April 2009 Fin. Accounts & Fin. Stat. Analysis Question Paper PDF Download

            LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.Sc., B.A. DEGREE EXAMINATION – MATHEMATICS&HISTORY,ECONOMICS

KP 14

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)

  1. List the various types of cash book?
  2. What is Bank Reconciliation Statement?
  3. 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

  1. Classify the following under Personal, Real, Nominal account
  • Outstanding salary (b)  Goodwill  (c ) Loss by fire  (d)  Purchases
  1. Fill in the blanks:
  • Purchases book is also known as ___________.
  • Journal is the book of _________ entry.
  1. 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

  1. 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

  1. 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

  1. What are the different modes of expressing ‘Ratios’?
  2. 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)

  1. Who are the users of accounting information and why do the users need the accounting information?
  2. Explain any four accounting concepts.
  3. What is ‘Petty cash book’?  What are its advantages?
  4. 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
  1. 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

 

  1. 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

 

  1. 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.
  2. 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)

  1. 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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Loyola College B.Sc. Chemistry April 2007 Fin. Accounts & Fin. Stat. Analysis Question Paper PDF Download

         LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.Sc.,B.A. DEGREE EXAMINATION –MATHS.,CHEM.,ECONOMICS

TH 62

FOURTH SEMESTER – APRIL 2007

CO 4201 – FIN. ACCOUNTS & FIN. STAT. ANALYSIS

 

 

 

Date & Time: 19/04/2007 / 9:00 – 12:00   Dept. No.                                            Max. : 100 Marks

 

 

Section – A

Answer all Questions .                                                                                                          10×2=20

 

  1. What is double entry system of book – keeping ?
  2. State the rules for debiting and crediting.
  3. What is convention of conservatism ?
  4. What is Trial balance ?
  5. What is Earnings per share ?
  6. Distinguish between capital expenditure and revenue expenditure ?
  7. Why is Bank Reconciliation prepared ?
  8. Compute the amount that should be debited to Income and Expenditure a/c.

Stock of balls and bats as on  1.1.04 Rs.2000

Purchase of balls and bats during  04 Rs.7500

Stock of balls and bats as on 31.12.04 Rs.3600.

  1. Give a proforma of P/L Appropriation a/c.

10.Calculate Net profit and Gross profit Ratio. Sales Rs. 5,00,000 ; Gross profit

Rs.1,50,000. Net profit before tax Rs.1,00,000 ; Tax rate is 40 %.

 

Section – B

 

Answer any five Questions                                                         (5×8=40)

 

  1. Distinguish between Receipt and Payment account and Income and Expenditure

account.

  1. Explain the advantages and limitations of cash flow analysis.
  2. Explain the fundamental concepts of double entry system.
  3. Enter the following transactions in the proper subsidiary  books:

Bought from Rathi Coal Co. 100 tones of steam coal @ Rs.577.50 per tonne.

Bought from Bishamber Dayal.

200 tones of soft coke @ Rs 465.00 per tonne.Less 5 % Trade Discount.

Bought from Central Coal Co.

200 tonnes of hard  coke @ Rs.522.50 per tonne.Less 5 %  Trade Discount.

Sold to Tea House.

10 tonnes of soft coke @ Rs.500.00 per tonne.Less 2.5  Trade Discount.

Sold to Widsons Industries.

400 tonnes of coal at an average price of Rs.532.50 per tonne.Less 5% Trade

Discount.

 

  1. Write the following transactions in a Three – Column Cash Book and bring down

the balances.

2001                                                                            Rs

Dec.  1 Cash in hand                                                                               200

Cash at bank                                                                            1,800

 

4  Received cash from Sri Ram                                                       95

Allowed him discount                                                                   5

6  Purchased stationery for cash                                                      20

7  Paid to Sri.Shyam by cheques                                                   330

Received discount                                                                        10

12 Rahim settled his account for less 5% discount by cheque        500

18 Paid sundry expenses in cash                                                        30

23 Paid to Sri Jadu in cash                                                               190

Received discount                                                                         10

24 Withdrew from bank for office cash                                           100

 

  1. The comparative Balance Sheet of M/s.Ram brothers for the two years were as

follows :

—————————————————————————————————-

 

Liabilities                        1984            1985      Assets                1984             1985

Rs.               Rs.                                   Rs.                 Rs.

