Financial and Management Accounting
Fall 2012
Master of Business Administration- MBA Semester 1
MB0041 – Financial And Management Accounting - 4 Credits
(Book ID: B1624)
Assignment Set - 1 (60 Marks)
Note: Each question carries 10 Marks. Answer all the questions.
1. Explain the process involved in accounting.
2. The salaries paid in 2004 is Rs. 5,00,000; Salaries outstanding is Rs. 20,000; Salaries paid in advance for 2004 is Rs. 30,000. What is the actual salary expenditure for 2004? Which accounting principle is involved in this and explain that principle. 3. Find the value of the following:
a. If the total assets are Rs. 87,000 and the liabilities are Rs. 47,000, find out the amount of capital.
b. If the capital of proprietor is Rs. 4,00,000 and the total assets are Rs. 6,00,000, what is the amount of liabilities to outsiders?
c. If creditors are Rs. 56,000, bank overdraft is Rs.1,00,000, and outstanding expenses are Rs. 8,000, what is the total amount of assets?
d. Fixed assets are Rs.70,000 and current assets are Rs.1,00,000 and the creditors are Rs.30,000. What is capital?
4. Enter the following transactions in the single column cash book of Gopichand.
March, 2003
1st. Commenced business with cash
20000
2nd. Bought goods for cash
5000
3rd. Sold goods for cash
4000
4th. Goods purchased from Ravi Kumar
10000
10th. Paid to Ravi Kumar
7000
14th. Cash sales
8000
18th. Purchased furniture for office
4000
22nd. Paid wages
500
Fall 2012
25th. Paid rent
600
30th. Received commission
4000
30th. Withdrew for personal purpose
1000
Cash balance 170000
Hint: Goods Purchased from Ravi Kumar is a credit purchase.
5. Find out the missing figures.
Office stationery
5000
Purchased during the year
Closing stock
8000
25000
?
3000
Opening stock
Consumables
6000
?
24000
Consumed for the year
Hint : Office stationery consumed for the year =27000
Consumables purchased during the year
Master of Business Administration- MBA Semester 1
MB0041 – Financial And Management Accounting - 4 Credits
(Book ID: B1624)
Assignment Set - 1 (60 Marks)
Note: Each question carries 10 Marks. Answer all the questions.
1. Explain the process involved in accounting.
2. The salaries paid in 2004 is Rs. 5,00,000; Salaries outstanding is Rs. 20,000; Salaries paid in advance for 2004 is Rs. 30,000. What is the actual salary expenditure for 2004? Which accounting principle is involved in this and explain that principle. 3. Find the value of the following:
a. If the total assets are Rs. 87,000 and the liabilities are Rs. 47,000, find out the amount of capital.
b. If the capital of proprietor is Rs. 4,00,000 and the total assets are Rs. 6,00,000, what is the amount of liabilities to outsiders?
c. If creditors are Rs. 56,000, bank overdraft is Rs.1,00,000, and outstanding expenses are Rs. 8,000, what is the total amount of assets?
d. Fixed assets are Rs.70,000 and current assets are Rs.1,00,000 and the creditors are Rs.30,000. What is capital?
4. Enter the following transactions in the single column cash book of Gopichand.
March, 2003
1st. Commenced business with cash
20000
2nd. Bought goods for cash
5000
3rd. Sold goods for cash
4000
4th. Goods purchased from Ravi Kumar
10000
10th. Paid to Ravi Kumar
7000
14th. Cash sales
8000
18th. Purchased furniture for office
4000
22nd. Paid wages
500
Fall 2012
25th. Paid rent
600
30th. Received commission
4000
30th. Withdrew for personal purpose
1000
Cash balance 170000
Hint: Goods Purchased from Ravi Kumar is a credit purchase.
5. Find out the missing figures.
Office stationery
5000
Purchased during the year
Closing stock
8000
25000
?
3000
Opening stock
Consumables
6000
?
24000
Consumed for the year
Hint : Office stationery consumed for the year =27000
Consumables purchased during the year