MB0041-
FINANCIAL AND MANAGEMENT ACCOUNTING
Winter 2014
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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Goods withdrawn for personal use Rs. 5,000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
Analysis
of transaction –with accounts involved-nature of account-affects and
debit/credit
Answer:
Analysis of Transaction under Traditional Approach
|
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
|
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, Journal entries of all the transactions, Suspense account
with Conclusion)
Answer:
Solution: Nilgiris
Co Ltd
|
Date
|
Particulars
|
LF
|
Debit
Rs.
|
CreditRs.
|
|
31-12-2002
|
Suspense account Dr
To Sales account
(Being under casting of sales book
rectified)
|
|
1,200
|
1,200
|
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
(Preparation of ledger accounts, Preparation of trial balance)
|
Solution:
|
|
|
|
|
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. (in Rs.
Crore)
(Source: Infosys Technologies Ltd. – Annual Report)
(Preparation of trend analysis, Preparation of trend ratios, Conclusion)
Solution:
Infosys Technologies Ltd.
Trend Analysis
|
Particulars
|
2010-11
|
2009-10
|
2008-09
|
2007-08
|
2006-07
|
|
|
|
|
|
|
|
|
|
Q5. Give the meaning of cash flow
analysis and put down the objectives of cash flow analysis. Explain the
preparation of cash flow statement.
(Meaning of cash flow analysis,
Objectives of cash flow analysis, Explanation of preparation of cash flow
analysis)
Answer:
Meaning of Cash Flow Analysis
Cash flow analysis is the study of the cycle of your
business' cash inflows and outflows, with the purpose of maintaining
Q6. Write the assumptions of marginal costing. Differentiate between
absorption costing and marginal costing.
(Assumptions of marginal costing, Differences of marginal and
absorption costing (Includes all 8 points)
Answer:
Assumptions of Marginal Costing
Marginal
costing is based on the following assumptions:
1. Segregation
of cost into fixed and variable cost.
The whole
principle of marginal costing is based on the idea that some costs vary with
production while some costs don't. Therefore, it is assumed that a clear
Get fully solved assignment. Buy online from website
online store
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we will revert you within 2-3 hour or immediate
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125/subject and rs 700/semester only.
if urgent then call us
on 08791490301, 08273413412
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