Loyola College Supplementary (Commerce) April 2006 Financial Accounting & Fin. State. Analysis Question Paper PDF Download

November 23, 2017 by 01 prakash

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

SUPPLEMENTARY SEMESTER EXAMINATION – JUN 2006

B.Sc. DEGREE EXAMINATION

CO 2101 – FINANCIAL ACCOUNTING & FIN. STATE. ANALYSIS

Date & Time : 27/06/2006/9.00 – 12.00 Dept. No. Max. : 100 Marks

SECTION-A

Answer all questions 10*2=20

What is double entry system of book keeping?
State any two merits of subsidiary books?
What is ledger?
Why is suspense account opened ?
Why is bank reconciliation prepared?
What is earning per share ?
What is depreciation ?
Give any two non cash items?
State the rules for debiting and crediting .
What is meant by convention of conservatism ?

SECTION-B

Answer any five questions 5*8=40

Explain the advantages and limitations of ratios.
Discuss the fundamental concepts of double entry system
Distinguish between single entry and double entry.
An old machine worth Rs.12,400 was purchased on 1.1.1999 . Rs.8000 was spent on repairs and Rs.3,600 for installation of the same . Depreciation was to be charged @ 30% p.a under diminishing balance method. The said machine was sold as scrap for Rs.3,600 at the end of 2001. show machinery a/c upto 2001.

Enter the following transations in a purchase book or in sales book as the case may be.

1^st Sep.2001 ,100 tonnes of coal @ Rs.577.50 per tone from A &CO.

5^TH 200 tones of soft coke @Rs.465 ,less trade discount 5%.

10^th 200 tones of hard coke @Rs.522.5 ,less trade discount 5%.

19^th 10 tones of soft coke sold to B&CO @Rs.500 less 2.5% trade discount.

30^th 400 tones of coal @Rs.532.5 sold to XY&CO ,less discount5%.

16.Enter the following transaction in a triple column cash book .

Jan 1 cash balance inhand 400

Cash at bank 1650

received from somu Rs.180 ,discount allowed Rs.5
paid for stationary in cash 35
paid ganesh by cheque Rs.315 ,discount Rs.8
sundry expenses in cash 17
Robbin settled his a/c for Rs.400 less 5% discount
withdrew from bank for office 50
bought goods by cheque 250
sold goods for cash 150
paid into the bank 350.

17.Journalise the following transaction.

Started business with cash Rs.50,000

Purchased goods for cash Rs.10,000

Sold goods for cash Rs.15,000

Purchased goods from X on credit Rs.5000

Sold goods to B for Rs.6000

Bought a furniture Rs.14,000

Paid wages Rs.400

18.From the ledger balances given below ,draw up the trial balance.

Rs. Rs.

Capital 8950 drawings 1050

Stock 3725 purchases 23100

Sales 39425 wages 6205

Lighting and heating 310 equipment 3600

Carriage outward 230 carriage inward 105

Returns outward 290 discount allowed 285

Provision for doubtful debts 350, cash 110, rent 1115,

Discount received 315 motor vehicle 1475

Creditors 4925, debtors 13920 ,bank overdraft 975.

SECTION-C

Answer any two questions: 2*20=40

The following is the trial balance of Mr.Maria for the year ended 31^st dec 2001.

Compile the final a/c for him, after incorporating the adjustments.

Dr(Rs.) Cr(Rs.)

drawings and capital 4,000 65,000

purchase and returns outward 25,000 4,000

sales — 71,000

stock on 1.1.2001 9,000 —

salary 10,000 —

wages 3,000 —

cash in hand 6,100 —

rent and rates 5,500 —

bank loan — 14,000

discounts 400 500

building 35,000 —

machinery 50,000 —

debtors and creditors 10,000 6,000

———- ———

160500 160500

Adjustments:

wages of Rs.1000 and salaries of Rs.2000 are not paid.
Included in the salaries is a figure of Rs.1000 taken by the proprietor

For personal expenses.

stock on 31.12.2001 is Rs.30,000
depreciate building by 2% and machinery by 10%.

From the following information ,make out a balance sheet.

Current ratio 2.5

liquid ratio 1.5

proprietary ratio 0.75(fixed assets/prop.fund)

Working capital Rs.60,000.

Reserve and surplus Rs.40,000

Bank overdraft Rs.10,000

There is no long term loan or fictitious assets.

21.From the following balance sheet ,you are required to prepare a cash flow

statement.

