Explain following terms in brief: 1) Rules of Debit/Credit 2) IFRS 3) Contingent Liability 4) Unit Costing 5) Retrospective effect 6) Goodwill 7) Trade Discount V/s. Cash Discount
Financial Accounting V/s Management Accounting
[7 marks]Pass the necessary journal Entries in the books of Hirva Enterprise Nov 1 Started the business with Cash in Hand Rs. 50,000, Furniture of Rs. 8,000 and Machinery of Rs. 25,000 Nov 3 Purchase the goods from Mr. Ram of Rs.2000 with 10% Trade Discount and 5 % Cash Discount, Hirva paid half of the amount. Nov 5 Sold goods to Mr. Shiv of Rs. 1,520 Nov8 Paid Salary of Rs 12,000/- Nov 9 Purchased Television of Rs. 15,000/- for home. Nov 11 Shiv Paid Rs. 1,500/- in full settlement. Nov 13 Paid Electricity bill of Rs. 800 through GPAY
[7 marks]What is Cost? Write a short-note on various Cost associated with the business .
[7 marks]Explain various accounting concepts and conventions with examples
[7 marks]On 1st,October, 2019Hari corporation purchased machinery for Rs. 2,80,000 and spent Rs. 20,000 for the Installation. On 1st, October, 2021 company sold this machinery by Rs. 2,00,000 and purchased another machinery of Rs. 1,20,000 on the same day. Depreciation was provided @ 10% per annum by Written Down Value Method. Accounting year of company is from April to March Prepare the Machinery A/c from 2019-20 to 2021-22.
[7 marks]What are the main objectives of Ratio Analysis? Discuss the different category of Ratio. Page 1 of
[3 marks]Prepare Common Size Statement from the Balance Sheet of Brinda Corporation from the following details. Liability 2021-22 2020-21 Assets 2021-22 2020-21 Equity Capital 2,25,000 3,55,000 Land 2,50,000 4,15,000 Reserve & Surplus 1,20,000 1,70,000 Building 55,000 1,05,000 Bank Loan 70,000 1,15,000 Investment 1,40,000 2,45,000 Bank O/D 10,000 70,000 Bills Receivable 95,000 60,000 Bills Payable 1,85,000 1,95,000 Stock 55,000 80,000 O/S Exp 60,000 60,000 Cash-Bank 75,000 60,000 Total 6,70,000 9,65,000 6,70,000 9,65,000
[7 marks]Madhav Corporation has the following inventory, purchases and sales data for Aug-2022 Inventory on 01-Aug 500 units @ Purchased on 05-Aug 600 units @6 Purchased 11-Aug 400 units @7 Purchased on 23-Aug 400 units @8 Purchased on 25-Aug 500 units @9 Issued on 09-Aug 400 units Issued on 18-Aug 500 units Issued on 20-Aug 400 units Issued on 28-Aug 500 units Apply Weighted Average Method of Inventory Valuation to compute the value of closing inventory and prepare the stock register
[5 marks]What is Break Even Analysis? Discuss the usage of BEP analysis in real Business world.
[7 marks]Following are the details of Ansh Corporation Liability 2020-21 2021-22 Assets 2020-21 2021-22 Capital 7,39,000 6,15,000 Machinery 6,00,000 5,00,000 Creditors 29,000 25,000 Building 1,00,000 80,000 Cash 40,000 30,000 Debtors 20,000 17,000 Stock 8,000 13,000 Total 6,70,000 9,65,000 6,70,000 9,65,000 Additional Information: 1 - There were no Drawings 2 - There were no purchases or sale of buildings or other fixed assets. You are required to Prepare a statement of cash flow.
[7 marks]Which kind of decisions involved in the real business world. Explain it with suitable examples.
[7 marks]Divya Corporation produces Small Toy named “Gotu” and it’s obtained after three distinct processes. The following information is available for the month of March, 2012: Particulars Total ` Processes I II III Material Consumed 22,626 7,800 5,940 8,886 Direct Labour 27,000 6,000 9,000 12,000 Production Overheads 27,000 – – – Page 2 of 3000 units of Raw Materialat Rs.3 per unit were introduced in Process I. The actual output and normal loss of the respective processes are: Processes Output in Units Normal Loss on Inputs Value of Scrap per unit (Rs.) Process I 2850 5% Process II 2520 10% Process III 2250 15% There is no stock or work-in-progress in any process. You are required to prepare Process A/c of all three processes and Normal Loss A/c.
[5 marks]The following is the information of Nitya Ltd. Year Sales (Rs.) Profit (Rs.) 2019-20 2,00,000 20,000 2020-21 2,40,000 28,000 Find Out 1. P/V.Ratio 2. Fixed Cost 3. B.E.P (Rs) 4. Figure of Profit when sales are of Rs. 3,00,000 5. Figure of Margin of Safety when sales are of Rs. 4,00,000 6. Figure of sales to earn a profit of Rs. 1,50,000 7. Figure of sales at a loss of Rs. 2,00,000 Page 3 of
[3 marks]