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Friday, 28 September 2012

ACCOUNTING FUNDAMENTALS (Set-1)

ACCOUNTING FUNDAMENTALS
BCA Papers

(Set-1)
Q1: From the following Balance Sheets of prepare common size balance sheets.

Balance sheets
Liabilities     1991
Rs
1992
Rs
Assets
1991
Rs
1992
Rs
Equity share cap  3,00,000   4,00,000  Goodwill   1,15,00090,000
Pre.shares1,50,0001,00,000L and B2,00,000    1,70,000
General Reserve   40,000   70,000Plant   80,0002,00,000
Profit and Loss   30,000   48,000Debtors1,60,0002,00,000
Proposed dividend   42,000   50,000Stock   77,0001,09,000
Creditors   55,000   83,000B/R   20,000   30,000
Bills payable   20,000   16,000Cash in hand   15,000   10,000
Prov for Taxation   40,000   50,000Cash at Bank    10,000     8,000
   -6,77,0008,17,000-6,77,0008,17,000



Q2: Following are the ratios to the trading activities of National Traders Ltd.
Debtor’s velocity   3 months
Stock velocity        8 months
Creditors velocity  2 months
Gross profit ratio   25%
Gross profit for the year ended 31st Dec. 1998 amounts to Rs. 4,00,000.

Closing stock of the year is Rs. 10,000 above the opening stock.
Bills receivable amount to Rs. 25,000 and bills payable to Rs. 10,000
Find out :
(a) Sales
(b) Sundry debtors
(c) Closing stock
(d) Sundry creditors.

Q3: (a) What are the differences between cost accounting and financial accounting?
       (b) Enumerate various accounting ratios.

Q4: (a) What are the differences between single entry and double entry system of accounting?
       (b) Discuss the steps involved in the preparation of trial balance.

Q5: (a) What are the uses of management accounting?
       (b) Explain – Inter firm comparison.
       (c) Limitations of ratio analysis.

Q6: Explain the accounting concepts and conventions.

Q7: Enumerate the mandatory accounting standards issued by ICAI.

Q8: (a) Distinguish between cost accounting and management accounting.
       (b) What are accounting ratios? State their importance.

Q9: Explain the meaning and significance of the following :
      (a) The Going concern concept
      (b) The Money measurement concept
      (c) The Accounting period concept
      (d) The Cost concept
      (e) The Match concept


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