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

October 30, 2017 by 01 prakash

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

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

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

A _________ organisation is a legal and accounting entity whose main objective’s are to provide service to the members or beneficiaries.
Give any two advantages of cash flow analysis.
What are Bad debts and how are they treated?
What is imprest system of cash book ?
List out any four direct expenses.
Write short note on Legacy
What is Proprietory fund?
Calculate cost of goods sold: Opening stock – Rs. 2,500, Purchases – Rs.50,000 Closing stock – Rs. 7000
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?

Distinguish between Trial balance and Balance sheet.
Describe the advantages and disadvantages of accounting.
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.

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

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:

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

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

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

From the following Trial Balance of Thiru. Raj as on 31^st 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.

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

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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Loyola College B.Sc. Statistics April 2009 Finan.A/C & Financial Statement Analysis Question Paper PDF Download

October 30, 2017 by 01 prakash

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

KP 03

B.Sc. DEGREE EXAMINATION –STATISTICS

SECOND SEMESTER – April 2009

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

Date & Time: 25/04/2009 / 1:00 – 4:00 Dept. No. Max. : 100 Marks

SECTION A

Answer all the questions: (10 X 2 = 20 marks)

State the rules of double entry system of bookkeeping.
What do you understand by Imprest system of Petty cash book?
(i) Earnings per share (EPS) is a

(a) Profitability ratio (b) Turnover ratio (c) Liquidity ratio (d) None of these

. (ii) In a cash flow statement dividend paid is usually treated as

(a ) application of cash (b) source of cash (c) loss (d) gain

What is cash discount?
Compute the amount of dividend paid during 2008

Proposed dividend on 1-1-08 Rs.50,000

Proposed dividend on 31-12-08 Rs.40,000

Dividend debited to P& L Appropriation Account Rs.60,000

Calculate Stock turnover ratio:

Opening stock Rs. 29,000: Closing stock Rs. 31,000: Purchases Rs. 2,42,000

What are ‘Contra Entries’?
Calculate the amount of Commission payable to the manager @10% on net profit which amounts to Rs.1,10,000 after charging such commission.
Give any two advantages of subsidiary books.
What is a cash flow statement?

SECTION B

Answer any five questions: (5 X 8 = 40 marks)

On 31^st March, 2008 the pass book showed the credit balance of Rs. 10,500.

Cheques amounting to Rs.2,750 were deposited in the bank but only cheque of Rs. 750 had not been cleared up to 31^st March.

Cheques amounting to Rs.3,500 were issued, but cheque for Rs.1,200 had not been presented for payment in the bank up to 31^st March.

Bank had given the debit of Rs. 35 for sundry charges and also bank had received

directly from customers Rs.800 and dividend of Rs.130 up to 31^st March . Find out the balance as per cash book.

Enter the following transactions in the Purchases and Purchases returns book of Rex

Electrical Co., and post them to ledger

Jan 2009

Started business with Rs.2,00,000 cash
Purchased for cash furniture Rs. 2,000
Bought of Hari

20 Immersion heaters 1,000 watt of Escorts Ltd @ Rs. 20

20 tube lights @ Rs. 8

7 Purchased stationery for cash Rs. 30

10 Bought of Bajaj & Co., on account:

30 Table lamps @ Rs. 25

10 Electric kettles @ Rs. 45

11 Purchased from Rama & Co., for cash

5 Immersion heaters 1,000 watt @ Rs. 19

12 Returned goods to Bajaj & Co.,

4 Table lamps

2 Electric kettles

15 Sales to Rahim on account

1 Immersion heaters,1000 watt @ Rs.25

Ascertain operating profit before working capital changes from the following details:

Rs.

Net profit before Tax and extraordinary items 2,00,000

Dividend received on long term investment in shares 40,000

Interest received on long term debentures of other companies 30,000

Goodwill written off 20,000

Discount on issue of shares written off 10,000

Preliminary expenses written off 25,000

Depreciation charged on Fixed Assets 65,000

Profit on Sale of equipment 10,000

Loss on Sale of Long term investments 8,000

Prepare a Two – column Cash book from the following transactions of Ratan:

Jan 2007 Rs.

1 Cash in hand 40,000

6 Cash purchases 20,000

12 Wages paid 1,000

15 Cash received from Suresh 60,000

Allowed him discount 1,000

20 Cash paid to Rajesh 25,000

Discount received from him 1,000

21 Sold goods for cash 25,000

25 Purchased goods from Shyam 12,000

22 Withdrew cash for personal use 5,000

Journalise the following transactions:

2008

Jan 1 Mr. Kumar commenced business with cash Rs.50,000,

Building Rs. 1,00,000, bank balance of Rs. 1,00,000

3 Purchased goods for cash Rs.7,000

5 Purchased goods for Rs.7,500 from Dinesh

7 Sold goods for cash Rs. 2,000

8 Paid rent Rs. 3,000 to Mr. James, the landlord

10 Withdrew cash from bank for personal use Rs.2,500

12 Returned goods worth Rs. 500 to Dinesh

15 Paid Rs.6,800 in full settlement to Dinesh.

Discuss the merits and limitations of financial accounting.
What are the significant uses of Cash flow statement?
Differentiate between Trial balance and Balance Sheet.

