Seat No.:
Enrolment No.
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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
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Instructions:
- Attempt all questions.
- Make suitable assumptions wherever necessary.
- Figures to the right indicate full marks.
Q.1 Define the terms 14
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(a) Solvent
(b) Livestock
(c) Contribution
(d) Trade Discount
(e) Bills Receivable
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(f) Fictitious Assets
(g) Current Ratio
Q.2 State the difference between the Financial Accounting and Cost Accounting 07
Journalize the following transactions in the books of Mr. Mehta for March, 2018:
- Started business with cash Rs.20,00,000.
- Purchased a machinery from Walia Engineering by paying cash of Rs.9,00,000 and paid installation charges Rs.50,000 in cash.
- 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.
- Received Rs.975 from Hari Krishan in full settlement of his account for Rs.1,000.
- Sold goods to Shayam on credit Rs.10,000 and paid cartage of Rs.100 (to be charged from customer).
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Also Prepare a CASH LEDGER ONLY.
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OR
On 1st January 2002, Adani Ltd purchased a second hand machine for 07 Rs.1,00,000. On 30th September, 2003, this machine is sold for Rs.50,000. A new machine of Rs.2,00,000 was purchased on 1st 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 31st March each year. Working note should be the part of the answer.
Q.3 Write a short-note on any three Classification of Cost and draw out the format of Unit Costing. 07
From the following details prepare a summarized balance sheet of Anitha and Company as on 31.12.2018. 07
Fixed assets to net-worth: 0.75:1
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Current ratio 2:1
Liquid ratio 3:2
Reserves included in Proprietors’ Fund 1:4
Cash and bank balances Rs.10,000
Fixed Assets Rs.6,00,000.
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OR
Write a short-note on Generally Accepted Accounting Principles (GAPP). 07
Q.4 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. 07
| September | Product | Units | Price per unit |
|---|---|---|---|
| 3 | Purchase | 200 | 50 |
| 6 | Purchase | 150 | 56 |
| 10 | Issue | 250 | --- |
| 14 | Issue | 60 | --- |
| 20 | Purchase | 340 | 58 |
| 24 | Issue | 225 | --- |
Write a note on International Financial Reporting Standards (IFRS) 07
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The following particulars are taken from the records of a company engaged in manufacturing two products, A and B, from a certain material: 07
| 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:
- Total Sales in value is limited.
- Raw materials is in short supply.
- Production capacity is the limiting factor.
- 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.
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OR
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:
Prepare the Process Accounts, assuming that there was no opening or closing stocks.
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| 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 |
Write a short-note on Break-Even Analysis. 07
Q.5 From the following balance sheets and additional information, prepare cash flow statement: 14
| 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 Alc | 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 | 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:
- Depreciation of Rs.10,000 and Rs.20,000 has been provided on Plant and Land and Building, respectively.
- An interim dividend of Rs.5,000 was paid during the year and the final dividend for the year was Rs.15,000.
- Tax paid during the year was Rs.35,000.
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OR
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. 14
| 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 April,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 | ||
| 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:
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- Closing stock was Rs.4,11,500.
- Wages for the month of March Rs.65,000 was due but not paid.
- Make Provision for tax @20% of EBT.
- Transfer Rs.50,000 to reserve account.
- Equity dividend is proposed @10% subject to the availability of sufficient profits.
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