MB 0041 FINANCIAL AND MANAGEMENT ACCOUNTING – Summer 2016
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ASSIGNMENT
DRIVE
SUMMER 2016
PROGRAM
MBA
SEMESTER
I
SSUBJECT CODE & NAME
MB 0041
FINANCIAL AND MANAGEMENT ACCOUNTING
QUESTION1. From the following particulars prepare a summarized Balance Sheet of a firm as on 31. 03.2016 :
Fixed Assets to Net Worth 0.8 : 1
Current Ratio 3 : 1
Reserves included in Proprietors Fund 25 %
Acid Test Ratio 3: 2
Fixed Assets Rs. 8,00,000
Cash and Bank Balance Rs. 15,000
Current Liabilities Rs. 1,50,000
The firm has no Bank Overdraft.
Answer1.
FA to Net worth = 0.8:1
Current
QUESTION2. Define and distinguish between Financial Accounting and Management Accounting.
Answer2.
Financial Accounting
Financial accounting is the process of recording, summarizing and reporting the myriad of transactions resulting from business operations over a period of time. These transactions are
QUESTION3. Balance Sheets of Bhaskar and Soumya Corporation are given below :
During the year Bhaskar and Soumya introduced additional capital of Rs. 20,000 and drew Rs. 60,000. Provision for Depreciation of Machinery – Opening Balance Rs. 2,00,000 and Closing Balance Rs. 2,20,000. No depreciation was provided on other assets. The value of Building was increased by Rs. 25,000 and the same was adjusted with Capital Account.
Prepare Cash Flow Statement as per AS-3 Indirect method.
Answer3.
Bhaskar and Saumya Corporation
Cash Flow
QUESTION4. a) Write a note on “Schedule of Changes in Working Capital”.
Answer4a. The information relating to the changes in current natured accounts between two periods of time presented in the form of a statement is what we call the schedule/statement of changes in
- b) Prepare a Schedule of changes in Working Capital from the Balance Sheets given :
Answer4b.Here is the
QUESTION5. A Ltd. and B Ltd. Sell the same type of product in same type of market. Their budgeted Profit & Loss for the year ending 2015 are as under : A Ltd. B Ltd.
Rs. Rs. Rs. Rs.
Sales 1,50,000 1,50,000
Less : Variable Cost 1,20,000 1,00,000
Fixed Cost 15,000 35,000
1,35,000 1,35,000
Budgeted Profit 15,000 15,000
- a) Calculate the BEP and (b) Margin of Safety in each business, (c) State which business is likely to earn greater profits in conditions of (i) heavy demand for their product (ii) low demand for their product
Answer5. a. A B
B.E.P =
or
=
QUESTION6. a) Distinguish between Budgetary Control and Standard Costing.
Answer6a.Standard Costing and Budgetary Control are the two systems of costing, which are quite similar to each other like both provides a benchmark which helps to compare the actual performance with the estimated figures. The two aims at controlling costs and measuring the performance by fixing targets. These two systems are neither alike nor interdependent. The former, forecasts,
- b) Particulars given :
Opening Stock of Materials – NIL
Closing Stock of Materials – 700 units
Materials purchased 4,000 units @ Rs. 2.50 each
Standard quantity of Materials required per tonne of finished product – 20 units
Standard rate of Material – Rs. 2 Finished products for the period – 100 tonnes
Calculate : I. Material Cost Variance II. Material Price Variance III. Material Usage Variance
Answer6b.
Basic calculations to be made as follows –
- Actual
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