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2. Prove that accounting equation is satisfied in all the following transactions of Mr.X
b. Goods returned by the customer Mr.X of Rs.5650 has been posted in the Return
Inward Account as Rs.5560 and in Mr.X a/c as Rs.6,550.
e. Cash received from Jadu Rs.8,640 has been posted to the debit of Madhu’s a/c
4. The following balances are extracted from the books of Kiran Trading Co on 31st March
2000. You are required to prepare trading and profit and loss account and a balance
sheet as on that date: (20 marks)
Opening Stock 5,000 Commission received 2,000
B/R 22,500 Return Outward 2,500
Purchases 1,95,000 Trade Expenses 1,000
Wages 14,000 Office furniture 5,000
Insurance 5,500 Cash in hand 2,500
Sundry Debtors 1,50,000 Cash at bank 23,750
Carriage Inwards 4,000 Rent and Taxes 5,500
Commission Paid 4,000 Carriage Outward 7,250
Interest on Capital 3,500 Sales 2,50,000
Stationery 2,250 Bills Payable 15,000
Return Inwards 6,500 Creditors 98,250
Capital 89,500
The closing stock was valued at Rs.1,25,000
5. Write short notes on : (10 Marks)
a. Outstanding Expenses
b. Prepaid Expenses
MBA- I semester
Calculate (1) Current assets (2) current liabilities (3) Liquid Asset (4) Stock
Sales Rs.5,00,000
Purchases Rs.3,50,000
3. From the following Balance Sheet of William & Co Ltd., you are required to prepare a
Schedule of Changes in Working capital & Statement of Sources and Application of
funds.
Balance Sheet
4. Bring out the difference between cash flow and funds flow statement.
5a. DELL computers sell 100 PCs at Rs.42,000. The variable expenses amount to
Rs.28,000 per PC. The total fixed expenses is Rs.14,00,000. Prepare an income
statement.
Sales at present are 55,000 units per annum. Selling price is Rs.6 per unit. Prime cost
Rs.3 per unit. Variable overheads is Re.1 per unit. Fixed cost Rs.80,000 per annum.