SECTION C

Answer any two questions: (2 X 20 = 40 marks)

The following are the balances extracted from the books of Mr. Hari as on 31-12-2008. Prepare Trading and Profit & Loss Account for the year ending 31-12-2008 and a Balance sheet as on that date:

Trial Balance as on 31-12-2008

Particulars Rs. Particulars Rs.

Drawings 4,000 Capital 20,000

Cash in hand 1,700 Sales 16,000

Cash at bank 6,500 Sundry Creditors 4,500

Wages 1,000

Purchases 2,000

Stock (1-1-2008) 6,000

Buildings 10,000

Sundry Debtors 4,400

Bills Receivable 2,900

Rent 450

Commission 250

General expenses 800

Furniture 500

40,500 40,500

The following adjustments are to be made:

Stock on 31-12-08 was Rs.4,000
Interest on capital at 6% to be provided
Interest on drawings at 5% to be provided
Wages yet to be paid Rs.100
Rent prepaid Rs. 50

From the following information make out a balance sheet with as many details as possible:

(a) Gross profit turnover ratio 25%

(b) Debtor’s velocity 3 months

( c) Creditor’s velocity 2 months

(d) Stock velocity 8 times

(e) Capital turnover ratio 2.5 times

(f ) Fixed assets turnover ratio 8 times(on cost of sales)

Gross profit for the year ended 31^st December 2008 was Rs. 80,000. There was no long term loan or overdraft. Reserves and surplus amounted to Rs. 28,000. Liquid assets were Rs. 97,333. Closing stock of the year was Rs. 2,000 more than the opening stock. Bills receivable and Bills payable were Rs. 5,000 and Rs. 2,000 respectively.

From the following Receipts and Payments account for the year 31^st December 2008 and the subjoined information, prepare the income and expenditure for the year ended 31-12-2008 and Balance Sheet as at 31-12-2008

Receipts and Payments Accounts

2008 2008

Jan 1 To Balance b/d Dec 31 By Govt securities 2,000

Cash in hand 300 By Rent 300

Cash at bank 3,000 By Furniture 500

Dec 31 To Subscription: By Postage, printing 50

2007 100 By Newspapers&

2008 2,000 Periodicals 2009 50 2,150 2008 300

To Donations 4,000 2009 60 360

To interest on investments 200 By Annual dinner 800

(book value Rs.2,000) By Electricity charges

To collection for annual 2007 60

Dinner 1,000 2008 330 390

To Sale of old Newspaper By balance b/d

Periodicals 30 Cash in hand 350

Cash at bank 5,930

6,280

10,680 10,680

Additional information:

The club had furniture Rs. 5,000 on 1.1.2008. Subscription outstanding for 2008 Rs. 200. Rent Rs. 60 and Electricity charges Rs.30 were also outstanding for the year 2008. Donations to be capitalized.

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Loyola College B.Sc. Statistics April 2012 Finan.A/C & Financial Statement Analysis Question Paper PDF Download

October 30, 2017 by 01 prakash

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

Furniture(on cost)

Delivery van

Building(on cost)

Bad debts

Debtors

Stock (1-4-2011)

Purchases

Sales return

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

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 31^st 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

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Loyola College B.Com April 2011 Finan.A/C & Financial Statement Analysis Question Paper PDF Download

October 19, 2017 by 01 prakash

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.Com. DEGREE EXAMINATION – COMMERCE

SECOND SEMESTER – APRIL 2011

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

Date : 09-04-2011 Dept. No. Max. : 100 Marks

Time : 1:00 – 4:00

SECTION A

Answer all the questions: (10 X 2 = 20 marks)

Ideal current ratio for a concern is ______________
Cost of goods sold = Net sales – _____________
Calculate the tax provided during the year from the following information:

At the beginning of the year the Provision for taxation stood at Rs.25,000

At the end of the year the Provision for taxation stood at Rs. 30,000

Tax paid for the current year Rs. 40,000

Compute profit or loss on sale of machinery

Original cost of Machinery Rs. 1,20,000;

Accumulated depreciation Rs. 49,000; Sale value of Machinery Rs. 75,000

Who is a petty cashier?
What is Bank overdraft?
State whether the following expenditures are capital or revenue:
Amount spent on heavy advertising to introduce a new product in the market
Amount spent on making a few more exits in a Cricket ground to comply with Government orders.
Classify the following accounts into personal/real/nominal
Salaries Goodwill c. Interest received d. State Bank of India
What is a Balance sheet?
Give any two uses of ratio analysis.
Calculate working capital turnover ratio.

