MB0041- FINANCIAL AND MANAGEMENT ACCOUNTING

 

 

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	ASSIGNMENT
DRIVE	WINTER 2014
PROGRAM	MBA/ MBADS/ MBAFLEX/ MBAHCSN3/ PGDBAN2
SEMESTER	1
SUBJECT CODE &	MB0041
NAME	FINANCIAL AND MANAGEMENT ACCOUNTING
BK ID	B1624
CREDITS	4
MARKS	60

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400

 

words. Each question is followed by evaluation scheme.

 

Q.No		Questions	Marks	Total
				Marks
1	Analyze the following transaction under traditional approach.
		18.1.2011 Received a cheque from a customer, Sanjay at 5 p.m. Rs.20,000
		19.1.2011 Paid Ramu by cheque Rs.1,50,000
		20.1.2011 Paid salary Rs. 30,000
		20.1.2011 Paid rent by cheque Rs. 8,000
		21.1.2011 Goods withdrawn for personal use Rs. 5,000
		25.1.2011 Paid an advance to suppliers of goods Rs. 1,00,000
		26.1.2011 Received an advance from customers Rs. 3,00,000
		31.1.2011 Paid interest on loan Rs. 5,000
		31.1.2011 Paid instalment of loan Rs. 25,000
		31.1.2011 Interest allowed by bank Rs. 8,000
	Analysis of transaction –with accounts involved-nature of account-		10	10
	affects and debit/credit
2	The trial balance of Nilgiris Co Ltd., as taken on 31st  December, 2002 did not tally and
	the difference was carried to suspense account. The following errors were detected
	subsequently.
	a)  Sales book total for November was under cast by Rs. 1200.
	b)  Purchase of new equipment costing Rs. 9475 has been posted to Purchases a/c.
	c)	Discount received Rs.1250 and discount allowed Rs. 850 in September 2002 have
		been posted to wrong sides of discount account.
	d)	A cheque received from Mr. Longford for Rs. 1500 for goods sold to him on credit
		earlier, though entered correctly in the cash book has been posted in his account as

 

Rs. 1050.

 

1. Stocks worth Rs. 255 taken for use by Mr Dayananda, the Managing Director, have been entered in sales day book.

 

647. While carrying forward, the total in Returns Inwards Book has been taken as Rs. 674 instead of Rs. 647.

 

1. An amount paid to cashier, Mr. Ramachandra, Rs. 775 as salary for the month of November has been debited to his personal account as

 

Rs. 757.

 

Pass journal entries and draw up the suspense account.

 

 

 

	Journal entries of all the transactions					6		10
	Suspense account with Conclusion					4
3	From the given trial balance draft an Adjusted Trial Balance.
			Trial Balance as on 31.03.2011
		Debit balances	Rs.	Credit balances		Rs.
		Furniture and Fittings	10000	Bank Over Draft	16000
		Buildings	500000	Capital Account	400000
		Sales Returns	1000	Purchase Returns	4000
		Bad Debts	2000	Sundry Creditors	30000
		Sundry Debtors	25000	Commission	5000
		Purchases	90000	Sales	235000
		Advertising	20000
		Cash	10000
		Taxes and Insurance	5000
		General Expenses	7000
		Salaries	20000
		TOTAL	690000	TOTAL	690000
	Adjustments:

 

1. Charge depreciation at 10% on Buildings and Furniture and fittings.

 

2. Write off further bad debts 1000

 

3. Taxes and Insurance prepaid 2000

 

4. Outstanding salaries 5000

 

5. Commission received in advance1000

 

 

Preparation of ledger accounts	6	10
Preparation of trial balance	4

 

 

4	Compute  trend  ratios  and  comment  on  the  financial  performance  of  Infosys
	Technologies Ltd. from the following extract of its income statements of five years.
						(in Rs. Crore)
		Particulars		2010-11		2009-10	2008-09		2007-08		2006-07
		Revenue		27,501		22,742		21,693		16,692	13,893
		Operating Profit		8,968		7,861		7,195		5,238	4,391
		(PBIDT)
		PAT from		6,835		6,218		5,988		4,659	3,856
		ordinary activities
	(Source: Infosys Technologies Ltd. – Annual Report)
	Preparation of trend analysis											4			10
	Preparation of trend ratios											4
	Conclusion											2
5	Give the meaning of cash flow analysis and put down the objectives of cash flow
	analysis. Explain the preparation of cash flow statement.
	Meaning of cash flow analysis												2		10
	Objectives of cash flow analysis												3
	Explanation of preparation of cash flow analysis												5
6	Write the assumptions of marginal costing. Differentiate between absorption costing
	and marginal costing.
	Assumptions of marginal costing					(all 7 points)							4		10
	Differences of marginal and absorption costing (Includes all 8												6
	points)

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