सूचनाको संसार

2012-03-28T06:08:00.000-07:00

United Academy

Grade:-XI(Morning shift)

Subject:- Principles of Accounting-I FM:50

PM:20

Time:1.5 Hrs

Q.1. Give the meaning of accounting in your own words. 2

Q.2. Mention briefly any three features of new accounting system. 3

Q.3. The following transactions relate to Rupak, debtor.

a) Balance Rs.90,000

b) Sold goods Rs.40,000 on cash & Rs.25,000 on credit.

c) Paid Rs.15,000 & Discount received Rs.100 by Rupak.

d) Received Rs.15,000 in cash & balance by cheque.

Required:- Rupak’s Account 2

Q.4. The Cash book of a trader showed a balance of Rs.65,000 on 29^th Marg. However, the balance shown by his bank statement was found different due to the following reasons.

a) Cheques issued totaling Rs.15,500 on 20^th Marg, but a cheque of Rs.9,500 was only presented till Marg end.

b) Bank charges Rs.500 recorded twice in the cash book.

c) Bills receivable of Rs.5,000 discounted at bank dishnoured and returned.

d) Paid to a creditor Rs.7,000 by bank without prior information.

e) Mobile charges paid by bank Rs.2,000.

Required:- Bank Reconciliation statement 6

Q.5. A transport co. purchased a tourist jeep for Rs.5,00,000 on 1^st July,2004. Two second-hand jeeps were added at a cost of Rs.1,80,000 each on 31^st June in 2005 on which a total amount of Rs.40,000 was spent on repair. On 31^st Dec, the jeep purchased in the first year was damaged in a strike and insurance co. admitted only 20% of book value. Provide depreciation @ 20% on vehicles under reducing balance method.

Required:- Vehicle account from 2004 till 2006. 2+2+4=8

Q.6. A manufacturing co purchased a machine costing Rs.2,00,000 on 1^st July,2008. At the end of June, 2010, one-fourth of the machinery was found unsuitable and it was sold at a loss of Rs.10,000 and on the same date a new part was purchased at a cost of Rs.50,000. Provide depreciation @ 10% p.a. on straight line method.

Required:- Machinery account for Three years 2+2+4=8

Q.7. The following transactions are of an operating level office of Bhaktapur.

Marg 1,Dr Balance at bank Rs.2,00,000.

----8, Received a bank order Rs.1,20,000 and budget release order of Rs.80,000 for the actual expenditure of last month.

----11, Mr. Tamang was paid in advance Rs.40,000 for the purchase of bicycles for office.

----17, The following petty expenses were reimbursed:

Tea & snacks Rs.200; Stationery Rs.180 & taxi fare Rs.70

----19, Mr. Tamang’s advance was cleared by issuing an additional cheque of Rs.4,000 and the purchase bill for the same.

----28, Salary was paid after deducting provident fund Rs.15, 000(Excluding GON contribution) and tax at source Rs.7,500.

Required:- Bank Cash Book 6

Q.8. The following trial balance of Mrs. Sharma as on 31^st Chaitra, 2066 is given to you.

Accounts	Dr Rs.	Accounts	Cr.Rs.
Stock (1^st shrawan) Purchase(Net) Furniture Cash & Bank Discount & Commission Carriage Free sampling Productive charges Bills Receivable Wages Salaries paid Bad debts Debtors Interest on loan	25,000 72,500 1,20,000 45,000 5,000 2,000 3,000 5,000 8,000 15,000 40,000 7,500 50,000 2,000	Sales Rent in advance Sharma’s Capital Loan Provision for bad debts Accounts payable Apprentice premium	1,80,000 6,000 1,50,000 50,000 1,500 10,000 2,500
Total	4,00,000	Total	4,00,000

Adjustments:

a) Closing stock valued Rs.10,000 on cost & on market price Rs.12,000.

b) Depreciate furniture by 10% p.a.

c) Salaries prepaid Rs.5,000 & rent earned Rs.2,000.

d) Write off further bad debts Rs.2,000 and create provision for bad & doubtful debts @ 2%.

Required:- a) Trading account b) Profit & Loss account c) Balance sheet 4+6+5=15

Best of luck

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2012-03-28T06:00:00.002-07:00

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2012-03-19T08:19:00.000-07:00

ASIAN COLLEGE OF HIGHER STUDIES

2^ndTerm Exam(Re) 2012/2068

SET----A

Grade:-XI (Morning & Day)

Subject:- Principles of Accounting-I FM:100

PM:40

Time:3 Hrs

Q.1. Give the meaning of Double entry system of book keeping. 2

Q.2. What do you mean by accounting? 2

Q.3. Give the meaning of business entity concept. 2

Q.4. What do you mean by depreciation? 2

Q.5. Give the meaning of Debit note & Credit note. 2

Q.6. Why subsidiary books are maintained? 2

Q.7. Show differences between Govt Accounting & Commercial Accounting. 3

Q.8. Briefly explain any three importance of Government accounting. 3

Q.9. The following transactions relate to Sushil(Creditor).

a) Purchased goods Rs.60,000 on credit.

b) Paid Rs.25,000 & Discount received Rs.500.

c) Paid Rs.15,000 in cash & balance by cheque.

Required: Journal entries 3

Q.10. From Q.9, write up Sushil’s account 2

Q.11. The following transactions are given to you.

a) Started a business with bank balance Rs.1,00,000.

b) Purchased goods for Rs.50,000.

c) Sold goods for Rs.15,000.

Required:- Accounting Equation 3

Q.12. From Q.11, write up Cash account 2

Q.13. The following transactions are given to you.

March-2, Purchased from Mohan

50 kgs of Bean @ Rs.120 each kg

20 Tins of oil Rs.5,000.

Trade discount@5%

March-9, Purchased from XYZ

50 packets of Chocolates each packet Rs.100

1 quintal of Rice Rs.40 per kg (Trade discount 2%)

Marh-28, Purchased from PQR

35 dozens of Tooth brush @ Rs.10 each piece

5 sacks of soyabin @Rs.2,000 per sack

(Trade discount 4%)

Required:- Purchase book & Purchase account 3+1=4

Q.14. The Cash book of a trader showed a balance of Rs.76,000 at the end of the year. However, the balance shown by his bank statement was found different due to the following reasons.

a) Cheques issued totaling Rs.10,000, out of which a cheque of Rs.4,000 was only presented.

b) Bank charges Rs.1,500 recorded in the bank statement only.

c) Bills receivable of Rs.15,000 discounted at bank dishnoured and returned.

d) Paid to a creditor Rs.18,000 by cheque, but omitted to record in trader’s books.

e) Mobile charges paid by bank Rs.2,000.

f) A customer directly paid into bank Rs.10,000.

Required:- Bank Reconciliation statement 6

Q.15. The bank statement of a business House shows an overdraft balance Rs.50,000 on 30^th June. The balance did not agree with the bank balance of Cash book. The following facts are found out.

A cheque of Rs.10,000 was paid into bank, which was recorded twice in the cash book. The bank had paid Rs.8,000 for insurance. Interest collected by the bank Rs.660. Cheque issued but not recorded in the cash book Rs.3,000. Interest credited by bank Rs.900. The debit side of the cash book was undercast by Rs.460.

Required:- Bank Reconciliation statement 6

Q.16. A transport co. purchased a tourist jeep for Rs.6,00,000 on 1^st Jan,2007. Two second-hand jeeps were added at a cost of Rs.1,80,000 each on 31^st June in 2008. On 31^st Dec,2009, the jeep purchased in the first year was damaged in a strike and insurance co. admitted only Rs.2,00,000. Provide depreciation @ 20% on vehicles under reducing balance method. The books of account are closed on 31^st Dec.

Required:- Vehicle account from 2007 till 2009 2+2+4=8

Q.17. A manufacturing co purchased a machine costing Rs.5,00,000 on 1^st July,2008. At the end of June, 2010, a part of the machine costing Rs.1,00,000 on 1^st July,2008 was disposed off at a loss of Rs.5,000 and on the same date a new part was purchased at a cost of Rs.2,00,000. Provide depreciation @ 10% p.a. on straight line method. The books of account are closed on 31^st Dec.

Required:- Machinery account up to 2010 2+2+4=8

Q.18. ABC trading concern gives the following information.

Jan-1, Cash in hand Rs.90,000

--10, withdrawn Rs.15,000 by proprietor.

--12, Received Rs.25,000 for sale of goods.

---25, Good purchased for Rs.28,000.

---28, Paid Rs.40,000 to a creditor.

Required:- Simple cash book 4

Q.19. The following transactions are given.

March-1, Balance at bank Rs.50,000 & in hand Rs.1,00,000.

---- 5, Invested in business cash Rs.50,000 & bank balance Rs.25,000.

-----10, Purchased goods Rs.45,000 from Shivam.

----15, Interest allowed by bank Rs.400.

----18, Paid to Shivam in full settlement after a discount of Rs.1,500.

---20, Deposited into bank Rs.10,000,.

---25, Withdrawn from bank Rs.15,000 (5,000 for business)

--30, Sold goods Rs.10,000 to Mahesh and cheque received.

Required:- Triple column Cash book 6

Q.20. The following trial balance of a business as on 31^st Chaitra, last year is given to you.

Accounts

Dr Rs.

Accounts

Cr.Rs.

