Accounting For Manager

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AMITY (Assignment)
MBA
Semester 1

Accounting For Manager
1st Block Assessments

CASE STUDY
Journalise the following transactions, post them in
the ledger and balance the accounts in the books
of Mr. Rajesh.
2011 ` Amount
Jan. 1 Started business with cash 2,00,000
Jan. 3 Purchased goods for cash 60,000
Jan. 5 Sold goods to Shyam 60,000
Jan. 6 Sold goods for cash 20,000
Jan. 9 Received cash from Shyam 40,000
Jan. 13 Goods purchased from Ram 40,000
Jan. 20 Cash paid to Ram 20,000
Jan. 25 Paid office rent 4,000
Jan. 31 Paid salaries to staff 20,000
Jan. 31 Returned goods by Shyam 10,000

Question 1
“How much amount has been posted into ledger Capital account on January 1,2011”
“2,00,000”
“2,40,000”
“1,50,000”
“2,00,500”

Question 2
“How much amount has been brought down (b/d) in ledger Capital account on February 1,2011”
“2,00,000”
“3,00,000”
“1,75,000”
“2,00,500”

Question 3
“How much cash has been brought down (b/d) in cash ledger on February 1, 2011”
“1,75,000”
“2,40,000”
“3,00,000”
“1,56,000”

Question 4
What is the value of Credit purchase?
“1,00,000”
“60,000”
“1,20,000”
“40,000”

Question 5
What is the value of Credit sales ?
“80,000”
“60,000”
“1,00,000”
“20,000”

Question 6
How much balance brought down (b/d) to the month of February in Shyam Ledger Account?
“20,000”
“23,000”
“15,000”
“10,000”

Question 7
what is the debit (dr.) side total of journal entries for january month
“4,74,000”
“5,00,000”
“3,50,000”
“4,50,000”

Question 8
Cash received during the month of january was .
“2,60,000”
“3,00,000”
“2,50,000”
“2,70,000”

Question 9
Cash outflow during the month of january was…
“1,10,000”
“1,56,000”
“1,04,000”
“2,00,000”

Question 10
Cash in Hand on January 31 was.
“1,45,000”
“2,00,000”
“1,60,000”
“1,56,000”

Quiz Score: 100 out of 100

2nd Block Assessments

CASE STUDY
Following is the trial balance of Amar as on 31st March, 2011:
Amount Amount
Capital Account 80,000
Drawing Account 6,000
Stock (1.4.2010) 45,000
Purchases 2,60,000
Sales 3,10,000
Furniture 10,000
Sundry Debtors 40,000
Freight and Octroi 4,600
Trade Expenses 500
Salaries 5,500
Rent 2,400
Advertising Expenses 5,000
Insurance Premium 400
Commission 1,300
Discount 200
Bad Debts 1,600
Provision for Bad Debts 900
Creditors 20,000
Cash in hand 5,200
Bank 5,800
Goodwill (at cost) 20,000 4,12,200 4,12,200
Adjustments:
(a) Stock on 31st March, 2011 was valued at Rs. 53,000.
(b) Salaries have been paid only for 11 months.
(c) Unexpired insurance included in the figure of Rs 400 appearing in trial balance is Rs 100.
(d) Commission earned but not yet received amounting to Rs 122 is to be recorded in books of account.
(e) Provision for bad debts is to be brought upto 3% of sundry debtors.
(f) Manager is to be allowed a commission of 10% of net profits after charging such commission.
(g) Furniture is depreciated @10% per year.
(h) Only 1/4th of advertising expenses is to be written off.

