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Code: 18E00104
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MBA (Fintech) I Semester Supplementary Examinations June 2019
FINANCIAL ACCOUNTING
(For students admitted in 2018 only)
Time: 3 hours Max. Marks: 60
SECTION -A
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(Answer the following: 05 X 10 = 50 Marks)
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What are the advantages and disadvantages of double entry system? Explain.
OR
Who are the key users of accounting information? Explain in detail.
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The trail balance of Mr. Sriram as on 31st March 2013 was as follows:
Particulars Dr.(*) Cr.()
Purchases/Sales 16,25,050 25,24,000
Sundry debtors/Sundry creditors 5,02,000 3,05,260
Provision for doubtful debts 52,000
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Bill payable 39,500
Opening stock 2,67,250 -
Wages 2,31,370 -
Salaries 55,750 -
Furniture 72,500 -
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Postage 42,260 -
Power & fuel 13,500 -
Trade expenses 58,310 -
Bad debts 5,250 -
Loan to Mr.Suresh@10% (Dec. 1,2012) 3,000 -
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Cash in hand and at bank 1,00,000 -
Trade expenses accrued but not paid - 7,000
Drawings/Capital 44,520 1,00,000
Outstanding wages - 20,000
Total 30,47,760 30,47,760
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Required: Prepare trading and profit & loss account for the year March 31, 2013 and the balance sheet as on that after taking into consideration the following information:
- Depreciation on furniture is to be charged @10%.
- Sundry debtors include an item of ?5,000 due from a customer who has become insolvent.
- Provision for doubtful debts is to be maintained @5% on sundry debtors.
- Goods of the value of ?15,000 have been destroyed by fire and insurance company admitted a claim for 10,000.
- Closing stock was ?1,22,500.
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OR
What are the accounting concepts and conventions? Explain.
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On 1st April 2011, Sree Ltd. purchased a second-hand machine for ?80,000 and spent ?20,000 on its cartage, repairs and installation. On 30th September, 2012 repairs & renewals amounted to ?2,000. On 30th September 2013, this machine was sold for ?50,000. Depreciation is to be provided @20% p.a according to written down value method.
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Required: Prepare machinery account for the three years assuming that the accounts are closed on 31st March every year.
OR
The following are the details of a spare part of M/s Sudha Mills:
1-1-2018 Opening stock NIL
1-1-2018 Purchases 100 units@ Rs.30 per unit
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15-1-2018 Issued for consumption 50 units
1-2-2018 Purchases 200 units@ Rs.40 per unit
15-2-2018 Issued for consumption 100 units
20-2-2018 Issued for consumption 100 units
1-3-2018 Purchases 150 units@ Rs,50 per unit
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15-3-2018 Issued for consumption 100 units
Find the value of stock as on 31-3-2018 assuming that the company follows FIFO method.
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You are given the following information about two companies:
Particulars Company A(?) Company B()
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Cash 180 140
Debtors 1,520 3,200
Inventory 1,800 3,200
Bills payable 270 1,000
Creditors 500 4,000
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Accrued expenses 150 125
Tax payable - 1,000
- Calculate the liquidity ratios for two companies.
- Give your interpretation of the liquidity position of the two companies as revealed by the ratios.
OR
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Following are the ratios relating to the activities of Suma Traders Ltd:
Debtors velocity 3 months
Stock velocity 8 months
Creditors velocity 2 months
Gross profit ratio 25 percent
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Gross profit the year ended 31st March, 2018 amounts to ?4,00,000. Closing stock of the year is ?10,000 above the opening stock. Bills receivable amount to ?25,000 and bills payable to ?10,000.
Find out: (i) Sales.
(ii) Sundry debtors.
(iii) Closing stock.
(iv) Sundry creditors.
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What do you mean by funds flow statement? What are it uses? Explain.
OR
The balance sheets of Shyam Ltd as on 31st March are as follows:
Liabilities 2017(?) 2018(?) Assets 2017(?) 2018(?)
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Share capital 5,00,000 7,00,000 Buildings 80,000 1,20,000
P&L Account 1,00,000 1,60,000 Plant & Machinery 5,00,000 8,00,000
General Reserve 50,000 70,000 Stock 1,00,000 75,000
Sundry creditors 1,53,000 1,90,000 Sundry Debtors 1,50,000 1,60,000
Bills payable 40,000 50,000 Cash 20,000 20,000
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Outstanding exp 7,000 5,000
8,50,000 11,75,000 8,50,000 11,75,000
Additional information:
?50,000 depreciation has been charged on plant & machinery during the year 2017-18. A piece of machinery was sold for ?8,000 during the year 2017-18. Its original cost ?12,000, depreciation of ?7,000 had been provided on it.
Prepare cash flow statement.
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SECTION -B
(Compulsory question, 01 X 10 = 10 Marks)
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Case Study:
Using the following accounting variables, construct a balance sheet.
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Gross profit (20% of sales) Rs.60,000
Shareholders' equity Rs.50,000
Credit sales to total sales 80%
Total assets turnover (on sales) 3 times
Stock turnover 8 times
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Average collection period (360 days in a year) 18 days
Current ratio 1.6
Long term debt to equity 40%
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