Download GTU (Gujarat Technological University) MBA (Master of Business Administration) 2018 Winter 1st Sem 4519201 Management Accounting Previous Question Paper
Seat No.: ________ Enrolment No.___________
GUJARAT TECHNOLOGICAL UNIVERSITY
MBA ? SEMESTER 1? EXAMINATION WINTER ? 2018
Subject Code:4519201 Date:24/12/2018
Subject Name: Management Accounting
Time: 10:30 AM To 01:30 PM Total Marks: 70
Instructions:
1. Attempt all questions.
2. Make suitable assumptions wherever necessary.
3. Figures to the right indicate full marks.
Q.1 Define the terms
(a) Solvent
(b) Livestock
(c) Contribution
(d) Trade Discount
(e) Bills Receivable
(f) Fictitious Assets
(g) Current Ratio
14
Q.2 (a) State the difference between the Financial Accounting and Cost Accounting 07
(b) Journalize the following transactions in the books of Mr. Mehta for March, 2018:
1. Started business with cash Rs.20,00,000.
2. Purchased a machinery from Walia Engineering by paying cash of
Rs.9,00,000 and paid installation charges Rs.50,000 in cash.
3. Sold goods costing Rs.40,000 to Anita for cash at a profit of 20% on
sales less 10% trade discount and charged 8% GST.
4. Received Rs.975 from Hari Krishan in full settlement of his account for
Rs.1,000.
5. Sold goods to Shayam on credit Rs.10,000 and paid cartage of Rs.100 (to
be charged from customer).
Also Prepare a CASH LEDGER ONLY.
OR
(b) On 1
st
January 2002, Adani Ltd purchased a second hand machine for
Rs.1,00,000. On 30
th
September, 2003, this machine is sold for Rs.50,000. A
new machine of Rs.2,00,000 was purchased on 1
st
October, 2003.Depreciation is
to be provided at 20% according to Written Down Value Method (WDV).
Prepare the machinery account for the first three years assuming that the
accounts are closed on 31
st
March each year. Working note should be the part of
the answer.
07
Q.3 (a) Write a short-note on any three Classification of Cost and draw out the format of
Unit Costing.
07
(b) From the following details prepare a summarized balance sheet of Anitha and
Company as on 31.12.2018.
Fixed assets to net-worth: 0.75:1
Current ratio 2:1
Liquid ratio 3:2
Reserves included in Proprietors?? Fund 1:4
07
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Page 1 of 4
Seat No.: ________ Enrolment No.___________
GUJARAT TECHNOLOGICAL UNIVERSITY
MBA ? SEMESTER 1? EXAMINATION WINTER ? 2018
Subject Code:4519201 Date:24/12/2018
Subject Name: Management Accounting
Time: 10:30 AM To 01:30 PM Total Marks: 70
Instructions:
1. Attempt all questions.
2. Make suitable assumptions wherever necessary.
3. Figures to the right indicate full marks.
Q.1 Define the terms
(a) Solvent
(b) Livestock
(c) Contribution
(d) Trade Discount
(e) Bills Receivable
(f) Fictitious Assets
(g) Current Ratio
14
Q.2 (a) State the difference between the Financial Accounting and Cost Accounting 07
(b) Journalize the following transactions in the books of Mr. Mehta for March, 2018:
1. Started business with cash Rs.20,00,000.
2. Purchased a machinery from Walia Engineering by paying cash of
Rs.9,00,000 and paid installation charges Rs.50,000 in cash.
3. Sold goods costing Rs.40,000 to Anita for cash at a profit of 20% on
sales less 10% trade discount and charged 8% GST.
4. Received Rs.975 from Hari Krishan in full settlement of his account for
Rs.1,000.
5. Sold goods to Shayam on credit Rs.10,000 and paid cartage of Rs.100 (to
be charged from customer).
Also Prepare a CASH LEDGER ONLY.
OR
(b) On 1
st
January 2002, Adani Ltd purchased a second hand machine for
Rs.1,00,000. On 30
th
September, 2003, this machine is sold for Rs.50,000. A
new machine of Rs.2,00,000 was purchased on 1
st
October, 2003.Depreciation is
to be provided at 20% according to Written Down Value Method (WDV).
Prepare the machinery account for the first three years assuming that the
accounts are closed on 31
st
March each year. Working note should be the part of
the answer.
