D.B.M. (Semester (CBCS) Examination Oct/Nov-2017
FINANCIAL AND COST ACCUNTING
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Day Date: Saturday, 18-11-2017 Max. Marks: 70
Time: 10.30 AM to 01.00 PM
Instructions: Q. No. 1 is compulsory.
Figures to the right indicate full marks.
Use of calculators is allowed.
Q.1 Select correct alternative 07
is final A/C statement.
Balance sheet Cash A/c
Bank A/c Ledger A/c
Net profit is ascertained by preparing
Profit Loss A/c Budget
Balance Sheet Trading A/c
Sales Variable Cost
Profit Contribution
Fixed Cost Loss
is the principle book of accounts.
Ledger Journal
Balance sheet Profit Loss A/c
Furniture is type of A/c.
Nominal Personal
Real None
Summary of all functional budgets is called as budget.
Zero based King size
Master Summarized
Drawings are deducted from
Capital Cash
Net profit None
Fill in the Blanks 07
to decrease in value of assets over a period of time
due to its wear tear.
Income received in advance is shown on side of balance
sheet.
Debit all expenses and losses credit all income gains and profit is the
rule of
Amount which is not recoverable from customer is known as
discount is not recorded in books of accounts.
PV
SLM stands for
Page 2 of 3
SLR-CE-3
Q2 Attempt (Any 14
Journalize the following transactions in the books of Mr. Vinod:
July Vinod started business with cash Rs. Furniture- Rs.
and Stock Rs.20,000/-
July- 3 Purchased goods for Cash Rs. from Mr. Ravi.
July- 5 Sold goods for cash
July- 15 Purchased goods from Krishna Rs.
July- 22 Purchased Machinery Rs. and paid installation of Rs.
for it.
July- 28 Sold goods to Vijay for Rs.
July-31 Withdraw cash for personal use Rs. 2000/-
M/s India Ltd. Purchased Machinery for Rs. 1,00,000 on 1st April, 2008. On 1st
Oct 2008 additional machinery was purchased for Rs. 50,000/-.
The firm provides depreciation 10%p.a under straight line method on 31st
March every year. Prepare Machinery and depreciation account for three years
i.e. 2008-09, 2009-10, 2010-11.
Break Even point.
Q.3 Attempt 14
Trail Balance
Types of depreciation
CVP Analysis
Q.4 Prepare Cash Budget for the Month of May to July on the basis of following
information:
14
Month Sales Purchases Wages Manufacturing Office Selling
Rs. Rs. Rs. Expenses Expenses Expenses
March 60,000 36,000 9,000 4,000 2,000 4,000
April 62,000 38,000 8,000 3,000 1,500 5,000
May 64,000 33,000 10,000 4,500 2,500 4,500
June 58,000 35,000 8,500 3,500 2,000 3,500
July 56,000 39,000 9,500 4,000 1,000 4,500
August 60,000 34,000 8,000 3,000 1,500 4,500
You are given following Information:
Plant Costing Rs. is due for delivery in July payable 10% on
delivery balance after 3 months.
Advance Tax of Rs. is payable in March June.
Period of Credit Allowed: By Supplier 2 Months To customers- 1 Month.
Lag in Payment of all Expenses 1 Month.
Prepare a Cash Budget for 3 Months starting on 1st May, 1998 when there was
a Cash of Rs.
OR
What is Cost Accounting? Explain the importance and objectives of cost
accounting?
Page 3 of 3
SLR-CE-3
Q.5 From the following Trail Balance of Mr. Ashok, you are required to prepare a
Trading, Profit Loss Account for the Year ended on 31st March, 2010 and
Balance Sheet as on that date.
14
Trail Balance as on 31/03/2010
Particulars Debit Rs. Credit Rs.
Capital 90,000
Drawings 3,000
Stock (01/04/2009) 45,000
Octroi duty 800
Purchases Sales 2,00,000 3,12,000
Returns 6,000 2,000
Salaries 10,000
Carriage Outward 1,400
Wages 14000
Insurance 2,000
Discount Received 600
Postage 800
Debtors Creditors 60,000 64,000
Furniture 35,000
Cash in hand 10,000
Machinery 80,000
Rent Taxes 6,000
Printing Stationary 2,000
Bank Overdraft 7,400
Total 4,76,000 4,76,000
Adjustments:
Closing Stock was valued at cost Rs. 40,000 while its market price was Rs.
45,000.
Depreciate Machinery by 5%.
Salary Rs. 2000 and wages Rs. 1000 were outstanding.
Insurance Rs. 500 was prepaid.
OR
Define Accounting. State the importance of accounting and also explain the
importance of financial statements for business organization.