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IGNOU UNIVERSITY MCA - II (SEM 3) DEC 2008 : Accounting and Financial Management

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c) MCA ( Revised) c\l Term-End Examination rl f:. r--l December,2008 MCS-035:A CCOUNTING A ND F INANCIAL MANAGEMENT Time : 3 hours Maximum Marks : 100 (Weightage75%) n 7 4 Question umber is compulsory and carries 0 Marks. Attempt any three questions c from the rest, zahich arry 20 Marks each. L. ( a) The following Trial Balanceis extractedfrom the books of M/s Sunrise Traders as on 31st March 0 7. 30 Trial Balance Furniture and Fittings Cr. Dr. 6 ,4 00 Motor vehicles 6 2 ,500 Building 7 5 ,000 Particulars Bad d ebts r,250 Sundry D ebtors 3 8 ,000 Stock( 1J anuary2 007) 34,600 Advertising 4 ,500 Interesta ccount 1, 1 8 0 6 ,500 Cash Taxesa nd I nsurance Generale xpenses 1 2 ,500 7,820 Salaries 33,000 Purchases nd S ales a 1,54,500 5 4 ,750 r Sales nd P urchaseseturn a Capital a ccount Provisionf or b ad d ebts 2 ,000 r,250 1,25,000 2,000 Sundry C reditors 25,000 Bank overdraft 28,500 Commission 3,750 3,40,000 ,40,000 3 The following adjustments are to be made : (i) S tock i n h and o n 3 L-L2-2007w as Rs. 3 2,500. (ii) Depreciate building @ 5%, Furniture @ 10% and Motor vehicles @ 20%. (iir) Rs. 8 50 i s d ue f or i nterest o n B ank overdraft. (iv) SalariesRs. 3,000 and Taxes Rs. 1200 are o utstanding. (") I nsurance a mounting t o R s. 1 000 i s prepaid. ("i) r f'd C ommission i s r eceived i n advance. ("it) Write off further Rs.1000asBad Debts and Provision for Bad Debts is to be made equal to 5% on Sundry Debtors. Preparea Trading and Profit and Loss Account l or t he y ear e nding 3L-03-2007and a Balance Sheet as on that d ate. (b) Following is the BalanceSheetof Bhoomi Limited as o n 3 1stD ecember,2007: 10 B alance S heet Liabilities Amount Assets Amount Equity share capital 5,00,000 Cashin h and 10,000 6% P references hare 5,00,000 50,000 7% D ebentures 2,00,000 B/R 1,50,000 8% P ublic D eb. 5 y ears Investment 1,00,000 (short term) 1,00,000 Bank overdraft 2,00,000 Debtors 3,50,000 Creditors 3,00,000 Stock 2,00,000 Bank Outstanding C reditors 35,000 Furniture 1,50,000 Proposed dividend 50,000 Machinery 5,00,000 Reserves 7 , 5 0 , 0 0Land & B uilding 0 Provision for Taxation 1,00,000 Goodwill P/L A /C 1.00.000 Preliminary Exp. 28,35,000 I 1 ,00,000 1,75,000 50.000 28,35,000 During t he y ear P rovision f or T axation w as Rs. 1,00,000.Dividend Proposed was Rs. 50000. Profit c arried f orward f rom t he l ast y ear w as Rs. 1,50,000.You are required to calculate. (i) Current Ratio (ii) Quick Ratio (ii| (i") (v) Proprietory Ratio Capital Gearing Ratio Debt Equity Ratio 2. Explain the significance of Finance Management for the success r the failure of business perations. o o 20 3. M/s X YZ h as a n e xisting S aleso f R s. 5 0 L akhs and a llows a c redit p eriod o f 2 0 d ays t o i ts customers.T he f irm c ost o f C apital i s 1 0% a nd the r atio o f v ariable c ost t o S alesi s 8 5%.T he f irm 20 is contemplating on increasing the credit period to 4 0 d ays w hich w ould r esult i n a n i ncreased salesof Rs. 5 Lakhs. The Bad debts on increased sales are expected to be 8 percent. The tax rate for M /sXYZ i s 4 A%. S hould t he f irm e xtend t he credit p eriod. 4. J. 6. What are the objectivesof Inventory Management? Explain the techniques of inventory control. 20 14/hatis Capital Budgeting ? Explain its process. 20 Write short notes on : (a) Capital Rationing (b) (c) (d) Aggressive Working Capital Shategy Materiality Concept Economic Order Quantity (EOQ) -oOo-

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Additional Info : Mca - II (sem 3) December 2008 Question Paper - Accounting and Financial Management(Revised Course)
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