Stock opening

Salaries

Fixed Assets

Cash & Bank

Discount & Commission

Carriage outward

Wages

Bad debts

Carriage inward

Rent, rates & taxes

Interest on loan

Sundry Debtors

Printing & stationery

10,000

50,000

1,75,000

95,000

17,500

2,000

3,000

35,000

8,000

15,000

10,000

7,000

70,000

2,500

Sales

Advance Commission

Capital

16%Bank loan

Provision for bad debts

Creditors

Return outward

2,80,000

6,000

1,50,000

50,000

1,500

10,000

2,500

Total

5,00,000

Total

5,00,000

Adjustments:

a) Closing Stock valued Rs.15,000.

b) Depreciate fixed assets by 10% p.a.

c) Salaries outstanding Rs10,000 & wages pre-paid Rs.5,000.

d) Write off further bad debts Rs.4,000 and create provision for bad & doubtful debts @ 5%.

e) Commission earned Rs.5,000 by the end of the year.

Required:- a) Trading account b) Profit & Loss account c) Balance sheet 4+6+5=15

Q.21. The following transactions are of an operating level office.

Marg--- 3, Received a bank order Rs.100,000 and budget release order of Rs.2,80,000 for the actual expenditure of last month.

----11, Mr. Pradhan was paid in advance Rs.40,000 for the purchase of office furniture.

----18, Mr. Pradhan’s advance was cleared by issuing an additional cheque of Rs.5,000 for the deficit amount of the bill.

---19, Opened a letter of credit (L/C) through bank transfer of Rs.5,00,000 to Honda co. for the purchase of five motorbikes for the office.

----24, Salary was paid after deducting provident fund Rs.15, 000(Excluding GON contribution) and tax at source Rs.7,500.

Required:- Journal vouchers 5x2=10

Q.22. The following are the information given by an office of Govt of NEPAL.

Poush—1, Opening bank balance Rs.3,00,000.

---3, A budget release order of Rs.1,50,000 & a bank order of Rs.1,00,000 was received only.

---10, Paid Rs.15,000 to Mr. Hamal as advance salary.

---15, Two cheques were issued for Rs.12,000 each for allowance & office uniform purchased for security personnel.

---20, Salary for the month Rs.1,00,000 & allowance Rs.20,000 were paid after deducting Provident fund Rs.10,000; Provident fund loan Rs.5,000; and income tax of Rs.4,000.

---28, The deducted amounts were deposited into the concerned offices.

Required:- Bank cash book 5

Best of luck

2012-03-16T01:14:00.001-07:00

Asian College of Higher Studies (ACM)

Grade-XII SET-----A FM:100

Subject:- Accounting-II PM:40

Time: 3 Hrs

Third Term Exam-2012

Q.1. Give the meaning of public company and mention any two features. 3

Q.2. Distinguish between equity share & Debenture. 2

Q.3. Give the meaning of financial statement analysis. Mention any two objectives. 3

Q.4. Show any two limitations of Ratio analysis. 2

Q.5. Give the meaning of material control. 2

Q.6. Show differences between financial accounting & cost accounting. 3

Q.7. Write in brief the classification of cost on the basis of behavior. 3

Q.8. Give the meaning of absorption of overhead with suitable examples. 2

Q.9. AB co. registered with the share capital of Rs.5,00,000 divided into 5,000 equity shares, issued 4,000 shares for public subscription. The share money was payable as on application Rs.30, on allotment Rs.50(including premium of 10%) and balance on calls. All the shares were subscribed and allotted. All the money was received on due date.

Required:- Journal entries for application & allotment 1+2=3

Q.10. Kathmandu Co issued 50,000 equity shares of Rs.100 each payable at a discount of 5% payable as Rs.30 application, Rs.50 on allotment and balance on first & final call. The applications were received for 75,000 shares and the allotment was made as under:

To the applicants of 5,000 shares--- Nil

To the applicants of 20,000 shares----100%

To the remaining---pro-rata basis

All the calls were made and money was realized excepting from a shareholder who had applied for 5,000 shares allotted on pro-rata basis, failed to pay money due on allotment and calls. Subsequently his shares were forfeited through a resolution of directors.

Required:- Journal entries for allotment, calls & forfeiture 2+2+2=6

Q.11. Brother co. acquired the following business of Sister co. by issuing 5,000 equity shares of Rs.100 at 120%.

Machinery Rs.1,50,000 Creditor Rs.50,000

Debtors 60,000 Unearned income Rs.5,000

Advance Expenses Rs.10,000 15%Loan Rs.1,20,000

Salaries due Rs.20,000 Inventory Rs.15,000

Required:- Journal entries for business purchase 3

Q.12. A commercial bank issued 15% debenture of Rs.30,00,000 at a premium of 10% which was redeemable after two years at a premium of 20%.

Required:- Journal entries for issue & redemption 4

Q.13. The following is the trial balance of a business as on 31^st Ashadh, last year.

Dr balance

Amount Rs.

Cr balance

Amount Rs.

Stock

Plant & machinery

Bills receivable

Bad debts

Cash & bank

Commission & discount

Trade debtors

Interest on Debenture

Goodwill written off

Income tax paid

Dividend paid

Underwriting commission

Salaries & allowance

Prepaid rent

20,000

1,00,000

50,000

4,000

1,20,000

6,000

60,000

5,000

10,000

7,500

12,000

50,000

25,000

8,000

Acceptance

Provision for taxation

Provision for bad debts

Share capital@Rs.100each

Gross profit

Retained earning

15% Debenture

17,000

8,000

1,500

2,50,000

51,000

80,000

70,000

4,77,500

Adjustments:

a) Debenture interest is payable for eight months only. Depreciate machinery by 15% p.a.

b) Authorized capital of the company is divided into 5,000 shares.

c) Rent expired to the extent of Rs.5,000 & commission earned but not received Rs.12,000.

d) Increase provision for bad debts by 4% after writing off bad debts Rs.6,000.

e) The BOD decided to pay dividend @ Rs.5 per share & transferred to General reserve Rs.20,000.

Required:- Profit & Loss account; Profit & Loss appropriation account & Balance sheet 5+2+5=12

Q.14. A business firm gives you the following trial balance.

Debit balances

Amount Rs.

Credit balance

Amount Rs.

Purchase

Furniture & Fitting

Cash & bank

Preliminary exps

Interim dividend

Salaries & wages

Calls in arrears

60,000

1,80,000

1,20,000

1,40,000

10,000

25,000

15,000

15% Loan

Share capital

Retained earning

Sales

Commission unearned

Provision for tax

40,000

2,80,000

50,000

1,50,000

16,000

14,000

Total

5,50,000

Total

5,50,000

Additional information:-

a) Stock at close Rs.10,000.

b) Commission earned Rs.5,000.

c) Proposed dividend Rs.12,000.

Required:- Adjusting entries & work sheet(Twelve column) 2+6=8

Q.15. You are given the following information.

Current ratio 2:1 Stock Rs.20,000

Prepaid expenses Rs.5,000 current liabilities Rs.50,000

Share capital Rs.1,40,000 General reserve Rs.20,000

12% Debenture Rs.1,00,000 P/L Account Rs.50,000

Fixed assets turnover ratio 5 times Fixed assets Rs.1,40,000

Net profit before interest & taxes 20% of sales(Tax rate 40%)

Required:- i)Quick Ratio ii) Return on assets iii) Return on shareholders’ equity 1+2+2=5

Q.16. The following information is given.

Net profit during the year Rs.55,000.

Depreciation on machinery Rs.10,000.

Goodwill written off Rs.22,000.

Transfer fee received Rs.15,500.

A part of plant costing Rs.25,000, book value being Rs.15,000 sold for Rs.14,000.

Issue of share Rs.1,30,000

Repayment of loan Rs.70,000.

Required:- i) Funds or Loss from operation ii) Funds flow statement 3+2=5

Q.17. You are given the following information.

Opening Rs. Closing Rs.

Share capital 3,00,000 4,50,000

12% Debenture 1,00,000 ---

Provision for Tax 15,000 20,000

Machinery 50,000 1,20,000

Investment 1,20,000 40,000

Creditors 46,000 60,000

Stock 40,000 30,000

Debtors 25,000 45,000

Bank overdraft 70,000 1,20,000

Other information:

§ Cash Sales Rs.1,20,000 & credit sales Rs.2,30,000.

§ Cost of goods sold Rs.1,20,000, Tax paid Rs.10,000.

§ Operating expenses Rs.80,000 including depreciation of Rs.10,000 & interest Rs.12,000.

§ Investment was sold at a profit of Rs.13,000 & debenture was repaid at 10% premium.

§ Cash & Bank at the beginning of the year Rs.1,20,000.

§ Dividend paid during the year Rs.20,000.

Required:- Cash Flow Statement showing closing cash balance( using direct method) 4+3+3=10

Q,18. A worker produced 600 units of output during a week. The standard wage rate per hour is Rs.120. The standard time allowed for a unit is 10 minutes.

Required:- Total weekly wages applying Time rate system 2

Q.19. A supplier gives you the following information.

Annual requirement 6,00,000 kgs @ Rs.10 each Kg

Cost per order Rs.120

Carrying cost 10% of average inventory

Required:- EOQ & No of orders 2+1=3

Q.20. A storekeeper undergoes the following transactions.