Prepare trading and profit and loss account for the year ended
31st March, 2011 and balance sheet as on that date. Transferred

Question 1
How much gross profit will be transferred to Profit & Loss Account?
“60,000”
“55,500”
“53,000”
“53,400”

Question 2
Freight & Octroi expence will be debit (Dr.) to Account.
None
Both (a & b)
P&L account
Trading A/c

Question 3
Amount of outstanding is ..
600
500
700
1000

Question 4
How much amount of advertising expenses is to be written off in 2011
3000
1500
1300
1250

Question 5
How much Insurance Permium expence will be debit (Dr.) to P&L account?
300
250
400
500

Question 6
How much Bad Debts will be debit (Dr.) to P&L account.
2800
3700
1900
2000

Question 7
Net Profit of ABC Ltd. For the year ended 31st March 2011 is .
37520
36520
35000
37000

Question 8
Total Liabilities of ABC ltd. As on 31st March 2011 is ..
“1,35,722”
“1,30,500”
“1,40,533”
“1,35,000”

Question 9
Debtors amount after provision for bad debts is
“38,500”
“38,200”
“38,800”
“38,900”

Question 10
Value of Furniture after depreciation is
10000
9000
11000
10500
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Quiz Score: 100 out of 100

3rd Block Assessments

CASE STUDY
The Balance Sheet as on 2002 and 2003 are as
under:
Liabilities 2002 2003 Assets 2002 2003
Equity share
capital
100,000 125,000 Land & Building 50,000 75,000
General
reserve
12,500 15,000 plant & machinery 57,500 55,000
Profit & Loss
A/C
10,000 7,500 stock 10,000 12,500
Creditors 5,000 6,250 Debtors 7,500 10,000
Bills payable 3,750 7,500 cash & bank 5,000 7,500
outstanding
expenses
1,250 3,750 Bills receivable 2,500 5,000
Provident fund 7,500 5,000
Preliminary
expenses
7,500 5,000
140,000 170,00 140,000 170,000
The Profit & Loss Account for 2002 & 2003
Particulars 2002 2003 Particulars 2002 2003
To, opening
stock
5,000 10,000 By, Sales 62,500 112,500
Purchase 37,500 47,500 Closing stock 10,000 12,500
office 7,500 10,000 Profit on sale of 2,500 0

Question 1
Total Current assets of 2002 are .
“22,500”
“20,500”
“25,000”
“17,500”

Question 2
Total Current Liabilities of 2003 are ..
“22,500”
“20,500”
“17,500”
“25,000”

Question 3
What is the Current Ratio in 2002?
1.2:1
1.9:1
1:01
1.43:1

Question 4
What is the Current Ratio in 2003?
1.43:1
1:01
1.3:1
1.56:1

Question 5
value of Average Stock in 2002 is .
“7,500”
“7,000”
“6,000”
“10,000”

Question 6
value of Average Stock in 2003 is .
“7,500”
“11,250”
“9,000”
“10,000”

Question 7
what is the stock turn over ratio in 2002?
4.33 times
5 times
5.6 times
2 times

Question 8
what is the stock turn over ratio in 2003?
2 times
4.33 times
5 times
4 times

Question 9
Gross Profit Margin ratio in 2002 is .
48%
33%
20%
45%

Question 10
Gross Profit Margin ratio in 2003 is .
57%
55%
50%
60%

Quiz Score: 100 out of 100

4th Block Assessments

Calculate –
Value of raw materials consumed;
Total cost of production
Cost of goods sold and
The amount of profit from the following particulars

Question 1
Value of Direct Material consume is ..
“60,000”
“51,000”
“70,000”
“55,000”

Question 2
Value of prime cost is
“65,000”
“80,000”
“60,000”
“73,000”

Question 3
Total Factory Overheads expences are ..
“6,700”
“5,000”
“5,700”
“6,000”

Question 4
Total Factory cost or Work Cost is ..
“65,000”
“80,000”
“79,700”
“78,700”

Question 5
Total Office overheads expences are ..
“5,000”
“9,200”
“8,200”
“7,000”

Question 6
Total value of cost of production is
“80,000”
“70,000”
“79,700”
“87,900”

Question 7
Amount of cost of goods sold is .
“88,900”
“80,000”
“86,900”
“79,700”

