(College Code - 1193), Ghaziabad.

ABESBusiness SchoolSessional
ABES Test - 2
(Odd Semester, 2023-24)
QP Set:B
Number of Printed Pages: 3
KSTD 20o00
Roll Number 20)31M090 1124
Time: 1.15 Hrs.
Max. Marks: 30
Section: C &D
Semester: 1st
Program: MBA Accounting &Analysis
Course Title: Financial
Course Code: KMBN 103
Marks
Question
KL, CO
Q.N
SECTION A Total Marks: 20 marks

Attempt ANY ONE from the following: M/s Prime 2.5*2

1 Goods profit of
(a) 7K2/CO3 1(0) Calculate Cost of Goods sold and pertaining to the year
Products from the following particulars
2022-23* Return inwards
Openingstock 50,000, Purchases less return 1,10,000,
7,000, Factorý rent
5,000 Sales 3,00,000 less return, return outwards Discount received
30,000 Wages 40,000, Discount allowed Rs 5000,
on purchase Rs 3000. Sharma Itd from the following
1(ii) Calculate net profit of M/sAditya
particulars pertaining to the year 2022-23 Commission Received
Gross profit Rs.1,00,000, Bad Debts Rs.5000,
2000 2024 5
(b K2/C03 News Source: - Times of lIndia Dated 3rd January, funds needs
FCIto Borrow Rs.50,000 crore to meet short term
State owned Food corporation of India (FCI) will borrow Rs50,000 crore to meet
Months requirements). FCl in its bid ,has
its short term funds requirements (3 can take loan from lenders
sought revolving credit which essentiality means it
of FCI Borrowing from National
since 22 government has stopped the practiceborrow1.24 Trillion from Banks.
savings fund. as per 2023 budget FClwill
Study the above news Answer the following questions
What are the various sources of borrowed funds (Loan)?
List any the sources of short-term liabilities
(ii) List any two sources of Long-term Sources of Loan
Attempt ANY ONE from the following:
2.
Mr. Sharma is a businessman he made the following transactions
in the month of December 2023. you are an accountant of Mr.
a Sharma 's business. Identifying whether the following are capital,
K2/C03 revenue or deferred revenue expenditures:
spent on
i) A new machine is purchased for 60,000, 800 were installation.
its carriage and 1,500 were paid as wages for its
(ü) Asum of 10,000 was spent on painting the new factory.
75,000 paid for the erection of a newmachine.
(ii)
(iv) 2,000 were spent on repairs before using a second-hand
generator purchased recently.
(V) 71,500 were spent on the repair of machinery.
(vi) Rs 1 crore paid for advertisement
(vii) Rs 30 lakhs spent on construction on Cycle shed in building
(vii) 2000 were spent on the repair of machinery (Newly purchased) 5
What is position statement (Balance sheet)? Give a specimen (format) of
K2/C03 Balance sheet in the order of liquidity
3. Attempt ANY ONE from the following:
10
A. Lal, prepare trading, profit and
From the following trial balance of Mr.March 31, 2023
lOSS account and balance sheet as on
Trial Balance Sheet as on 31st March ,2023
Name of Accounts (ledger) Dr(Rs.) Cr(Rs)
Stock as on 1st April 2022 16,000
67,600 1,12,000
Purchase and sales
(a) K3/CO3 3200
Return inward and outward 4600

Carriage inwards v 1400

General expenses 2400

Bad debts 600

Discount Received 1400

10,000
Bank Overdraft
Interest on Bank Overdraft 600

Commission received 1800

Insurance & taxes 4000

200
Scooter expenses
Salaries 8800

Furniture 5200
65,000
Building
Debtors and creditors 6000 16,000

Capital 50,000
Closing Stock Rs.15,000 (stock 31st March 2023)
From the following balances extracted from the books of M/s Ahuja and
Nanda. Calculate the amount of:
sale
Ka) Cost of goods available forthe
(b) Cost of goods sold during year
(c) Gross Profit
(d) Net Profit
K3/C03 Name of Accounts Amount(Rs.)
(b) Opening stock 25,000
Credit purchases 7,50,000
Cash purchases 3,00,000
Credit sales 12,00,000
Cash sales 4,00,000
Wages 1,00,000
Carriage outward 25,000
Salaries 1,40,000
Closing
stock 30,000
Sales return 50,000
Purchase return 10,000
 SECTION B Total Marks: 10 marks
Attempt ANY ONE from the following:
4.
Mr. Akshey Kumar furnishes the following balances as on 31st March, 5

Balance with the following information

K2/CO2 2008. You have to prepare a Trial Name of ledger Rs
|(a) Name of Ledger Rs

24,000 Capital 8,0,000

Interest on Capital 2,46,000
Creditors 6,00,000 Drawings
23,000 Machinery 3,00,000
Discount received
1,74,000 Bills payable 20,000
Loan
Furniture 6,00,000
Purchase returns 40,000
Debtors 5,00,000
Sales return 6000
1,63,000 Bank Loan 2,00,000
Advertisement
20,000 Patents 60,000
Commission received
Rent
10,000
Purchases 19,00,000
32,60,000
Sales
Opening stock 12,00,000
Salaries 1,28,000

transactions in the 5
Ramesh is a businessman he made the following 's
Mr. an accountant of Mr. Ramesh
K2/CO2 month of December 2023. you are Transactions (Attempt
(b) following
business. Give journal entries of the
any 5 Entries out of 6) proper
Use proper format of Journal
Rs.50,000 taken by the owner for personal use
(0) Goods worth outstanding.
(i) Commission Rs.5000of December month is advance.
received in
(ii) Rent Rs. 10,000 for the month of Jan amount 10,000
Amount paid to Aditya Rs.9800 for the
(iv) SBI Bank.
Rs 100 interest received from
()
Ram aDebtor of Rs.40,000, becomes insolvent Rs.60 paise in a
(vi) estate.
rupee is recoverable from his
Attermpt ANY ONE from the following: 5
5
diagram and examples.
K2/CO2 Explain the rules of Debit and credit with suitableAutomobiles. Pass the
(a) Chaudhary is a Trader dealing in
Ms Priyanshi following transactions 5
(b) K2/CO2 hecessary journal Entries from the
cash Rs 90,000
1:- Commenced business with
Prachi on Credit Rs.40,000
2:-Purchased goods from Rs. 39000
settlement
3:- Payment made to Prachi in full Rs. 60,000
4:- Goods sold to Neha Kaushik on Credit settlement Rs .59,500
5:- Received Amount from Neha in Full
question
CO- Course Outcomes mapped with respective and K6)
KL- Bloom's Knowledge Level (K1, K2, K3, K4, K5, Evaluate K6 - Create
K1-Remember K2-Understand K3-Apply K4 -Analyze K5-