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JAYAWANT SHIKSAHN PRASARK MANDALS

MCA PROGRAMME

Mid Term Examination 2010-11

SemesterI

Cost and Financial Accounting ( BM12 )

Date: Marks: -100.

Day: - Duration: - 3.00 Hrs.

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Instructions:

1. Q.1 is Compulsory2. Solve any 6 from the remaining questions.

Q.1 Define the following terms (any five):- (10)

1. Assets 6. Depreciation2. Liabilities 7. Bank Reconciliation Statement

3. Debtors 8. Budget

4. Journal 9. Marginal Costing5. Drawings 10. Break Even Point

Q.2 Journalize the following transactions for March 2009 (15)

Date Transactions Amount (Rs.)

1 Santosh started his Business with cash 10000/-

2 Santosh started his Business with Machinery 15000/-3 Purchased furniture from Yadav on credit 500/-

5 Bought Goods for cash from Manish 7000/-

8 Sold Goods on credit to Amar 3700/-

10 Sold Goods for cash 2900/-

13 Paid cash to Yadav 500/-

14 Goods purchased on credit from Nahar 9800/-

17 Sold Goods on credit to Naidu 5480/-

18 Received cash from Naidu 2900/-

20 Withdrawn cash for personal use 200/-

22 Paid Office salaries 500/-

24 Paid Rent 250/-

25 Received commission 100/-

27 Paid for postage 25/-

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Q.3 Define the term Financial Accounting and explain various accounting concepts and

conventions. (15)

Q.4 Elaborate the classification of Accounts , rules with suitable examples. (15)

Q.5. State the Difference between Cost Accounting and Financial Accounting. (15)

Q.6. What is cost and explain in brief the various elements of Costs. (15)

Q.7. M/S ABCL Mfg. Co. furnished the following information:- (15)

SALES :Rs. 6,00,000/-

VARIABLE COST :Rs. 3,00,000/-

FIXED COST :Rs. 1,80,000/-

Calculate:- a) Break Even Pointb) Marginal Contribution

c) Profit Volume Ratio

Q.8 Classify the following accounts into Personal, Real and Nominal accounts. (15)

a) Cash a/c f) Kumars a/c k) Building a/cb) Capital a/c g) Salary a/c l) Postage a/cc) Stationery a/c h) Rent a/c m) ABCL Cos a/cd)

Goods a/c i) Bank of India a/c n) Furniture a/ce) Commission a/c j) Machinery a/c o) Deepalis a/c

Q.9. Prepare ledgers from the following information in the books of Kunal. (15)

March 1,2008 Started Business with cash Rs. 16000/-

5 Deposited in bank Rs. 1300/-

9 Purchased goods for cash Rs.800/- from S.Chand and Company

11 Spent Rs. 15/- for postage

17 Paid for travelling Rs. 32/-

19 Purchased machinery from m/s Sultan Bros. Rs. 11,200/-

24 Paid salary by cash Rs. 225/-28 Paid Rent Rs. 230/-

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Q.10. From the following Trial Balance of Shri. Patel , prepare the Final Accounts as on 31 st

March 1988. (15)

Debit Amt (Rs.) Credit Amt. (Rs.)

Patels capital - 2,00,000

Land and Building 87,000 -Plant and Machinery 17,500 -

Goodwill 20,000 -

Patels Drawings 22,600 -

Cash in Hand 1,795 -

Stock as on 01.01.1987 27,000 -

Wages 10,000 -

Purchase less Returns 69,000 -

Carriage Inward 600 -

Travellers commission and Expenses 6,000 -

Insurance Premium 2,000 -

Motor Car 3,000 -Carriage Outward 1,400 -

Sales less Returns - 84,000

Salaries 5,000 -

Bank charges 105 -

Reserve for Doubtful Debts - 1,500

Debtors 20,000 -

Creditors - 7,500

Total 2,93,000 2,93,000

The following adjustments are to be considered:-

1. On 31st March 1988, the stock was valued at Rs. 46,000/-2. Insurance Premium amounting to Rs. 800/- is prepaid.3. Outstanding salaries amount to Rs. 1000/-4. Depreciation on Plant and Machinery @10% and Motor Car @ 20%5. Create a reserve for Doubtful Debts at 10% on Debtors.