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Dec 2022 Rmb1d

The document is an examination paper consisting of three sections: Section A with 10 short answer questions, Section B with 5 longer answer questions, and Section C with 3 comprehensive questions. Topics covered include financial accounting definitions, financial ratios, budgeting, variance analysis, and the preparation of financial statements. The paper is designed to assess knowledge and application of accounting principles and practices.

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7 views6 pages

Dec 2022 Rmb1d

The document is an examination paper consisting of three sections: Section A with 10 short answer questions, Section B with 5 longer answer questions, and Section C with 3 comprehensive questions. Topics covered include financial accounting definitions, financial ratios, budgeting, variance analysis, and the preparation of financial statements. The paper is designed to assess knowledge and application of accounting principles and practices.

Uploaded by

Barath
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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(6 pages)

DECEMBER 2022 P/ID 77928/RMB1D

Time : Three hours Maximum : 80

marks SECTION A — (10  2 = 20 marks)

Answer any TEN questions.

1. Define Financial accounting.

2. What is journal?

3. What do you mean by stock turnover ratio?

4. State the uses of working capital.

5. List out the key components of Marginal costing.

6. Give the objectives of Master budget.

7. What do you mean by margin of safety?

8. State any two importance of ZBB.

9. What is Graphic report?

10. How will you classify the cost?

11. What do you mean by Business entity concept?

12. What is fixed cost?


SECTION B — (5  6 = 30 marks)

Answer any FIVE questions.

13. What are the limitations of accounting principles?

14. Explain the uses of financial statement analysis.

15. Explain the usefulness of reporting


to management.

16. The following is the balance sheet of a


company as on 31st March:
Liabilities Rs. Assets Rs.

Share capital 2,00,000 Land and buildings

1,40,000 Profit and Loss Account 30,000 Plant and

Machinery 3,50,000 General reserve 40,000

Stock 2,00,000

12% Debenture 4,20,000 Sundry Debtors 1,00,000

Sundry Creditors 1,00,000 Bills Receivables

10,000 Bills payable

50,000 Cash at bank

40,000

Total 8,40,000 Total 8,40,000

Calculate : Current Ratio, Quick ratio, Debt to


equity ratio, capital gearing ratio.

2 P/ID 77928/RMB1D
17. From the following information, calculate:
(a) P/V ratio
(b) B.E.P
(c) Margin of safety
Total sales Rs. 3,60,000
Selling price per unit Rs.
100 Variable cost per unit
Rs. 50 Fixed cost Rs.
1,00,000
(d) if the selling price is reduced to Rs.90,
by how much is the margin of safety
reduced?

18. From the following particulars calculate


(a) Total Material Cost Variance
(b) Material Price Variance
(c) Material Usage variance
Standard Actuals
Materils Units Price Unit Price Rs.
Rs.
A 2,020 2 2,160 2.40
B 820 3 760 3.60
C 700 4 760 3.80

19. Prepare a production budget for three months


ending March 31 2021 for a factory producing
four products, on the basis of the following
information.
Type of Estimated stock Estimate Desired closing
produc on January sales
d during stock on March
t 1
2021 January- 31,2021
March, 2021 Units
Units
A 2,000 10,000 5,000
B 3,000 15,000 4,000
C 4,000 13,000 3,000
D 5,000 12,000 2,000
3 P/ID
SECTION C — (3  10 = 30 marks)

Answer any THREE questions.

20. From the Trial balance, given by Surendar,


prepare final accounts for the year
ended 31st March 2021.
Debit Balance Amount Credit Balance Amount
Land 40,000 Purchase 15,000
returns
Opening stock 40,000 Bills payable 7,000
Machinery 66,000 Capital 1,50,00
0
Purchases 1,30,00 Sales 2,20,00
0 0
Wages 35,000 Creditors 60,000
Interest paid 13,000
Cash 2,300
Debtors 80,000
Bills 15,000
Receivables
Office rent paid 12,700
Furniture 3,000
Drawings 5,000
Sales returns 10,000
4,52,00 4,52,00
0 0

Closing stock 31-03-2021 Rs. 14,500.

21. From the following Balance sheet of Soundar


Ltd. Prepare Fund Flow statement.
4 P/ID 77928/RMB1D
[P.T.O.]
Balance sheet as on 31 March
Liabilities 2020 2021 Assets 2020 2021
Share 3,00,00 3,50,000 Goodwill 1,00,00 80,000
Capital 0 0
Debenture 1,50,00 2,50,000 Machinery 4,10,00 5,40,000
s 0 0
General 1,00,00 1,50,000 Investmen 30,000 80,000
Reserve 0 t
s
Profit 60,000 70,000 Discount 5,000 -
and Loss on
Issue of
Debenture
s
Provision 90,000 1,30,000 Cash 1,20,00 1,30,000
for at 0
Depreciatio bank
n on
Machinery
Sundry 75,000 1,10,000 Sundry 80,000 1,90,000
creditors Debtor
s
Bills 10,000 15,000 Stock 40,000 55,000
payabl
e
7,85,00 10,75,00 7,85,00 10,75,00
0 0 0 0

Additional information:
During the year investment costing Rs. 30,000
were sold for Rs. 28,000. A New machine was
purchased for Rs. 45,000 and the payment
was made in fully paid shares.

22. A company wishes to arrange overdraft


facilities with its bankers during the period
April to June when it will be manufacturing
most for stock. Prepare Cash budget for the
above period from the
5 P/ID 77928/RMB1D
following data, indicating the extent of bank
facilities company will require at the end of
each month:
Month Sales Purchases Wages
(Rs.) (Rs.) (Rs.)
February 1,80,000 1,24,800 12,000
March 1,92,000 1,44,000 1,400
April 1,08,000 2,43,000 11,000
May 1,74,000 2,46,000 10,000
June 1,26,000 2,68,000 15,000

50% of credit sales are realised in the month


following sales and the remaining 50% in the
second month following. Creditors are paid in
the month following month of purchase.
Wages are paid on the first of very next
month. Cash at bank on 1st April Rs. 25,000

23. Accounting reports are a matter of necessity


for the management and not a matter of
convenience. Explain the statement

24. Discuss the relationship between budgetary


control and standard costing.

———————

6 P/ID 77928/RMB1D

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