Capital                             1,50,000  1,75,000    Land & Buil.     1,10,000     1,50,000

Loan from Bank              1,60,000  1,00,000    Machinery         2,00,000     1,40,000

Creditors                             90,000  1,00,000    Stock                    50,000        45,000

Bills payable                        50,000     40,000    Debtors                70,000        80,000

Loan from S.B.I                       __        25,000    Cash                     20,000       25,000

————————-                           ————————–                                                                              4,50,000    4,40,000                             4,50,000     4,40,000

————————–                           ————————-

Additional Information  :

  1. Net profit for the year 1985 amounted to Rs .60,000.
  2. During the year a machine whose book value 15,000  was sold for Rs.13,000.

You are required to prepare a cash flow statement.

 

  1. From the following particulars of a trade , prepare a Bank Reconciliation Statement as on 30th April , 2001 :
    • Bank overdraft as per Cash Book Rs. 7,050.
    • During the month , of cheques deposited into bank , one cheques for Rs.1,860 has not been collected.
    • cheques issued for Rs.7,150 has not yet encashed .
    • As per instruction, the bank had paid out 1,750 to a creditor , but the same has not yet been entered in the cash book.
    • a debtor had deposited directly into the bank Rs.1,500 but the same has not been recoded in the Cash Book.
    • the bank without any intimation had debited his account  for Rs.20 as bank charges and credited the same for Rs.30 as interest .

 

 

 

 

 

 

 

 

 

 

 

 

  1. Following is the Balance Sheet of Y Ltd.

Rs                                                     Rs

Eqty,share capital           1,00,000          Cash at bank               12,000

6% Pref.share capital     1,00,000          Bills Receivable          50,000

Debentures                        60,000          Debtors                       70,000

Reserves                         1,50,000          Stock                           40,000

Creditors                                      67,000           Furniture                   1,30,000

Bank Over Draft              40,000           Buildings                   2,20,000

Proposed Dividend           30,000          Goodwill                     45,000

Profit & Loss a/c               20,000

————                                           ————-

5,67,000                                             5,67,000

————-                                          ————-

Calculate  Short term solvency and Long term solvency Ratios.

 

Section – C

Answer any two questions                                                       (2×20 = 40)

 

  1. With the help of the following ratios regarding Indu films draw the Balance Sheet of

the Company for the year 1985.

 

Current  ratio                                                                 2.5

Liqudity ratio                                                                 1.5

Net Working capital                                                       Rs.3,00,000

Stock Turnover ratio (cost of sales / closing stock)       6 times

Gross profit ratio                                                            20 %

Debt collection period                                                    2 months

Fixed assets turnover ratio (on cost of sales)                 2 times

Fixed assets to shareholders net worth                          0.80

Reserve and surplus to capital                                       0.50

 

 

  1. From the following information relating to Indian Cricket Club, prepare Income and Expenditure Account for the year ending 31st March,1991 and Balance Sheet as at that date. Abstract of Hon. Secretary’s cash book for the year is as follows :

Rs.                                                                   Rs.

To members’ subscription          8,000   By Upkeep of field and pavilion         2,000

To members’ admission Fee        300    By Expenses regarding Tournament   3,700

To sales of Old Balls, Bates,etc     50    By Rates and Insurance                      1,500

To Hire of Ground                       300    By printing and stationery                     100

To subscription for Tournament 4,000 By Bats , Balls,etc.                               2,700

To Bank drawn                             4,000 By Bank Lodged                               16,650

To Donation                                10,000

———                                                            ———

26,650                                                           26,650

———-                                                           ———

Assets on 1st April ,1990 :                                                 Rs.

Cash at bank                                                                     3,000

Stock of Bats, Balls, etc                                                   1,500

Printing and stationery                                                         200

Subscription due                                                                  500

Liabilities on 1st April ,1990                                                 nil

 

Donation and surplus on account of tournament   should be kept in reserve for a permanent pavilion. Subscription due at 31st March,1991,Rs.750 ; Write off 50 percent of Bats , Balls Account and 25 percent of printing and stationery account.