Question 8
Total Selling & Distribution overheads are
“5,000”
“3,000”
“4,000”
“6,000”

Question 9
Cost of sales is ..
“79,700”
“89,900”
“86,900”
“87,900”

Question 10
“as per the cost sheet, amount of profit is ”
“9,500”
“11,500”
“10,100”
“12,000”

Quiz Score: 100 out of 100

5th Block Assessments

CASE STUDY
Illustration
A company has annual fixed cost of Rs. 1,68,00,000. In the year 2013-14, sales amounted to Rs.
6,00,00,000 as compared with Rs. 4,50,00,000 in the preceding year 2012-13. The profit in the year 2013-14 is
Rs. 42,00,000 more than that in 2012-13. On the basis of the above information, answer the following:
(i) What is the break-even level of sales of the company?
(ii) Determine profit/loss on the forecast of a sales volume of Rs.80,00,00,000
(iii) If there is a reduction in selling price by 10% in the financial year 2014-15 and company
desires to earn the same amount of profit as in 2013-14, what would be the required sales volume?

Question 1
“As per given information, what is the value of PV ratio?”
27%
28%
22%
25%

Question 2
“after reduction in selling price, the value of PV ratio will be .”
30%
20%
25%
27%

Question 3
What is the break-even level of sales of the company?
“500,00,000”
“840,00,000”
“600,00,000”
“80,00,000”

Question 4
“Contribution for Sales Volume of Rs. 800,00,000 is ”
“56,00,000”
“10,00,000”
“200,00,000”
“224,00,000”

Question 5
“profit on the forecast of a sales volume of Rs. 80,00,00,000 is ..”
“50,00,000”
“56,00,000”
“70,00,000”
“40,00,000”

Question 6
“Contribution for Sales Volume of Rs. 600,00,000 for the year 2013-14 is ..”
“600,00,000”
“100,00,000”
“168,00,000”
“150,00,000”

Question 7
“If there is a reduction in selling price by 10% in the financial year 2014-15 and company desires to earn the same amount of profit as in 2013-14, what would be the required sales volume?”
“840,00,000”
“100,00,000”
“800,00,000”
“70,00,000”

Question 8
Change in Profits/ Change in Sales =
Contribution
PV Ratio
None
EPS

Question 9
P/V Ratio × Sales = ..
Contribution
None
Profits
Net Sales

Question 10
Contribution Fixed costs= ..
Sales
Profits
PV Ratio
None

Quiz Score: 100 out of 100

Full Syllabus Assessment

CASE STUDY
Balance Sheet of KK Ltd as on 31‐Mar‐2005 and 31‐Mar‐2006
31.03.05 31.03.06 31.03.05 31.03.06
Liabilities Rs in 000 Rs in 000 Assets Rs in 000 Rs in 000
Share Capital 1440 1920 Fixed Assets 3840 4560
Capital Reserve 48
Less:
Depreciation
1104 1392
General Reserve 816 960 2736 3168
Profit & Loss
Account
288 360 Investments 480 384
9% Debenture 960 672 Cash 210 312
Current
Liabilities
576 624
Other Current
assets (including
stock)
1134 1272
Proposed
Dividend
144 174
Preliminary
Expenses
96 48
Provision for Tax 432 408
Unpaid Dividend 18
4656 5184 4656 5184
Additional Information
1. During the year 2005 ‐ 2006, Fixed Assets with a book value of Rs 2,40,000
(accumulated depreciation Rs 84,000) was sold for Rs 1,20,000
2. Provided Rs 4,20,000 as depreciation
3. Some investments are sold at a profit of Rs 48,000 and the Profit was credited
to Capital Reserve
This attempt took 2 minutes.
4. It was decided that stocks be valued at cost, whereas previously the practice
was to value stock at cost less 10 percent. The stock was Rs 2,59,200 as on
31.03.2005. The stock as at 31.03.06 was correctly valued at Rs 3,60,000
5. It was decided to write off Fixed Assets costing Rs 60,000 on which
depreciation amounting to Rs 48,000 has been provided.
6. Debentures are redeemed at Rs 105
Required: Prepare Cash Flow Statement

