MB0041- FINANCIAL AND MANAGEMENT ACCOUNTING

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ASSIGNMENT

 

DRIVE WINTER 2013
PROGRAM MBADS / MBAHCSN3 / MBAN2 / PGDBAN2 / MBAFLEX
SEMESTER I
SUBJECT CODE & NAME MB0041- 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.

 

Q1 Give the classification of Accounts according to accounting equation approach with its meaning and examples. Compare the traditional approach with modern approach of accounting equation approach. Analyze the transaction under traditional approach.

 

a. 20.1.2011 Paid salary Rs. 30,000

b. 20.1.2011 Paid rent by cheque Rs. 8,000

c. 21.1.2011 Goods withdrawn for personal use Rs. 5,000

d. 25.1.2011 Paid an advance to suppliers of goods Rs. 1,00,000

e. 26.1.2011 Received an advance from customers Rs. 3,00,000

f. 31.1.2011 Paid interest on loan Rs. 5,000

g. 31.1.2011 Paid instalment of loan Rs. 25,000

h. 31.1.2011 Interest allowed by bank Rs. 8,000

 

Answer :

 

 

 

 

 

Q2. The following trial balance was extracted from the books of Chetan, a small businessman. Do you think it is correct? If not, rewrite it in the correct form.

 

 

 

 

 

 

 

 

 

 

 

Debits

Rs.

Credits

Rs.

Stock

Purchases

Returns outwards

Discount received

Wages and salaries

Rent and rates

Sundry debtors

Bank Overdraft

8250

12750

700

800

2500

1850

7600

2450

Capital

Sales

Returns inwards

Discount allowed

Scooty

Carriage charges

Sundry creditors

Bills payable

10000

15900

1590

800

1750

700

7250

690

 

Q3 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 695000

 

Answer :

 

Q4. 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 (PBIDT)

8,968

7,861

7,195

5,238

4,391

PAT from ordinary activities

6,835

6,218

5,988

4,659

3,856

 

Answer :

 

 

5 Give the meaning of cash flow analysis and put down the objectives of cash flow analysis. Explain the preparation of cash flow statement.

 

Answer : Meaning of cash flow analysis

A cash flow statement is one of the most important financial statements for a project or business. The statement can be as simple as a one page analysis or may involve several schedules that feed information into a central statement.

 

A cash flow statement is a listing of the flows of

 

 

6 Write the assumptions of marginal costing. Differentiate between absorption costing and marginal costing.

Answer : The Cost of a product of comprises of materials, labour, and over heads. On the basis of variability they can be broadly classified as fixed and variable costs. Fixed costs are those costs which remain constant at all levels of production within a given period of time. In other words, a cost that does not change in total but become. progressively smaller per unit when the volume of production increases is known as fixed cost. it is also

 

 

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