Magh-1, Issued 5,000 units

------10, purchased 2,000 units @ Rs.5 each.

------12, issued 1,200 units

------14, return to store 20 units

-------20, Order received 4,000 units Rs.18,000.

-------30, Shortage found 15 units on physical verification.

There was stock of 6,000 units valued Rs.24,000 at the beginning of the month.

Required:- Store ledger under FIFO 5

Q.21. A manufacturing concern gives you the following information.

Materials stock at the beginning Rs.15,000 & at the end Rs.20,000.

Work-in-progress at the end Rs.25,000.

Units produced 25,000 & Sold during the period 20,000 units

Purchase of materials Rs.1,25,000

Carriage on purchase Rs.12,500

Direct expenses Rs.10,000

Labour cost Rs.40,000

Indirect materials Rs.5,0000

Indirect labour Rs.10,000

Other factory overhead 10% of wages

Income tax paid Rs.12,000

Office overhead 25% of work cost

Selling expenses @ half a rupee per unit

Estimated profit 20% of selling price

Required:- A statement of cost & profit showing elements of Cost 10

Q.22. On reconciliation between cost & financial account, the following facts are brought to notice.

a) Net profit after tax as per Financial records Rs.44,000

b) Opening stock undervalued in cost account Rs.5,500.

c) Closing stock found in excess in Financial account Rs.1,500.

d) Depreciation charged in cost records Rs.10,000 & in P/L account Rs.11,200.

e) Interest on debenture Rs.5,000 & Income from Government bond Rs.6,500 were recorded in financial accounts.

Required:- Cost Reconciliation statement 5

Best of luck

2012-03-16T01:10:00.005-07:00

Asian College of Higher Studies(ACM)

Grade-XII FM:100

Subject:- Accounting-II SET-----B PM:40

Time: 3 Hrs

Third Term Exam-2012

Q.1. List the contents of Memorandum of association. 3

Q.2. Distinguish between equity share & preference share. 2

Q.3. Give the meaning of financial statement analysis. Mention any two limitations. 3

Q.4. Briefly explain any two objectives of Ratio analysis. 2

Q.5. Show the advantages of time rate system of wage payment. 2

Q.6. Write down the importance of cost accounting. 3

Q.7. Write in brief the classification of cost on the basis of element. 3

Q.8. Give the meaning of allocation of overhead with suitable examples. 2

Q.9. A public company authorized with the share capital of Rs.10,00,000 divided into 10,000 equity shares, issued 6,000 shares for public subscription. The share money was payable as on application Rs.30, on allotment Rs.50 (after adjusting discount of 10%) and balance on calls. All the shares were subscribed and allotted. All the money was received on due date.

Required:- Journal entries for application & allotment 1+2=3

Q.10. Bagmati Co issued 40,000 equity shares of Rs.100 each payable at a premium of 10% payable as Rs.30 application, Rs.50 on allotment and balance on first & final call. The applications were received for 60,000 shares and the allotment was made as under:

To the applicants of 10,000 shares--- Nil

To the applicants of remaining shares----Pro-rata

All the calls were made and money was realized excepting from a shareholder who had applied for 5,000 shares failed to pay money due on allotment and calls. Subsequently his shares were forfeited through a resolution of directors.

Required:- Journal entries for allotment, calls & forfeiture 2+2+2=6

Q.11.Kantipur co. acquired the following business of Kathmandu co. by issuing 8,000 equity shares of Rs.100.

Fixed assets Rs.5,50,000 Creditor Rs.1,00,000

Debtors Rs. 50,000 Unearned income Rs.35,000

Prepayments Rs.60,000 14% Debenture Rs.1,20,000

Unpaid expenses Rs.25,000 Stock Rs.75,000

Required:- Journal entries for business purchase 3

Q.12. Mero bank Ltd issued 2,000, 16% redeemable debenture of Rs.100 each at a discount of 10% which was repayable at the end of 2^nd year at a premium of 15%.

Required:- Journal entries for issue & redemption 4

Q.13. The following is the trial balance of a business as on 31^st Chaitra, 2067.

Dr balance

Amount Rs.

Cr balance

Amount Rs.

Inventory

Furniture & Fitting

Trade debtors

Bad debts

Cash & bank

Miscellaneous expenses

Accrued commission

Calls in arrears

Goodwill

Income tax

Salaries & wages

Preliminary expenses

Interim dividend

40,000

1,40,000

1,00,000

10,000

1,00,000

15,000

20,000

5,000

80,000

15,000

80,000

50,000

25,000

13% Mortgaged loan

Provision for bad debts

Share capital@Rs.100each

Gross profit

P/L account

General reserve

1,60,000

5,000

3,00,000

2,50,000

51,000

80,000

6,80,000

Adjustments:

a) Depreciate furniture by 5% p.a. & write preliminary expense off by 1/4^th.

b) Authorized capital of the company is divided into 10,000 shares.

c) Rent earned Rs.5,000 but not received yet. Provision for tax for the year Rs.8,000.

d) Increase provision for bad debts from Rs.5,000 to Rs.11,000.

e) The BOD decided to pay dividend @ 5% & increase General reserve to Rs.1,00,000.

Required:- Profit & Loss account; Profit & Loss appropriation account & Balance sheet 5+2+5=12

Q.14. A business firm gives you the following trial balance.

Debit balances

Amount Rs.

Credit balance

Amount Rs.

Purchase

Furniture & Fitting

Cash & bank

Preliminary exps

Interim dividend

Salaries

Calls in arrears

60,000

1,80,000

1,20,000

1,40,000

10,000

25,000

15,000

15% Loan

Share capital

Retained earning

Sales

Commission unearned

Provision for tax

40,000

2,80,000

50,000

1,50,000

16,000

14,000

Total

5,50,000

Total

5,50,000

Additional information:-

a) Tax provision for the year Rs.3,500.

b) Salaries prepaid Rs.10,000.

c) Reserve fund created Rs.20,000.

Required:- Adjusting entries & work sheet(Twelve column) 2+6=8

Q.15. You are given the following information.

Equity share capital of Rs.100 each Rs.2,60,000 12% Pref. share capital Rs.1,40,000

General Reserve Rs.50,000 Preliminary expenses Rs.50,000

Retained earning Rs.40,000 15% Debenture Rs.1,00,000

Redemption Reserve Rs.60,000 EBIT Rs.4,00,000 (Tax rate@40%)

Required:- i) Earning after Tax ii) Return on equity shareholder’s fund

iii) Return on capital employed 1+2+2=5

Q.16. The following information is given.

Increase in cash & bank Rs.50,000.

Increase in creditors Rs.40,000

Decrease in debtors Rs.30,000

Decrease in advance income Rs.10,000

A part of plant costing Rs.45,000, book value being Rs.25,000 sold for Rs.20,000.

Issue of share Rs.1,50,000

Loan borrowed from EDB Rs.1,00,000.

Required:- i) Effect on working capital ii) Funds flow statement 2+3=5

Q.17. You are given the following information.

Balance sheets of MSP company

Liabilities

Last Yr Rs.

This Yr Rs.

Assets

Last Yr. Rs.

This Yr. Rs.

Equity share capital

Pref. share capital

15% Debenture

Reserve

P/L account

Creditors

Bills payable

Expenses due

Short-term loan

Provision for tax

2,00,000

1,00,000

1,50,000

50,000

1,00,000

1,20,000

50,000

25,000

70,000

12,000

3,25,000

50,000

1,00,000

85,000

2,50,000

40,000

1,10,000

40,000

20,000

28,000

Machinery

Investment

Debtors

Stock

Bills receivable

Cash & Bank

Preliminary exp

Accrued income

2,00,000

1,77,000

100,000

40,000

30,000

165,000

125,000

40,000

3,50,000

60,000

1,70,000

1,71,000

12,000

1,70,000

65,000

50,000

Total

8,77,000

10,48,000

Total

8,77,000

10,48,000

Other information:

§ Sales Rs.5,80,000 during the year

§ Cost of goods sold Rs.1,80,000; Provision for Tax during the year Rs.30,000.

§ Operating expenses Rs.1,20,000 including depreciation of Rs.10,000 & interest Rs.15,000.

§ Investment was sold at a profit of Rs.10,000 & debenture was repaid at 10% premium.

§ Dividend paid during the year Rs.10,000

Required:- Cash Flow Statement using direct method 4+3+3=10

Q,18. A worker worked 250 hours during a month. The standard wage rate per hour is Rs.120. The standard time allowed for a unit is 10 minutes.

Required:- Total weekly wages applying Piece rate system 2

Q.19. A supplier gives you the following information.

Consumption per day 4,000 to 5,000 units

Re-order period 5-10 days

Re-order quantity 45,000 units

Required:- Average stock level 3

Q.20. A storekeeper undergoes the following transactions.

July-1, Issued 5,000 units

------10, Purchased 2,000 units @ Rs.5 each.

------12, Issued 1,200 units

------14, Return to store 20 units

-------20, Order received 4,000 units Rs.18,000.

-------30, Shortage found 20 units on physical verification.

There was stock of 6,000 units valued Rs.24,000 at the beginning of the month.

Required:- Store ledger under LIFO 5

Q.21. A calculator manufacturing concern gives you the following information.

The concern is going to produce and sell 10,000 calculators next year and desiring to quote the price. The following estimations have been made for this purpose.

