MB0041
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Master of Business Administration- MBA Semester 1 Spring 2015
MB0041 – Financial and Management Accounting
Q1.
Analyze the following transaction under traditional
approach
18.1.2011 Received a cheque from a customer, Sanjay at 5
p.m.
Rs.20,000
19.1.2011 Paid Ramu by cheque Rs.1,50,000
20.1.2011
Paid salary Rs.
30,000
20.1.2011 Paid rent by cheque Rs.
8,000
21.1.2011 Goods withdrawn for personal use Rs.
5,000
25.1.2011 Paid an advance to suppliers of goods Rs.
1,00,000
26.1.2011 Received an advance from customers Rs.
3,00,000
31.1.2011 Paid interest on loan Rs.
5,000
31.1.2011
Paid instalment of loan Rs.
25,000
31.1.2011 Interest allowed by
bank Rs.
8,000
Answer:
|
Sl. No. |
Accounts Involved |
Nature of Account |
Affects |
Debit/ Credit |
|
|
Cash a/c Sanjay a/c |
Real Personal |
Cash (cheque) is coming in Sanjay is the giver |
Debit Credit |
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Q2.
The trial balance of Nilgiris Co Ltd., as taken on 31st December,
2002 did not tally and the difference was carried to suspense
account.
The following errors were detected subsequently. a) Sales
book total for November was under cast by Rs.
1200.
b) Purchase of
new equipment costing Rs.
9475 has been posted to Purchases a/c.
c)
Discount received Rs.1250 and discount allowed Rs.
850 in September
2002 have been posted to wrong sides of discount account.
d) A
cheque received from Mr. Longford for Rs.
1500 for goods sold to him
on credit earlier, though entered correctly in the cash book has been
posted in his account as Rs.
1050.
e) Stocks worth Rs.
255 taken
for use by Mr Dayananda, the Managing Director, have been entered in
sales day book.
f) While carrying forward, the total in Returns
Inwards Book has been taken as Rs.
674 instead of Rs.
647.
g) An
amount paid to cashier, Mr. Ramachandra, Rs.
775 as salary for the
month of November has been debited to his personal account as Rs.
757.
Pass journal entries and draw up the suspense
account.
Answer:
Nilgiris
Co Ltd.
|
Date |
Particulars |
LF |
Debit Rs. |
Credit Rs. |
|
31-12-2002 |
Suspense account Dr To Sales account (Being under casting of sales bookrectified)
|
|
1,200
|
1,200
|
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Q3.
From the given trial balance draft an Adjusted Trial Balance.
Trial
Balance as on 31.03.2011
Debit balances Rs.
Credit balances
Rs.
Furniture and Fittings 10000 Bank Over Draft 16000
Buildings
500000 Capital Account 400000
Sales Returns 1000 Purchase
Returns 4000
Bad Debts 2000 Sundry Creditors 30000
Sundry
Debtors 25000 Commission 5000
Purchases 90000 Sales
235000
Advertising 20000
Cash 10000
Taxes and Insurance
5000
General Expenses 7000
Salaries 20000
TOTAL 690000 TOTAL
690000
Adjustments: 1.
Charge depreciation at 10% on Buildings and
Furniture and fittings.
2.
Write off further bad debts 1000 3.
Taxes
and Insurance prepaid 2000 4.
Outstanding salaries 5000 5.
Commission
received in advance1000
Answer:
Ledger accounts:
Furniture and fittings a/c
Dr. Cr.
Particulars Rs. Particulars Rs.
To bal b/d 10000 By Depreciation 1000
By bal c/d 9000
Total 10000 Total 10000
To bal b/d 9000
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Q4.
Compute trend ratios and comment on the financial performance of
Infosys Technologies Ltd. from the following extract of its income
statements of five years.
Particulars 2010-11 2009-10
2008-09 2007-08 2006-07
Revenue 27,501 22,742 21,693 16,692
13,893
Operating Profit (PBIDT) 8,968 7,861 7,195 5,238 4,391
PAT
from ordinary activities 6,835 6,218 5,988 4,659 3,856
Answer:
Trend Analysis
Particulars 2010-11 2009-10 2008-09 2007-08 2006-07
Revenue 27,501 22,742 21,693 16,692 13,893
Operating Profit (PBIDT) 8,968 7,861 7,195 5,238 4,391
PAT from ordinary activities 6,835 6,218 5,988 4,659 3,856
Revenue is increasing every year from 2006-07 to 20010-11.Operatin profit has also increased.
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Q5. Give the meaning of cash flow analysis and put down the objectives of cash flow analysis. Explain the preparation of cash flow statement. Answer: Cash flow analysis is an important tool of financial analysis. It is the process of understanding the change in position with respect to cash in the current year and the reasons responsible for such a change.
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Q6.Write the assumptions of marginal costing. Differentiate between absorption costing and marginal costing.
Answer: Marginal costing is based on the following assumptions:
1. Segregation of cost into fixed and variable
The whole principle of marginal costing is based on the idea that some costs vary with production while some costs don’t. Get complete Answers on www.smuHelp.com
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