Liabilities 1999 2000 Assets 1999 2000

Share capital 2,00,000 2,50,000 cash 30,000 47,000

Creditors 70,000 45,000 debtors 1,20,000 1,15,000

Profit &lossa/c 10,000 23,000 stock 80,000 90,000

Land 50,000 66,000

———- ———— ———- ———

2,80,000 3,18,000 2,80,000 3,15,000

——— – ——– ———- ———–

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Loyola College B.Sc. Statistics April 2007 Financial Accounting & Fin. State. Analysis Question Paper PDF Download

October 30, 2017 by 01 prakash

TH 04

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.Sc. DEGREE EXAMINATION –STATISTICS

SECOND SEMESTER – APRIL 2007

CO 2101/CO 3101 – FINANCIAL ACCOUNTING & FIN. STATE. ANALYSIS

Date & Time: 23/04/2007 / 9:00 – 12:00 Dept. No. Max. : 100 Marks

SECTION A

ANSWER ALL THE QUESTIONS 10 X 2 = 20

Explain (a) Cash discount (b) Trade discount?
Give any two advantages of subsidiary books?
What is deferred revenue expenditure?
What do you mean by Contra entries? Illustrate with example.
Define Ledger
What is overdraft?
Prepare a Bank Reconciliation Statement from the following:

(a) Bank overdraft as per Pass book Rs.80,000

(b) Cheque issued but not presented for payment Rs. 3,000

(d) Bank charges not yet recorded in cash book Rs. 300

From the following information calculate income from subscriptions to be presented in Income and Expenditure account for the year ending 31 – 3 – 07

Subscriptions received during 2006- 2007 Rs. 75,000

Subscriptions received during 2005 –2006

For the year 2006 – 2007 Rs. 8,000

Subscriptions outstanding on 31 – 3 – 07 Rs. 15,000

Subscriptions for the year 2007 – 2008 included

In the collections for 2006 – 2007 Rs. 10,000

Fill in the blanks:

Goodwill is an _______ asset.

A journal is known as a book of _________ entry.

From the following particulars, write up a Single column cash book;

2003

Jan 1 Cash in hand Rs. 1,600

Jan 2 Paid for postage Rs. 50

Jan 5 Sold goods to Babu for cash Rs. 1,000

Jan 8 Purchased furniture Rs. 600

SECTION B

ANSWER ANY FIVE 5 X 8 = 40

What do you mean by Bank Reconciliation Statement ?
Distinguish between Receipts and Payments Account and Income and Expenditure Account?
What are accounting conventions? Name and explain them in detail?

Enter the following transactions in proper subsidiary books of Mr. Raja:

2006

Mar 1 Purchased 500 bags of wheat from Paul at Rs. 900 per bag, less

Trade discount 10%

Bought 300 bags of rice from Kamal at Rs. 1,000 per bag, less trade discount 5%
Sold to Lalitha 120 bags of rice 1,100 per bag less trade

Discount 5%

7 Returned to Paul 15 bags of wheat which were purchased on 1 – 3 – 06

Sold to Harris 200 bags of wheat 1,250 per bag less trade discount 10%

15 Harris returned wheat worth Rs. 4,500

Returned 40 bags of rice to Kamal
Bought of Shankar 300 bags of rice at Rs. 900 per bag
Purchased from Dayalan 200 bags of wheat at Rs. 700 per bag

Record the following in Journal, the transactions for April 2006 is as follows:

2006

Apr 1 Commenced business with cash Rs. 1,00,000

2 Purchased goods from David Rs. 2,400

3 Sold goods to Bosco Rs. 950

5 Cash paid to David Rs. 2,400

7 Paid for postage stamps Rs. 25

9 Received from Bosco in full settlement Rs. 900

10 Withdrew cash for personal use Rs. 500

12 Cash deposited into bank Rs. 10,000

(a) During the year a machine costing Rs. 10,000 (accumulated depreciation Rs. 3,000) was sold for Rs. 5,000. Calculate profit or loss on sale of machinery.

(b) Capital of a Sole trader on 1- 4 – 06 was Rs. 1,25,000 and on 31 – 3 – 07 was Rs. 1,53,000. Net profit earned during the year was Rs. 45,000. Compute Drawings.

From the following Balance Sheet of Arth Ltd., Calculate (a) Debt Equity Ratio (b) Fixed assets to Currents assets

BALANCE SHEET

LIABILITIES Rs. ASSETS Rs.

