Professional Documents
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IN
ACCOUNTANCY
SECTION B
Attempt five questions of any one part of Section B.
PART I
23. How is management benefitted from the analysis of financial statements? 1
24. Give the formula of calculating the following ratios : (a) stock turnover ratio (b) Debt equity
ratio. 2
25. State any four tools of analysis of financial statements. 2
26. Bharti Ltd has a current ratio 4.5:1 and quick ratio 3:1. If the stock is Rs. 36,000. Calculate
the current liabilities and current assets. 4
27. From the following information of M/s Nitesh Computers Ltd, prepare Cash Flow Statement.
Balance Sheet of Hi-Life Tools Ltd.
as on March 31, 2004 and 2005
Liabilities 2004 2005 Assets 2004 2005
(Rs.) (Rs.) (Rs.) (Rs.)
Additional information
Depreciation on Plant amounted to Rs. 30,000. 6
OR
Elementary Cost Accounting
PART II
23. Difference between cost accounting and financial accounting on the basis of accounting
system. 1
24. Calculate factory cost from the following details particulars:
Details Amount (Rs.)
Material consumed 80,000
Productive wages 30,000
Direct Expenses 7,000
Consumable stores 3,000
Oil grease 1,000
Salary of a factory manager 9,000
Unproductive wages 4,000
Factory rent 3,000
Repair & Depreciation on Machine 900 2
25. Name any four components of total cost. 2
26. A computer manufacturer purchases 5000 units of certain components for his annual usage.
The order placing cost is Rs. 100 and cost of carrying one unit for a year is Rs. 4. Calculate
the economic order quantity. 4
27. A firm maintains its stores ledger on first in first out (FIFO) method. During the month
of March 2006 the following receipts and issue of material~were made. Record these
transaction in the stores ledger.
Receipts.
March 2006
1. Balance 100 units @ 8 per unit
7. Purchase order No. 234, 400 units @ Rs. 10 per unit
16. Purchase order No. 249,600 units @ Rs. 12 per unit
Issues:
9 Material Requisition No. 76 350 units
18 Material Requisition No. 79 500 units
30 Shortage 10 Units 6
SAMPLE QUESTIONS PAPER
(ACCOUNTANCY)
MARKING SCHEME
SECTION A
8. (a) It is the amount which is received by organisations as per the will of a 1+1 2
deceased person. It is treated as a capital receipt.
(b) Entrance fees. It is the amount charged from a person when he is
admitted as a member of the organisation.
9. (a) As no interest on capitals of partners is allowed so partners claim 1+1 2
will be rejected.
11. (a) Business entry concept : This concept assumes that for accounting
purpose the business enterprise and its owners are two separate
independent entities. Thus the business and personal transactions of
its owner are not mixed up 1+1 4
(a) Credit vouchers : These are the vouchers that are prepared to for
recording transactions involving cash receipts only. For example cash
sale of goods
(b) Debit vouchers. These are the vouchers that are prepared for recording
transactions involving cash payments only. For example purchase of
furniture for cash.
(c) Transfer vourchers : These are the vouchers that are prepared to record 14 4
non cash transactions of the business. For example, sold goods for
Rakesh on credit.
14. Every Businessman records all banking transactions in his bank column
cash book. Bank also maintains a corresponding accounting of this
businessman like of others the copy of which is the Bank Pass Book. So
the bank balance shown by the bank column cash Book of the business
man and shown by the pass Book issued by the bank or a particular date
should be the same. But sometimes it is not so. The two balance may
differ from each other. There can be many reasons as follows : 2+1+1 4
(a) Some cheques issued by the businessman might not have been
presented for payment by the date in question.
(b) There may be some cheques which have been deposited in the bank but
have not yet been collected and credited and there are other
reasons also.
Dr Cr
1
Harishs share = Rs 36000 = Rs 12000
3
18000
Profit for two months = 2 = Rs 3000
12
1
Harishs share = 3000 = Rs 1000
3
16. Company can forfeit the shares 1
Company can reissue these share 1
The excess amount received after making good the deficiency company will 2 4
transfer it to capital Reserve A/c as it is a conjugated gain
Rs
17. Subscription Received during the year 70500
Add outstanding at the end of the year 3000 1
Add subscription received last year for current year 6000 1
79500
Less last years outstanding 2000 1
Subscription for the year 77500 4
Working Note
Ratio in which shares are
Issued to applicant = 40000 : 30000
4:3
4
Excess Number of applications = 300 = 400
3
Excess application money = 100
Received = 100 30 = 13000
Allotment money due = 300 30 = 9000
Less excess application money adjusted = 9000 3000
Net allotment money due but not received 6000
Debt
(b) Debt equity ratio = 1 2
Equity
25. Following are the tools of financial statements
(a) Trend Analysis
(b) Ratio Analysis
(c) Comparative statement
(d) Fund flow statement
(e) Cash flow statement
(f) Common size statement
Among four of the above. 4 2
Current Assets
26. Current Ratio = =
Current Liabilites
OR
(Elements of Cash Accounting)
Part II
23. In financial accounting double entry system is followed whereas cost accounting ` 1 1
is not based on double entry system
24. Direct material : Material consume 80,000
Direct wages : Productive wages 30,000
Direct Expenses : 7000
Prime cost 117000
Factory overhead
Indirect Material : consumable stores 3000
oil grease 2U P 1000 4000
Indirect wages : unproductive wages 5 4000
Indirect expenses factory Rent 3000
Salary factory Manager 9000 12000
Factory/works cost 137000 2 2
26. EOQ = 1
2 5000 100
=
4
1000000
=
4
150 10 1500 1
250 10 2500