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15-mca-or-accounting and financial management

15-mca-or-accounting and financial management

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Published by SRINIVASA RAO GANTA

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Published by: SRINIVASA RAO GANTA on Sep 19, 2008
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OR
Code No: OR-15/MCA
MCA-I Semester Supplementary Examinations,
July/Aug 2008.
ACCOUNTING AND FINANCIAL MANAGEMENT
Time: 3hours
Max. Marks: 60
Answer any FIVE questions
All questions carry equal marks
- - -

1. Explain documents used for data collection, processing of different files and outputs obtained through computerised accounting system.

2. Explain various accounting concepts. Differentiate between single
entry book-keeping and double entry book-keeping.
3. Explain the meaning and scope of financial management. Compare
and contrast profit maximisation and wealth maximisation.

4. From the following particulars prepare the Trading Account and Profit and Loss A/C for the year ended 31st Dec, 03 and the Balance sheet as on that date:

Contd\u20262
Code No: OR-15/MCA
::2::
Trial Balance as on 31.12.03
Particulars
Debits (Rs)
Credits (Rs)
Capital A/C
-
50,000
Sales A/C
-
175,000
Creditors A/C
-
25,000
Bills Payable A/C
-
20,000
Returns outward A/C
-
5,200
Interest A/C
-
500
Provision for doubtful debts A/C
-
2,200
Purchases A/C
75,000
-
Returns inward A/C
1,000
-
Carriage inward A/C
500
-
Carriage outward A/C
700
-
Rent A/C
2,500
-
Stock A/C
15,000
-
Debtors A/C
40,000
-
Salary A/C
11,500
-
Wages A/C
10,000
-
Printing & Stationary
300
-
Bills receivable A/C
11,000
Plant & Machinery A/C
50,000
Furniture A/C
10,000
Advertisement A/C
500
Bad debts A/C
500
Investments A/C
20,000
Cash at Bank A/C
29,300
Cash in hand A/C
100
2,77,900
2,77,900
i)
Closing stock valued at Rs 15000 is to be taken into account
ii)
Plant and machinery is to be depreciated at 10% and furniture
at 15%
iii)
A further bad debt of Rs 500 is to be written off
iv)
Provision for doubtful debts is to be maintained at 4% on
sundry debtors.
v)
Interest earned but not received within accounting year Rs.
500.
Contd\u20263
Code No: OR-15/MCA
::3::
5. The following are the summarized Balance sheet of V. Ltd. as at
31st Dec previous year and current year.
Liabilities Previous
year
Current
year
Assets
Previous
year
Current
year
Share
capital
2,00,000
2,60,000
Goodwill
-
20,000
Profit &
Loss A/C
39,690
41,220
Machinery 1,12,950
1,16,200
Reserves
50,000
50,000
Buildings
1,48,500
1,44,250
Tax
Provision
40,000
50,000
Bank over
draft
59,510
-
Stock
1,11,040
97,370
Bills
payable
33,780
11,525
Sundry
debtors
87,490
73,360
Sundry
creditors
39,500
41,135
Cash
2,500
2,700
462480
453880
462480
453880
The following additional information is obtained from the general
ledger:
a) During the current year an interium dividend of M 26 000 was
paid.

b) The assets of another company were purchased for Rs 60,000 payable in fully paid shares of V. Ltd. These assets include stock Rs. 22,000 and machinery 18000. In addition sundry purchases of machinery amounted to Rs 5600.

c) Income-Tax paid during the year amounted to Rs 25 000.
Prepare statement of changes in working capital, Funds Flow
Statement and cash flow statement.
6. From the following details prepare the Balance sheet of the firm

concerned:
Stock velocity = 6, capital turnover Ratio = 2
Fixed assets turnover Ratio = 4, Gross Profit = 20%,

Debt Collection Period = 2 months, Creditors payment period = 73 days. The gross profit was Rs 60,000. Closing stock Rs. 5000 in excess of the opening stock.

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