Loyola College B.Sc. Mathematics April 2009 Fin. Accounts & Fin. Stat. Analysis Question Paper PDF Download

            LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.Sc., B.A. DEGREE EXAMINATION – MATHEMATICS&HISTORY,ECONOMICS

KP 14

FOURTH SEMESTER – April 2009

CO 4205 / 4201 – FIN. ACCOUNTS & FIN. STAT. ANALYSIS

 

 

 

Date & Time: 27/04/2009 / 9:00 – 12:00  Dept. No.                                                Max. : 100 Marks

 

 

SECTION A

Answer all the questions:                                                                    (10  x 2 = 20 marks)

  1. List the various types of cash book?
  2. What is Bank Reconciliation Statement?
  3. Journalise the following:
  • Goods worth Rs.1,000 taken by the proprietor for personal use

(ii) Paid Advertisement expenses to Anil & Co.,   Rs.1,500

  1. Classify the following under Personal, Real, Nominal account
  • Outstanding salary (b)  Goodwill  (c ) Loss by fire  (d)  Purchases
  1. Fill in the blanks:
  • Purchases book is also known as ___________.
  • Journal is the book of _________ entry.
  1. Ascertain the amount of profit/loss on sale of machinery:

Cost of Machine  Rs. 1,00,000; Accumulated Depreciation on machinery Rs. 30,000 ;  Sale value of machinery Rs. 85,000

  1. Find out Earning per share from the following:

Net profit after tax Rs. 2,00,000

10% Preference Share capital Rs. 4,00,000

Equity share capital (Rs.10 each)  Rs. 1,00,000

  1. Calculate the amount of subscription to be credited to Income and expenditure account for the year 2008:

Subscriptions received during 2008                                        Rs.24,000

Subscriptions received in advance for 2009                           Rs.  1,600

Subscriptions outstanding in the beginning of  2008             Rs.  2,000

Subscriptions outstanding at the close of  2008                     Rs.  1,500

  1. What are the different modes of expressing ‘Ratios’?
  2. Give adjusting entry for the following:
  • Depreciation @10% on furniture of Rs. 5,000
  • Wages outstanding Rs. 200

SECTION B

Answer any five questions:                                                                 (5 x 8 = 40 marks)

  1. Who are the users of accounting information and why do the users need the accounting information?
  2. Explain any four accounting concepts.
  3. What is ‘Petty cash book’?  What are its advantages?
  4. Prepare a bank reconciliation statement from the following data as on 31-12-2008

Rs.

  • Balance as per cash book 25,000
  • Cheques issued but not presented for payment 18,000
  • Cheques deposited in bank but not collected 20,000
  • Bank paid insurance premium   8,000
  • Direct deposit by a customer   5,000
  • Interest on investment collected by bank 12,000
  • Bank charges   1,000
  1. Enter the following transactions in Rohan’s cash book with discount and cash column:

Date                           Particulars                                                Rs.

Jan  1               Cash balance                                                   18,500

3               Cash sales                                                        33,000

7               Paid David                                                      15,850

Discount allowed by him                                    150

13               Sold goods to Mohan on credit                      19,200

15               Cash withdrawn for personal expenses            2,400

16               Purchased goods form Charles on credit        14,300

22               Paid into bank                                                 22,750

25               Cash received from Mohan                             19,000

Allowed him discount                                                     200

 

  1. A Ltd., provides the following accounting data for the year ending 31st March 2008 and request you to ascertain (a) Gross profit ratio (b) Net profit ratio

(c) Operating ratio (c) Operating profit ratio

Rs.

Sales                                                                            20,00,000

Gross profit                                                                   8,00,000

Office expenses                                                               60,000

Selling expenses                                                               40,000

Finance expenses                                                             30,000

Loss on sale of plant                                                          4,000

Interest received on investments                                       5,000

Net profit                                                                      6,71,000

 

  1. Naresh Ltd., had a balance of Rs. 80,000 in its Profit & Loss appropriation account on 1st  April 2007. During 2007-2008, its profit before tax amounted to Rs. 7,62,500.  The income tax provision of the year amounted to be 347,500.  The company decided to transfer Rs. 60,000 to General Reserve, Rs,. 87,500 to sinking fund for redemption of debentures to pay a dividend for the financial year at the rate of 10%.   The company’s share capital consisted of 3,00,000 shares of Rs.10 each.  Draw up the Profit & Loss Appropriation Account.
  2. The following balances were extracted from the ledger of Ram on 31st March 2008.  You are required to prepare a trial balance as on that date in proper form:

Rs.                                                       Rs.