Material & labour cost will go up by 10%.

Other direct expenses will not be affected.

Profit 25% of cost

The past records of the concern for the production of 5,000 calculators are as follows.

Materials Rs.4,00,000 Wages Rs.2,00,000; Other direct expenses Rs.1,00,000

Factory overhead Rs.2,50,000; Office salaries Rs.80,000 & General charges Rs.20,000

Selling & distribution charges 20%

Required:- Price to be quoted showing amount of profit 10

Q.22. On reconciliation between cost & financial account, the following facts are brought to notice.

Net Loss as per Financial records Rs.40,000
Opening stock undervalued in cost account Rs.9,500.
Closing stock found in excess in Financial account Rs.4,500.
Depreciation charged in cost records Rs.25,000 & in P/L account Rs.45,000.
Interest on debenture Rs.7,000 & Income from Government bond Rs.8,500 were recorded in financial accounts.

Required:- Cost Reconciliation statement 5

Best of luck

2012-03-16T01:08:00.000-07:00

Asian College of Higher Studies (ACM)

Ekantakuna, Lalitpur

FIRST TERMINAL EXAM- 2068

SET-B

Subject: - Cost & Management Accounting FM: 50

Level:- BBS First year PM: 20

Time: 1.5 Hrs

Candidates are required to give their answer in their own words as far as possible. The figure in the margin indicates full marks.

Attempt all questions.

Q.1. Show the importance of cost accounting. 5

Q.2. The following cost and output are given.

Output	200	400	600	800	1,000
Cost Rs in 100	50	60	70	80	90

Required:-

· Segregation cost into fixed and variable by using least square method 3

· Find out the volume at the cost of Rs.10,000 1

Q.3. A supplier is in need of 1,60,000 kgs of a material costing Rs.5 each kg for the year. The cost of placing and receiving an order is Rs.150. Carrying cost is estimated to be 10% of average inventory value. The supplier is planning to procure inventory at a quantity discount of 2% in an equal installment of 40,000 kgs.

Required:- i) Cost of EOQ & Cost of Offer 4

ii) Is the discount policy acceptable? 1

Q. 4. The following information is provided.

Annual consumption: 3,60,000 Kgs (360 days of working)

Safety stock is 36 days’ consumption.

Delivery Period 10 days

Required:-Ordering Level 5

Q.5. A factory provides you with the following information.

Standard wage rate Rs.40 per hour

Standard output per hour 50 units (8 hours a day)

Actual output realized as follows:

Bhuwan 400 units

Rajesh 380 units

Required:- Earning of each worker under Taylor’s differential system 5

Q. 6. The production departments P1& P2 which work 8 hours a day for 30 days a month and other information are given.

Particular	Total	Prod Dep-A	Prod Dep-B	Service Dep.
No. of workers	50	25	15	10
Space occupied( sq.ft)	2000	900	600	500
From Service dept.	100 %	65 %	35 %	---
Rent Rs.	10,000
Supervisor’s salary Rs.	16,000	13,000	12,000	1,000
Welfare Rs.	25,000
Assets value Rs.	4,00,000	2,50,000	1,00,000	50,000
Depreciation (15%)

Required:- Cost per unit of P1 & P2 6+1=7

Q.7. You are given the following information.

a. Cost of machine Rs.1,80,000 with Residual value Rs.25,000 & installation charges Rs.10,000.

b. Working hours of the machine 25,000 including Setting up time of 10%

c. Power consumption of Rs.9 per unit per one & half hour working

d. Repair, maintenance Rs.9,000 effective total machine hours

e. Annual lighting expenses Rs.10,500

f. Machine attendant’s annual salary Rs.35,000

Required:- Machine hour rate 4

Q. 8. A company produces three products A, B & C under a single production process.

The wage rate per hour is Rs. 40. The budgeted information has been obtained as follows.

Product	Output (Units)	Material Cost per unit(Rs.)	Labour Hour per unit	Machine Hour per unit
A	5,000	30	2.5	1
B	4,000	25	1	½
C	2,000	10	1.5	1.5

Total overhead cost and relevant cost driver are as under:

Overhead cost	Cost drivers	Amount ( Rs.)
Material receipt and inspection	No. of batches	30,000
Set up cost	No. of production run	50,000
Machine related cost	No. of machine hour	25,000

Each product is produced in a production of 500 units & no of batches for each of the products is 20.

Required:- Cost per unit using Volume based costing (Labour Hours) & ABC 5+10=15

Best of luck

2012-03-16T01:02:00.004-07:00

ASIAN COLLEGE OF HIGHER STUDIES

2^ndTerm Exam(Re) 2012/2068

SET----A

Grade:-XI (Morning & Day)

Subject:- Principles of Accounting-I FM:100

PM:40

Time:3 Hrs

Q.1. Give the meaning of Double entry system of book keeping. 2

Q.2. What do you mean by accounting? 2

Q.3. Give the meaning of business entity concept. 2

Q.4. What do you mean by depreciation? 2

Q.5. Give the meaning of Debit note & Credit note. 2

Q.6. Why subsidiary books are maintained? 2

Q.7. Show differences between Govt Accounting & Commercial Accounting. 3

Q.8. Briefly explain any three importance of Government accounting. 3

Q.9. The following transactions relate to Sushil(Creditor).

a) Purchased goods Rs.60,000 on credit.

b) Paid Rs.25,000 & Discount received Rs.500.

c) Paid Rs.15,000 in cash & balance by cheque.

Required: Journal entries 3

Q.10. From Q.9, write up Sushil’s account 2

Q.11. The following transactions are given to you.

a) Started a business with bank balance Rs.1,00,000.

b) Purchased goods for Rs.50,000.

c) Sold goods for Rs.15,000.

Required:- Accounting Equation 3

Q.12. From Q.11, write up Cash account 2

Q.13. The following transactions are given to you.

March-2, Purchased from Mohan

50 kgs of Bean @ Rs.120 each kg

20 Tins of oil Rs.5,000.

Trade discount@5%

March-9, Purchased from XYZ

50 packets of Chocolates each packet Rs.100

1 quintal of Rice Rs.40 per kg (Trade discount 2%)

Marh-28, Purchased from PQR

35 dozens of Tooth brush @ Rs.10 each piece

5 sacks of soyabin @Rs.2,000 per sack

(Trade discount 4%)

Required:- Purchase book & Purchase account 3+1=4

Q.14. The Cash book of a trader showed a balance of Rs.76,000 at the end of the year. However, the balance shown by his bank statement was found different due to the following reasons.

a) Cheques issued totaling Rs.10,000, out of which a cheque of Rs.4,000 was only presented.

b) Bank charges Rs.1,500 recorded in the bank statement only.

c) Bills receivable of Rs.15,000 discounted at bank dishnoured and returned.

d) Paid to a creditor Rs.18,000 by cheque, but omitted to record in trader’s books.

e) Mobile charges paid by bank Rs.2,000.

f) A customer directly paid into bank Rs.10,000.

Required:- Bank Reconciliation statement 6

Q.15. The bank statement of a business House shows an overdraft balance Rs.50,000 on 30^th June. The balance did not agree with the bank balance of Cash book. The following facts are found out.

Required:- Bank Reconciliation statement 6

Required:- Vehicle account from 2007 till 2009 2+2+4=8

Required:- Machinery account up to 2010 2+2+4=8

Q.18. ABC trading concern gives the following information.

Jan-1, Cash in hand Rs.90,000

--10, withdrawn Rs.15,000 by proprietor.

--12, Received Rs.25,000 for sale of goods.

---25, Good purchased for Rs.28,000.

---28, Paid Rs.40,000 to a creditor.

Required:- Simple cash book 4

Q.19. The following transactions are given.

March-1, Balance at bank Rs.50,000 & in hand Rs.1,00,000.

---- 5, Invested in business cash Rs.50,000 & bank balance Rs.25,000.

-----10, Purchased goods Rs.45,000 from Shivam.

----15, Interest allowed by bank Rs.400.

----18, Paid to Shivam in full settlement after a discount of Rs.1,500.

---20, Deposited into bank Rs.10,000,.

---25, Withdrawn from bank Rs.15,000 (5,000 for business)

--30, Sold goods Rs.10,000 to Mahesh and cheque received.

Required:- Triple column Cash book 6

Q.20. The following trial balance of a business as on 31^st Chaitra, last year is given to you.

Accounts

Dr Rs.

Accounts

Cr.Rs.

Stock opening

Salaries

Fixed Assets

Purchase

Discount & Commission

Carriage outward

Wages

Bad debts

Carriage inward

Rent, rates & taxes

Interest on loan

Sundry Debtors

Printing & stationery

10,000

50,000

1,75,000

95,000

17,500

2,000

3,000

35,000

8,000

15,000

10,000

7,000

70,000

2,500

Sales

Advance Commission

Capital

16%Bank loan

Provision for bad debts

Creditors

2,80,000

6,000

1,50,000

50,000

1,500

12,500

Total

5,00,000

Total

5,00,000

Adjustments:

a) Closing Stock valued Rs.15,000.

b) Depreciate fixed assets by 10% p.a.

c) Salaries outstanding Rs10,000 & wages pre-paid Rs.5,000.

d) Write off further bad debts Rs.4,000 and create provision for bad & doubtful debts @ 5%.

e) Commission earned Rs.5,000 by the end of the year.

