Q.1a. List the accounting standards issued by ICAI.
1b. Write short notes of IFRS
Q.2 Prepare a Three-column Cash Book of M/s Thuglak & Co. from the following particulars:
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1. Cash in hand Rs. 50,000, Bank Overdraft Rs. 20,000
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20X1 Jan
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2. Paid into bank Rs. 10,000
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3. Bought goods from Hari for Rs, 200 for each
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4. Bought goods for Rs. 2,000 paid cheque for them, discount allowed 1%
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5. Sold goods to Mohan for each Rs. 1.175
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6. Received a cheque from Shyam to whom goods were sold for Rs. 800.Discount allowed 12.5%
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7. Shyam's cheque deposited into bank
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8. Purchased an old typewriter for Rs. 200 , Spent Rs. 50 on its repairs
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9. Bank notified that Shyam's cheque has been returned dishonored and debited the account in respect of charges Rs. 10
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10. Received a money order Rs. 25 from Hari
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11. Shyam settled his account by means of a cheque for Rs. 820, Rs. 20 being for interest charged.
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12. Withdrew from the bank Rs. 10,000
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18. Discounted a B/E for Rs. 1,000 at 1% through bank
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20. Honored our own acceptance by cheque Rs. 5,000
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22. Withdrew fir personal use Rs. 1,000
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24. Paid tread expenses Rs. 2,000
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25. Withdrew from bank for private expenses Rs. 1,500
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26. Purchased machinery from Rajiv for 5,000 and paid him by means of a bank draft purchased for Rs. 5,005
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27. Issued cheque to Ram Saran for cash purchased of furniture Rs. 1,575
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28. Received a cheque for commission Rs. 500 from R.& Co. and deposited into bank
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29. Ramesh who owned us Rs. 500 became bankrupt and paid us 50 paise in the rupee
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30. Received payment of a loan of Rs. 5,000 and deposited Rs. 3,000 out of into bank
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31. Paid rent to landlord "Mohan" by cheque of Rs. 220
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32. Interest allowed by bank Rs. 30
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33. Half-yearly bank charges Rs. 50
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Q.3 Choose an Indian Company of your choice that has adopted Balance Score Card and detail on it.
Q.4 What is a cash budget? How it is useful in managerial decision making?
Q.4 From the following data of Jagdish Company prepare (a) a statement of source and uses of working capital (funds) (b) a schedule of changes in working capital
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Assets
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2008
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2007
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Cash
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1,26,000
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1,14,000
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Short-term investment
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42,400
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20,000
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Debtors
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60,000
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50,000
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Stock
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38,000
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28,000
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Long term Investment
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28,000
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44,000
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Machinery
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2,00,000
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1,40,000
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Building
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2,40,000
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80,000
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Land
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14,000
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14,000
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Total
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7,48,400
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4,90,000
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Liabilities and Equity
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Accumulated depreciation
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1,10,000
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60,000
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Creditors
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40,000
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30,000
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Bills Payable
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20,000
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10,000
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Secured loans
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2,00,000
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1,00,000
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Share capital
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2,20,000
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1,60,000
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Share premium
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24,000
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Nil
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Reserves and surplus
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1,34,400
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1,30,000
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Total
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7,48,400
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4,90,000
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Income statement
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1,34,600
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Cost of goods sold
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1,05,200
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Gross Profit
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92,000
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Less Operating expenses:
Depreciation - machinery 20,000
Depreciation - building 32,000
Other expenses 40,000
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13,200
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Net profit from operation
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4,800
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Gain on sale on long-term investment
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18,000
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Total
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2,000
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Loss on sale of machinery
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16,000
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Net Profit
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Adjustments:
1) Machinery worth Rs.70000 was purchased and worth Rs.10000 was sold during the year [Accumulated depreciation on machinery is Rs.18000 after adjusting depreciation on machinery sold]. Proceeds from the sale of machinery were Rs.6000
2) Dividends paid during the year Rs.11600