Opening stock 80,000 Sales 5,70,000
Practice Set Question
Purchases 4,50,000 Share capital 2,00,000
Group- A
Cash 50,000 Profit and loss 50,000
Very short questions: (11*1=11) Fixed assets 2,00,000 account
1. Define company. Salary 40,000
2. What is issued capital? 8,20,000 8,20,000
3. What is income statement? Additional information:
4. State any two objectives of cost account. i. Salary due: Rs.4,000
5. What is indirect material cost? ii. Proposed dividend: @ 10%
6. State any two needs of material control. Required: 12 column work sheet
7. State any two advantages of time rate system of wages payment. 15. The following financial transactions of a company is given below;
8. Write the meaning of computer accounting. Opening stock Rs.50,000
9. Prepare adjustment entry for outstanding salary of Rs.10,000. Purchases Rs.6,30,000
10. From the following information, determine cash from operating Carriage Rs.10,000
activities under indirect method. Prepaid rent Rs.50,000
Net income...................................................Rs.1,20,000. Salary and wages Rs.20,000
Bad debts Rs.5,000
Non-operating expenses.......................Rs.60,000.
Machinery Rs.2,00,000
Decrease in current assets....................Rs.20,000.
Sales Rs.9,50,000
11. Following information of a company are as; Annual demand.
Interest received Rs.15,000.
4,00,000kgs
Additional information:
Ordering cost per order.................................Rs.40.
i. Closing stock Rs.1,00,000
Carrying cost...........................................................Rs.2/kg. ii. Depreciation on machine @ 10%
Required: Economic order quantity. iii. Pre-paid ret was expired Rs.40,000
Group- B
Required: a. Trading account
Short answer questions: (8*5=40) b. Profit and loss account
12. A company issued 8,000 shares of Rs.100 each, amount payable as 16. What is cost accounting? Write the major limitations of it.
under; 17. i. Write any two objectives of material control.
On application...............................................Rs.25.
ii. Following information relating to materials are;
On allotment..................................................Rs.45.
On first and final call.....................................Rs.30. Applications were Opening stock 600 units @ Rs.30
received for 12,000 shares and allotted to 10,000 applicants on pro- Purchase 2,000 units @ Rs.35
rate basis. Excess application money were utilized toward sum due on Total issue 2,200 units
allotment, where remaining application were rejected. All the call Required: Store ledger order LIFO Method.
money were made and duly received. 18. i. Following information are given related with wages; Time
Required: Journal Entries for required per unit 20 minutes Wages
a) Share Application b) Share Allotment c) First and final call rate per hour Rs.120
13. i. A company limited issued 5,000 shares of Rs.100 each at a Output produced by worker 200 units
premium of 10% to purchase the following assets. Required: Total wages of worker
Fixed assets......................................................Rs.5,00,000. ii. On reconciliation of financial and cost account, following information
Stock..........................................................Rs.1,00,000. was disclosed.
Required: Entry for assets purchase. Cost account Financial account
ii. A company Ltd. issued 5,000, 9% debentures of Rs.100 each and Net profit 65,000 ?
redeemable at 5% premium after 10 years. Factory expenses 25,000 27,000
Required: Entries for issue and redemption of debentures. Interest received 5,000
14. The trial balance of a Ltd. company as on 31st Chaitra, 2078 is given Closing stock 1,25,000 1,37,000
below.
Required: Reconciliation statement of financial and cost account
Particulars Dr. (Rs.) Particulars Cr. (Rs.)
19. Write about computerized accounting system with major advantages. Total 5,91,500 5,91,500
Group- C
Long answer questions: (3*8=24) Liabilities 2076 2077 Assets 2076 2077
Long answer questions. Share 4,00,000 6,30,000 Fixed 6,30,000 7,95,000
20. The trial balance of XYZ Ltd. as on 30th Chaitra, 2078 is given
Capital 3,00,000 1,50,000 Assets 90,000 60,000
below:-
Debentures 60,000 1,00,000 Inventories 35,000 45,000
a. Creditors 30,000 77,600 Debtors 55,000 70,000
b. Profit P/L a/c 20,000 12,400 Cash and
Particulars Dr. (Rs.) Particulars Cr. (Rs.) Expenses Bank
Equipment 2,50,000 15 % Loan 1,00,000 due
Furniture 50,000 Sales revenue 2,12,300 8,10,000 9,70,000 8,10,000 9,70,000
Cash 25,000 Creditors 17,200 21. The balance sheet of the company for two years are given
Interest expense 12,000 Share capital 2,62,000 below
Debtors 26,000
Investment 80,000
Salary: office 22,500
Sales 20,000
Rent: Office 18,000
Sales 12,000
Sales commission 5,000
Prepaid insurance 10,000
Purchase 52,500
Opening stock 8,500
AdditiAdditonal information:
i. Closing stock: Rs.42,500
ii. Depreciate equipment 10% Additional Information:
i. Sales 60,000
iii. Rent outstanding Rs.3,000 90,000
iv. Income tax provision 25% ii. Cost of goods sold
iii. Operating expenses 24,000
Required:
iv. Interest expenses 24,000
a. Multi step income statement
b. Balance sheet
Or,
a. Profit or loss statement based
on NFRS
b. Statement of financial position
based on NFRS
v. Tax Paid 58,400
vi. Purchased of fixed assets 1,95,000
vii. Dividend paid 40,000
Required: Cash Flow statement using direct method.
22. The details of manufacturing and other costs of 2,000 units are: Direct materials 40 per unit
Direct wages 25 per unit
Factory Overhead 20,000
Administrative overhead 10,000
Selling expenses 5,000
Profit 20% of Selling Price
The department wants to estimate the cost and selling price of 5,000 units. It is estimated that:
- Cost of materials will increased by 20
- Cost will increased by 10%
- Other overhead are allocated as under:
- Factory overhead on the basis of prime cost and other overhead on the basis of factory cost.
Required: a. Cost Sheet b. Tender sheet.