Required:- a) Trading account b) Profit & Loss account c) Balance sheet 4+6+5=15

Q.21. The following transactions are of an operating level office.

Marg--- 3, Received a bank order Rs.100,000 and budget release order of Rs.2,80,000 for the actual expenditure of last month.

----11, Mr. Pradhan was paid in advance Rs.40,000 for the purchase of office furniture.

----18, Mr. Pradhan’s advance was cleared by issuing an additional cheque of Rs.5,000 for the deficit amount of the bill.

---19, Opened a letter of credit (L/C) through bank transfer of Rs.5,00,000 to Honda co. for the purchase of five motorbikes for the office.

----24, Salary was paid after deducting provident fund Rs.15, 000(Excluding GON contribution) and tax at source Rs.7,500.

Required:- Journal vouchers 5x2=10

Q.22. The following are the information given by an office of Govt of NEPAL.

Poush—1, Opening bank balance Rs.3,00,000.

---3, A budget release order of Rs.1,50,000 & a bank order of Rs.1,00,000 was received only.

---10, Paid Rs.15,000 to Mr. Hamal as advance salary.

---15, Two cheques were issued for Rs.12,000 each for allowance & office uniform purchased for security personnel.

---20, Salary for the month Rs.1,00,000 & allowance Rs.20,000 were paid after deducting Provident fund Rs.10,000; Provident fund loan Rs.5,000; and income tax of Rs.4,000.

---28, The deducted amounts were deposited into the concerned offices.

Required:- Bank cash book 5

Best of luck

2012-03-14T22:02:00.000-07:00

2012-03-12T22:20:00.001-07:00

INvestment

Defensive names rallied in an otherwise flat day for Wall Street on Monday as investors paused after recent gains and looked ahead to the Federal Reserve's monetary policy statement.Investors will eye Tuesday's statement from the U.S. central bank's Federal Open Market Committee to see whether the Fed will cool down expectations of more easing of monetary policy, which might make it difficult to extend the rally.

Markets were recently rattled after Fed Chairman Ben Bernanke stopped short of giving a strong signal of more stimulus during congressional testimony.Investors got a shock when China reported its largest trade deficit in at least a decade.

2012-03-12T22:14:00.001-07:00

Today's images

2012-03-12T22:04:00.004-07:00

Asian College of Higher Studies (ACM)

Grade-XII FM:100

Pre-Board question set--I

Subject:- Accounting-II SET-----A PM:40

Time: 3 Hrs

Third Term Exam-2012

Q.1. Give the meaning of public company and mention any two features. 3

Q.2. Distinguish between equity share & Debenture. 2

Q.3. Give the meaning of financial statement analysis. Mention any two objectives. 3

Q.4. Show any two limitations of Ratio analysis. 2

Q.5. Give the meaning of material control. 2

Q.6. Show differences between financial accounting & cost accounting. 3

Q.7. Write in brief the classification of cost on the basis of behavior. 3

Q.8. Give the meaning of absorption of overhead with suitable examples. 2

Required:- Journal entries for application & allotment 1+2=3

To the applicants of 5,000 shares--- Nil

To the applicants of 20,000 shares----100%

To the remaining---pro-rata basis

Required:- Journal entries for allotment, calls & forfeiture 2+2+2=6

Q.11. Brother co. acquired the following business of Sister co. by issuing 5,000 equity shares of Rs.100 at 120%.

Machinery Rs.1,50,000 Creditor Rs.50,000

Debtors 60,000 Unearned income Rs.5,000

Advance Expenses Rs.10,000 15%Loan Rs.1,20,000

Salaries due Rs.20,000 Inventory Rs.15,000

Required:- Journal entries for business purchase 3

Q.12. A commercial bank issued 15% debenture of Rs.30,00,000 at a premium of 10% which was redeemable after two years at a premium of 20%.

Required:- Journal entries for issue & redemption 4

Q.13. The following is the trial balance of a business as on 31^st Ashadh, last year.

Dr balance

Amount Rs.

Cr balance

Amount Rs.

Stock

Plant & machinery

Bills receivable

Bad debts

Cash & bank

Commission & discount

Trade debtors

Interest on Debenture

Goodwill written off

Income tax paid

Dividend paid

Underwriting commission

Salaries & allowance

Prepaid rent

20,000

1,00,000

50,000

4,000

1,20,000

6,000

60,000

5,000

10,000

7,500

12,000

50,000

25,000

8,000

Acceptance

Provision for taxation

Provision for bad debts

Share capital@Rs.100each

Gross profit

Retained earning

15% Debenture

17,000

8,000

1,500

2,50,000

51,000

80,000

70,000

4,77,500

Adjustments:

a) Debenture interest is payable for eight months only. Depreciate machinery by 15% p.a.

b) Authorized capital of the company is divided into 5,000 shares.

c) Rent expired to the extent of Rs.5,000 & commission earned but not received Rs.12,000.

d) Increase provision for bad debts by 4% after writing off bad debts Rs.6,000.

e) The BOD decided to pay dividend @ Rs.5 per share & transferred to General reserve Rs.20,000.

Required:- Profit & Loss account; Profit & Loss appropriation account & Balance sheet 5+2+5=12

Q.14. A business firm gives you the following trial balance.

Debit balances

Amount Rs.

Credit balance

Amount Rs.

Purchase

Furniture & Fitting

Cash & bank

Preliminary exps

Interim dividend

Salaries & wages

Calls in arrears

60,000

1,80,000

1,20,000

1,40,000

10,000

25,000

15,000

15% Loan

Share capital

Retained earning

Sales

Commission unearned

Provision for tax

40,000

2,80,000

50,000

1,50,000

16,000

14,000

Total

5,50,000

Total

5,50,000

Additional information:-

a) Stock at close Rs.10,000.

b) Commission earned Rs.5,000.

c) Proposed dividend Rs.12,000.

Required:- Adjusting entries & work sheet(Twelve column) 2+6=8

Q.15. You are given the following information.

Current ratio 2:1 Stock Rs.20,000

Prepaid expenses Rs.5,000 current liabilities Rs.50,000

Share capital Rs.1,40,000 General reserve Rs.20,000

12% Debenture Rs.1,00,000 P/L Account Rs.50,000

Fixed assets turnover ratio 5 times Fixed assets Rs.1,40,000

Net profit before interest & taxes 20% of sales(Tax rate 40%)

Required:- i)Quick Ratio ii) Return on assets iii) Return on shareholders’ equity 1+2+2=5

Q.16. The following information is given.

Net profit during the year Rs.55,000.

Depreciation on machinery Rs.10,000.

Goodwill written off Rs.22,000.

Transfer fee received Rs.15,500.

A part of plant costing Rs.25,000, book value being Rs.15,000 sold for Rs.14,000.

Issue of share Rs.1,30,000

Repayment of loan Rs.70,000.

Required:- i) Funds or Loss from operation ii) Funds flow statement 3+2=5

Q.17. You are given the following information.

Opening Rs. Closing Rs.

Share capital 3,00,000 4,50,000

12% Debenture 1,00,000 ---

Provision for Tax 15,000 20,000

Machinery 50,000 1,20,000

Investment 1,20,000 40,000

Creditors 46,000 60,000

Stock 40,000 30,000

Debtors 25,000 45,000

Bank overdraft 70,000 1,20,000

Other information:

§ Cash Sales Rs.1,20,000 & credit sales Rs.2,30,000.

§ Cost of goods sold Rs.1,20,000, Tax paid Rs.10,000.

§ Operating expenses Rs.80,000 including depreciation of Rs.10,000 & interest Rs.12,000.

§ Investment was sold at a profit of Rs.13,000 & debenture was repaid at 10% premium.

§ Cash & Bank at the beginning of the year Rs.1,20,000.

§ Dividend paid during the year Rs.20,000.

Required:- Cash Flow Statement showing closing cash balance( using direct method) 4+3+3=10

Q,18. A worker produced 600 units of output during a week. The standard wage rate per hour is Rs.120. The standard time allowed for a unit is 10 minutes.

Required:- Total weekly wages applying Time rate system 2

Q.19. A supplier gives you the following information.

Annual requirement 6,00,000 kgs @ Rs.10 each Kg

Cost per order Rs.120

Carrying cost 10% of average inventory

Required:- EOQ & No of orders 2+1=3

Q.20. A storekeeper undergoes the following transactions.

Magh-1, Issued 5,000 units

------10, purchased 2,000 units @ Rs.5 each.

------12, issued 1,200 units

------14, return to store 20 units

-------20, Order received 4,000 units Rs.18,000.

-------30, Shortage found 15 units on physical verification.

There was stock of 6,000 units valued Rs.24,000 at the beginning of the month.

Required:- Store ledger under FIFO 5

Q.21. A manufacturing concern gives you the following information.

Materials stock at the beginning Rs.15,000 & at the end Rs.20,000.

Work-in-progress at the end Rs.25,000.