Equity share capital 2,00,000 Goodwill 1,20,000

Reserve 40,000 Fixed assets(at cost) 2,80,000

P & L Account 60,000 Stock 60,000

Secured loan 1,60,000 Debtors 60,000

Creditors 1,00,000 Advances 20,000

Provision for tax 40,000 Bank 60,000

————— ————-

6,00,000 6,00,000

————— ————–

From the following balances you are required to calculate Cash from operating activities:

31 – 12 – 05 31 – 12 -06

Rs. Rs.

P & L Account 50,000 3,10,000

Debtors 90,000 84,000

Creditors 40,000 52,000

Bills Receivable 24,000 30,000

Prepaid expenses 3,200 2,800

Bills payable 30,000 32,000

Outstanding expenses 2,400 3,200

Outstanding income 1,600 1,800

Income received in advance 500 600

SECTION C

ANSWER ANY TWO 2 X 20 = 40

From the following Trial balance as on 31 – 12 – 2006, Prepare Trading , Profit and Loss Account and Balance sheet as on that date:

TRIAL BALANCE

Particulars Dr. Cr.

Balances Balances

Stock 1-1-06 5,840

Cash on hand 192

Drawings 2,840

Rent 480

Machinery 3,800

Tax 600

Bad debts 888

General expenses 1,760

Purchases 41,448

Debtors 16,800

Sales returns 840

Provision for bad debts 420

Capital 17,000

Interest 320

Bank overdraft 960

Sales 47,624

Creditors 8,000

Purchase returns 1,164

———— ———-

75,488 75,488

———— ———-

Adjustments:

Depreciation on machinery @ 10% p.a
Rent outstanding Rs. 500
Tax prepaid Rs. 100
Provision for bad debts is to be increased to 5 % debtors
Closing stock Rs. 3,500

The following is the Receipts and Payments of Delhi football association for the first year ending 31^st December 2006:

Receipts and Payments Account

Receipts Rs. Payments Rs.

To Donation 50,000 By Pavillion office

(constructed) 40,000

To Reserve fund By expenses in

(Life membership fees connection with

And entrance fee matches 900

Received) 4,000 By furniture 2,100

To receipts from football By investments

Matches 8,000 at cost 16,000

Revenue receipts Revenue payments

To subscription 5,200 By salaries 1,800

To locker rents 50 By wages 600

To interest on securities 240 By insurance 350

To sundries 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 2006 are Rs. 250
Salaries unpaid for 2006 are Rs. 170
Wages unpaid for 2006 are Rs. 90
Outstanding bill the sundry expenses is Rs. 40
Donations received have to be capitalized

Prepare from the details given above Income and Expenditure A/c for the year ended 31 – 12 – 2006 and the Balance Sheet of the association as on that date.

With the following ratios and further information given below prepare a Trading Account , Profit and Loss Account and a Balance Sheet of Shri Nataraj:
- Gross profit ratio 25 %
- Net profit/ sales 20%
- Stock turnover ratio 10
- Net profit / Capital 1/5
- Capital to Total liabilities ½
- Fixed assets / Capital 5/4
- Fixed assets / Total current assets 5/7
- Fixed assets 10,00,000
- Closing stock 1,00,000

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Loyola College B.Com April 2006 Financial Accounting & Fin. State. Analysis Question Paper PDF Download

October 20, 2017 by 01 prakash

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.Com. & B.Sc. DEGREE EXAMINATION – COMMERCE, STATISTICS

TH 59

SECOND SEMESTER – APRIL 2006

CO 2101 – FINANCIAL ACCOUNTING & FIN. STATE. ANALYSIS

Date & Time : 26-04-2006/1.00-4.00 P.M. Dept. No. Max. : 100 Marks

PART – A

Answer ALL the questions (10 x 2 = 20 marks)

Name the parties interested in Accounting information.
What is balance sheet?
Distinguish between Gross Profit and Net Profit.
What is Double Entry System?
Fill in the blanks:
Outstanding expenses is a current _________. (liability / Asset)
Prepaid Expenses is a current ________. (liability / Asset)
What is Trial balance?
What is Capital expenditure?
Give the rules for Debiting and Crediting.
Compute payout Ratio & Retained Earnings Ratio:

Net Profit after tax Rs.5000; Preference dividend Rs.2000 No. of Equity Shares 3000; Dividend per share Rs.0.40.

What is Earnings per share?

PART – B

Answer any FIVE questions: (5 x 8 = 40 marks)

What is book-keeping? Explain the concepts of double entry system.
Explain the advantages and limitations of Ratio Analysis.
What is Bank Reconciliation statement? What are the reasons for the difference between the balance shown by the cash book and the one shown by the pass book?
From the following Receipts and payments account, prepare an Income and Expenditure account as on 31-12-97.

