Smu 1st Sem Assmnt Questions 2010

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Fall 2010

Master of Business Administration- MBA Semester 1 MB0041 – Financial and Management Accounting - 4 Credits (Book ID :B1130) Assignment Set- 1 (60 Marks)

Note: Each question carries 10 Marks. Answer all the questions.

Q.1 Explain the Various accounting Concepts and Principles? Q.2 Pass journal entries for the following transactions 1. Madan commenced business with cash Rs. 70000 2. Purchased goods on credit 14000 3. Withdrew for private use 3000 4. Goods purchased for cash 12000 5. Paid wages 5000 Q.3 Explain the various types of errors disclosed by Trial Balance?

[10 Marks] [10 Marks]

[10 Marks]

Q.4 From the following balances extracted from Trial balance, prepare Trading Account. The closing stock at the end of the period is Rs. 56000 Particulars Stock on 1-1-2004 Returns inwards Returns outwards Purchases Debtors Creditors Carriage inwards Carriage outwards Import duty on materials received from abroad Clearing charges Rent of business shop Royalty paid to extract materials Amount in Rs. 70700 3000 3000 102000 56000 45000 5000 4000 6000 7000 12000 10000 10 Marks]

Fall 2010

Fire insurance on stock Wages paid to workers Office salaries Cash discount Gas, electricity and water Sales

2000 8000 10000 1000 4000 250000

Q.5 Differentiate Financial Accounting and Management accounting?

[10 Marks]

Q.6 Following is the Balance Sheet of M/s Srinivas Ltd. You are required to prepare a Fund Flow Statement Particulars Equity Share capital Profit & Loss 14,750 17,000 31,000 15,000 16,500 2006 50,000 2007 65,000 Particulars Cash balances Debtors Investment 25,000 5,000 27,000 nil 80,000 (7000) 2006 10,000 2007 13,000 [10 Marks]

Trade Creditors 29,000 Mortgage 10,000

Fixed Assets 50,000 Less: Depreciation (5,250)

Short term loans 15,000

Accrued expenses

8,000

7,500

Goodwill

5,000

nil

Stock Total 1, 26,750 1, 52,000 Total

37,000 1, 26,750

39,000 1, 52,000

Additional Information: 1. Depreciation...
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