Units produced 25,000 & Sold during the period 20,000 units

Purchase of materials Rs.1,25,000

Carriage on purchase Rs.12,500

Direct expenses Rs.10,000

Labour cost Rs.40,000

Indirect materials Rs.5,0000

Indirect labour Rs.10,000

Other factory overhead 10% of wages

Income tax paid Rs.12,000

Office overhead 25% of work cost

Selling expenses @ half a rupee per unit

Estimated profit 20% of selling price

Required:- A statement of cost & profit showing elements of Cost 10

Q.22. On reconciliation between cost & financial account, the following facts are brought to notice.

a) Net profit after tax as per Financial records Rs.44,000

b) Opening stock undervalued in cost account Rs.5,500.

c) Closing stock found in excess in Financial account Rs.1,500.

d) Depreciation charged in cost records Rs.10,000 & in P/L account Rs.11,200.

e) Interest on debenture Rs.5,000 & Income from Government bond Rs.6,500 were recorded in financial accounts.

Required:- Cost Reconciliation statement 5

Best of luck

Asian College of Higher Studies(ACM)

Grade-XII FM:100

Subject:- Accounting-II SET-----B PM:40

Time: 3 Hrs

Third Term Exam-2012

Q.1. List the contents of Memorandum of association. 3

Q.2. Distinguish between equity share & preference share. 2

Q.3. Give the meaning of financial statement analysis. Mention any two limitations. 3

Q.4. Briefly explain any two objectives of Ratio analysis. 2

Q.5. Show the advantages of time rate system of wage payment. 2

Q.6. Write down the importance of cost accounting. 3

Q.7. Write in brief the classification of cost on the basis of element. 3

Q.8. Give the meaning of allocation of overhead with suitable examples. 2

Required:- Journal entries for application & allotment 1+2=3

To the applicants of 10,000 shares--- Nil

To the applicants of remaining shares----Pro-rata

Required:- Journal entries for allotment, calls & forfeiture 2+2+2=6

Q.11.Kantipur co. acquired the following business of Kathmandu co. by issuing 8,000 equity shares of Rs.100.

Fixed assets Rs.5,50,000 Creditor Rs.1,00,000

Debtors Rs. 50,000 Unearned income Rs.35,000

Prepayments Rs.60,000 14% Debenture Rs.1,20,000

Unpaid expenses Rs.25,000 Stock Rs.75,000

Required:- Journal entries for business purchase 3

Q.12. Mero bank Ltd issued 2,000, 16% redeemable debenture of Rs.100 each at a discount of 10% which was repayable at the end of 2^nd year at a premium of 15%.

Required:- Journal entries for issue & redemption 4

Q.13. The following is the trial balance of a business as on 31^st Chaitra, 2067.

Dr balance

Amount Rs.

Cr balance

Amount Rs.

Inventory

Furniture & Fitting

Trade debtors

Bad debts

Cash & bank

Miscellaneous expenses

Accrued commission

Calls in arrears

Goodwill

Income tax

Salaries & wages

Preliminary expenses

Interim dividend

40,000

1,40,000

1,00,000

10,000

1,00,000

15,000

20,000

5,000

80,000

15,000

80,000

50,000

25,000

13% Mortgaged loan

Provision for bad debts

Share capital@Rs.100each

Gross profit

P/L account

General reserve

1,60,000

5,000

3,00,000

2,50,000

51,000

80,000

6,80,000

Adjustments:

a) Depreciate furniture by 5% p.a. & write preliminary expense off by 1/4^th.

b) Authorized capital of the company is divided into 10,000 shares.

c) Rent earned Rs.5,000 but not received yet. Provision for tax for the year Rs.8,000.

d) Increase provision for bad debts from Rs.5,000 to Rs.11,000.

e) The BOD decided to pay dividend @ 5% & increase General reserve to Rs.1,00,000.

Required:- Profit & Loss account; Profit & Loss appropriation account & Balance sheet 5+2+5=12

Q.14. A business firm gives you the following trial balance.

Debit balances

Amount Rs.

Credit balance

Amount Rs.

Purchase

Furniture & Fitting

Cash & bank

Preliminary exps

Interim dividend

Salaries

Calls in arrears

60,000

1,80,000

1,20,000

1,40,000

10,000

25,000

15,000

15% Loan

Share capital

Retained earning

Sales

Commission unearned

Provision for tax

40,000

2,80,000

50,000

1,50,000

16,000

14,000

Total

5,50,000

Total

5,50,000

Additional information:-

a) Tax provision for the year Rs.3,500.

b) Salaries prepaid Rs.10,000.

c) Reserve fund created Rs.20,000.

Required:- Adjusting entries & work sheet(Twelve column) 2+6=8

Q.15. You are given the following information.

Equity share capital of Rs.100 each Rs.2,60,000 12% Pref. share capital Rs.1,40,000

General Reserve Rs.50,000 Preliminary expenses Rs.50,000

Retained earning Rs.40,000 15% Debenture Rs.1,00,000

Redemption Reserve Rs.60,000 EBIT Rs.4,00,000 (Tax rate@40%)

Required:- i) Earning after Tax ii) Return on equity shareholder’s fund

iii) Return on capital employed 1+2+2=5

Q.16. The following information is given.

Increase in cash & bank Rs.50,000.

Increase in creditors Rs.40,000

Decrease in debtors Rs.30,000

Decrease in advance income Rs.10,000

A part of plant costing Rs.45,000, book value being Rs.25,000 sold for Rs.20,000.

Issue of share Rs.1,50,000

Loan borrowed from EDB Rs.1,00,000.

Required:- i) Effect on working capital ii) Funds flow statement 2+3=5

Q.17. You are given the following information.

Balance sheets of MSP company

Liabilities

Last Yr Rs.

This Yr Rs.

Assets

Last Yr. Rs.

This Yr. Rs.

Equity share capital

Pref. share capital

15% Debenture

Reserve

P/L account

Creditors

Bills payable

Expenses due

Short-term loan

Provision for tax

2,00,000

1,00,000

1,50,000

50,000

1,00,000

1,20,000

50,000

25,000

70,000

12,000

3,25,000

50,000

1,00,000

85,000

2,50,000

40,000

1,10,000

40,000

20,000

28,000

Machinery

Investment

Debtors

Stock

Bills receivable

Cash & Bank

Preliminary exp

Accrued income

2,00,000

1,77,000

100,000

40,000

30,000

165,000

125,000

40,000

3,50,000

60,000

1,70,000

1,71,000

12,000

1,70,000

65,000

50,000

Total

8,77,000

10,48,000

Total

8,77,000

10,48,000

Other information:

§ Sales Rs.5,80,000 during the year

§ Cost of goods sold Rs.1,80,000; Provision for Tax during the year Rs.30,000.

§ Operating expenses Rs.1,20,000 including depreciation of Rs.10,000 & interest Rs.15,000.

§ Investment was sold at a profit of Rs.10,000 & debenture was repaid at 10% premium.

§ Dividend paid during the year Rs.10,000

Required:- Cash Flow Statement using direct method 4+3+3=10

Q,18. A worker worked 250 hours during a month. The standard wage rate per hour is Rs.120. The standard time allowed for a unit is 10 minutes.

Required:- Total weekly wages applying Piece rate system 2

Q.19. A supplier gives you the following information.

Consumption per day 4,000 to 5,000 units

Re-order period 5-10 days

Re-order quantity 45,000 units

Required:- Average stock level 3

Q.20. A storekeeper undergoes the following transactions.

July-1, Issued 5,000 units

------10, Purchased 2,000 units @ Rs.5 each.

------12, Issued 1,200 units

------14, Return to store 20 units

-------20, Order received 4,000 units Rs.18,000.

-------30, Shortage found 20 units on physical verification.

There was stock of 6,000 units valued Rs.24,000 at the beginning of the month.

Required:- Store ledger under LIFO 5

Q.21. A calculator manufacturing concern gives you the following information.

The concern is going to produce and sell 10,000 calculators next year and desiring to quote the price. The following estimations have been made for this purpose.

Material & labour cost will go up by 10%.

Other direct expenses will not be affected.

Profit 25% of cost

The past records of the concern for the production of 5,000 calculators are as follows.

Materials Rs.4,00,000 Wages Rs.2,00,000; Other direct expenses Rs.1,00,000

Factory overhead Rs.2,50,000; Office salaries Rs.80,000 & General charges Rs.20,000

Selling & distribution charges 20%

Required:- Price to be quoted showing amount of profit 10

Q.22. On reconciliation between cost & financial account, the following facts are brought to notice.

§ Net Loss as per Financial records Rs.40,000

§ Opening stock undervalued in cost account Rs.9,500.

§ Closing stock found in excess in Financial account Rs.4,500.

§ Depreciation charged in cost records Rs.25,000 & in P/L account Rs.45,000.

§ Interest on debenture Rs.7,000 & Income from Government bond Rs.8,500 were recorded in financial accounts.

Required:- Cost Reconciliation statement 5

Best of luck

2012-03-12T21:36:00.001-07:00

New scientist

A peek inside the minds of hypersocial people with Williams syndrome has revealed how the genetic disorder affects the brain.People with Williams syndrome are known for their friendliness, although this tends to be coupled with heightened anxieties.Mbemba Jabbi at the National Institutes of Health in Bethesda, Maryland, and colleagues studied MRI scans of 14 people with the syndrome. They found that the insula – a brain region involved in emotion – was smaller than in 23 people without the syndrome.When Jabbi's team used PET scans to examine the insula in more detail, though, they found that one area of the right insula was larger in people with Williams syndrome. Those with more extreme personality differences had more grey matter here.The findings could help predict how social symptoms of the syndrome might develop, says Dubby at Newcastle University, UK. However, the people who participated in the study have a normal IQ, which is typical of only a small percentage of those with Williams syndrome, she says.