 

  1. From the following Trial Balance as on 31.3.2001, Prepare Trading Account , Profit

and Loss Account  for the year ended 31.3.2001 and a Balance Sheet as on that date

Debit Balance                               Rs             Credit  Balance                  Rs

 

Drawings                                       3,600        Capital                                40,000

Machinery                                   10,000        Purchase Return                   1,240

Stock                                           13,750        Discount Received                   980

Purchases                                 1,09,600        Sundry Creditors                  15,000

Sales Return                                  1,800        Sales                                   1,30,150

Carriage Outwards                        2,300

General Expenses                         1,100

Advertisement                              1,350

Wages                                           2,600

Rent and Taxes                             3,500

Bad Debts                                        970

Sundry Debtors                            33,950

Bank                                              2,500

Cash                                                  350

————-                                                  ————-

1,87,370                                                   1,87,370

————-                                                ————–

 

The following adjustments are necessary –

Machinery is to be depreciated by 5% p.a

  1. Outstanding wages Rs . 250.
  2. Write off bad debts Rs . 700.
  3. Rent & Taxes paid in advance Rs 100.
  1. Stock on 31.3.2001 Rs . 19,500.

 

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Loyola College B.Com April 2012 Fin. Accounts & Fin. Stat. Analysis Question Paper PDF Download

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.A., B.Sc., B.Com. DEGREE EXAMINATION – ECO. MATHS & COMM.

FOURTH SEMESTER – APRIL 2012

CO 4205 / 4201 – FIN. ACCOUNTS & FIN. STAT. ANALYSIS

 

 

Date : 19-04-2012              Dept. No.                                        Max. : 100 Marks

Time : 1:00 – 4:00

 

PART – A

(10 x2=20)

ANSWER ALL QUESTIONS

  1. What is book keeping?
  2. Enlist any four users of accounting information.
  3. What is nominal account?
  4. Give the meaning of management accounting.
  5. Write any two differences between Cash discount and trade discount.
  6. What is non-trading concern?
  7. Define Cash flow statement.
  8. What is meant by liquid assets?
  9. Prepare Subsidiary book from the following information:

Bought, 5 dozen Ink Pens from Camlin Ltd. @ Rs.20 each (Trade Discount=5%)

Sold, 3 dozen Ink Pens to Loyola Stationery Mart @ Rs.35 each (Trade Discount=20%)

Purchased, 3 dozen Pencils from Natraj Ltd.  @ Rs.3 each

Sold, 10 Pencils to Anand @ Rs.4 each

  1. Calculate Fixed assets turn over ratio:

Bank balance Rs.10000. Furniture Rs.80000, Sales Rs.153000, Sales Returns Rs.13000, Depreciation Rs.10000, Creditors Rs.5000

 

Part – B

(5 x8=40)

Answer any FIVE questions

 

  1. Bring out the advantages of book keeping.
  2. What are the basic concepts of accounting?
  3. Distinguish between Receipts and Payments and income and expenditure.
  4. How do you classify the following items into personal, Real and nominal accounts?
  • Loyola College
  • Salaries
  • Land & Buildings
  • Sales
  • Outstanding Wages
  • Rent
  • Arunachalam
  • Sundry Debtors

 

  1. Pass journal entries in the books of Arumugham for the month of Jan. 2012

Jan. 1  Started business with Cash Rs.50000 and Land Rs.450000.

