Exam Details
| Subject | financial accounting | |
| Paper | ||
| Exam / Course | mba | |
| Department | ||
| Organization | Gujarat Technological University | |
| Position | ||
| Exam Date | December, 2018 | |
| City, State | gujarat, ahmedabad |
Question Paper
Seat No.: Enrollment
GUJARAT TECHNOLOGICAL UNIVERSITY
MBA SEMESTER-II • EXAMINATION WINTER • 2018
Subject Name: Financial Accounting Date: 28/12/ 2018
Subject Code: 4120504
Time: 02.30 PM TO 05.30 PM Total Marks: 70
Instructions:
1. Attempt all questions.
2. Make suitable assumptions wherever necessary.
3. Figures to the right indicate full marks.
Q.1
Describe what are the functions of accounting? Also discuss limitation of
Accounting.
07
Q.1
What are the accounting concepts? Explain any two.
07
Q.2
Vadish Ltd manufacturing product Z Using two types of raw materials R and M. Separate stores ledger is maintained to record each types of Raw materials. The following details of raw materials R and M are available for the month of may 2018
Date
Material R
Material M
Quantity
(unit)
Rate(Rs)
Quantity
(unit)
Rate(Rs)
1.5.2018
Opening balance
2500
1250
3.5.2018
Issue
750
400
5.5.2018
Receipt
1000
14.20
600
17.10
10.5.2018
Issue
500
300
15.5.2018
Receipt
1200
14.55
800
17.90
20.5.2018
Receipt
500
14.30
400
17.50
25.5.2018
Issue
1000
700
30.5.2018
Issue
1300
1200
Show the historical cost of raw materials inventory at the end of may 2018 under the Weighted Average Method.
The values of raw materials the beginning of may 2018 under method was as under
Method Material R Material M
Weighted average 34,600 20,440
Find Weighted Average Method of Material R and Material M.
07
Q.2
What do you mean by Financial accounting, Differentiate management account and financial account in the context of objectives and limitations of financial accounting?
07
OR
What is journal? Why it should be recorded in books and give detail of rules of
journalizing the transactions
07
Mr.patel runs a general store his trial balance as on 31st march 2018 was as follows
Particulars
Dr. Rs
Cr. Rs
Capital
1250000
Drawings
125000
Purchases
1962000
Sales
2590000
Opening stock
220000
Returns outward
22000
Frights inward
55000
Discount received
25000
Salaries
295000
Commission
57500
Discount allowed
25000
Dividend received
32000
Bad debts
19500
Provisions for doubtful debts
15000
Sundry debtors
265000
Purchase subsidies
64500
Returns inward
26000
Investment
205000
Furniture
220000
Sundry creditors
200000
Salesmen's commission
15000
Office expenses
72500
Sales tax
122000
Cash in hand and at bank
629000
Total
42,56,000
42,56,000
1. Mr.Patel purchased a running businesss of Mr. Gour for rs. 590000 on 31 st march 2018. he took over stock of rs.325000 debtors rs. 265000 furniture rs 75000 and creditors rs 7500 no entry was passed for this transaction
2. Closing Stock As On 31st March 2018 was not valued. Mr. gupta earned a uniform rate of gross profit of 25% on net sales.
3. Provision for doubtful debts is to be maintained at7.5 on debtors
4. Purchase include purchase of furniture on 1st January 2018 worth rs.45000
5. Sales include sale of old furniture for rs.16000 on 1st October 2017 (WDV of such furniture on 1st april 2017 was rs.26000)
6. Furniture was to be depreciated by 10% p.a.
You are required to prepare the trading account and the profit and lossaccount of Mr. Patel for the year ended 31st march 2018 and also a balance sheet as on the same date.
14
OR
Q-3
What do you mean by depreciation on fixed assets? Discuss SLM and WDV methods with examples
07
Discuss AS-3 along with the list of accounting standards
07
Q-4
Briefly explain the following with example Any
1. Entity Concept 2. Going Concern Concept
3. Dual Aspect Concept
07
Write a brief note on valuation of investment.
07
OR
Q-4
Write a brief note on Valuation of Goodwill.
07
"Financial statements are mirror image of an organization" Explain
07
Q-5
Prepare a pro forma for Statement of Profit and Loss as prescribed in Schedule VI to the Companies Act, 1956.
