MB0041

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Master of Business AdministrationAdministration- MBA Semester 1 Spring 2015 201 5 MB0041 – Financial and Management Accounting

Q1. Analyze the following transation under traditional approah 1!.1.2011 "eei#ed a he$ue from a ustomer% San&ay at 5 p.m. "s.20%000 1'.1.2011 (aid "amu )y he$ue "s.1%50%000 20.1.2011 (aid salary "s. *0%000 20.1.2011 (aid rent )y he$ue "s. !%000 21.1.2011 +oods withdrawn for personal use "s. 5%000 25.1.2011 (aid an ad#ane to suppliers of goods "s. 1%00%000 2,.1.2011 "eei#ed an ad#ane from ustomers "s. *%00%000 *1.1.2011 (aid interest on loan "s. 5%000 *1.1.2011 (aid instalment of loan "s. 25%000 *1.1.2011 nterest allowed )y )an "s. !%000 Answer: Sl. Accounts ature of  Affects o. !n"ol"ed Account /ash a "eal /ash he$ue is oming in San&ay a (ersonal San&ay is the gi#er 

#e$it% &redit 3e)it /redit

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Q2. 4he trial )alane of ilgiris /o 6td.% as taen on *1st 3eem)er% 2002 did not tally and the differene was arried to suspense aount. 4he following errors were deteted su)se$uently. a Sales )oo total for o#em)er was under ast )y "s. 1200.  ) (urhase of new e$uipment osting "s. '785 has )een posted to (urhases a.  3isount reei#ed "s.1250 and disount allowed "s. !50 in Septem)er 2002 ha#e )een posted to wrong sides of disount aount. d A he$ue reei#ed from Mr. 6ongford for "s. 1500 for goods sold to him on redit earlier% e arlier% though entered orretly in the ash )oo has )een posted in his aount as "s. 1050. e Stos worth "s. 255 taen for use )y Mr 3ayananda% the Managing 3iretor% ha#e )een entered in sales day )oo. f 9hile arrying forward% the total in "eturns nwards Boo has )een taen as "s. ,87 instead of "s. ,78. g An amount paid to ashier% Mr. Mr. "amahandra% "s. 885 as salary for the month of o#em)er has )een de)ited to his personal aount as "s. 858. (ass &ournal entries and draw up the suspense aount. Answer:  ilgiris /o 6td. #ate *1-12-2002

)articulars Suspense aount

*F

3r

#e$it +s. &redit +s. 1%200

4o Sales aount Being under asting of sales  )ooretified

1%200

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Q*. :rom the gi#en trial )alane draft an Ad&usted 4rial Balane. 4rial Balane as on *1.0*.2011 3e)it )alanes "s. /redit )alanes "s. :urniture and :ittings 10000 Ban ;#er 3raft 1,000 Buildings 500000 /apital Aount 700000 Sales "eturns 1000 (urhase "eturns 7000 Bad 3e)ts 2000 Sundry /reditors *0000 Sundry 3e)tors 25000 /ommission 5000 (urhases '0000 Sales 2*5000 Ad#ertising 20000 /ash 10000 4a