Accounting and Financial Management Question Paper of MCA Semester 1, Download Question Paper 3

Roll No…….

Total No. of Questions: 09   

          MCA (Sem.-1^st)

ACCOUNTING AND FINANCIAL MANAGEMENT

SUBJECT CODE: MCA-104(2012 Batch)

Paper ID: [B0131]

Time: 3 Hrs.                                                                 Max. Marks: 100

Instruction to Candidates:

1.     Attempt one question each from Section-A, B, C, & D. Each question carry Twenty marks.

2.     Attempt entire Section-E. Each question in this section in this carries Two marks.

SECTION-A

1.     Explain the concepts and convections of accounting.

2.     From the following balances, prepare the profit and Loss account and Balance sheets of  IS traders as on March 31, 2013.

Debit Balances	Amount Rs.	Credit balances	Amount Rs.
Drawings	6,300	Capital	1,55,000
Cash at bank	14,000	Discount received	3,150
Bill receivable	1,900	Loans	10,000
Land and Building	42,600	Purchases return	2,500
Furniture	5,140	Sales	2,90,000
Discount allowed	4,000	Reserve for bad debts	5,650
Bank charges	200	Creditors	18,670
Salaries	6,520
Purchases	2,05,000
Stock (opening)	60,000
Sales Return	1,910
Carriage	5,190
Rent and Taxes	7,750
General expenses	3,610
Plant and Machinery	31,700
Book debts	82,840
Bad debts	1,460
Insurance	4,850
	4,84,970		4,84,970

SECTION-B

3.     Define Financial Management Describe in brief various functional areas of Financial Management.

4.     Below given is the Profit account and Balance Sheet of Jeet Electronics.

Particulars	Amount (Rs.)
Sales	7,50,000
Interest Income	15,000
Gain on sale of investments	45,000
Total income 1st March 2013	8,10,000
Expenses
Cost of Goods sold	5,25,000
Depreciation	60,000
Selling and Administrative Expenses	35,000
Interest Expense	15,000
Loss on Sale of Plant and Machinery	20,000
Total Expense	6,55,000
Profit Before income Rs.	1,55,000
Profit Before income tax	77,500
Less income Tax	77,500
Profit after Tax	77,500

Balance sheet of Jeet electronics As on 31^st March, 2013

Particulars	Amount(Rs.)
Sales	7,50,000
Interest Income	15,000
Balance sheet of Jeet Electronics Gain on sale of Investments	45,000
Total Income March 2013	8,10,000
Expenses
Cost of Goods sold	5,25,000
Depreciation	60,000
Selling and Administrative Expenses	35,000
Interest Expense	15,000
Loss and Sale of Plant and Machinery	20,000
Total Expenses	6,55,000
Profit Before Income Tax	1,55,000
Less Income Tax	77,500
Profit after Tax	77,500

Balance Sheet of Jett electronics As on 31^st March, 2013

Particulars	2013
Sources of Funds
Shareholder’s Funds
Equity share capital	1,85,000
Profit and Loss Account	80,000
Total Shareholder’s Funds	2,10,000
Loan funds
Current Liabilities	30,000
Bills Payable	1,30,000
Creditors	1,60,000
Total Current Liabilities	6,35,000
Total
Application of Funds	1,90,000
Fixed Assets	90,000
Investments
Current Assets
Inventories	1,25,000
Debtors	95,000
Cash	1,45,000
Total	6,45,000

You are require to calculate Profitability and solvency ratios.

SECTION-C

5.     What do you mean by Marginal Costing? Also explain the nature and importance of Marginal Costing?

6.     How does standard costing help in controlling production cost? Also discuss in brief various kings of variances.

SECTION-D

7.     Compare and contrast any two computer programs meant for maintenance of financial accounts.

8.     How computer based auditing is different from manual auditing? Also explain the process of computer based audit.

SECTION-E

9.     Write note on each of the following:

(a)  Money Measurement Concept

(b) Financial Statements

(c)  Return on Equity Ratio

(d) Cash from financing activities

(e)  Angle of incidence

(f)   Break Even point

(g)  Flexible Budget

(h) Variable Cost

(i)    Representative Personal Account

(j)    Fund Flow Statement.