Drawings                                 6,000              Salaries                        9,500

Capital                                     24,000             Sales returns                1,000

Sundry creditors                     43,000             Purchase returns          1,100

Bills payable                              4,000             Travelling expenses     4,600

Loan from Karthik                  10,000             Commission paid           100

Furniture                                   4,500             Trading expenses        2,500

Opening  stock                        47,000             Discount earned          4,000

Cash in hand                                900             Rent                            2,000

Cash at bank                           12,500             Bank overdraft            6,000

Tax                                            3,500             Purchases               1,26,000

Sales                                     1,28,000

 

SECTION C

Answer any two questions:                                                                 (2 x 20 = 40 marks)

  1. The following Trial Balance is extracted from the books of Mr. Rahul on 31-12-2008

Particulars                                           Debit               Credit

Rs.                   Rs.

Furniture                                                                       640

Motor vehicles                                                            6,250

Buildings                                                                     7,500

Capital                                                                                                 12,500

Bad debts                                                                       125

Sundry Debtors and Creditors                                                3,800                 2,500

Stock on 1-1-08                                                          3,460

Purchases and Sales                                                    5,475               15,450

Bank overdraft                                                                                      3,050

Sales and Purchases returns                                          200                     125

Advertising                                                                   450

Interest                                                                                      118

Commission                                                                                             375

Cash                                                                              650

Taxes and insurance                                                    1,250

General expenses                                                           782

Salaries                                                                        3,300               ______

34,000               34,000

Adjustments:

Stock on 31-12-2008 was Rs. 3,250

Depreciate Buildings @ 5% Furniture @ 10% and Motor vehicle @ 20%

Salaries Rs. 300 amd taxes Rs. 120 are outstanding

Insurance prepaid for Rs. 100

Write off further Rs. 100 as bad debts

Prepare Trading and Profit and Loss account for the year ending 31-12-2008 and

a Balance Sheet as on that date.

 

20  The following is the Receipts and Payments A/c of Delhi football association for the first year ending 31st Dec 2008

Receipts & Payments Account

 

Receipts                              Rs.                Payments                             Rs.

To Donation                                  50,000       By Pavilions office              40,000

To Reserve Fund (Life

Membership and entrance fees)    4,000       By expenses in connection

To Receipts from  football                              with matches                            900

Matches                                      8,000       By furniture                           2,100

Revenue Receipts:                                           By Investments at cost         16,000

To Subscriptions                             5,200       Revenue Payments:

To  locker Rents                                   50       By Salaries                             1,800

To interest on securities                     240       By Wages                                 600

To sundries                                         350       By Insurance                             350

By Telephone                            250

By Electricity                            110

By Sundry expenses                 210

                  By Balance on hand               5,520

67,840                                                    67,840

Additional information:

  • Subscriptions outstanding for 2008 are Rs. 250
  • Salaries unpaid for 2008 are Rs. 170
  • Wages unpaid for 2008 are Rs. 90
  • Outstanding bill the sundry expenses is Rs. 40
  • Donations received have to be capitalized.

Prepare from the details given above and Income and Expenditure A/c for the year ended 31-12-2008 and the Balance Sheet of the Association as on that date.

 

21.Following are the summarized Balance Sheets of Arul Ltd as on 31st Dec 2007 and 2008

Balance Sheets

Liabilities    2007

Rs.

    2008

Rs.

Assets     2007

Rs.

    2008

Rs.

Share capital

General reserve

P&L A/c

Bank Loan

Sundry creditors

Provision for taxation

1,00,000

 

50,000

30,500

70,000

 

50,000

 

32,000

 

1,50,000

 

60,000

30,000

 

37,200

 

35,000

Land & Building

Plant & Machinery

Stock

Debtors

Cash

Bank

Goodwill

 

1,00,000

 

1,00,000

50,000

75,000

500

2,000

5,000

 

90,000

 

1,19,000

24,000

63,200

1,000

15,000

3,32,500 3,12,200 3,32,500 3,12,200

 

Additional information:

During the year ended 31st December 2008

  • Dividend of Rs. 23,000 was paid
  • Depreciation written off on building Rs. 10,000, Machinery Rs. 14,000
  • Income tax paid during the year Rs. 28,000

Prepare a statement of cash flow for the year ended 31 Dec 2008.

 

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