7/29/2019 Winsem2012 13 Cp0480 Modqst Business Accountin g for Engineermodel Question Paper

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MODEL QUESTION PAPER 

Course code- HUM112

Business Accounting for Engineers

Common for B1+TBI and G1+TG1 Slots

Time : 3 Hours MM : 100

Part A (5x8=40)

(Answer any Five Questions)

1. Explain the following concepts :

• Business Entity concept

• Revenue recognition concept

2. Pass Journal Entries:

Goods given as charity Rs.2000.Goods sold Rs.30000 out of which Rs.12000 were deposited in bank on the

same day.

Mr. Amit who owes Rs.3000, becomes insolvent and only 30% received from

his estate.Salary outstanding for the month of March Rs.12000.

3. Prepare Trial Balance from the following information:

 

4. Explain Funds from operation. How is it calculated ?

Capital

InvestmentDebtors

Purchase return

SalesMachine

Bills payable

Advertisement

WagesCommission received

Creditors

DrawingsReserves

Opening stock 

Cash at bank Goodwill

Purchase

Bills receivableBuilding

Repairs

Audit fees

155000

100003000

1000

50000

30000

3000

1500

2100

800

8000

5000

40002500

5400

7000

106800

4600

40000

3400

500

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5. Explain various tools of Financial Analysis.

6. Cash Sales Rs.200000

Credit Sales Rs.400000Gross Profit Rs.100000

Inventory Turnover Ratio is 5 Times.

Calculate the value of opening and closing stock in the following cases:

Case 1- If closing stock was Rs.80000 in excess of opening stock.

Case 2- If closing stock was 3 times more than that in the beginning.

7. Explain the objectives of preparing f Funds Flow statement.

PART-B (5x12=60)

(Answer any Five Questions)

8. Prepare a fund flow statement of ABC company from the following informationfor the year ended 30.09.2010.

Liabilities 2009 2010 Assets 2009 2010

Capital

Reserve andSurplus

Secured Loan

CurrentLiabilities

5000000

15000003500000

5000000

4000000

5000004000000

6000000

Fixed Assets

InvestmentCash

Stock 

Debtors

3100000

150000250000

7500000

4000000

3000000

---------125000

7875000

3500000

15000000

14500000 15000000 14500000

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(i) The net profit after adjustment in respect of provision for dividend, taxationwas Rs.100000.

(ii) There was addition to Fixed Assets during the year amounting to Rs.400000

and depreciation during the year was Rs.300000.

9. What do you mean by budgetary control and what are its characteristics?

10. Prepare Trading Profit and loss account and balance sheet from the following trial

 balance as on 31-12-2010.

Adjustments:-

1- Value of closing Stock Rs.14900.2- Included in General expenses is insurance premium Rs.600 paid for the

year ending 31-3-2011.

3- Create 5% provision for bad and doubtful debts.4- Depreciate land and building by 2%, machine by 10% and furniture by

15%.

11. What do you mean by ratio analysis? Discuss the different uses of ratio analysis.

12. Prepare Cash flow statement from the following.

Particulars Amount Particulars Amount

Opening stock 

Land & Building

MachineFurniture

Purchase

Salaries

General expensesRent

Postage

StationaryWages

Freight on purchase

Carriage on salesRepairs

debtors

Bad debtsCash in hand

Cash at bank Sales return

15500

35000

500005000

106000

11000

25003000

1400

130026000

2800

40004500

30000

600100

64005100

Capital

Creditors

Purchase returnSundry income

Reserve for bad debts

Sales

90000

9600

21001200

300

207000

Total 310200 310200

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Additional information:-

1- Provision for tax made during the year Rs.1900

2- A piece of land has been sold for Rs.400.3- Depreciation amounting to Rs.700 has been charged on building.

13. Prepare a cash budget for 3 months ending December 2010.

Month Sales Material Labour OverheadsRs. Rs. Rs. Rs.

August 10000 6000 1000 1100

Sept. 12000 6600 1200 1230October 14000 6400 1400 1450

 November 16000 7200 1600 1600December 18000 7600 1800 1750

Credits terms are:-

a) Sales---- 20% of the sales are in cash.50% of the credit sales are received in the same month and remaining 50%

in the next month.

 b) Material --- 1 month credit.c) Labour and overheads --- ½ month credit.

Cash and bank balance on Ist October,2010 is Rs.5500.

Other information are :-

1- Income Tax paid in December,2010 is Rs.3500 and2- Sale of old car Rs.20000 received in November,2010.

14. Explain the steps involved in the implementation of a Budgetary control system in

an organization.

Liabilities 31-3-2010

Rs.

31-3-2011

Rs.

Assets 31-3-2010Rs.

31-3-2011Rs.

Equity share capital

General reserve

Profit/Loss a/c

Creditors

Outstandingexpenses

Provision for taxProvision for bad

debts

10000

1400

1600

800

1201600

40

10000

1800

1300

540

801800

60

Goodwill

Land

Building

Investment

Stock Debtors

Cash

1200

4000

3700

1000

30002000

660

1200

3600

3600

1100

23402220

1520

Total 15560 15580 Total 15560 15580