1997 Jan 1	Rs.		Rs.
To balance b/d	7,700	By Charities	10,500
To Donations	8,000	By Salaries	4,450
To Subscriptions	4,000	By purchase of furniture	750
To Interest on investments	9,500	By Investments	5,000
To Sale of old furniture (Book value Rs.100)	75	By balance c/d	8,575
	29,275		29,275

One-half of donations is to be treated as income. Rs.450 were owing for salaries. Interest on investment Rs.500 had accrued but was not received.

Prepare three column cash book from the following transactions for the month of January

Rs.

Jan1 Balance in hand 250

Balance at bank 3,500

Received from customer a cheque

For Rs.500 and discount allowed 25

3 Sold goods for cash 150

4 Paid Ram by cheque 100

Discount Received 10

5 Salaries paid to staff 200

6 Withdrew from bank for office use 500

7 Purchased a typewriter by cheque 500

From the following Prepare necessary subsidiary books:

August 1 Bought goods form Daru Rs.11,200

Sold goods to David Rs.8,700

2 Bought goods from Batli Rs.11,350

Sold good to peepawala Rs.1950

5 Returned goods to Batli Rs.880

Peepawala Returned goods Rs.220
Sold goods to Ahemdbai Rs.2,800
Ahemdbai returned goods Rs.420

Calculate a) Current Ratio b) Debt Equity Ratio c) Liquid Ratio d) Fixed Assets

Ratio

	Rs.		Rs.
5,000 shares of Rs.50 each	2,50,000	Buildings	5,50,000
1,000 8% Preference shares	1,00,000	Stock	1,20,000
2000 9% Debentures	2,00,000	Debtors	1,27,500
Reserves	1,50,000	Prepaid Expenses	2,500
Creditors	75,000
Bank overdraft	25,000
	8,00,000		8,00,000

Your are required to ascertain cash from operation for the following profit and loss a/c

	Rs.		Rs.
To Depreciation	14,000	By Gross Profit	1,60,000
To Salaries	29,000	By Profit on sale of investments	600
To loss on Sale of investment	2,000
To Rent & Rates	8,000
To Preliminary Expenses	4,000
To Provision for Tax	20,000
To Propored dividend	10,000
To Net Profit	73,600
	1,60,600		1,60,600

PART – C

Answer any TWO questions (2 x 20 = 40 marks)

With the help of following Ratio, draw the balance sheet.

Current Ratio 2.5

Liquid Ratio 1.5

Net working capital Rs.300,000

Stock Turnover Ratio (on cost) 6 times

Cross Profit Ratio 20%

Debt collection period 2 months

Fixed assets Turnover Ratio (On cost) 2 times

Fixed assets to shareholders net worth 0.80

Reserves and surplus to capital 0.50

From the following Trial Balance of Shri.Rajan, Prepare the Trading and Profit and Loss Account for the year ended 31-3-98.

	Dr. (Rs.)	Cr. (Rs.)
Rajan’s Capital		29,000
Drawings	760
Purchase and sales	8,900	15,000
Sales and Purchase Returns	280	450
Stock on 1.4.97	1,200
wages	800
Buildings	22,000
Carriage on purchase	2,000
Trade Expenses	200
Advertisement	240
Interest		350
Taxes and Insurance	130
Debtors and Creditors	6,500	1,200
Bills Receivable and payable	1,500	700
Cash at bank	1,390
Salaries	800
	46,700	46,700

Adjustments:

Stock on 31^st march 1988 was valued at Rs.1500
Insurance was prepaid Rs.40

Outstanding salaries Rs.200 and Taxes Rs.130

Depreciate Building at 2% p.a.

From the following Balance sheet, Prepare cash flow statement.

	1992	1993		1992	1993
Share Capital	1,00,000	1,50,000	Fixed assets	1,00,000	1,50,000
Profit & loss a/c	50,000	80,000	Good will	50,000	40,000
General Reserves	30,000	40,000	Stock	30,000	80,000
6% Debentures	50,000	60,000	Debtors	50,000	80,000
Creditors	3,00,000	40,000	Bills Receivable	30,000	20,000
Outstanding Expenses	1,000	15,000	Bank	10,000	1,50,000
	3,85,000	2,70,000		3,85,000	2,70,000

Depreciation on fixed Assets of the year 1993 is Rs.20,000

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