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DRIVE FALL 2016
PROGRAM MBA
SEMESTER I
SSUBJECT
CODE & MB0041
NAME FINANCIAL AND MANAGEMENT ACCOUNTING
1. Based on the following
information prepare the Balance Sheet of Star Enterprises Ltd. as on 31st March
2016. Show workings and assumptions, if any.
|
Current Ratio
|
2.5
|
|
Liquidity Ratio
|
1.5
|
|
Net working Capital
|
Rs. 6,00,000
|
|
Inventory turnover Ratio
|
5
|
|
Ratio of gross profit to Sales
|
20 %
|
|
Turnover Ratio to net fixed assets
|
2
|
|
Average Debt collection period
|
2.4 months
|
|
Fixed Assets to net worth
|
0.8
|
|
Long term debt to capital and reserve
|
7/25
|
Based on the above information
prepare the Balance Sheet of Star Enterprises Ltd. as on 31st March 2016. Show
workings and assumptions, if any.
Answer: Balance
Sheet of Star Enterprises Ltd. as on 31st March 2016
|
Liabilities
|
Amount
|
Assets
|
Amount
|
Q2.
Explain Balance Scorecard. Give an illustration of Balance Score Card.
Explain
Balance Scorecard
Give
an illustration of Balance Score Card
Answer:
A balanced scorecard is a
performance metric used instrategic management to identify and improve various
internal functions of a business and their resulting external outcomes. It is
used to measure and
Q3.
From the following Balance Sheet of ABC Ltd. as on 31. 03. 2015 and 31. 03.
2016, prepare
Cash
Flow Statement as per AS-3 using the Indirect method:
|
Liabilities
|
31.03.2015
|
31.03.2016
|
|
Capital
|
50,00,000
|
50,00,000
|
|
Retained
Earnings
|
26,50,000
|
36,90,000
|
|
Debentures
|
-
|
9,00,000
|
|
Current
liabilities
|
|
|
|
Creditors
|
8,80,000
|
8,20,000
|
|
Bank loan
|
1,50,000
|
3,00,000
|
|
Liability for Expenses
|
3,30,000
|
2,70,000
|
|
Dividend
Payable
|
1,50,000
|
3,00,000
|
|
|
91,60,000
|
1,12,80,000
|
|
Assets
|
|
|
|
Plant and
Machinery
|
27,30,000
|
40,70,000
|
|
Less :
Depreciation
|
6,10,000
|
7,90,000
|
|
|
21,20,000
|
32,80,000
|
|
Current Assets
|
|
|
|
Debtors
|
23,90,000
|
28,30,000
|
|
Less: Provision
|
1,50,000
|
1,90,000
|
|
|
22,40,000
|
26,40,000
|
|
Cash
|
15,20,000
|
18,20,000
|
|
Marketable
Securities
|
11,80,000
|
15,00,000
|
|
Inventories
|
20,10,000
|
19,20,000
|
|
Prepaid
Expenses
|
90,000
|
1,20,000
|
|
|
91,60,000
|
1,12,80,000
|
Additional
Information:
1. Net profit for the year ended 31.03.2016,
after charging depreciation Rs. 1,80,000 is
Rs.
22,40,000.
2. Debtors of Rs. 2,30,000 were determined
to be worthless and were written off against the provisions for doubtful debts
account during the year.
3. ABC Ltd. declared dividend Rs. 12,00,000
for the year 2015-16.
(From
the above Balance Sheet of ABC Ltd. as on 31.
03. 2015 and 31.
03. 2016, prepare
Cash Flow Statement as per AS-3
using the Indirect method.)
Solution:
Q4.Following information obtained from a
manufacturing company:
01.04.2015
31.03.2016
Stock
of Raw Materials 50,000 60,000
Stock
of Finished Goods 1,00,000 1,50,000
Stock
of Work – in – Progress 13,000
16,000
Indirect Labour - 60,000, Lubricants – 12,000,
Insurance on Plant – 4,000, Purchase of Raw Materials – 3,00,000, Sales
Commission - 72,000, Salaries to salesman – 90,000, Administrative Expenses –
1,50,000, Carriage Outward 20,000, Power – 20,000, Direct Labour - 2,00,000,
Depreciation on machinery – 40,000, Factory Rent – 50,000,
Property Tax on Factory Building – 14,000, Sales -
10,11,000
-----------------------------------------------------------------------------------------------------
Prepare
a statement of Cost and Profit showing:
(a)
Cost of Raw Materials Consumed
(b)
Prime Cost
(c)
Total Manufacturing Cost or Factory Cost or Works Cost
(d)
Cost of Production
(e)
Cost of Goods available for Sale
(f)
Cost of Goods Sold
(g)
Cost of sales and
(h)
Profit
Following
information has been obtained from the records of a manufacturing company:
|
Particulars
|
1-4-2015(Rs.)
|
31-03-2016 (Rs.)
|
|
Stock of Raw
Materials
Stock of Finished
Goods
Stock of
Work-in-Progress
|
50,000
1,00,000
13,000
|
60,000
1,50,000
16,000
|
Solution
Statement
of Cost and Profit for the year ended 31-03-2016
|
Particulars
|
Rs.
|
Rs.
|
Q5.From the following information and assumption
that the balance in hand on 1st Jan 2016 is Rs.1,35,000, prepare a cash budget
for January 2016 to June 2016
|
Month
|
Materials
|
Sales
|
Wages
|
Sales
& Distribution Overhed
|
Production
Overhead
|
Administration
Overhead
|
|
January
|
60,000
|
1,54,000
|
25,000
|
10,000
|
12,000
|
2,500
|
|
February
|
72,000
|
2,04,000
|
29,200
|
12,000
|
12,600
|
3,400
|
|
March
|
61,000
|
1,82,000
|
26,200
|
13,000
|
12,000
|
3,500
|
|
April
|
71,200
|
1,87,200
|
60,000
|
15,400
|
13,000
|
3,500
|
|
May
|
84,000
|
2,15,000
|
54,000
|
19,000
|
16,000
|
4,000
|
|
June
|
87,600
|
2,27,400
|
56,000
|
21,000
|
16,400
|
4,000
|
Assume that 50% are cash sales.
Assets are to be required in Feb. and April. Therefore, provision should be
made for payment of Rs.26, 000 and Rs.60, 000 for the same. An application has
been made to a bank for grant of loan of Rs. 50,000 and it is hoped that it
will be received in the month of May. It is anticipated that a dividend of
Rs.70, 000 will be paid in June. Debtors are allowed 1 month credit. Sales commission
@ 3% on sales is to be paid. Creditors (for goods and overhead) grant one
month’s credit.
Assume that 50% are cash sales.
Assets are to be required in Feb.
and April.
Therefore, provision should be
made for payment of Rs.26, 000 and Rs.60, 000 for the same.
An application has been made to a
bank for grant of loan of Rs. 50,000 and it is hoped that it will be received
in the month of May.
It is anticipated that a dividend
of Rs.70, 000 will be paid in June.
Debtors are allowed 1 month
credit.
Sales commission @ 3% on sales is
to be paid. Creditors (for goods and overhead) grant one month’s credit.
|
Jan
|
Feb
|
March
|
April
|
May
|
Jun
|
QUESTION6. A
Ltd. and B
Ltd. Sell the
same type of
product in same
type of market.
Their budgeted Profit & Loss for
the year ending 31/3/2016 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
Answer6. A
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