Question 1
How Much fixed assets have been purchesed during the time period?
“10,20,000”
“12,00,000”
“11,00,500”
“9,00,000”

Question 2
Cash received on sale of fixed assets
“1,00,000”
“1,20,000”
“1,50,000”
“9,00,000”

Question 3
Net Profit Before tax and extradinary items is
“8,79,600”
“12,00,000”
“9,00,000”
“1,50,000”

Question 4
final value of Depreciation for the time period is ..
“4,20,000”
“12,00,000”
“1,50,000”
“9,00,000”

Question 5
Value of Loss on Sale of fixed assets is …
“9,00,000”
“36,000”
“8,79,600”
“1,50,000”

Question 6
value of Net Cash from Operating activities ..
“1,50,000”
“8,06,400”
“12,00,000”
“9,00,000”

Question 7
Cash received on Sale of Investment ..
“4,20,000”
“1,44,000”
“1,50,000”
“12,00,000”

Question 8
Amount of Dividend paid in financing activity ..
“4,20,000”
“1,26,000”
“12,00,000”
“1,50,000”

Question 9
value of Net Cash from Investing activities
“36,000”
“12,00,000”
“1,50,000”
“(7,56,000)”

Question 10
Value of Net Cash from Financing activities
“1,50,000”
“51,600”
“4,20,000”
“8,79,600”

Quiz Score: 100 out of 100

Live Interactive Session Test

Question 1
The accounts that records expenses, gains and losses are
Personal accounts
Real accounts
Nominal accounts
None of the above

Question 2
The process of entering all transactions from the journal to ledger is called
Posting
Entry
Accounting
None of the above

Question 3
The following is a statement showing the financial status of the company at any given time
Trading account
Profit and Loss statements
Balance sheet
Cash book

Question 4
The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources
Liquidity ratio
Leverage ratios
Activity ratios
Profitability ratios

Question 5
The measure of how efficiently the assets resources are employed by the firm is called
Liquidity ratio
Activity ratios
Profitability ratios
Leverage ratios

Question 6
The term financial statement refers to…
Income statement
Cash flow
Balance sheet
All

Question 7
Which technique used for figures of two or more periods are placed side by side to facilitate easy and meaningful comparisons?
Comparative statement
Common?size statement
Trend Analysis
None

Question 8
A ………….. Reports on a company’s cash flow activities, particularly its operating, investing and financing activities.
Income statement
cash flow statement
Balance Sheet
Profit and loss statement

Question 9
Which of the following would be considered a ‘cash-flow item from an “investing” activity’?
Cash outflow to the government for taxes.
Cash outflow to purchase bonds issued by another company
Cash outflow to shareholders as dividends.
None

Question 10
In the cash flow statement, ‘cash and cash equivalents’ include
Bank balances and Cash balances
Short-term investments readily convertible into Cash are subject to an
insignificant risk of changes in value.
Both (a) and (b).
None

Question 11
Which of these is not an objective of Cost Accounting?
Ascertainment of Cost
Determination of Selling Price
Cost Control and Cost reduction
Assisting Shareholders in decision making

Question 12
Which of these is not a Material control technique:
ABC Analysis
Fixation of raw material levels
Maintaining stores ledger
Control over slow moving and non moving items

Question 13
The deviations between actual and standard cost is known as
Multiple analysis
Variable cost analysis
Variance analysis
Linear trend analysis

Question 14
Which of the following variance arises when more than one material is used
in the manufacture of a product
Material price variance
Material usage variance
Material yield variance
Material mix variance

Question 15
Under marginal costing the cost of product includes
Prime costs only
Price costs and variable overheads
Prime costs and fixed overheads
Prime costs and factory overheads

Quiz Score: 150 out of 150
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Accounting For Manager

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