Links Related to the questions are given below the Questions. If you want to Get SOLUTIONS of these Questions CLICK HERE Course Code : MS-04 Note: Please attempt all the questions and send them to the Coordinator of the Study Centre you are Attached with. 1. Try to find out about the accounting concepts that are being followed in your organization and examine the role that these concepts play in the preparation of the Financial Statements. Give your views on the accounting concepts that are being followed in your organization. 2. You are required to prepare the Profit & Loss Account for 2007-07 and the Balance Sheet as on 31 st march 2007 from the following Trial Balance of XYZ Ltd.
Trial Balance of XYZ Ltd as on 31 st March 2007
Particulars Debit Credit (Rs.) (Rs.) Cash in Hand 5,400 Cash at Bank 26,300 Accounts Receivable 1,45,000 Freehold Land 1,00,000 Building 3,20,000 Machinery 1,63,000 Office Equipment 37,000 Patents 75,000 Accounts Payable 63,000 Capital 6,20,000 Drawings 52,450 Opening Stock- Raw Material 20,100
- Finished Goods 27,100 Purchases - Raw Material 3,81,500 - Consumables 25,250 Sales 9,87,800 Return Inward 6,800 Return Outward 5,000 Wages 84,800 Fuel and Power 47,300 Carriage on - Sales 20,400 - Purchases 32,000 Salaries - Office 65,000 - Factory 85,000 General Expenses 30,000 Insurance - Factory 4,000 - Office 2,000 Rent 90,000 -------------- -------------- 17,65,800 17,65,800 --------------- -------------- The following adjustments are also to be taken into account: 1. Inventory of raw material on hand on 31 st March 2007 is Rs.21,300 work-in-progress is Rs.14,300 and finished goods Rs.32,400.
3. A manufacturing company operates a costing system and showed the following data in respect of the month of November. Actual No. of working days 22 Actual man hours worked during the month 4,300 Number of products produced 425 Actual overhead incurred (Rs.) 1,800 Relevant information from the company’s budget and standard cost data is as follows: Budgeted number of working days per month 20 Budgeted man hours per month 4,000 Standard man hours per product 10 Standard overhead rate per man-hour 50p You are required to calculate the overhead variance and volume variance for the month of November.
4. The Accountant of Cosmo Ltd. has prepared the following summaries from the Balance Sheet of the company as at 31 st December, 2007:
The following additional information is available from the books of the company (i) The profit for the period 2005 was Rs.46,000. (ii) Income-tax Rs.9,000 was paid during the year in respect of the previous year and the balance was transferred to General Reserve Account. The proposed dividend for the year 2005 was duly paid. You are required to calculate the important ratios and comment on the financial position of the company. 5. Make a comparative assessment of different type of securities from the point of view of capital structuring. Under what conditions different types of securities would be considered more suitable.
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