2012-03-10T05:03:00.000-08:00

2012-03-10T04:58:00.001-08:00

	Schools to be shot down....
	Nepal Teachers´ Union and Nepal Educational Republican Forum have announced strike in educational institutions beginning on Sunday saying the Ministry of Education (MoE) was not positive in real sense to address the demands of teachers´ unions. Teachers´ unions have blamed the MoE for not being ready to implement its commitment made regarding to give permanent status to temporary teachers and amend to the Education Act. Earlier on Friday, Minister for Education Dinanath Sharma and representatives of teachers´ unions had agreed to sit for talks with Chairman of Legislature-Parliament and whips of major political parties over the same issues.Gunaraj Lohani, chairman of All Nepal Teachers´ Organization, said they were forced to protest as Minister Sharma who is also the coordinator of the government talks team left for Sindhuli by abandoning the dialogue. Lohani said government and private academic institutions up to higher secondary schools will be shut down indefinitely.

2012-03-10T04:56:00.000-08:00

New Load-shedding Schedule

* Effective from March 5, 2012.

* Load-shedding will take place on the given time inside the Kathmandu Valley and 5 minutes after the given time outside the Valley.

* Depending upon the condition, load-shedding could increase/decrease by one hour.

Group/Day	Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday
Group 1	04:00-09:00 13:00-18:00	09:00-13:00 17:00-22:30	10:00-14:00 19:00-23:30	11:00-17:00	06:00-11:00 18:00-21:30	05:00-10:00 16:00-20:30	05:00-10:00 14:00-19:00
Group 2	05:00-10:00 14:00-19:00	04:00-09:00 13:00-18:00	09:00-13:00 17:00-22:30	10:00-14:00 19:00-23:30	11:00-17:00	06:00-11:00 18:00-21:30	05:00-10:00 16:00-20:30
Group 3	05:00-10:00 16:00-20:30	05:00-10:00 14:00-19:00	04:00-09:00 13:00-18:00	09:00-13:00 17:00-22:30	10:00-14:00 19:00-23:30	11:00-17:00	06:00-11:00 18:00-21:30
Group 4	06:00-11:00 18:00-21:30	05:00-10:00 16:00-20:30	05:00-10:00 14:00-19:00	04:00-09:00 13:00-18:00	09:00-13:00 17:00-22:30	10:00-14:00 19:00-23:30	11:00-17:00
Group 5	11:00-17:00	06:00-11:00 18:00-21:30	05:00-10:00 16:00-20:30	05:00-10:00 14:00-19:00	04:00-09:00 13:00-18:00	09:00-13:00 17:00-22:30	10:00-14:00 19:00-23:30
Group 6	10:00-14:00 19:00-23:30	11:00-17:00	06:00-11:00 18:00-21:30	05:00-10:00 16:00-20:30	05:00-10:00 14:00-19:00	04:00-09:00 13:00-18:00	09:00-13:00 17:00-22:30
Group 7	09:00-13:00 17:00-22:30	10:00-14:00 19:00-23:30	11:00-17:00	06:00-11:00 18:00-21:30	05:00-10:00 16:00-20:30	05:00-10:00 14:00-19:00	04:00-09:00 13:00-18:00

2012-03-10T04:51:00.002-08:00

Importance of US Economy

The Department of Commerce, exporters, state and local governments, partner organizations, and the public will come together for World Trade Week 2009 on May 17–23 to recognize the importance of international trade to the U.S. economy.

President Barack Obama and President Lula da Silva of Brazil in Washington, D.C., on March 14, 2009. The president took the occasion to note how trade “is an important engine for economic growth.” (White House photo by Pete Souza)

“World Trade Week is an opportunity to reaffirm the benefits of trade and to emphasize America's commitment to a global marketplace that creates good jobs and lifts up American families,” said President Barack Obama in a proclamation issued to mark the 76th World Trade Week. “The United States and our trading partners stand to gain when trade is open, transparent, rules-based, and fair, showing respect for labor and environmental standards.”

2012-03-10T04:12:00.000-08:00

2012-03-10T04:03:00.002-08:00

Forex Analytics

We would like to draw your attention to a section of Forex analytics, based on four main units – reviews, calendar, news and Forex TV. Forex analytics is an irreplaceable instrument of effective trading for numerous market participants. Thanks to high-quality analytical information you will always be on top of the freshest market trends, having access to professional forecasts of further market movement.
The analytical materials presented in the section are a piece of intellectual work accomplished by InstaForex analytical experts.
The reviews cannot be regarded as a direct recommendation or incentive to actions; they only comprise the analysis of the current Forex market stance. There can be cases when the attitudes of different analysts as to changes on the market vary, thus we advise you to adhere to releases of a certain expert, who – to your mind – estimates the situation on the international currency market accurately and clearly.

2012-02-16T00:02:00.005-08:00

US STOCKS CLOSED LOWER
U.S. stocks closed lower Wednesday as the euro hit a 1-week low on uncertainty over Greece's debt problems.The Dow Jones industrial average tumbled 97 points, or 0.7%, to end at 12,781. The S&P 500 fell 7 points, or 0.5%, to 1,343. The Nasdaq dropped 16 points, or 0.5%, to 2,916.Stocks were mixed earlier in the day, as investors weighed better-than-expected European economic data and China's support for the eurozone against a lack of progress in Greece.The overall shrank for the first time in more than two years in the fourth quarter of 2011, but the 0.3% decline was not as bad as economists expected. The latest figures were helped by a smaller-than-expected drop in German GDP and surprise growth in France -- the eurozone's two largest economies.Meanwhile, a China-Europe summit ended Tuesday with promises of more support from Beijing for debt-straddled Europe."China is firm in supporting the EU side in dealing with the debt problems. We match our words with actions," Chinese Premier Wen Jiabao said.

2012-02-15T07:26:00.000-08:00

2012-02-15T06:57:00.000-08:00

Accountancy(XII)Model Set----I

1. What do you mean by a registered company? Write any two features. 3

2. Mention any two differences between equity shares & debentures. 2

3. What do you mean by material control? 3

4. What are the limitations of financial statement analysis? 2

5. Give the specimen of bin card. 3

6. Mention the classification of overhead on the basis of element. 2

7. Write in brief the advantages of piece rate system of wage payment. 2

8. Write the meaning of fixed and veriable overheads with suitable examples. 3

9. A co issued 40,000 equity shares of Rs.100 each for public subscription at 120 % of par payable as follows:

On Application: 30 On Allotment: 50(including premium) On Calls: Balance amount

Applications were received for 50,000 shares and the allotment was made to all on pro-rata. All the money was called and received except the allotment and calls money of Mr KC on 1,000 shares. Subsequently the shares were forfeited by the company.

Required: Journal Entries for allotment, calls & forfeiture 6

10. A company forfeited 500 equity shares of Rs.10 each issued at a discount of 10% for the non-payment of allotment and calls of Rs.6 per share. Out of forfeited shares, 200 shares were reissued at Rs.8 as fully paid up.

Required: Journal entries for Forfeiture, re-issue & transfer. 3

11. M co. Ltd took over the following assets and liabilities of N Co. Ltd at an agreed price of Rs.5,00,000

Plant Rs. 5,00,000 18%Debenture Rs. 2,00,000

Debtors Rs. 1,00,000 Stock Rs. 50,000

Creditors Rs. 50,000 Other assets Rs.40,000

The payment was made by issuing equity shares of Rs.100 each. Besides, the company issued 3,000 shares at a premium of 10% for cash.

Required: Journal Entries for business purchase 3

12. A & Z co. Ltd issued 50,000, 13% Debentures of Rs.100 each at a premium of 10% and repayable at a premium of 20% after 3 years.

Required: Journal entries at the time of Issue & Redemption of debenture 4

13. Following is the Trial Balance a Co. Ltd as on 31^st Dec, 2010.

Particular	Dr. Amount	Particular	Cr. Amount
Stock	20,000	Equity Share Capital	1,00,000
Purchase	1,00,000	Creditors	30,000
Freight	8,000	12% Debenture	90,000
Calls in arrears	3,000	Return Outward	6,000
Wages	20,000	Sales	6,50,000
Fuel & power	8,000	Provision for Doubtful Debts	3,000
Salary & allowance	30,000	Transfer fee	2,000
Plant and Machinery	2,50,000	Profit and Loss account	48,000
Land & Building	2,00,000	General reserve	27,000
Rent	10,000	Commission & Discount	22,000
Discount on issue of share	40,000
Prepaid Insurance	10,000
Trade charges	40,000
Accrued income	42,000
Cash & bank	85,000
Interest on debenture	6,000
Income tax paid	26,000
Furniture	80,000
Total	9,78,000	Total	9,78,000

Additional Information:-

1. Insurance expired Rs.7,000 and wages due Rs.5,000 at the close of the year.

2. Depreciate plant & furniture by 15% each p.a.

3. Transfer to sinking fund Rs.12,000 out of profit.

4. Provision for tax Rs.2,000 during the current year.

5. BOD proposed equity dividend @2% on paid up capital.

Required: - i) Trading Account ii) Profit and Loss Account

iii) Profit and Loss Appropriation Account iv) Balance Sheet as 2+4+2+4

14. Following is the trail balance of ABC co. Ltd. as on 31^st Chaitra, 2064.

Particulars

DR Rs.

