Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
MB0041 Financial Management Accounting Feb 10

MB0041 Financial Management Accounting Feb 10

Ratings: (0)|Views: 108|Likes:
Published by nirmalgupta31

More info:

Published by: nirmalgupta31 on Jun 11, 2010
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

05/12/2014

pdf

text

original

 
Spring 2010
Master of Business Administration- MBA Semester 1
 MB0041
 –
Financial Management & Accounting - 4 Credits
 
(Book ID: 1130)
Assignment Set- 1 (60 Marks)Note: Each question carries 10 Marks. Answer all the questions.
1. What is accounting cycle? List the sequential steps involved in Accounting cycle?2. A. Bring out the difference between Indian GAAP and US GAAP norms?B. What is Matching Principle? Why should a business concern follow this principle?3. Prove that the accounting equation is satisfied in all the following transactions of Mr. X(a) Commence business with cash Rs.50000(b) Paid rent in advance Rs.1000(c) Purchased goods for cash Rs.18000 and Credit Rs.20000(d) Sold goods for cash Rs.25000 costing Rs.22000(e) Paid salary Rs.5000 and salary outstanding is Rs.3000(f) Bought moped for personal use Rs.200004. Following are the extracts from the Trial Balance of a firm as on 31
st
March 20X7Dr CrSundry Debtors 2,05,000Provision for Doubtful Debts 10,000Provision for Discount on Debtors 1,800Bad Debts 3,000Discount 1,000Additional Information:1) Additional Bad Debts required Rs.4,0002) Additional Discount allowed to Debtors Rs.1,0003) Maintain a provision for bad debts @ 10% on debtors4) Maintain a provision for discount @ 2% on debtorsRequired: Pass the necessary journal entries and show the relevant accounts including finalaccounts.5. A. Bring out the difference between trade discount and cash discount. (5 Marks)
 
Spring 2010
B. Explain the term (1) asset (2) liability with the help of examples.6. A fresh MBA student joined as trainee was asked to prepare Trial balance. He was unable tosubmit a correct trial balance. You, as a senior accountant find out the errors and rectify them.After redrafting the trial balance prepare trading and Profit and loss account.Particulars Debit CreditCapital 7,670Cash in Hand 30Purchases 8,990Sales 11,060Cash at bank 885Fixtures and Fittings 225Freehold premises 1.500Lighting and Heating 65Bills Receivable 825Return Inwards 30Salaries 1.075Creditors 1890Debtors 5,700Stock at 1
st
April 2007 3,000Printing 225Bills Payable 1,875Rates, taxes and insurance 190Discount received 445Discount allowed 20021,175 21,705Adjustments:1) Stock on hand on 31
st
March 2008 was valued at Rs.18002) Depreciate fixtures and fittings by Rs.253) Rs.35 was due and unpaid in respect of salaries4) Rates and insurance had been paid in advance to the extent of Rs.40
 
Spring 2010
Master of Business Administration- MBA Semester 1
 MB0041
 –
Financial Management & Accounting - 4 Credits
 
(Book ID: 1130)
Assignment Set- 2 (60 Marks)Note: Each question carries 10 Marks. Answer all the questions.
1. Uncertainties inevitably surround many transactions. This should be recognized byexercising prudence in preparing financial statement. Explain this concept with the helpof an example.2. A. When is the change in accounting policy recommended and what are the disclosurerequirements regarding the change in accounting policy?B. Explain IFRS.3. Journalise the following transactions:01.01.09 Bought goods for Rs.10,00002.01.09
 
Purchased goods from X Rs.20,00003.01.09
 
Bought goods from Y for Rs.30,000 against a current dated cheque04.01.09
 
Purchased goods from Z [price list price is Rs.30,000 and tradediscount is 10%]05.01.09
 
Bought goods of the list prce of Rs.1,25,000 from M less 20% tradediscount and 2% cash discount. Paid 40% of the amount by cheque06.01.09
 
Returned 10% of the goods supplied by X07.01.09
 
Returned 10% of the goods supplied by Y4. Bring out the difference between Funds Flow Statement and Cash Flow Statement.Mention up to what point in time they are similar and from where the differences begin.5. A. Determine the sales of a firm with the following financial dataCurrent Ratio 1.5Acid test ratio 1.2Current Liabilities 8,00,000Inventory Turnover ratio 5 timesB. What is Du-Pont chart?

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->