Testpaperfnd
Testpaperfnd
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Test Paper- I
Time Allowed : 3 hours Full Marks : 100
(Answer Five Questions : All Questions are of Equal Value)
Accounting
Test Paper- I
Time Allowed : 3 hours Full Marks : 100
Answer question one which is compulsory. Answer any five from the rest.
Q. 1.
(a) Give one word or term for the following: (1 x 5 marks)
(i) Commission given for taking over responsibility of bad debts by consignee
(ii) Charges paid on dishonour of a bill of exchange
(iii) Expenses due but not paid
(iv) Costs that vary with output but not in same proportion
(v) Prime cost plus factory overheads
(b) Fill in the blanks (2 x 5 marks)
Q. 2.
(a) Goods of Rs 1,400 purchased from Ram although entered in purchase book
was not recorded in Ram’s account
(b) Wages paid Rs 45,000 for erection of machinery were debited to Wages
account.
(c) Goods supplied by Sujit for Rs 150,000 were entered in Sales book.
(d) Sale of old furniture for Rs 3,500 was recorded to sales book
Q. 3.
1. The net income based on unadjusted trial balance of Mr. Sengupta, who runs a
private school, as on 31st December 2006 stood at Rs 10,875. On investigation of
his books, you understand that the books are kept on cash basis & that following
balances has not been considered. Please work out the revised net income of Mr.
Sengupta based on the details given below:
Material A B C
Usages per unit of X in kg 10 4 6
Re-order quantity in kg 10000 5000 10000
Price per unit 10 30 15
Delivery period in weeks 1 to 3 3 to 5 2 to 4
Re-order level in kg 8000 4750
Minimum level in kg 2000
Weekly production of X varies between 175 to 225 units, averaging 200 units.
Find out the quantities of (1) minimum level of A, (2) maximum level of B, (3)
Re-order level of C, (4) Average level of C
(2 X 4 marks)
Q. 4.
31-03-2005 31-03-2006
Fixed Assets 110000 99000
Bank 12500 15300
Cash 1500 2500
Prepaid Insurance 2000
Subscription received in advance 45000 30000
Interest on outstanding loan 1250
Loan 100000
Outstanding expenses:
Water 2350 1750
Electricity 2500 3500
Wages 12500 7500
Repairs 1500 1200
Subscription receivable 75000 67000
The Receipt and payment a/c for the year ended 31-03-2006 is given below:
Receipts Rs Payments Rs
Opening balance:
Bank 12500
Cash 1500
Subscriptions 225000 Loan repaid 100000
Donations 45000 Rent 15000
Miscellaneous 7500 Water 22750
Electricity 36000
Wages 48500
Repairs 17800
Telephone 22500
Interest on Loan 2500
Insurance 7500
Miscellaneous expenses 1150
Closing Balance
Bank 15300
Cash 2500
Prepare Income & Expenditure a/c for the year ended 31-03-2006 and the Balance Sheet
as on that date. Donations are to be capitalized. (14 marks)
Q. 5.
A manufacturing company has three production departments X, Y, and Z and two service
departments A and B. The following estimates are given to you for the quarter ended 30th
Sept 2007.
X Y Z A B Total
Floor space (sq ft) 2000 2500 3000 2000 500 10000
Light Points (nos) 20 30 40 20 10 120
Direct wages (Rs) 60000 40000 60000 30000 10000 200000
HP of Machines 120 60 100 20 300
Cost of machines 24000 32000 40000 2000 2000 100000
The expenses of service departments A and B are to be distributed as follows:
X Y Z A B
A 20% 30% 40% - 10%
B 40% 20% 30% 10% -
Calculate the overhead absorption rate per hour in respect of the three departments. What
will be the total cost of the job with material cost of Rs 80 and direct labour cost of Rs 40
which passes through X, Y, & Z for 2, 3 and 4 hours respectively? (14 marks)
Q. 6.
(a)
On 1st April 2007, Mohan of Mumbai consigned 400 packets of Tooth powder bottles to
Mr. Sohan of Kolkata. Each packet contained 100 bottles. Cost price of each packet is Rs
300. Mohan spent Rs 50 per packet as cartage, freight, insurance & forwarding charges.
One packet was lost on the way and Mohan lodged a claim with the insurance company &
could get Rs 270/- Sohan took delivery of the rest of the material and spent Rs 19950/- as
storage and Rs 9975 as Octroi & freight. He sold 320 packets for cash and 50 packets on
credit at Rs 650 per packet. He was entitled to a commission of 3% on sales plus 1% Del
credere commission on credit sales. Sohan remitted Rs 200000 by bank draft on 30th June
2007.