07
Differentiate Trial Balance and Balance sheet.
07
Q-5
Write a specimen of vertical form of corporate balance sheet
07
Write a note on Accounting Equation
07
GUJARAT TECHNOLOGICAL UNIVERSITY
MBA SEMESTER-II • EXAMINATION WINTER • 2018
Subject Name: Financial Accounting Date: 28/12/ 2018
Subject Code: 4120504
Time: 02.30 PM TO 05.30 PM Total Marks: 70
Instructions:
1. Attempt all questions.
2. Make suitable assumptions wherever necessary.
3. Figures to the right indicate full marks.
Q.1
Describe what are the functions of accounting? Also discuss limitation of
Accounting.
07
Q.1
What are the accounting concepts? Explain any two.
07
Q.2
Vadish Ltd manufacturing product Z Using two types of raw materials R and M. Separate stores ledger is maintained to record each types of Raw materials. The following details of raw materials R and M are available for the month of may 2018
Date
Material R
Material M
Quantity
(unit)
Rate(Rs)
Quantity
(unit)
Rate(Rs)
1.5.2018
Opening balance
2500
1250
3.5.2018
Issue
750
400
5.5.2018
Receipt
1000
14.20
600
17.10
10.5.2018
Issue
500
300
15.5.2018
Receipt
1200
14.55
800
17.90
20.5.2018
Receipt
500
14.30
400
17.50
25.5.2018
Issue
1000
700
30.5.2018
Issue
1300
1200
Show the historical cost of raw materials inventory at the end of may 2018 under the Weighted Average Method.
The values of raw materials the beginning of may 2018 under method was as under
Method Material R Material M
Weighted average 34,600 20,440
Find Weighted Average Method of Material R and Material M.
07
Q.2
What do you mean by Financial accounting, Differentiate management account and financial account in the context of objectives and limitations of financial accounting?
07
OR
What is journal? Why it should be recorded in books and give detail of rules of
journalizing the transactions
07
Mr.patel runs a general store his trial balance as on 31st march 2018 was as follows
Particulars
Dr. Rs
Cr. Rs
Capital
1250000
Drawings
125000
Purchases
1962000
Sales
2590000
Opening stock
220000
Returns outward
22000
Frights inward
55000
Discount received
25000
Salaries
295000
Commission
57500
Discount allowed
25000
Dividend received
32000
Bad debts
19500
Provisions for doubtful debts
15000
Sundry debtors
265000
Purchase subsidies
64500
Returns inward
26000
Investment
205000
Furniture
220000
Sundry creditors
200000
Salesmen's commission
15000
Office expenses
72500
Sales tax
122000
Cash in hand and at bank
629000
Total
42,56,000
42,56,000
1. Mr.Patel purchased a running businesss of Mr. Gour for rs. 590000 on 31 st march 2018. he took over stock of rs.325000 debtors rs. 265000 furniture rs 75000 and creditors rs 7500 no entry was passed for this transaction
2. Closing Stock As On 31st March 2018 was not valued. Mr. gupta earned a uniform rate of gross profit of 25% on net sales.
3. Provision for doubtful debts is to be maintained at7.5 on debtors
4. Purchase include purchase of furniture on 1st January 2018 worth rs.45000
5. Sales include sale of old furniture for rs.16000 on 1st October 2017 (WDV of such furniture on 1st april 2017 was rs.26000)
6. Furniture was to be depreciated by 10% p.a.
You are required to prepare the trading account and the profit and lossaccount of Mr. Patel for the year ended 31st march 2018 and also a balance sheet as on the same date.
14
OR
Q-3
What do you mean by depreciation on fixed assets? Discuss SLM and WDV methods with examples
07
Discuss AS-3 along with the list of accounting standards
07
Q-4
Briefly explain the following with example Any
1. Entity Concept 2. Going Concern Concept
3. Dual Aspect Concept
07
Write a brief note on valuation of investment.
07
OR
Q-4
Write a brief note on Valuation of Goodwill.
07
"Financial statements are mirror image of an organization" Explain
07
Q-5
Prepare a pro forma for Statement of Profit and Loss as prescribed in Schedule VI to the Companies Act, 1956.
07
Differentiate Trial Balance and Balance sheet.
07
Q-5
Write a specimen of vertical form of corporate balance sheet
07
Write a note on Accounting Equation
07
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