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Posted By: Saranya Member Level: Diamond Posted Date: 02 Jun 2008
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2007 Alagappa University Other Master's Degree Master of Finance and Control Programme FINANCIAL ACCOUNTING AND ANALYSIS Question paper
DISTANCE EDUCATION
M.F.C. DEGREE EXAMINATION, DECEMBER 2007.
FINANCIAL ACCOUNTING AND ANALYSIS
Time : Three hours Maximum : 100 marks
PART A — (5 ? 8 = 40 marks)
Answer any FIVE questions.
1. What is Double Entry System of Accounting? Explain its merits.
2. What are the defects of Single Entry System?
3. Explain the various types of analysis.
4. Distinguish between Funds Flow Analysis and Cash Flow Analysis.
5. Enter the following transactions in Rehan's Cash Book with discount and cash columns :
1999 Rs.
Jan 1 Cash balance 18,500
3 Cash Sales 33,000
7 Paid Dravid 15,850
Discount allowed by him 150
13 Sold goods to Manohar on credit 19,200
15 Cash withdrawn for personal expenses 2,400
16 Purchased goods from Charles on credit 14,300
Jan 22 Paid into Bank 22,750
25 Cash received from Manohar 19,000
Allowed him discount 200
26 Drew a cheque for office use 17,500
27 Paid cash to Saravanan 2,950
Discount received from him 50
28 Paid cash to Charles less discount 14,200
29 Cash Purchases 13,500
30 Paid for Advertising 600
31 Paid Salaries 12,000
6. Kumar Ltd. sells goods on cash as well as on credit basis. The following information is extracted from their books of accounts for 2003 :
Rs.
Total Sales 1,00,000
Cash Sales (included in the above) 20,000
Sales Returns 7,000
Total Debtors for Sales as on 31.12.2003 9,000
Bills Receivables as on 31.12.2003 2,000
Provision for doubtful debts 1,000
Trade Creditors as on 31.12.2003 10,000
You are required to calculate :
(a) Debtors turnover ratio
(b) The average collection period.
7. Calculate funds from Operations from the following :
Profit and Loss Account
Rs. Rs.
To Administration exp. 25,000 By Gross Profit 2,15,000
To Selling exp. 16,000 By Interest on
To Depreciation 26,000 Investment 5,000
To Loss on sale of By Profit on Sale
Building 6,000 of Machinery 4,000
To Goodwill written off 5,000
To Discount on issue
of debentures 2,000
To Net Profit 1,44,000
2,24,000 2,24,000
8. What is Inflation Accounting? Enumerate its advantages.
PART B — (4 ? 15 = 60 marks)
Answer any FOUR questions.
9. The following balances were extracted from the books of Prasad on 31st March 2004 :
Rs.
Capital 50,000
Drawings 4,000
General Expenses 5,000
Buildings 22,000
Machinery 18,680
Stock (1.4.2003) 32,400
Power 4,480
Taxes and Insurance 2,630
Wages 14,400
Debtors 12,560
Bank Overdraft 6,600
Charity 210
Creditors 5,000
Bad debts 1,100
Loan 15,760
Sales 1,30,720
Purchases 94,000
Motor Car 4,000
Reserve Fund (Cr.) 1,800
Commission (Cr.) 2,640
Car Expenses 3,600
Bills Payable 6,700
Cash 160
Stock on 31st March 2004 was valued at Rs. 47,000. Prepare the Trading account, Profit & Loss account and Balance Sheet for the year ended on 31.3.2004.
10. From the following information make out a statement of Proprietor's funds with as many details as possible :
Current ratio 2.5
Liquidity ratio 1.5
Proprietary ratio
(Fixed Assets / Proprietary fund) 0.75
Working capital Rs. 60,000
Reserves and Surplus Rs. 40,000
Bank overdraft Rs. 10,000
There is no long-term loan or fictitious asset.
11. The position of a businessman who keeps his books on single entry was as under on 31.12.2000 and 31.12.2001 :
2000 2001
Rs. Rs.
Cash in hand 400 480
Cash at Bank 6,000 2,500
Stock 6,500 5,000
Debtors 4,000 5,200
Furniture 300 350
Sundry Creditors 4,100 3,100
He withdraws Rs. 7,500 from business on 02.01.2001, out of which he spent Rs. 5,200 for purchase of a motor truck for the business.
Adjustments :
(a) Depreciation on closing balance of furniture and truck at 10%.
(b) Write off Rs. 220 as bad debts.
(c) 5% provision for bad and doubtful debts is needed.
Find out the profit or loss for the year.
12. The following is the Comparative Balance Sheets of Pratima and Co. Ltd. as on 30th June 2002 and 30th June 2003 :
Liabilities 30.6.2002 30.6.2003 Assets 30.6.2002 30.6.2003
Rs. Rs. Rs. Rs.
Share Capital 1,80,000 2,00,000 Goodwill 24,000 20,000
Reserve Fund 28,000 36,000 Buildings 80,000 72,000
Profit & Loss a/c 39,000 24,000 Machinery 74,000 72,000
Creditors 16,000 10,800 Investments 20,000 22,000
Bank O/D 12,400 2,600 Inventories 60,000 50,800
Prov. for taxation 32,000 34,000 Debtors 53,200 74,800
Prov. for doubtful
debts 3,800 4,200
3,11,200 3,11,600 3,11,200 3,11,600
Additional information :
(a) Depreciation charged on machinery Rs. 10,000 and on buildings Rs. 8,000.
(b) Investments sold during the year Rs. 3,000.
(c) Rs. 15,000 interim dividend paid during January 2003.
(d) Taxes paid during the year Rs. 30,000.
Prepare a Funds Flow Statement.
13. Briefly explain the concepts of Accounting.
14. What are the merits and demerits of ratio analysis?
15. Explain various methods of valuing human resource assets.
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