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MB0041
Winter 2015
1. The Cash Book of Reid Ltd.
furnishes the following balances on 25th October 2015. Cash in hand 4,200; Cash
at Bank 7,650; Discount Allowed total 420 and Discount Received total Rs. 950.
The following transactions
occurred during last week of October 2015 :
April 26 : General expenses Rs.
920 paid in cash
26 : Cash Sales Rs. 9,200
27 : A cheque Rs. 3,040 received
from a debtor, K. Ball in full settlement of Rs. 3,200.
27 : A cheque sent to supplier,
Baker Ltd. in settlement of dues Rs. 14,000 less 5 % Discount.
28 : Bank notified that a cheque
Rs. 2,210 received from Mc Dermot returned dishonoured.
30 : An old delivery van was sold
for Rs. 71,000 and a cheque received.
30 : A cheque sent to a supplier,
Ford Ltd. in immediate payment of an invoice, list price Rs. 8,000, less 25 %
Trade discount and 5 % Cash discount.
Prepare a Triple Column Cash Book
in the books of Reid Ltd.
Based on above Prepare a Triple Column Cash
Book in the books of Reid Ltd. For
the week as above.
Answer: Triple
Column Cash Book in the books of Reid Ltd
|
DA
TE
|
PARTI
CULARS
|
V.
NO
|
L
F
|
DA
RS.
|
CASH
|
BANK
|
DA
TE
|
PARTI
CULARS
|
V.
NO
|
L
F
|
DR
RS.
|
CASH
|
BANK
|
2. The difference in Trial
Balance we kept in Suspense Account. The following errors were discovered
before preparing the Final Accounts ;
a. Purchase of Rs. 540 was
written in Sales Day Book, but was posted to the correct side of party’s book.
b. Salaries Account total Rs.
12,600 on page 32 was carried over to the next page as Rs. 1,260 on the wrong
side.
c. Interest on overdraft Rs. 650
was not posted to the ledger from the Cash Book.
d. Rs. 600 collected from a
party, earlier written off as bad debt, was credited to the party’s account.
Show rectification entries and
prepare a Suspense Account.
From the above shown rectification entries
and prepare a Suspense account.
Answer: Journal
|
Date
|
Particulars
|
L.f
|
Debit
|
credit
|
3 Prepare the Balance Sheet of
Mr. Devdas from the following :
Stock velocity 6
Gross profit margin 20 %
Capital Turnover ratio 2
Fixed Asset turnover ratio 4
Debt collection period 2 months
Creditors payment period 73 days
Gross profit Rs. 60,000; Excess
of closing stock over opening stock Rs. 5,000; Difference in Balance Sheet
represents Bank balance.
From the above particulars, prepare a Balance
Sheet of Mr. Devdas.
Answer: Working
Notes:
1. Sales
Gross Profit Margin = 20%
Gross Profit/Sales = 20%
60,000/Sales = 20%
4 Balance Sheet of Bhaskar and
Soumya are as follows :
|
Liabilities
|
31.03.2014
|
31.03.2015
|
Assets
|
31.03.2014
|
31.03.2015
|
|
|
Rs.
|
Rs.
|
|
Rs.
|
Rs.
|
|
Capital
|
9,60,000
|
10,00,000
|
Land
|
2,00,000
|
2,50,000
|
|
Bank loan
|
3,20,000
|
2,90,000
|
Building
|
3,70,000
|
4,40,000
|
|
Loan from Bhaskar
|
|
1,20,000
|
Machinery
|
4,80,000
|
5,50,000
|
|
Current liabilities
|
2,40,000
|
2,80,000
|
Stock
|
1,90,000
|
1,60,000
|
|
|
|
|
Debtors
|
2,50,000
|
2,70,000
|
|
|
|
|
Cash
|
30,000
|
20,000
|
|
|
15,20,000
|
16,90,000
|
|
15,20,000
|
16,90,000
|
During the year Bhaskar and
Soumya introduced introduced additional capital o Rs. 20,000 and drew Rs.
60,000. Provision for depreciation on Machinery – opening balance Rs. 2,00,000 and
closing balance Rs. 2,20,000. No other depreciation was provided on any assets.
The value Building was increased by Rs. 25,000 and same was adjusted with
capital a/c.
Prepare a Cash Flow Statement of
Bhaskar & Soumya.
Based on the above Balance Sheet and
adjustment items prepare a Cash Flow Statement of Bhaskar and Soumya.
Answer: Cash flow statement of
Bhaskar & Soumya for the year ended on 31st March 2015
|
Inflow of cash
|
Amount
|
Outflow of cash
|
Amount
|
5 The sales and profit during two
years were as follows ;
Year Sales Profit
Rs. Rs.
2013-14 1,50,000 20,000
2014-15 1,70,000 25,000
Calculate :
i. P/V Ratio
ii. Break Even Point
iii. Required Sales to reach a
profit of Rs. 40,000
iv. Profit when Sales are Rs.
2,50,000
v. Margin of Safety at a profit
of Rs. 50,000
vi. Variable Costs for 2 years
Answer:
i) P/V
ratio = change in profit/change in sales
= (25000-20000)/(170000-150000)
= 5000/20000
= 0.25 or 25%
ii) Break
Even Point
sales*p/v ratio – fixed cost = profit
170000*25% - fixed cost = 20000
6 Enumerate steps to prepare a
Funds Flow Statement
Steps to prepare a Funds Flow Statement
Answer: Preparing
the Fund Flow Statement
Having arrived at the change in the working
capital, funds from operations (or funds lost in operations), identified the
sources and applications of funds, the next step is to put them in the form of
a summarised statement.
For this purpose, a statement listing the
sources of funds and applications of funds is prepared.
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125/subject and rs 700/semester only.
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