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Financial Accountancy
Note: - Attempt any 5 questions.
Q.1 a)
How will you deal with normal loss of stocks, abnormal loss of stocks, goods
returned by branch customers directly to head office and cash remitted by
branch customers directly to H.O. under debtors system?
b)
A trader has a branch at calcutia to which goods are involved at cost plus 20 %
prepare
a branch account in H.O. books from the following:
Rs.
Opening
stock at Branch
24,000
Cash
scale at Branch
17,000
Credit
sales
41,000
Collection
from debtors
37,900
Goods
received from H.O. 30,000
Branch
Expenses
3,000
Paid
by Branch
6,000
Expenses
unpaid 10,000
Closing
stock at Branch
18,000
Closing
balance of debtors
9,160
Goods
in transit from H.O. 3,600
Q.2 Transporters Ltd. purchased from Madras
Motors 3 trucks costing Rs. 5,00,000 each on the hire-purchase system. Payment
was to be made Rs. 3,00,000 down and the remainder in 3 equal instalments
together with interest @ 18 per cent per annum. transporters Ltd. write off
depreciation 20 % on the diminishing the next Madras Motors agreed to leave on
truck with the purchaser, adjusting the value of the other 2 trucks against the
amount due. The trucks were valued on the basis of 30% depreciation annually.
Prepare the necessary ledger accounts in the books of transporters Ltd. for 2
years. Also draw up accounts in the books of hire vendor assuming the trucks
were reconditioned at an expense of Rs. 75,000 and that they were sold for Rs.
6,00,0-00 each in the third year.
Q.3 What is meant by dissolution of
partnership firm? How are account settled between partners after the
dissolution of firm?
Q.4 The summarized Balance sheet of
convertible Ltd., as on 30th June 1995, stood as follows:
|
Liabilities
|
Rs.
|
Assets
|
Rs.
|
|
Share
Capital:
5,00,000
equity shares of Rs. 10 each fully paid.
General
Reserve debenture redemption fund
13.5
% convertible Deb 1,00,000 Debentures of Rs. 100 each
Other
loans current liabilities and provisions.
|
50,00,000
75,00,000
50,00,000
1,00,00,000
50,00,000
1,25,00,000
4,50,00,000
|
Fixed
Assets (at cost less depreciation)
Debenture
Redemption fund Investments
Cash
and Bank balance other current assets
|
1,60,00,000
40,00,000
50,00,000
2,00,00,000
4,50,00,000
|
The
debentures are due for redemption on 1st July, 1995. The terms of
issue of debentures provided they were redeemable at a premium of 5% and also
conferred option to the debenture holders to convert 20% of their holding into
equity shares at a predetermined price of Rs. 15.75 per share and the payment
in cash.
Assuming
That:
i)
Except for 100 debenture
holders holding totally 25,000 debentures, the rest of them exercised the
option for maximum conversion.
ii) The investments redise Rs.44 lakhs on sole and
iii) All the transactions are put through, with ant
any log, on 1st July, 1995.
Redraft
the balance sheet of the company as on 1st July, 1995 after giving
effect to the redemption. Show your calculations in respect of the number of equity share to be allotted and the cash
payment necessary.
Q.5 Data
Ram maintains his records on single entry system. While records of business
takings and payments have been kept, these have not be reconciled with cash in
hand from time to time cash has been paid into a bank account and cheques
thereon have been drawn both for business use and private purposes. From the
following information, prepare the final accounts for the year 1998:
1st
January 3rd December
1998 1998
Stock
2,00,000 59,700
Bank
balance
8,000 15,000
Cash
in hand
300 69,900
Debtors
14,000 400
Creditors
27,300 20,000
Investments
50,000 50,000
Other
Transaction are as follows:
Cash
paid in bank
1,50,000
Private
dividends paid into bank 59,000
Private
payments out of Bank
26,000
Business
payments out of Bank
1,22,000
Cash
toppings
2,50,000
Payment
of goods by cash and cheque 1,60,000
Wages
97,700
Delivery
Expenses
7.000
Rent
and Rates
2,000
Lighting
1,000
General
Expenses
4,600
During
the year, cash amounting to Rs. 20,000 was stolen from the till, Goods worth
Rs. 24000 were withdrawn for private use. No record has been kept of amounts
taken from cash for personal use and a difference in cash amounting to Rs.
7,300 is treated as private expenses.
Q.6 What do you understand by fund flow statements?
How are they prepared? What are
their uses?
Q.7 What is internal control? Is it different
from internal check and internal audit?
Explain with examples?
Q.8 What is vouching? launching is the essence
of auditing. Comment.
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