Accounting
3
FUTURE INSTITUTE OF MANAGEMENT STUDIES, BAREILLY MBA I YEAR BUSINESS ACCOUNTING SECTION A EXPLAIN ANY THREE OF THE FOLLOWING (3*2) 1. Share holder fund 2. Provision and reserve 3. Contingent liability 4. P/L appropriation account 5. Goodwill 6. Copyright SECTION B (9) Following is the Trial Balance of Mohan & company. Prepare trading and profit and loss account for the year ending March 31, 2014 and balance sheet as on 31/2/2014. PARTICULARS L F AMOUNT Dr. AMOUNT Cr. Computers 37000 Plant and machinery 380000 Cash in hand 4500 Cash at bank 51830 Stock as on 1/4/2013 8100 Debtors 65300 Purchase/sales 273685 520870 Carriage outward 3100 Creditors 20600 Rent 41700 General expenses 24000 Loan ( taken on 1/4/2013) 200000 Returns 1300 1100 Repairs 1400 Wages 54755 Interest on loan 10000 Electricity charges 2800 Bills payable 6900 Capital 210000 TOTAL 959470 959470
-
Upload
harish-arora -
Category
Documents
-
view
212 -
download
0
description
numerical
Transcript of Accounting
FUTURE INSTITUTE OF MANAGEMENT STUDIES, BAREILLYMBA I YEAR
BUSINESS ACCOUNTINGSECTION A
EXPLAIN ANY THREE OF THE FOLLOWING (3*2)
1. Share holder fund2. Provision and reserve3. Contingent liability4. P/L appropriation account 5. Goodwill 6. Copyright
SECTION B (9)
Following is the Trial Balance of Mohan & company. Prepare trading and profit and loss account for the year ending March 31, 2014 and balance sheet as on 31/2/2014.
Adjustments:
1. Closing stock 156002. Create a provision for doubtful debts 5%.3. Depreciate plant and machine 10% and computer 20%.4. General expenses include Rs. 2000 paid for wages.
SECTION C (2*7.5)
1. What do you understand by financial statements? Explain the significance of financial analysis.2. Calculate the following:
PARTICULARS LF AMOUNT Dr. AMOUNT Cr.Computers 37000 Plant and machinery 380000Cash in hand 4500Cash at bank 51830Stock as on 1/4/2013 8100Debtors 65300Purchase/sales 273685 520870Carriage outward 3100Creditors 20600Rent 41700General expenses 24000Loan ( taken on 1/4/2013) 200000Returns 1300 1100Repairs 1400Wages 54755Interest on loan 10000Electricity charges 2800Bills payable 6900Capital 210000TOTAL 959470 959470
a) X ltd has a current ratio of 4.5 : 1 and acid test ratio of 3 : 1. If its inventory is Rs. 24000 find out current liabilities.
b) If a firm cost of goods sold is Rs. 125000 and the gross profit is 20 % on sales find out gross profit and sales.c) Calculate debtors turnover ratio if cash sale 20% of total sale-Rs. 120000. Average debtors- Rs. 60000
3. Short notes a. Concept of GAAPb. Accounting standardsc. Convention of conservatism and consistency