Prepare consignment account and Sohan’s a/c in the books of Mr. Mohan. (7 marks)
(b)
The following details have been extracted from the books of a manufacturing company
for the half year ended 30th September 2006:
Amount Rs
Purchase of raw material 132000
Direct wages 110000
Rent, rates, insurance 44000
Carriage inward 1584
Stock 1-4-2006:
Raw material 22000
Finished goods (1600 tonnes) 17600
WIP 5280
Stock 30-09-2006:
Raw material 24464
Finished goods (3200 tonnes) 35200
WIP 17600
Factory supervision 8800
Sale of finished goods 330000
Selling costs were Rs 0.75 per tonne for 25600 tonnes sold during the period.
Calculate prime cost, factory cost, cost of sales, profit and no of tonnes produced.
(7 marks)
Q. 7.
(a)
A company produces a single product sells it at Rs 50 per unit. The variable cost per unit
is Rs 35 and the fixed costs are Rs 12 lacs per annum. Please calculate:
(i) P/V ratio and break even sales
(ii) New breakeven if variable costs increase by Rs 3 per unit, without increase
in selling price.
(iii) Increase in sales required if profits are to be increased by Rs 240000
(iv) Quantum of advertising expenditure permissible to increase sales by Rs
120000 without affecting the existing profit quantum.
All the events are independent of each other. (2X4 marks)
(b)
The hourly rate payable as normal wages is Rs 2 per hour. Compute the total wages as per
Halsey plan (50% sharing) and Rowan plan. What is your recommendation if the time
taken is going to be 6 hours after 3 months? (6marks)
Test Paper -II
Time Allowed : 3 hours Full Marks : 100
Answer question one which is compulsory. Answer any five from the rest.
Q. 1.
(1) Please choose the correct answer from the alternatives given (1 x 10 marks)
(i) Months
(ii) Quarters
(iii) Years
(iv) All of above
b) The accounting principle that requires revenue to be reported when earned is
the:
(i) Rs 12500
(ii) Rs 15000
(iii) Rs 20875
(iv) Can’t say
j) The prepaid expenses account showed an opening balance of Rs 10000 and
closing balance of Rs 17500. The effect of this will mean
(2) Classify the following into asset, liability, expense or income (5 marks)
a. Rent received in advance
b. Prepaid insurance
c. Provision for doubtful debt
d. Deposit with government office
e. Commission received
f. Cash received from customer
g. Employer’s contribution to provident fund
h. Unsold material
i. Carriage inwards
j. Free samples distributed
(3) Please choose the correct answer from the alternatives given. Show your
calculations (3X5 marks)
Q. 3.
(a)
i) From the following details of bank column of the cash book, find out the
collection from debtors being the balancing figure:
ii) From the following details of the creditors account, find out the figure of credit
purchases being the balancing figure:
Mr. Patel sold goods to Mr. Shah and drew a bill of exchange for Rs 10000 which the
later accepted. Show journal entries in the books of Mr. Patel for each of the following
independent situations:
(i) Here retains the bill till due date and then realized the money.
(ii) He discounts the bill with the bank paying Rs 750 as discounting charges &
bill is honoured.
(iii) He endorses the bill to Mr. Surana against amount due to him for Rs 10200, &
the bill is honoured.
(iv) He sent the bill to the bank for collection and the bill is honoured.
(2X4 Marks)
Q. 4.
(a) On 1st April 2006, the balance in Machinery account of a company stood at Rs
567000/-. The company had the system of providing depreciation at 10% pa on
diminishing balance. Now it is contemplating to change the method to straight line
with retrospective effect from 1st April 2004, keeping the rate of depreciation
same. Show machinery account for the years 2004-05, 2005-06 & 2006-07. The
company had purchased a new machine for Rs 60000 on 1st October 2006.
(7 marks)
(b) Mohan and Sohan entered into a joint venture agreeing to share profits or losses in
the ratio of 2:1. The following transactions took place during the tenure of the
venture:
Mohan Sohan
Cash deposited in joint bank a/c 50000 25000
Goods bought in 10000 5000
Expenses incurred 5000 2500
Cost of machine is Rs 500000 & it has life of 10 years with a salvage value of Rs
20000 at the end of life.
