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Posted Date: 22 Sep 2008 Posted By: S.Yamininagarajan Member Level: Diamond
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2007 SKR Engineering College M.C.A Accounting & FINANCIAL Management University Question paper
sub/code: Accounting & FINANCIAL Management/MC1605
year/sem : I / I class : MCA
max marks: 100 marks duration: 180 min
Part a 10*2= 20
What do you mean by
1) Errors in Trial Balance 2) Overhead variance 3) Angle of incidence
4) Budget center
Define the following terms
5) Zero base budgeting 6) Master budget 7) Pay back Period & Internal Rate of return
8) Capital budgeting, Dividend & Working Capital
Differentiate
9) Cost Sheet & Elements of Cost 10) Sundry debtors & Sundry creditors
Part b Answer all 5 X 16 = 80
11) a) What do you mean by GAAP? Explain the Accounting Principles i.e. Accounting Concepts and Accounting Conventions Elaborately. (or)
b) From the following particulars of gavaskar & co prepare final account.
Cash – 1400 Bank – 2600 Debtors – 86,000
Stock (op) – 62000 Furniture - 21400 Plant- 16000
Buildings – 60000 Motorcar – 20000 Creditors – 43000
Loan – 30000 Commission (cr) – 3000 Purchases – 140000
Purchase returns–2,600 Sales – 230000 Sale returns – 4200
Salaries 11000 Rent – 11000 Interest – 2700
Rates & taxes – 2100 Discount allowed – 2100 Discount Cr– 1600
Freight – 1200 Carriage o/w – 2000 Drawings – 12000
Printings – 1800 Electric charges – 2200 Insurance – 5500
General expenses – 3000 Bad debts – 2000 Interest received–3600
Motor repair – 3600 Capital – 162,000
Adjustments
The closing stock is valued as 1,00,000.
Provide depreciation: buildings @10%, plant @ 8% & motorcar @ 3%.
Outstanding expenses: salaries – 525, rent – 175, interest – 300.
Prepaid expenses: printings – 150, insurance – 1/3rd & general expenses – 125.
Accrued income: commission – 125
Provide further bad debts – 2000, doubtful debts – 10% & discount on debtors – 2%.
Provide interest on capital 10%
12) a) I) Explain the elements of Cost. (8 Marks) ii) Differentiate cost accounting and financial accounting.(8 Marks) (OR)
b) Calculate Material, Labour, and Overhead Variance.
Material Standard Input Standard Rs/Kg Actual Input Actual
Rs/ Kg
X 400 50 420 45
Y 200 20 240 25
Normal Loss is 15% but the actual Loss incurred is 17%.
Labour Standard Standard Rs/Hr Actual Actual Rs/Hr
Men 100 hrs 2 120 2.50
Women 200 hrs 1.50 240 1.60
Normal loss is 25 hrs and the actual loss is 85 hrs.
Particulars Budget Actual
Output units 30000 32500
Hours 30000 33000
Fixed O/H 45000 50000
Variable O/H 60000 68000
13) a) Define Zero Base Budgeting. What are the steps involved in Zero Base Budgeting? Explain the advantages and disadvantages of Zero base Budgeting. (or)
b) From the following forecasts of Income and Expenditure of Golden & Co Ltd, prepare a cash budget for six months commencing from 1st June 2004 when the bank balance is estimated to be Rs. 1,10,000.
Month Sales Selling O/H Purchases Wages Factory O/H Admin O/H
March 82000 5000 40000 10000 8400 3400
April 88500 3250 37000 8000 5680 2500
May 84000 4100 40000 8400 5920 2760
June 93000 3710 39000 8800 5440 2480
July 72000 3210 39900 6000 5880 2600
August 82500 3600 35000 9600 6000 2520
September 98600 3450 36400 8000 5680 2700
October 92800 3210 36574 84000 5360 2560
November104400 3200 32800 7600 5850 2620
Lag Pay 2 Mon 1 Mon 3 Mon ½ Mon 1 Mon ½ Mon
Additional Information
A Sales commission of 5% on sales and due two months after sales is payable in addition to selling overheads.
Capital expenditure planned is
a) Plant purchased in June 2004 for Rs 1,00,000 payable on delivery
b) Building purchased in June 2004 for Rs 8,00,000 payable in four half yearly installments, the first being payable in July 2004.
Interest on Bombay Port Trusts Bond amounting to Rs 50000 is to be received in October 2004.
Cash sales are estimated at Rs 2000 per Month.
A dividend of Rs 10000 is to be paid in September 2004.
Tax amounting to Rs 30000 is to be paid on 1st August 2004.
A call on equity capital of Rs 500000 is to be received on 1st July 2004.(10 marks)
The cost of an article at a capacity level of 5000 units is given under below. For a variation of 25% capacity above or below this level, the individual expenses vary as indicated under below:
Particulars Amount Rs
Material cost 25000
Labour Cost 15000
Power 1250
Repairs and Maintenance 2000
Stores 1000
Inspection 500
Depreciation 10000
Admin Overheads 5000
Selling Overheads 3000
Cost Per unit Rs 12.55. (6 Marks)
14) a) Discuss the advantages and disadvantages of Pay back period, Accounting rate of Return and Discounted Cash Flow techniques. (or)
b) A Company is considering an investment proposal having initial cost Rs 50,000. The estimated life of the asset is 5 Years and the tax rate is 35%. The company is following 10% straight-line method of depreciation policy. The estimated profit before depreciation and tax are as follows
Year Profit before Depreciation & Tax
1 10000
2 10692
3 12769
4 13462
5 20385
Calculate the following
Pay back Period
Average Rate of Return
Internal Rate of Return
NPV at 10% of discount rate
Profitability Index at 10% discount rate
15) a) Explain the theories of Capital Structure. (or)
b) Differentiate Traditional, Walter, and Gordon & MM theory of Dividend Policies.
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