Q.1 Assure you have just started a Mobile store. You sell mobile sets and currencies of Airtel, Vodaphone, Reliance and BSNL. Take five transactions and prepare a position statement after every transaction. Did you firm earn profit or incurred loss at the end? Make a small comment on your financial position at the end. [10 Marks]
Q.2a. List the accounting standards issued by ICAI. [5 Marks]
2b. Write short notes of IFRS. [5 Marks]
Q.3 Prepare a Three-column Cash Book of M/s Thuglak & Co. from
The following particulars: [10 Marks]
20X1 Jan |
1. Cash in hand Rs. 50,000, Bank Overdraft Rs. 20,000 |
2. Paid into bank Rs. 10,000 | |
3. Bought goods from Hari for Rs, 200 for each | |
4. Bought goods for Rs. 2,000 paid cheque for them, discount allowed 1% | |
5. Sold goods to Mohan for each Rs. 1.175 | |
6. Received a cheque from Shyam to whom goods were sold for Rs. 800.Discount allowed 12.5% | |
7. Shyam’s cheque deposited into bank | |
8. Purchased an old typewriter for Rs. 200 , Spent Rs. 50 on its repairs | |
9. Bank notified that Shyam’s cheque has been returned dishonored and debited the account in respect of charges Rs. 10 | |
10. Received a money order Rs. 25 from Hari | |
11. Shyam settled his account by means of a cheque for Rs. 820, Rs. 20 being for interest charged. | |
12. Withdrew from the bank Rs. 10,000 | |
18. Discounted a B/E for Rs. 1,000 at 1% through bank | |
20. Honored our own acceptance by cheque Rs. 5,000 | |
22. Withdrew fir personal use Rs. 1,000 | |
24. Paid tread expenses Rs. 2,000 | |
25. Withdrew from bank for private expenses Rs. 1,500 |
26. Purchased machinery from Rajiv for 5,000 and paid him by means of a bank draft purchased for Rs. 5,005 |
27. Issued cheque to Ram Saran for cash purchased of furniture Rs. 1,575 |
28. Received a cheque for commission Rs. 500 from R.& Co. and deposited into bank |
29. Ramesh who owned us Rs. 500 became bankrupt and paid us 50 paise in the rupee |
30. Received payment of a loan of Rs. 5,000 and deposited Rs. 3,000 out of into bank |
31. Paid rent to landlord “Mohan” by cheque of Rs. 220 |
31. Interest allowed by bank Rs. 30 |
31. Half-yearly bank charges Rs. 50 |
Q.4 Choose an Indian Company of your choice that has adopted Balance Score Card and detail on it. [10 Marks]
Q.5 From the following data of Jagdish Company prepare (a) a statement of source and uses of working capital (funds) (b) a schedule of changes in working capital
Assets | 2008 | 2007 |
Cash | 1,26,000 | 1,14,000 |
Short-term investment | 42,400 | 20,000 |
Debtors | 60,000 | 50,000 |
Stock | 38,000 | 28,000 |
Long term Investment | 28,000 | 44,000 |
Machinery | 2,00,000 | 1,40,000 |
Building | 2,40,000 | 80,000 |
Land | 14,000 | 14,000 |
Total | 7,48,400 | 4,90,000 |
Liabilities and Equity | ||
Accumulated depreciation | 1,10,000 | 60,000 |
Creditors | 40,000 | 30,000 |
Bills Payable | 20,000 | 10,000 |
Secured loans | 2,00,000 | 1,00,000 |
Share capital | 2,20,000 | 1,60,000 |
Share premium | 24,000 | Nil |
Reserves and surplus | 1,34,400 | 1,30,000 |
Total | 7,48,400 | 4,90,000 |
Income statement
Sales | 2,40,000 |
Cost of goods sold | 1,34,600 |
Gross Profit | 1,05,200 |
Less Operating expenses: | 92,000 |
Net profit from operation | 13,200 |
Gain on sale on long-term investment | 4,800 |
Total | 18,000 |
Loss on sale of machinery | 2,000 |
Net Profit | 16,000 |
Adjustments:
1) Machinery worth Rs.70000 was purchased and worth Rs.10000 was sold during the year [Accumulated depreciation on machinery is Rs.18000 after adjusting depreciation on machinery sold]. Proceeds from the sale of machinery were Rs.6000
2) Dividends paid during the year Rs.11600 [ 10 Marks]
Q.6 What is a cash budget? How it is useful in managerial decision making? [10 Marks]
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