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