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IMT-57: Financial Accounting-2014

IMT-57: Financial Accounting-2014



Q1: "Accounting is carried out for various types of business ownership". Comment.

Q2: Explain characteristics of a liability.

Q3: Analyse the following transactions and events, and identify debit-credit giving reasons:

i. Mahesh started business with cash Rs. 10,00,000.

ii. Purchased plant & machinery worth Rs. 2,50,000.

iii. Opened a bank account in ICICI bank and deposited Rs. 50,000.

iv. Purchased goods worth Rs. 1,00,000 in cash from Mr. X.

v. Sold goods worth Rs. 80,000 to Mr. Y at 10% profit on cost.


Q4: AS-1 talks about three fundamental accounting standards, explain them.

Q5: How many types of journals are there explain them.


Section B


Q1: Explain advantages of day book.


Q2: On 31st March, 2014, Pass Book showed a balance of Rs. 25,000. Prepare a Bank Reconciliation Statement from the following particulars:

1. Cheques of Rs. 20,000 were deposited in Bank on 27th March, 2014, out of which cheques of Rs. 5,000 were cleared on 1st April, 2014. Rests are not cleared.


2. On 28th March, 2014, cheques were issued amounting to Rs. 15,000, out of which cheques of Rs. 3,000 were presented in March, Rs. 4,000 on 2nd April and rests were not presented.


3. Cheques of Rs. 10,000 were deposited in Bank on 28th march, 2014, out of which cheques of Rs. 4000 were cleared on 2nd April, 2014 and rest is dishonored.


4. Interest on investment collected by bank does not appear in the Cash Book Rs. 800.


5. A B/R of Rs. 9,000 previously discounted from the bank was dishonored on 30th March, 2014 but no intimation was received from the bank till 31st


6. Bank has debited Rs. 1,500 and credited Rs. 1,200 in our Account.


Q3: Explain meaning and purpose of trial balance


Q4: Prepare the Store Ledger Account on the basis of FIFO method:

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Q5: What do you mean by dividend? Explain the dates which are relevant when accounting for dividends.



Q1: Differentiate between operating revenue and other income.

Q2: Write a short note on cash and cash equivalents.

Q3: Briefly discuss the matters to be included in the Director’s report.

Q4: Cash is the lifeblood of business. How cash flow information helps users?

Q5: Explain revenue based, assets based and capital based profitability ratios.



From the following information calculate:

a) Gross profit ratio

b) Inventory turnover ratio

c) Current ratio

d) Liquid ratio

e) Net profit ratio

f) Working capital turnover ratio

Sales Rs. 25,00,000; Cost of sales Rs. 19,20,000; Net profit Rs. 3,60,000; Average inventory Rs. 8,00,000; Other current assets Rs. 7,60,000; Fixed assets Rs. 14,40,000; Long term Debts Rs. 9,00,000; Current liabilities Rs. 6,00,000; Trade Creditors Rs. 2,00,000; Net profit before interest and tax Rs. 8,00,000.



From the following information, prepare a cash flow statement of Crispin Ltd.

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Additional Information:

a. Depreciation charged on fixed assets was Rs. 81,000.

b. An interim dividend of 15% was paid. Additional shares were issued on 31-03-14.

c. Preference shares were redeemed at a premium of 15%.

d. Fixed assets with a book value of Rs. 54,000 were sold at Rs. 33,750.



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