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16IE6DCFAC

The document is an examination paper for the course 'Financial Accounts and Costing' at BMS College of Engineering, detailing instructions, course code, and examination date. It includes various questions across four units, covering topics such as journal vs. ledger, balance sheets, financial ratio analysis, costing methods, working capital, and budgeting. Students are required to answer five full questions, selecting one from each unit.

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Raghav Joseph
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9 views4 pages

16IE6DCFAC

The document is an examination paper for the course 'Financial Accounts and Costing' at BMS College of Engineering, detailing instructions, course code, and examination date. It includes various questions across four units, covering topics such as journal vs. ledger, balance sheets, financial ratio analysis, costing methods, working capital, and budgeting. Students are required to answer five full questions, selecting one from each unit.

Uploaded by

Raghav Joseph
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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U.S.N.

BMS College of Engineering, Bangalore-560019


(Autonomous Institute, Affiliated to VTU, Belgaum)
May 2017 Semester End Main Examinations

Course: FINANCIAL ACCOUNTS AND COSTING Duration: 3 Hours


Course Code: 16IE6DCFAC Max Marks: 100
Date: 12.05.2017

Instruction: Answer FIVE FULL questions, choosing one from each unit.

UNIT-1

1. a) List any ten is the difference between journal and ledger? 10

b) Journalize the following transaction in the books of Mr.Ganesh 10


Date Particulars Amount in Rs
2005 Jan 1 Mr.Ganesh commenced his 50,000
business
3 Brought goods for cash 25,000
4 Sold goods for cash 20,000
6 Deposited to dena bank 25,000
10 Returned goods to Krishna 500
15 Purchased machinery from HMT 5,000
ltd.
25 Advance paid to Mr.Govind as loan 2,000
28 Withdraw cash for personal use 1,500
from business
OR

2. a) What is balance sheet? Write the basic equation of accounting. 06

b) Prepare trading and profit and loss account and balance sheet from the fallowing 14
balances relating to the year ending 31st Dec 2015

Rs. Rs.
Capital 10,000 Wages 5000
Creditors 1200 Bank 1000
Returns Outwards 500 Repairs 50
Sales 16,400 Stock(1-1-2015) 2000
Bills Payable 500 Rent 400
Plant And 4000 Manufacturing 800
Machinery Expenses
Sundry Debtors 2400 Trade Expenses 700
Drawings 1000 Bad Depts 200
Purchase 10,500 Carriage 150
Returns Inwards 300 Fuel And Power 100
The closing stock was valued at Rs.1450/- .Depreciate plant and machinery by
Rs.400/-. Allow 5%inetrst on capital. A sum of Rs.40/- is due for repair.

UNIT-2

3. a) What is financial ratio analysis ? discuss the different types of ration analysis. 10
b) Make an assessment of the comparative position of the firms A,B, and C after 10
calculating the relevant ratios on the basis of the fallowing information and comment
on it.

Particulars Firm A (Rs) Firm B (Rs) Firm C (Rs)

Average 10,00,000 15,00,000 20,00,000


inventory

Sales 66,00,000 83,00,000 89,60,000

Cost of goods 60,00,000 75,00,000 80,00,000


sold

Management 5,00,000 7,60,,000 10,00,000


expenses

Receivables 13,20,000 24,97,500 35,84,000

UNIT-3

4. a) What is costing? list any five objectives of cost accounting 10

b) What are the various methods of costing? Discuss. 10

OR
5. a) What is standard costing and list element of standard costing and discuss. 10

b) The standard material cost to produce a tone of chemical X is 10


 300 kg of material A at Rs.10/ kg.
 400 kg of material B at Rs.5/kg
 500 kg of material C at Rs. 6/ kg.
During a period , 100 tonnes of chemical X was produced from the usage of
 35 tonnes of material A at a cost of Rs 9000/tonne
 42 tonnes of material A at a cost of Rs 6000/tonne
 35 tonnes of material A at a cost of Rs 7000/tonne
Calculate i) Material Price Variance Ii) Material Usage Variance.
UNIT-4

6. a) What is working capital ? List and discuss the factors influencing the working capital 10
requirements
b) The Board Of Directors “Shivani Engg Company Limited” Required You To Prepare
A Statement Showing The Working Capital Requirement Forecast For A Level
Activity Of 1,56,000 Units Of Production For The Year. The Following Information
Is Available.
Cost/ Unit (Rs)

Raw Materials 90

Direct Labour 40
Over Heads 75
Total Cost 205

Profit 60
Selling Price 265
Determine ,

i. Raw materials are in stock on a average for one month.


ii. Materials are in process on an average for two weeks
iii. Finished goods are in stock on an average for one month
iv. Credit allowed by supplier in one month
v. Time – lag in payment from debtors two months
vi. Lag in payment of wages 1 and ½ weeks
All the sales are on credit. Cash in hand and at bank is expected to be rs.60,000/-. It is
assumed that production is carried on evenly throughout the year. Wages and
overheads accrued evenly and a period of four weeks in equivalent to one month(
assume 360 days in a year)

OR

7. a) What is budgeting ? What are the types of budgeting models?

b) Prepare a master budget for M/S XYZ ltd. For the year ending 31st January 2008 from
the following particulars:
i)Budgeted Production:
ii) Cost per unit
Product Units Budget-selling price(rs/unit)
x 200000 5
y 100000 3
z 300000 4
product Raw Labour Direct Factory Office Selling Total
material expenses expenses expenses expenses expense

1 2 3 4 5 6 7 8
X 1.00 0.80 0.40 0.50 0.40 0.40 3.50
Y 0.60 0.40 0.20 0.25 0.20 0.40 2.05
Z 0.80 0.60 0.30 0.40 0.30 0.40 2.80

*******

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