Repairs & maintenance Rs 60480 pa, consumables & stores Rs 47520 pa, Rent of
the building Rs 72000 pa, the machine occupies 1/6th of the area.
Supervisors’ salary (common to three machines) Rs 6000 pm, operators wages per
machine Rs 2500 pm, General lighting charges per month allocated to the machine
Rs 1000, power consumption is 25 units per hour at Rs 2 per unit. The supervisor
and operators are permanent. Consumables and stores vary with the running of
machine.
Power is required for productive purposes only. Set-up time, although productive,
does not require power.
Calculate the machine hour rate for (i) set-up time, and (ii) running time
(7 marks)
(b) The quarterly production of a company’s product has a steady market at 20000
units. Each unit requires 0.5 kg of a raw material. The ordering cost is Rs 100 per
order and the inventory carrying cost is Rs 2 per annum. The lead time for
procurement is 36 days and the safety stock is 1000 kg. The company has
negotiated the following prices for the procurement of raw material:
Calculate the re-order point taking 30 days in a month. Prepare a statement showing total
cost of procurement & storage of material after considering discounts if company elects to
place 1,2, 4 or 6 orders in a year. Also calculate the number of orders the company should
place to minimize the costs after taking EOQ also into consideration.
(7 marks)
Q. 6.
The following details were extracted from the books of a manufacturing company for the
month of March 2007.
M1 M2
Maximum sales per year Rs 50 Lacs Rs 50 Lacs
Fixed cost per year Rs 5 Lacs Rs 8 Lacs
Estimated profit for maximum sales Rs 15 Lacs Rs 17 Lacs
Calculate the break-even sales for both the models of the machine. Calculate the sales
level at which both machines will give same amount of profit. Based on the computations,
which model will be more profitable than the other over a range of sales?
(4+6+4 marks)
Paper 3
1. Explain How price is determined by a firm under perfect competition. Illustrate your
answer diagrammatically.
2. What is capital formation? What are the process involved in capital formation?
3. What is taxable capacity? What are its types? Explain the factors on which taxable
capacity depends.
4.What is the meaning of fiscal policy? Explain the objectives of fiscal policy
Question 1
State the main features of Cooperative Society. What are the main types of cooperatives
societies?
Question 2
What is Memorandum of Association? Mention the contents of it? How the different
clauses of Memorandum can be altered
Question 3
Question 4
Question 5
What is a statutory meeting? What are the consequences of not holding a statutory meeting?
Question 6
What are the essential factors to be considered while drafting a business letter?
Question 7
Briefly indicate the services rendered by the Stock Exchanges.
Paper 4
Business Mathematics &Statistics Fundamentals
TEST PAPER – I
Time Allowed : 3 hours Full Marks : 100
(Answer all Five Questions : All Questions are of Equal Value)
x y z 1
1. (a) If = = = k , show that K = if (x + y + z) 0
y+z z+x x+y 2
2 1
(b) If x = 2 + 2 3 + 2 3
show that x3 – 6x2 + 6x – 2 = 0
2. (a) The area of a regular hexagon is 54 3 sq. cm, find the length of a side, and also
perimeter of hexagon.
(b) A solid rectangular block of metal 49 cm. by 44 cm. by 18 cm. is melted and formed
22
into a solid sphere, find the radius of the sphere π = .
7
3. (a) Find the locus of a point which moves so that the sum of the squares of its distances
from 2 points (3, 0) and (– 3, 0) is 36.
(b) Find the equation of the circle whose centre is (2, – 4) and passes through the centre of
the circle x2 + y2 – 2x + 2y – 38 = 0.
1+ x − 1− x x2 − 4
4. (a) Evaluate : (i) lim (ii) lim
x→0 x x → −2 x+2
5. (a) Out of Rs. 500 spent by a motor company, items of expenses are as follows :
wages – Rs. 125, materials – Rs. 110, taxes – Rs. 180, distributed points– Rs. 65 and
administration – Rs. 20.
Draw a pie chart to depict the above items
(b) Find the median from the frequency distribution
5 (a) A.M. of the following incomplete frequency distribution is 1.46. Find the values of
f2 and f3.
x: 0 1 2 3 4 5 total
f: 43 f2 f3 25 10 5 200