CR Rs.

Share capital

Wages

10% debenture

Debtors

Creditors

Land and building

Prepaid insurance

Wages outstanding

Interest received

Sales

Salary

Purchase

1,00,000

65,000

2,00,000

10,000

45,000

1,80,000

2,00,000

27,000

5,000

3,000

1,65,000

Total

6,00,000

Additional information:

i) Land and building revalued at Rs.2,15,000 at the end.

ii) Insurance is expired Rs.8,000

iii) Salary prepaid Rs. 2,000

Required: Work-sheet showing adjusting entries 8

15. Following information of a company is given below:

Capital and Liabilities

Amount

Assets

Amount

Equity Capital

Reserve

10 % debenture

Share premium

Sundry creditors

Advance income

3,50,000

40,000

60,000

10,000

25,000

15,000

Plant & Equipment

Furniture

Stock

Sundry Debtors

Investment

Cash at bank

P/L account

2,00,000

70,000

80,000

50,000

60,000

30,000

10,000.

Total

5,00,000

Total

5,00,000

Additional Information

A. Stock turnover ratio 7 times.

B. Net profit margin 20 % on sales.

Required:- i) Current Ratio ii) Quick ratio iii) Sales for the year iv) Return on share

Holder’s Equity. 1+1+1+2

16. Following Information of Basmati co. Ltd for the year 2067 is given to you.

i) Net Loss for the year Rs. 50,000

ii) Operating expenses (excluding depreciation Rs. 15,000) Rs. 1,40,000

iii) Goodwill written off Rs. 10,000.

iv) Debenture of Rs. 50,000 was redeemed at a profit of 10 %.

v) Issue of Share capital Rs.1,50,000.

vi) Plant purchased for Rs. 3,50,000.

vii) Dividend paid Rs. 25,000.

viii) A part of Plant valued Rs. 50,000 was sold at a profit of Rs. 5,000.

Required: i) Funds From Operation. ii) Funds Flow Statement. 5

17. Following are the balance sheets of a company for two years.

Capital/ Liabilities	2065	2066	Assets	2065	2066
Share Capital	160,000	4,00,000	Land and Building	3,00,000	4,50,000
Share Premium	20,000	50,000	Plant and Machinery	2,00,000	3,50,000
10 % Debenture	2,00,000	1,00,000	Sundry Debtors	50,000	80,000
Sundry Creditors	50,000	---	Bills receivable		50,000
Bills Payable	10,000	2,50,000	Cash at Bank	30,000	20,000
Retained Earning	1,60,000	2,00,000	Inventory	20,000	50,000
Total	6,00,000	10,00,000	Total	6,00,000	10,00,000

Additional Information:

a) Sales for the current year Rs. 800,000

b) Cost of goods sold Rs. 2,90,000(including wages Rs.40,000)

c) Operating Expenses ( Including depreciation Rs. 20,000) is Rs. 1,50,000.

d) A part of the plant costing Rs. 25,000 was sold at a loss of Rs. 10,000.

e) Debentures were redeemed with a premium of 10%.

f) Net profit for the year Rs.3,40,000.

Required:- Cash Flow Statement using Direct Method. 10

18. A company has purchased and issued the material in following orders.

March ----1, Opening stock 2,000 units @ Rs.6

4, Issued 1,200 units

12, Purchased 800 units of Rs.4,000

16, Return of surplus from a work-order 20 units @ Rs.7

19, Issued 900 units

22, Purchased 200 units @ Rs.4

28, Shortage in stock 5 units

30, Issued 250 units

Required: Store Ledger using FIFO method. 5

19. XYZ Co. supplied you with the following information:

Inventory need 3,00,000 units

Cost per unit Rs.1

Carrying cost 10%

Cost of placing order is Rs.100.

Rent and Insurance Charge Re 1 per unit.

Required: i) EOQ ii) Total ordering cost 2+1=3

20. ) A worker works 52 weeks a year. He produces 20 units of output per hour. The standard hourly rate is Rs.30. The standard working hour is 48 per week.

Required: Total annual earnings of the worker by using piece rate system 2

21. A calculator manufacturing company showed the following details of its production department for the previous year.

Direct materials Rs.2,00,000

Factory overheads Rs.40,000

Direct labour Rs.30,000

Office and administrative overheads Rs.10,000

The company is going to submit a tender for 4,000 units for the next batch. The costing department estimated the cost as under:

Materials Rs.10 each.

Labour Rs.8 each

Overheads are to be allocated as follows:

Works overheads will bear same relations.

Office overheads on the basis of factory cost

Company would like to earn a profit of 15% on tender price.

Required: a) Cost sheet b) Tender sheet 2+8=10

22. Following information is made available:

Financial A/C Cost A/C

Sales Rs. 2,00,000

Purchases 1,00,000

Goodwill written off 8,500

Indirect wages 10,000 Rs.15,000

Factory overheads 20,000 25,000

Selling overheads 18,000 Recorded Rs2,000 more

Interest received 5,500

Net profit 55,000

Required: Cost Reconciliation Statement 5

Good luck

2012-01-30T00:03:00.000-08:00

Problems for Work Sheet

Q.1. The following trial balance is given to you.

Trial balance of a business

As on 31^st Ashadh,2068

Dr Account

Rs.

Cr Account

Rs.

Opening stock

Purchase

Salaries& wages

Stationery & printing

Selling expenses

Carriage & clearing

Rent & rates

Fixed assets

30,000

56,000

25,000

5,000

10,000

4,000

15,000

2,00,000

Sales

Capital

Discount & commission

Creditors

Other liabilities

1,00,000

1,40,000

5,000

40,000

60,000

3,45,000

Adjustments:-

a. Closing stock Rs.10,000

b. Depreciate fixed assets by 10% p.a.

c. Commission unearned Rs.2,000.

Required:- Adjustment entries & work sheet 2+6=8

Q.2. A co prepares the following trial balance at the end of its accounting period.

Dr Account

Rs.

Cr Account

Rs.

Opening stock

Wages

Purchase

Salaries & allowance

Supplies

Dividend

15% Govt. Bonds

Plant & machinery

Preliminary expenses

50,000

20,000

1,30,000

45,000

12,000

23,000

1,50,000

2,50,000

1,65,000

Share capital

Sales income

General reserve

Interest on bond

Provision of tax

P/L account

2,60,000

2,40,000

80,000

10,000

5,000

2,50,000

8,45,000

Adjustments:-

§ Salaries still due Rs.10,000.

§ The BOD proposed dividend @ 5% and transferred to General reserve Rs.15,000.

§ Supplies on hand Rs.2,000. Provision for Tax Rs.9,500.

Required:- Work sheet with necessary adjustment entries; Income statement & balance sheet under company act 8+6+6=20

2012-01-29T06:07:00.000-08:00

Forex USA

Forex USA is your home for everything Forex. So what is Forex? Forex by definition is short for foreign exchange. This is the largest financial market in the world. It processes a 4 trillion a day volume. Forex trading is the simultaneous selling of one currency and buying of another. Different foreign currencies are traded in pairs such as GBP/ USD for example. This is done through a broker or dealer in foreign exchange. This market is basically a reflection of the countryâ€™s currency that is being traded and it is also compared to other countries economies.

When looking at USA Forex, this is a wide open financial market and doesnâ€™t require a trader to have many tools to trade in the market. All you need is a computer, high speed internet and the knowledge to do the trading. There is a profit potential here as well as risk. There are at least 8 different currencies traded and these are American Dollar, New Zealand Dollar, Canadian Dollar, Australian Dollar, Great Britain Pound, Swiss Franc, Japanese Yen, and the Euro. The market is open 24 hours a day, 7 days a week. No one can corner this particular market.

As with USA Forex, the NFA is the self regulatory industry wide organization for the United States futures sector. It protects investors, safeguard market integrity and help their members to meet regulators responsibilities. You can check the history and registration status of any individual or business that works in the U.S. futures market. It also gives you the ability to register with the CFTC and apply for membership in the NFA. You may also file a complaint against an individual or business using these resources. There are also education resources so investors may be informed and educated in the Forex market.

Forex USA complies with the NFA requirements. This regulatory agency also offers tips to protect your identity online. They also manage risk as well as setting investor confidence. Membership is mandatory in this regulatory organization and does not run on taxpayer contributions. There are registration requirements that are rigorous as well as using market surveillance and trade practices as well as strong enforcement and comprehensive compliance rules that protect the investor and the investment at the same time. They also offer dispute resolution both offline and online. This is a protective agency that seeks to provide a safe trading environment for everyone.

2012-01-28T05:41:00.000-08:00

About the American Marketing Association

The American Marketing Association (AMA) is the professional association for individuals and organizations who are leading the practice, teaching, and development of marketing worldwide.

2012-01-27T21:43:00.000-08:00

International Medical insurance is medical coverage that extends from 1 day to 5 years. It is mainly used by people traveling outside their home country for work, study, visiting relatives or pleasure.
We have products suitable for people who fall into any of the categories below:

Visitors to the USA

Immigrants

US Visa workers

Been in the USA less than 2 years

Foreign students who study inside the US

US students who study abroad

Missionaries & Aid Workers

Family members visiting relatives living in the US

US workers abroad

Schengen Visa

Workers new to the USA