07
Q.3 (a) Write a short-note on any three Classification of Cost and draw out the format of
Unit Costing.
07
(b) From the following details prepare a summarized balance sheet of Anitha and
Company as on 31.12.2018.
Fixed assets to net-worth: 0.75:1
Current ratio 2:1
Liquid ratio 3:2
Reserves included in Proprietors?? Fund 1:4
07
Page 2 of 4
Current Liabilities Rs.2,00,000
Cash and bank balancesRs.10,000
Fixed Assets Rs.6,00,000.
OR
Q.3 (a) Write a short-note on Generally Accepted Accounting Principles (GAPP). 07
(b) The following transactions of receipts and issue of item ?EXE? took place during
September, 2012. Prepare Stock Register Card or Stores Ledger (Perpetual) on
FIFO, and LIFO method of inventory valuation.
September Product
K
Units Price
per unit
3
rd
Purchase 200 50
6
th
Purchase 150 56
10
th
Issue 250 ---
14
th
Issue 60 ---
20
th
Purchase 340 58
24
th
Issue 225 ---
07
Q.4 (a) Write a note on International Financial Reporting Standards (IFRS) 07
(b) The following particulars are taken from the records of a company engaged in
manufacturing two products, A and B, from a certain material:
Particulars Product A (Per Unit
Rs.)
Product B (Per Unit
Rs.)
Sales 2,500 5,000
Material cost (Rs.50 per Kg) 500 1,250
Direct Labour (Rs.30 per
hour)
750 1,500
Total fixed Overheads: Rs.10,00,000
Comment on the profitability of each product when:
1. Total Sales in value is limited.
2. Raw materials is in short supply.
3. Production capacity is the limiting factor.
4. Total availability of raw materials is 20,000Kgs and maximum sales
potential of each product is 1,000units, find the product mix to yield the
maximum profits.
07
OR
Q.4 (a) A product passes through three processes A, B and C. The normal wastage of
each process is as follows: Process A: 3%, Process B:5% and Process C:8%.
Wastage of Process A was sold at 25paise per unit, that of Process B at 50paise
per unit and that of Process C at Re.1per unit.
10,000units were issued to Process A in the beginning of October 2012 at a cost
of Re.1 per unit. The other expenses were as follows:
Particulars Process A Process B Process C
Sundry Materials (Rs.) 1,000 1,500 500
Labour (Rs.) 5,000 8,000 6,500
Direct Expenses (Rs.) 1,050 1,188 2,009
Actual Output 9,500 units 9,100 units 8,100 units
Prepare the Process Accounts, assuming that there was no opening or closing
stocks.
07
(b) Write a short-note on Break-Even Analysis.
07
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Page 1 of 4
Seat No.: ________ Enrolment No.___________
GUJARAT TECHNOLOGICAL UNIVERSITY
MBA ? SEMESTER 1? EXAMINATION WINTER ? 2018
Subject Code:4519201 Date:24/12/2018
Subject Name: Management Accounting
Time: 10:30 AM To 01:30 PM Total Marks: 70
Instructions:
1. Attempt all questions.
2. Make suitable assumptions wherever necessary.
3. Figures to the right indicate full marks.
Q.1 Define the terms
(a) Solvent
(b) Livestock
(c) Contribution
(d) Trade Discount
(e) Bills Receivable
(f) Fictitious Assets
(g) Current Ratio
14
Q.2 (a) State the difference between the Financial Accounting and Cost Accounting 07
(b) Journalize the following transactions in the books of Mr. Mehta for March, 2018:
1. Started business with cash Rs.20,00,000.
2. Purchased a machinery from Walia Engineering by paying cash of
Rs.9,00,000 and paid installation charges Rs.50,000 in cash.
3. Sold goods costing Rs.40,000 to Anita for cash at a profit of 20% on
sales less 10% trade discount and charged 8% GST.
4. Received Rs.975 from Hari Krishan in full settlement of his account for
Rs.1,000.
5. Sold goods to Shayam on credit Rs.10,000 and paid cartage of Rs.100 (to
be charged from customer).
Also Prepare a CASH LEDGER ONLY.
