JAYAWANT SHIKSAHN PRASARK MANDALS MCA PROGRAMME Mid Term Examination 2010-11 Semester I Cost and Financial Accounting

( BM12 ) Date: Marks: -100. Day: Duration: - 3.00 Hrs. ________________________________________________________________________ Instructions: 1. Q.1 is Compulsory 2. Solve any 6 from the remaining questions.

Q.1 Define the following terms ( any five):1. Assets 2. Liabilities 3. Debtors 4. Journal 5. Drawings 6. Depreciation 7. Bank Reconciliation Statement 8. Budget 9. Marginal Costing 10. Break Even Point

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Q.2 Journalize the following transactions for March 2009 Date 1 2 3 5 8 10 13 14 17 18 20 22 24 25 27 Transactions Santosh started his Business with cash Santosh started his Business with Machinery Purchased furniture from Yadav on credit Bought Goods for cash from Manish Sold Goods on credit to Amar Sold Goods for cash Paid cash to Yadav Goods purchased on credit from Nahar Sold Goods on credit to Naidu Received cash from Naidu Withdrawn cash for personal use Paid Office salaries Paid Rent Received commission Paid for postage Amount (Rs.) 10000/15000/500/7000/3700/2900/500/9800/5480/2900/200/500/250/100/25/-

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Q.3 Define the term Financial Accounting and explain various accounting concepts and conventions. Q.4 Elaborate the classification of Accounts , rules with suitable examples. Q.5. State the Difference between Cost Accounting and Financial Accounting. Q.6. What is cost and explain in brief the various elements of Costs. Q.7. M/S ABCL Mfg. Co. furnished the following information:SALES VARIABLE COST FIXED COST :Rs. 6,00,000/:Rs. 3,00,000/:Rs. 1,80,000/-

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Calculate:- a) Break Even Point b) Marginal Contribution c) Profit Volume Ratio Q.8 Classify the following accounts into Personal, Real and Nominal accounts. a) b) c) d) e) Cash a/c Capital a/c Stationery a/c Goods a/c Commission a/c f) g) h) i) j) Kumars a/c Salary a/c Rent a/c Bank of India a/c Machinery a/c (15)

k) Building a/c l) Postage a/c m) ABCL Cos a/c n) Furniture a/c o) Deepalis a/c (15)

Q.9. Prepare ledgers from the following information in the books of Kunal. March 1,2008 5 9 11 17 19 24 28

Started Business with cash Rs. 16000/Deposited in bank Rs. 1300/Purchased goods for cash Rs.800/- from S.Chand and Company Spent Rs. 15/- for postage Paid for travelling Rs. 32/Purchased machinery from m/s Sultan Bros. Rs. 11,200/Paid salary by cash Rs. 225/Paid Rent Rs. 230/-

Q.10. From the following Trial Balance of Shri. Patel , prepare the Final Accounts as on 31 st March 1988. (15) Patels capital Land and Building Plant and Machinery Goodwill Patels Drawings Cash in Hand Stock as on 01.01.1987 Wages Purchase less Returns Carriage Inward Travellers commission and Expenses Insurance Premium Motor Car Carriage Outward Sales less Returns Salaries Bank charges Reserve for Doubtful Debts Debtors Creditors Debit Amt (Rs.) 87,000 17,500 20,000 22,600 1,795 27,000 10,000 69,000 600 6,000 2,000 3,000 1,400 5,000 105 20,000 Total 2,93,000 Credit Amt. (Rs.) 2,00,000 84,000 1,500 7,500 2,93,000

The following adjustments are to be considered:1. 2. 3. 4. 5. On 31st March 1988, the stock was valued at Rs. 46,000/Insurance Premium amounting to Rs. 800/- is prepaid. Outstanding salaries amount to Rs. 1000/Depreciation on Plant and Machinery @10% and Motor Car @ 20% Create a reserve for Doubtful Debts at 10% on Debtors.