Sales Rs.7,50,000 Current assets Rs. 4,00,000

Current liabilities Rs. 2,50,000

SECTION B

Answer any five questions: (5 X 8 = 40 marks)

Who are the users of accounting information ? Explain the usefulness of accounting information from their angle.
What are the uses and limitations of Cash flow analysis?
What is the accounting treatment of following items by a non-profit organization.?
Specific donation Life Membership fees c. Legacy
Honorarium

Enter the following in a Petty cash book . The petty cashier started with an imprest amount of Rs. 1,000 on 1^st January2011

Jan Rs.

2 For window cleaning 50

5 One bundle of A4 sheet 100

7 Taxi fare to manager 75

9 Advertisement in Times of India 25

15 Railway fare to Salesman 125

20 Polishing office table 200

22 Paid for printing 26

25 Purchase of postage stamps 18

From the following particulars, determine the maximum remuneration available to a full time director of a manufacturing company.

The Profit & Loss Account of the company showed a net profit of Rs. 40,00,000 after taking into account the following items:

Rs.

Depreciation ( including special depreciation of Rs. 40,000) 1,00,000
Provision for income tax 2,00,000
Capital expenditure 5,00,000
Donation to political parties 50,000
Ex-gratia payment to worker 10,000
Capital profit on sale of assets 15,000

Prepare a Bank reconciliation statement as at 31^st August 2010

The bank balance as per cash book Rs. 30,000

Cheque for Rs. 5,000 was credited direct to the account but omitted to be recorded in the cash book
Out of cheques amounting to R.3,700 drawn , cheques amounting to

Rs. 1,300 only are encashed.

Bank charges amounting to Rs. 200 not entered in the cash book
Bankers collected interest from investments Rs. 1,000
A customer paid directly a cheque for Rs. 300 into the account
As per the standing instructions the Bank paid the telephone bill Rs.1,000

After taking into account the under mentioned items of Raja ltd it made a net profit of Rs. 1,00,000 for the year ended 31sr Dec 2010:

Rs.

Loss on sale of machinery 10,000

Depreciation on building 4,000

Profit on sale of building 8,000

Income tax refund 3,000

Preliminary expenses written off 5,000

Provision for taxation 10,000

Goodwill written off 5,000

Calculate operating profit before working capital changes.

Calculate the amount of subscription and stationery to be shown in the Income and Expenditure account.
Subscriptions received during the year 2009-10 is as follows:

(2008-09 Rs. 2,000: 2009-10 Rs. 30,000: 2010-11 Rs. 3000)Rs 35,000

Subscription outstanding as on 31^st March 2009 were Rs. 3,500

Subscription outstanding as on 31^st March 2010 were Rs. 2,000

Advance Subscription as on 31^st March 2009 were Rs. 6,000

Calculate the amount of stationery to be shown in the Income and Expenditure account.

Stock of stationery on 31-3-2010 Rs. 400

Stock of stationery on 31-3-2011 Rs. 500

Stationery purchased during the year Rs. 1,000

SECTION C

Answer any two questions: (2 X 20 = 40 marks)

From the following transactions prepare a Triple column cash book of Anand for the month of August 2010:

Aug Rs.

1 Cash balance 20,000

Bank balance 25,000

5 Paid rent by cheque 5,000

7 Purchased goods from Charles for credit 20,000

10 Deposited into bank 10,000

12 Returned goods to Charles 1,000

14 Withdrew from bank for office use 1,000

16 Paid cheque to Charles in full settlement 8,950

20 Withdrew cash from bank for celebrating his birthday 5,000

22 Paid salaries by cheque 10,000

26 Suresh, a customer paid directly into bank 5,000

28 Paid for advertisement 1,000

29 Cash sales 7,000

From the following Trial Balance , Prepare final accounts for the year ended 31^st March 2011

Trial Balance

Name of the account

Debit

Balances

Name of the account

Credit

Balances

Purchases

Debtors

Return inwards

Furniture

Rent

Salaries

Travelling expenses

Cash

Stock

Discount allowed

Drawings

11,870

7,580

450

2,750

360

850

300

210

2,450

600

27,460

Capital

Bad debts recovered

Creditors

Return outwards

Bank overdraft

Sales

Bill payable

8,000

250

1,250

350

1,570

14,690

1,350

_______

27,460

Additional information:

The closing stock on 31-3-2011 was Rs. 4,200
Write off Rs. 80 as bad debts
Create a reserve for bad debts at 5% on sundry debtors
Three months rent is outstanding
Depreciate furniture @ 10%

From the following information, prepare Balance sheet with as many details as possible:

Stock turnover ratio 6 times

Capital turnover ratio (on cost of sales) 2 times

Fixed assets turnover ratio (on cost of sales) 4 times

Gross profit ratio 20%

Debtor’s velocity 2 months

Creditor’s velocity 73 days

Gross profit in a year amounts to Rs. 60,000. Reserves & surplus amount to Rs. 20,000. Closing stock of the year is Rs. 5,000 more than the opening stock

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