OR
(b) On 1
st
January 2002, Adani Ltd purchased a second hand machine for
Rs.1,00,000. On 30
th
September, 2003, this machine is sold for Rs.50,000. A
new machine of Rs.2,00,000 was purchased on 1
st
October, 2003.Depreciation is
to be provided at 20% according to Written Down Value Method (WDV).
Prepare the machinery account for the first three years assuming that the
accounts are closed on 31
st
March each year. Working note should be the part of
the answer.
07
Q.3 (a) Write a short-note on any three Classification of Cost and draw out the format of
Unit Costing.
07
(b) From the following details prepare a summarized balance sheet of Anitha and
Company as on 31.12.2018.
Fixed assets to net-worth: 0.75:1
Current ratio 2:1
Liquid ratio 3:2
Reserves included in Proprietors?? Fund 1:4
07
Page 2 of 4
Current Liabilities Rs.2,00,000
Cash and bank balancesRs.10,000
Fixed Assets Rs.6,00,000.
OR
Q.3 (a) Write a short-note on Generally Accepted Accounting Principles (GAPP). 07
(b) The following transactions of receipts and issue of item ?EXE? took place during
September, 2012. Prepare Stock Register Card or Stores Ledger (Perpetual) on
FIFO, and LIFO method of inventory valuation.
September Product
K
Units Price
per unit
3
rd
Purchase 200 50
6
th
Purchase 150 56
10
th
Issue 250 ---
14
th
Issue 60 ---
20
th
Purchase 340 58
24
th
Issue 225 ---
07
Q.4 (a) Write a note on International Financial Reporting Standards (IFRS) 07
(b) The following particulars are taken from the records of a company engaged in
manufacturing two products, A and B, from a certain material:
Particulars Product A (Per Unit
Rs.)
Product B (Per Unit
Rs.)
Sales 2,500 5,000
Material cost (Rs.50 per Kg) 500 1,250
Direct Labour (Rs.30 per
hour)
750 1,500
Total fixed Overheads: Rs.10,00,000
Comment on the profitability of each product when:
1. Total Sales in value is limited.
2. Raw materials is in short supply.
3. Production capacity is the limiting factor.
4. Total availability of raw materials is 20,000Kgs and maximum sales
potential of each product is 1,000units, find the product mix to yield the
maximum profits.
07
OR
Q.4 (a) A product passes through three processes A, B and C. The normal wastage of
each process is as follows: Process A: 3%, Process B:5% and Process C:8%.
Wastage of Process A was sold at 25paise per unit, that of Process B at 50paise
per unit and that of Process C at Re.1per unit.
10,000units were issued to Process A in the beginning of October 2012 at a cost
of Re.1 per unit. The other expenses were as follows:
Particulars Process A Process B Process C
Sundry Materials (Rs.) 1,000 1,500 500
Labour (Rs.) 5,000 8,000 6,500
Direct Expenses (Rs.) 1,050 1,188 2,009
Actual Output 9,500 units 9,100 units 8,100 units
Prepare the Process Accounts, assuming that there was no opening or closing
stocks.
07
(b) Write a short-note on Break-Even Analysis.
07
Page 3 of 4
Q.5 From the following balance sheets and additional information, prepare cash flow
statement:
Liabilities 2016 2017 Assets 2016 2017
Equity Share
Capital
3,00,000 4,00,000 Goodwill 1,15,000 90,000
8% Preference
Share Capital
1,50,000 1,00,000 Land and
Building
2,00,000 1,70,000
General
Reserve
40,000 70,000 Plant 80,000 2,00,000
P&L
Appropriation
A/c
30,000 48,000 Debtors 1,60,000 2,00,000
Creditors 97,000 1,33,000 Stock 77,000 1,09,000
Bank
Overdraft
20,000 16,000 Bills
Receivable e
20,000 30,000
Outstanding
Expenses
40,000 50,000 Cash in hand 15,000 10,000
Cash at Bank 10,000 8,000
Total 6,77,000 8,17,000 Total 6,77,000 8,17,000
Additional Information:
(a) Depreciation of Rs.10,000 and Rs.20,000 has been provided on Plant and
Land and Building, respectively.
(b) An interim dividend of Rs.5,000 was paid during the year and the final
dividend for the year was Rs.15,000.
(c) Tax paid during the year was Rs.35,000.
