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ASSIGNMENT
DRIVE
SUMMER 2016
PROGRAM
MBA
SEMESTER
I
SSUBJECT CODE &
NAME
MB 0041
FINANCIAL AND
MANAGEMENT ACCOUNTING
QUESTION1. From the following particulars prepare a
summarized Balance Sheet of a firm as on 31. 03.2016 :
Fixed
Assets to Net Worth
0.8 : 1
Current
Ratio 3
: 1
Reserves
included in Proprietors Fund
25 %
Acid
Test Ratio 3:
2
Fixed Assets Rs. 8,00,000
Cash and Bank Balance Rs.
15,000
Current Liabilities
Rs. 1,50,000
The
firm has no Bank Overdraft.
Answer1.
FA to Net
worth =
0.8:1
Current
QUESTION2. Define and distinguish between Financial
Accounting and Management Accounting.
Answer2.
Financial Accounting
Financial
accounting is the process of recording, summarizing and reporting the myriad of
transactions resulting from business operations over a period of time. These
transactions are
QUESTION3. Balance Sheets of Bhaskar and Soumya Corporation
are given below :
During the year Bhaskar and Soumya introduced additional
capital of Rs. 20,000 and drew Rs.
60,000. Provision for Depreciation of Machinery – Opening Balance Rs. 2,00,000
and Closing Balance Rs. 2,20,000. No depreciation was provided on other assets.
The value of Building was increased by Rs. 25,000 and the same was adjusted
with Capital Account.
Prepare Cash Flow Statement as per AS-3 Indirect method.
Answer3.
Bhaskar and Saumya Corporation
Cash Flow
QUESTION4. a) Write a note on “Schedule of Changes in Working
Capital”.
Answer4a. The information
relating to the changes in current natured accounts between two periods of time
presented in the form of a statement is what we call the schedule/statement of
changes in
b) Prepare a Schedule of changes in Working Capital from the
Balance Sheets given :
Answer4b.Here is the
QUESTION5. A
Ltd. and B
Ltd. Sell the
same type of
product in same
type of market.
Their budgeted Profit & Loss for
the year ending 2015 are
as under : A
Ltd.
B Ltd.
Rs.
Rs.
Rs. Rs.
Sales
1,50,000 1,50,000
Less : Variable Cost 1,20,000 1,00,000
Fixed Cost 15,000 35,000
1,35,000
1,35,000
Budgeted Profit 15,000 15,000
a) Calculate the
BEP and (b)
Margin of Safety
in each business,
(c) State which
business is likely
to earn greater
profits in conditions
of (i) heavy
demand for their
product (ii) low
demand for their
product
Answer5. a.
A
B
B.E.P = 
or
=
QUESTION6. a) Distinguish between Budgetary Control and
Standard Costing.
Answer6a.Standard Costing and
Budgetary Control are the two systems of costing, which are quite similar to
each other like both provides a benchmark which helps to compare the actual
performance with the estimated figures. The two aims at controlling costs and
measuring the performance by fixing targets. These two systems are neither
alike nor interdependent. The former, forecasts,
b) Particulars given :
Opening Stock of Materials
- NIL
Closing Stock of Materials
- 700 units
Materials purchased 4,000 units @ Rs. 2.50 each
Standard quantity of Materials required per tonne of finished
product - 20 units
Standard rate of Material
- Rs. 2 Finished products for the
period - 100 tonnes
Calculate : I.
Material Cost Variance II. Material Price Variance III. Material Usage Variance
Answer6b.
Basic
calculations to be made as follows –
(i)
Actual
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