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TAMIL NADU OPEN UNIVERSITY MCA - II (SEM 3) JAN 2009 : Accounting And Finance On Computers

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wk7 MCA 138 MCA 13 M.C.A. DEGREE EXAMINATION JANUARY, 2009. Third Semester/Second Year ACCOUNTING AND FINANCE ON COMPUTERS Time : 3 hours Maximum marks : 75 Answer for 5 marks question should not exceed 2 pages. Answer for 10 marks questions should not exceed 5 pages. PART A (5 5 = 25 marks) Answer any FIVE questions. 1. What are the different types of accounts? Give the rules for debit and credit. 2. What do you mean by the term funds? Explain the concept of flow of funds. 3. What do you understand by the term Break-even analysis ? What are its merits? 4. Explain how accounting ratios are classified. wk7 5. From the following information relating Suman Bros Ltd., you are required to find out (a) P/V Ratio (b) Break even point (c) Profit (d) to Margin of safety Rs. Total fixed cost 4,500 Total variable cost 7,500 Total sales 15,000 6. From the following balance extracted at the close of the year ended 31st December, 2006. Prepare profit and loss account : Rs. Gross profit Rs. 55,000 Repairs 500 Carriage on sales 500 Telephone expenses 520 Office rent 500 Interest (Dr.) 480 General expenses 900 Fire Insurance Discount to premium 900 customers 360 Bad debts 2,100 Interest from bank 200 Apprentice Travelling expenses 700 Salaries 900 Printing and stationery 2,500 Commission 300 Trade expenses premium (Cr.) 2 1,500 300 MCA 138 wk7 7. Prepare a production budget for three months ending March 31, 2003 for a factory producing four products on the basis of the following : Types of product Estimated stock on Jan. 1, 2003 Estimated sales during Jan. March, 2003 Desired closing stock March 31, 2003 Units Units Units A 2,000 10,000 5,000 B 3,000 15,000 4,000 C 4,000 13,000 3,000 D 5,000 12,000 2,000 PART B (5 10 = 50 marks) Answer any FIVE questions. 8. What are the basic accounting concepts? 9. Define the term working capital. Explain the various factors influencing working capital. 10. From the following balances as at 31.12.2004 of a trades, prepare a trading and profit and loss account for the year ended 2004 and a balance sheet as on that date : Rs. Rs. Salaries 5,500 Creditors 9,500 Rent 1,300 Sales 32,000 Cash 1,000 Capital 30,000 Debtors 40,000 Loans 3 10,000 MCA 138 wk7 Rs. Trade expenses Purchases Rs. 600 25,000 Advance 2,500 Bank balance 5,600 81,500 81,500 Adjustments : (a) The closing stock amounted to Rs. 9,000 (b) One month salary is outstanding (c) One month rent has been received in advance (d) Provide 5% for doubtful debts. 11. From the following data, you are required to calculate the break-even point and net sales value at this point : Rs. Selling price per unit 25 Direct material cost per unit 8 Direct labour cost per unit 5 Fixed over heads 5 Variable overheads @ 60% on direct labour Trade discount 4% It sales are 15% above the break-even volume determine the net profits. 4 MCA 138 wk7 12. From the following particulars pertaing to assets and liabilities of a company calculate (a) current ratio (b) liquid ratio (c) proprietary ratio (d) debt-equity ratio. Liabilities Rs. Assets 5000 equity shares of Rs. 100 each Land and 5,00,000 2000 8% preference 6,00,000 machinery 5,00,000 2,00,000 Stock 4000 9% debentures of Rs. 100 each building Plant and shares of Rs. 100 each Rs. 2,40,000 Debtors 2,00,000 4,00,000 Cash and bank 55,000 Reserves 3,00,000 Pre-paid expenses Creditors 1,50,000 Bank over draft 50,000 16,00,000 13. 5,000 16,00,000 XYZ Ltd., wishes to arrange overdraft facilities with its bankers during the period April to June 2004 when it will be manufacturing mostly for stock. Prepare a cash budget for the above period from the following data, indicating the extent of the bank facilities the company will require at the end of each month : 5 MCA 138 wk7 (a) Credit sales Purchases Wages Rs. Rs. Rs. February 2004 1,80,000 1,24,800 12,000 March 1,92,000 1,44,000 14,000 April 1,08,000 2,43,000 11,000 May 1,74,000 2,46,000 10,000 June 1,26,000 2,68,000 15,000 (b) 50 percent of credit sales are realised in the month following the sales and the remaining 50 percent in the second month following. Creditors are paid in the month following the month of purchase. (c) Cash at bank on 1.4.2004 (estimated) Rs. 25,000. 14. The balance sheet of Sun Moon Ltd., for the ended 31st December 2004 and 2005 are as follows : Liabilities Share premium 2005 Rs. Share capital 2004 Assets Rs. 2004 2005 Rs. Rs. 80,000 1,20,000 Free hold 8,000 12,000 6 premises 55,400 1,13,200 MCA 138 wk7 Liabilities 2005 Rs. General reserve 2004 Assets Rs. 6,000 9,000 Plant and account 5% debenture machinery 19,500 26,000 Creditors fixtures Stock 9,800 33,500 Rs. 35,600 51,300 2,400 1,500 22,100 26,000 36,500 39,100 4,800 4,000 20,800 Furniture and Income tax provision 2005 Rs. Profit and loss 2004 10,900 Debtors 36,400 Bank 1,56,800 2,35,100 1,56,800 2,35,100 Depreciation written off during the year 2005 was as under : Plant and machinery Rs. 12,800 Furniture and fixtures Rs. 400 Prepare a statement of source and uses of funds. 7 MCA 138

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Additional Info : Mca - II (sem 3) January 2009 Question Paper - Accounting And Finance On Computers
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