14
OR
Q.5 Prepare the vertical final accounts (Profit and Loss and Balance-Sheet) for the
year ending March 31,2010 using the trial balance given below of M/s Shakti
Ltd.
Particulars Rs. Particulars Rs.
Stock 3,40,000 Equity Share capital (face
value Rs.10 each)
12,50,000
Furniture 1,00,000 10% Debentures (As on
April1,2009) (Secured)
2,50,000
Discount 20,000 Bank Loan (Unsecured) 3,22,500
Loan to Directors 40,000 Bills Payable 62,500
Advertisement 10,000 Creditors 78,000
Bad Debts 17,500 Sales 21,34,000
Commission 60,000 Rent Received 28,000
Purchases 11,59,500 Profit and Loss Account 69,500
Plant and
Machinery
4,30,000 Provision for Depreciation
on Machinery
73,000
Rentals 12,500
Current Account 22,500
Cash 4,000
Interest on bank
loan
58,000
Preliminary
Expenses
5,000
Fixtures 1,50,000
14
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Page 1 of 4
Seat No.: ________ Enrolment No.___________
GUJARAT TECHNOLOGICAL UNIVERSITY
MBA ? SEMESTER 1? EXAMINATION WINTER ? 2018
Subject Code:4519201 Date:24/12/2018
Subject Name: Management Accounting
Time: 10:30 AM To 01:30 PM Total Marks: 70
Instructions:
1. Attempt all questions.
2. Make suitable assumptions wherever necessary.
3. Figures to the right indicate full marks.
Q.1 Define the terms
(a) Solvent
(b) Livestock
(c) Contribution
(d) Trade Discount
(e) Bills Receivable
(f) Fictitious Assets
(g) Current Ratio
14
Q.2 (a) State the difference between the Financial Accounting and Cost Accounting 07
(b) Journalize the following transactions in the books of Mr. Mehta for March, 2018:
1. Started business with cash Rs.20,00,000.
2. Purchased a machinery from Walia Engineering by paying cash of
Rs.9,00,000 and paid installation charges Rs.50,000 in cash.
3. Sold goods costing Rs.40,000 to Anita for cash at a profit of 20% on
sales less 10% trade discount and charged 8% GST.
4. Received Rs.975 from Hari Krishan in full settlement of his account for
Rs.1,000.
5. Sold goods to Shayam on credit Rs.10,000 and paid cartage of Rs.100 (to
be charged from customer).
Also Prepare a CASH LEDGER ONLY.
OR
(b) On 1
st
January 2002, Adani Ltd purchased a second hand machine for
Rs.1,00,000. On 30
th
September, 2003, this machine is sold for Rs.50,000. A
new machine of Rs.2,00,000 was purchased on 1
st
October, 2003.Depreciation is
to be provided at 20% according to Written Down Value Method (WDV).
Prepare the machinery account for the first three years assuming that the
accounts are closed on 31
st
March each year. Working note should be the part of
the answer.
07
Q.3 (a) Write a short-note on any three Classification of Cost and draw out the format of
Unit Costing.
07
(b) From the following details prepare a summarized balance sheet of Anitha and
Company as on 31.12.2018.
Fixed assets to net-worth: 0.75:1
Current ratio 2:1
Liquid ratio 3:2
Reserves included in Proprietors?? Fund 1:4
07
Page 2 of 4
Current Liabilities Rs.2,00,000
Cash and bank balancesRs.10,000
Fixed Assets Rs.6,00,000.
OR
Q.3 (a) Write a short-note on Generally Accepted Accounting Principles (GAPP). 07
(b) The following transactions of receipts and issue of item ?EXE? took place during
September, 2012. Prepare Stock Register Card or Stores Ledger (Perpetual) on
FIFO, and LIFO method of inventory valuation.
September Product
K
Units Price
per unit
3
rd
Purchase 200 50
6
th
Purchase 150 56
10
th
Issue 250 ---
14
th
Issue 60 ---
20
th
Purchase 340 58
24
th
Issue 225 ---
07
Q.4 (a) Write a note on International Financial Reporting Standards (IFRS) 07
(b) The following particulars are taken from the records of a company engaged in
manufacturing two products, A and B, from a certain material:
Particulars Product A (Per Unit
Rs.)
Product B (Per Unit
Rs.)