3 Bought goods from Michael on credit Rs.10000

5 Sold goods to Ahmed for Cash Rs.25000

9  Final settlement made to Michael Rs.9950

12 Paid Salaries Rs.18000 and Wages Rs.2000

18 Deposited cash into bank Rs.5000

25 Withdrew cash from bank for own use Rs.2000

29 Bought furniture from M/s. Woodpecker Ltd. for Cash Rs.28000

 

  1. Record the following transactions in the analytical petty cash book of Mr.Antony.
Date Particulars Rs.
      2012 Mar.1 Received from Head Office 2000
3 Paid for Office cleaning 100
6 Bought Postal Envelop 100
7 Paid Railway Fare 350
9 Bought Pen & Pencils 65
10 Refreshment to Office Staff 120
12 Revenue Stamps 150
14 Paid Taxi Hire 200
17 Coffee & Snacks 50
19 Office Cleaning 150
23 Scribbling pads 320
28 Paid bus fare to Peon 30
30 Telegram to H.O. 15

 

  1. You are required to prepare Bank reconciliation statement of Mr. Amar for Feb. 2012
  • Balance as per the Cash Book Rs.20000
  • Cheque issued to Madhu on Feb.5, but presented for payment in March Rs.3000
  • Our customer Mr. Sherwin has paid into our bank account Rs.20000
  • Cheque received from Arun Rs.6000 on Feb. 20, but was not deposited till date.
  • Demand Draft charges found in Pass Book Rs.50
  • LIC Premium paid by the banker as per our standing instruction Rs.5000
  • A wrong credit found in the Pass book Rs.500
  • Interest credited in the pass book Rs.25

 

 

 

  1. Ascertain the operating profit before changes in working capital changes from the following information:

Net Profit before tax and extraordinary items Rs.200000

Dividend received on Long term investments in shares Rs.40000

Interest received on long term investment in debentures of other companies Rs.30000

Goodwill written off Rs.20000

Discount on issue of shares written off Rs.10000

Preliminary expenses written off Rs.25000

Depreciation charged on fixed assets Rs.65000

Profit on sale of equipment Rs.10000

Loss on sale of Long term investments Rs.8000

Part – C

 (2 x20=40)

Answer any TWO questions

 

  1. Prepare a three column cash of Mr. Selva for the month of March 2012.
Date Particulars Rs.
2012 Mar.1 Cash in hand 150000
Cash at Bank 100000
3 Bought goods from Kumar on credit 40000
5 Sold goods to Ganesh on credit 25000
7 Final settlement made to Kumar 39500
10 Bought Computer for cash and payment made by cheque 35000
11 Cash Sales made 15000
13 Final settlement received from Ganesh 24750
15 Paid into Bank 5000
18 Cash Purchases 75000
20 Paid Rent 12000
22 Withdrew from bank 30000
25 Received Commission by cheque and deposited immediately 2000
27 Withdrew cash from Bank for own use 1500
29 Our customer Mr.Jegan has paid into our bank account 25000
30 Deposited into bank all Cash in excess of 10000

 

 

  1. From the following details, you are required to prepare:

(a) Gross Profit Ratio (b) Net profit ratio (c) Stock Turn over ratio (d) Debtors turnover ratio (e) Current ratio

Sales Rs.300000, Cost of goods sold Rs.240000, Opening stock Rs.58000, Closing Stock Rs.62000, Debtors Rs.30000, Office expenses Rs.30000, Cash Rs.35000, Land Rs.900000, Bills Payable Rs.10000 and Creditors Rs.60000

 

  1. Prepare Trading and Profit Loss Account and Balance Sheet of  Balakrishnan from the given below trial balance as on 31-3-2012
S.No Particulars Debit (Rs.) Credit (Rs.)
1 Capital 300000
2 Buildings 100000
3 Stock (1-4-2011) 100000
4 Purchases 400000
5 Machinery 200000
6 Power 10000
7 Wages 30000
8 Insurance Premium 4000
9 Office Rent 55000
10 Salaries 110000
11 Printings Charges 20000
12 Bad Debts 2000
13 Commission Received 3000
14 Debtors 51000
15 Creditors 25000
16 Cash 10000
17 Provision for Bad and Doubtful debts 4000
18 Bank Loan 125000
19 Sales 700000
20 Advertisement 18000
21 Goodwill 47000
1157000 1157000

 

Adjustments:

  1. Closing Stock was Rs.150000
  2. Salaries outstanding Rs.10000
  3. Insurance Premium prepaid for 3 months
  4. Write off further bad debts Rs.1000 and provide for bad and doubtful debts @2% p.a. on remaining debtors
  5. Depreciate Machinery @ 10% p.a.

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