MB0025 Financial and Management Accounting
Assignment for Financial and Management Accounting of Sikkim manipal univ(SMU) MBA (Distance learning) first semester...
MBA- I semester MB0025- Financial & Management Accounting – 3 Credits Book ID- ( B0907 ) Assignment Set 1- (60 Marks) Note: Answer all the questions. 1. Explain any two concepts of accounting with examples.
2. Prove that accounting equation is satisfied in all the following transactions of Mr.X 1. Commenced business with cash – Rs.80,000
2. Purchased goods for cash – Rs.40,000 and on credit Rs.30,000 3. Sold goods for cash – Rs.40,000 costing Rs.25,000 4. Paid salary – Rs.2,000 and salary outstanding Rs.1,000 5. Bought scooter for personal use for cash at Rs.20,000
3. Show the rectification entries for the following:
a. The Sales account is undercast by Rs.15,000 b. Goods returned by the customer Mr.X of Rs.5650 has been posted in the Return Inward Account as Rs.5560 and in Mr.X a/c as Rs.6,550. c. Salary paid Rs.6,000 has been posted to Rent account d. Cash received from Ram posted to Shyam account Rs.7,000 e. Cash received from Jadu Rs.8,640 has been posted to the debit of Madhu’s a/c
4. The following balances are extracted from the books of Kiran Trading Co on 31st March 2000. You are required to prepare trading and profit and loss account and a balance sheet as on that date: Opening Stock B/R Purchases
(20 marks) 5,000 22,500 1,95,000
Commission received Return Outward Trade Expenses
2,000 2,500 1,000
Wages Insurance Sundry Debtors Carriage Inwards Commission Paid Interest on Capital Stationery Return Inwards
14,000 5,500 1,50,000 4,000 4,000 3,500 2,250 6,500
Office furniture Cash in hand Cash at bank Rent and Taxes Carriage Outward Sales Bills Payable Creditors Capital
5,000 2,500 23,750 5,500 7,250 2,50,000 15,000 98,250 89,500
The closing stock was valued at Rs.1,25,000 5. Write short notes on : a. Outstanding Expenses b. Prepaid Expenses
MBA- I semester MB0025- Financial & Management Accounting – 3 Credits Book ID- ( B0907 ) Assignment Set 2- (60 Marks) Note: Answer all the questions: Each question carries 10 Marks 1. Budgetary Control is a technique of managerial control through budgets. Elaborate. 2. a. Given: Current ratio Liquid ratio
= 2.6 = 1.4
Working Capital = Rs.1,10,000 Calculate (1) Current assets (2) current liabilities (3) Liquid Asset (4) Stock b. Calculate Gross Profit Ratio from the following figures: Sales
3. From the following Balance Sheet of William & Co Ltd., you are required to prepare a Schedule of Changes in Working capital & Statement of Sources and Application of funds. Balance Sheet Liabilities Capital
2002 Rs. 80,000
2003 Rs. 85,000
Assets Cash in Hand
2002 Rs. 4,000
2003 Rs. 9,000
P&L a/c Sundry Creditors Long-term Loans
14,500 9,000 -
24,500 5,000 5,000
Sundry Debtors Stock Machinery Building
16,500 9,000 24,000 50,000
19,500 7,000 34,000 50,000
4. Bring out the difference between cash flow and funds flow statement. 5a. DELL computers sell 100 PCs at Rs.42,000. The variable expenses amount to Rs.28,000 per PC. The total fixed expenses is Rs.14,00,000. Prepare an income statement. b. Calculate BEP and MOS Sales at present are 55,000 units per annum. Selling price is Rs.6 per unit. Prime cost Rs.3 per unit. Variable overheads is Re.1 per unit. Fixed cost Rs.80,000 per annum.
6. What is cost variable analysis?