Sales 2,500 5,000
Material cost (Rs.50 per Kg) 500 1,250
Direct Labour (Rs.30 per
hour)
750 1,500
Total fixed Overheads: Rs.10,00,000
Comment on the profitability of each product when:
1. Total Sales in value is limited.
2. Raw materials is in short supply.
3. Production capacity is the limiting factor.
4. Total availability of raw materials is 20,000Kgs and maximum sales
potential of each product is 1,000units, find the product mix to yield the
maximum profits.
07
OR
Q.4 (a) A product passes through three processes A, B and C. The normal wastage of
each process is as follows: Process A: 3%, Process B:5% and Process C:8%.
Wastage of Process A was sold at 25paise per unit, that of Process B at 50paise
per unit and that of Process C at Re.1per unit.
10,000units were issued to Process A in the beginning of October 2012 at a cost
of Re.1 per unit. The other expenses were as follows:
Particulars Process A Process B Process C
Sundry Materials (Rs.) 1,000 1,500 500
Labour (Rs.) 5,000 8,000 6,500
Direct Expenses (Rs.) 1,050 1,188 2,009
Actual Output 9,500 units 9,100 units 8,100 units
Prepare the Process Accounts, assuming that there was no opening or closing
stocks.
07
(b) Write a short-note on Break-Even Analysis.
07
Page 3 of 4
Q.5 From the following balance sheets and additional information, prepare cash flow
statement:
Liabilities 2016 2017 Assets 2016 2017
Equity Share
Capital
3,00,000 4,00,000 Goodwill 1,15,000 90,000
8% Preference
Share Capital
1,50,000 1,00,000 Land and
Building
2,00,000 1,70,000
General
Reserve
40,000 70,000 Plant 80,000 2,00,000
P&L
Appropriation
A/c
30,000 48,000 Debtors 1,60,000 2,00,000
Creditors 97,000 1,33,000 Stock 77,000 1,09,000
Bank
Overdraft
20,000 16,000 Bills
Receivable e
20,000 30,000
Outstanding
Expenses
40,000 50,000 Cash in hand 15,000 10,000
Cash at Bank 10,000 8,000
Total 6,77,000 8,17,000 Total 6,77,000 8,17,000
Additional Information:
(a) Depreciation of Rs.10,000 and Rs.20,000 has been provided on Plant and
Land and Building, respectively.
(b) An interim dividend of Rs.5,000 was paid during the year and the final
dividend for the year was Rs.15,000.
(c) Tax paid during the year was Rs.35,000.
14
OR
Q.5 Prepare the vertical final accounts (Profit and Loss and Balance-Sheet) for the
year ending March 31,2010 using the trial balance given below of M/s Shakti
Ltd.
Particulars Rs. Particulars Rs.
Stock 3,40,000 Equity Share capital (face
value Rs.10 each)
12,50,000
Furniture 1,00,000 10% Debentures (As on
April1,2009) (Secured)
2,50,000
Discount 20,000 Bank Loan (Unsecured) 3,22,500
Loan to Directors 40,000 Bills Payable 62,500
Advertisement 10,000 Creditors 78,000
Bad Debts 17,500 Sales 21,34,000
Commission 60,000 Rent Received 28,000
Purchases 11,59,500 Profit and Loss Account 69,500
Plant and
Machinery
4,30,000 Provision for Depreciation
on Machinery
73,000
Rentals 12,500
Current Account 22,500
Cash 4,000
Interest on bank
loan
58,000
Preliminary
Expenses
5,000
Fixtures 1,50,000
14
Page 4 of 4
Wages 4,50,000
Consumables 42,000
Freehold Land 7,73,000
Tools and
Equipments
1,22,500
Goodwill 1,32,500
Debtors 1,43,500
Bills Receivable 76,500
Dealers Aids 10,500
Transit Insurance 15,000
Trade Expenses 36,000
Delivery Van
Expenses
27,000
Debenture Interest 10,000
Total 42,67,500 Total 42,67,500
Additional Information:
1. Closing stock was Rs.4,11,500.
2. Wages for the month of March Rs.65,000 was due but not paid.
3. Make Provision for tax @20% of EBT.
4. Transfer Rs.50,000 to reserve account.
5. Equity dividend is proposed @10% subject to the availability of
sufficient profits.
*************
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This post was last modified on 19 February 2020