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

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Ws 6 MCA-423 MCA 13 M.C.A. DEGREE EXAMINATION JUNE, 2009. Third Semester / Second Year ACCOUNTING AND FINANCE ON COMPUTERS Time : 3 hours PART A (5 Maximum marks : 75 5 = 25 marks) Answer any FIVE questions. 1. State four functions of Accounting. 2. How cash flow statement differs from funds flow statement? 3. Write short notes on : (a) Fixed cost (b) Contribution. 4. What is meant by working capital? Explain the dangerous of Excess working capital. Ws 6 5. Prepare Trading Account of Arun for the year ending 31.12.2006 from the following information. Rs. Opening stock 40,000 Purchases 4,30,000 Freight inward 26,000 Wages 12,000 Sales 7,20,000 Purchase returns 5,000 Sales returns Closing stock 50,000 Import duty 6. 1,58,000 15,000 Sales Rs. 1,00,000 Profit Rs. 10,000 Variable cost 70% Find out (a) P/V ratio (b) Fixed cost (c) Sales volume to earn a profit of Rs. 40,000. 7. Prepare an estimate of working requirements from the following information : capital (a) Perfect annual sales 1,00,000 units (b) Selling price Rs. 8 per unit (c) % of net profit on sales 2 25% MCA-423 Ws 6 (d) (e) (f) (g) Average credit period allowed to customer 8 weeks Average credit period allowed by suppliers 4 weeks Average stock holding in terms of sales required 12 weeks Allow 10% for contingencies. PART B (5 10 = 50 marks) Answer any FIVE questions. 8. Define different types of accounting. What are the advantages of it? 9. Define budgetary control and state its advantages. 10. From the following Trial Balance, prepare Trading, Profit and Loss account for the year ended 31.1.2005 and Balance Sheet as on that date. Rs. Purchases Debtors Returns inward Bank Deposit Rent Rs. 11,870 Capital 7,580 8,000 Bad debts recovered 450 Creditors 2,750 1,250 Returns outwards 360 Bank overdraft 3 250 350 1,570 MCA-423 Ws 6 Rs. Rs. Salaries 850 Sales Travelling expenses 300 Bills payable Cash 210 Stock 2,450 Discount allowed Drawings 14,690 1,350 40 600 27,460 27,460 Adjustments : (a) Closing stock on 31.12.2005 was Rs. 4,200. (b) Write off Rs. 80 as bad debts and create a reserve for bad debts at 5% on sundry debtors. (c) Three months rent is outstanding. 11. You are given the following data for the year 2004 of the company. Variable cost Rs. 6,00,000 Fixed cost Rs. 3,00,000 Net profit Rs. 1,00,000 Sales Rs. 10,00,000 4 MCA-423 Ws 6 Find (a) P/V Ratio (b) Break-even point (c) Profit when sales amounted to Rs. 12,00,000 (d) Sales required to earn a profit of Rs. 2,00,000. 12. The expenses budget for production 10,000 units in a factory are given below : of Rs. per unit Materials 70 Labour 25 Variable overheads 20 Fixed overheads (1,00,000) 10 Variable overheads (Direct) 5 Selling expenses (10% fixed) 13 Administration expenses (Rs. 50,000) 5 Distribution expenses (20% fixed) 7 155 Prepare a budget of production (a) 8,000 units (b) 6,000 units. Assume that the administration expenses are rigid for all levels of production. 13. Debtor velocity : 3 months Creditor velocity : 2 months Stock velocity : 8 times Fixed assets turnover ratio : 8 times Gross profit turnover ratio : 25% 5 MCA-423 Ws 6 Gross profit in a year amounted to Rs. 80,000. Closing stock is 2,000 than the opening stock. Bills receivable and bills payable are Rs. 5,000 and Rs. 2,000 respectively. Find out (a) Sales (b) Sundry debtors (c) Closing stock (d) Sundry creditors (e) Fixed assets. 14. The following are the summarised Balance Sheet of Pravin Ltd. as at 31.12.2001. Liabilities 2000 2001 Assets Share Capital 2000 2001 Land 2,00,000 2,50,000 & Bldgs. 2,00,000 General 1,90,000 Plant 1,50,000 1,74,000 50,000 60,000 Stock 1,00,000 74,000 P/L A/c 30,500 30,600 Debtors 80,000 64,200 Bank loan 70,000 Cash 500 600 Creditors 1,50,000 1,35,200 Bank 8,000 5,30,500 5,10,800 Reserve Provision for tax 30,000 35,000 5,30,500 5,10,800 6 MCA-423 Ws 6 (a) Depreciation written off on plant Rs. 14,000. (b) Dividend of Rs. 20,000 was paid during the year 2001. (c) An income tax for provision made during the year was Rs. 25,000. (d) at cost. A piece of land has been sold during the year Prepare Fund Flow Statement. 7 MCA-423

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