MB0041 & FINANCIAL AND MANAGEMENT ACCOUNTING
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MB0041 & FINANCIAL AND MANAGEMENT ACCOUNTING
1. Accounting is an art of recording, classifying and summarizing in a significant manner and in terms of money transactions and events. Explain the accounting process and write the objectives of accounting.
A Explanation of accounting process
Objectives of accounting
2 Journal is a book of original entry and only one journal is maintained if the business is very small in size and the transactions are limited. Give the meaning of a subsidiary book. List and explain all the types of subsidiary books.
A Explanation of subsidiary books
Explanation of all types of subsidiary books
3. For the following balances extracted from a trial balance, prepare a trading account.
| Particulars | Amount ( in Rs.) |
| Stock on 1-1-2004 | 70700 |
| Returns inwards | 3000 |
| Returns outwards | 3000 |
| Purchases | 10200 |
| Debtors | 56000 |
| Creditors | 45000 |
| Carriage inwards | 5000 |
| Carriage outwards | 4000 |
| Import duty on materials received from
abroad |
6000 |
| Clearing charges | 7000 |
| Rent of business shop | 12000 |
| Royalty paid to extract materials | 10000 |
| Fire insurance on stock | 2000 |
| Wages paid to workers | 8000 |
| Office salaries | 10000 |
| Cash discount | 1000 |
| Gas, electricity, and water | 4000 |
| Sales | 250000 |
A Preparation of trading account
4 Write short notes on :
a) Cost Management System(CMS)
b) Value added
A Explanation of CMS
Value Added
5 Ajay industries manufactures a product X. On 1st January, 2007, there were 5000 units of finished product in stock.
Work-in-progress Rs.57,400
Raw materials Rs.1,16,200
The information available from cost records for the year ended 31st December, 2007 is as follows:
| Direct material | 906900 |
| Direct labour | 326400 |
| Freight on R M purchased | 55700 |
| Indirect labour | 121600 |
| Other factory overhead | 317300 |
| Stock of raw materials on 31st Dec 2007 | 96400 |
| Work-in-progress on 31st Dec 2007 | 78200 |
| Sales (1,50,000 units) | 3000000 |
| Indirect materials | 213900 |
There are 15000 units of finished stock in hand on 31st December 2007. Prepare a statement of cost and profit assuming that opening stock of finished goods is to be valued at the same cost per unit as the finished stock at the end of the period.
A Preparation of statement of cost and profit
6 Assume a company is considering dropping product B from its line because accounting statement shows that product B is being sold at a loss.
| Product | INCOME STATEMENT | |||
| A | B | C | TOTAL | |
| Sales revenue | 50000 | 7500 | 12500 | 70000 |
| Cost of sales: | ||||
| D. material | 7500 | 1000 | 1500 | 10000 |
| D. labour | 15000 | 2000 | 2500 | 19500 |
| Indirect manufacturing cost (50% of
Direct labour) |
7500 | 1000 | 1250 | 9750 |
| Total | 30000 | 4000 | 5250 | 39250 |
| Gross margin on sales | 20000 | 3500 | 7250 | 30750 |
| Selling and Admn | 12500 | 4500 | 4000 | 21000 |
| Net income | 7500 | (1000) | 3250 | 9750 |
Additional information:
a) Factory overhead cost is made up of fixed cost of Rs. 5850 and variable cost of Rs. 3900.
b) Variable cost by products are: A — Rs. 3000, B — Rs. 400, and C — Rs. 500.
c) Fixed costs and expense will not be changed if product B is eliminated.
d) Variable selling and administrative expenses to the extent of Rs. 11000 can be traced to the product: A — Rs.7,500, B — Rs.1500, and C — Rs. 2000.
e) Fixed selling and administration expense are Rs. 10000.
A Preparation of income statement
Conclusion with interpretation
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