Code No: 862AE R19
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JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY HYDERABAD
MCA II Semester Examinations, July/August - 2021
ACCOUNTANCY AND FINANCIAL MANAGEMENT
Time: 3 Hours Max.Marks:75
Answer any five questions
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All questions carry equal marks
- a) Record the following transactions in the Journal and post them into ledger and prepare a Trail Balance. [15]
- March 1: Neeraj started business with a capital of (Rs.) 80,000
- March 5: Bought goods from Kavita on credit (Rs.) 20,000
- March 7: Sold goods to Trina (Rs.) 25,000
- March 9: Cash purchases (Rs.) 25,000
- March 10: Cash sales (Rs.) 15,000
- March 11: Goods returned to Kavita (Rs.) 2,000
- March 12: Bought furniture for (Rs.) 15,000
- March 13: Cash paid to Kavita (Rs.) 12,000
- March 15: Goods returned by Trina (Rs.) 3,000
- March 17: Goods taken by Neeraj for personal use (Rs.) 3,000
- March 18: Cash received from Trina (Rs.) 12,000
- March 19: Took loan from Parag (Rs.) 30,000
- March 20: Salary paid (Rs.) 5,000
- March 21: Bought stationery for (Rs.) 1,000
- March 22: Amount paid to Parag on loan-account (Rs.) 18,000
- March 25: Interest received (Rs.) 4,000
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- Explain the concept of double entry system of accounting with its rules. [7+8]
- From the information given below, calculate: [5+5+5]
- a) P/V Ratio
- b) Fixed expenses
- c) Expected profit if sales are budgeted at Rs. 90,000.
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Year Sales Profit 2004 1,80,000 30,000 2005 2,60,000 50,000 - Explain the basic principles of costing and identify difference between Absorption costing and marginal costing. [15]
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a) L&T Company produces many products for household use. Company sells products to storekeepers as well as to customers. Bags-RX is one of the products of L&T. It is a cleaning product that is produced, packed in large boxes and then sold to customers and storekeepers.
L&T uses a traditional standard costing system to control costs and has established the following materials, labor and overhead standards to produce one box of Bags-RX are as follows:- Direct materials; 1.5 pounds @ 12 per pound: 18.00
- Direct labor; 0.6 hours @ 24 per hour: 14.40
- Variable manufacturing overhead; 0.6 hours @ 5.00: 3.00
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1600 direct labor hours were recorded during the month at a cost of 40,000. The variable manufacturing overhead costs during August totaled 7,200.
From the above information compute:- a) Direct Labor Rate Variance and
- b) Direct Labor Efficiency Variance. (Assume that the materials price variance is computed at the time of purchase.) [7+8]
- Identify advantages and limitations of Ratio Analysis. [8+7]
- Define Cash flow statement and give a mock preparation and interpretation of cash flow statement. [15]
- a) What is the difference between master file and transaction file in computerized accounting system?
b) Discuss how the introduction documents are used for data collection. [8+7]
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