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ASSIGNMENT
QUESTION1. From the following particulars prepare a summarized Balance
Sheet of a firm as on 31. 03.2016 :
Fixed Assets to Net Worth 0.8 : 1
Current Ratio 3 : 1
Reserves included in Proprietors Fund 25 %
Acid Test Ratio 3: 2
Fixed Assets Rs. 8,00,000
Cash and Bank Balance Rs. 15,000
Current Liabilities Rs. 1,50,000
The firm has no Bank Overdraft.
Answer1.
FA to Net worth = 0.8:1
Current Ratio = 3:1
DRIVE SUMMER 2016
PROGRAM MBA
SEMESTER I
SUBJECT CODE & NAME MB0041- FINANCIAL AND MANAGEMENT
ACCOUNTING
BK ID B1624
CERDIT 4
MARKS 60

2. QUESTION2. Define and distinguish between Financial Accounting and
Management Accounting.
Answer2.
Financial Accounting
Financial accounting is the process of recording, summarizing and reporting the myriad of
transactions resulting from business operations over a period of time. These transactions are
summarized in the preparation of financial statements, including the balance sheet, income
statement and cash flow statement, that
QUESTION3. Balance Sheets of Bhaskar and Soumya Corporation are given
below :
During the year Bhaskar and Soumya introduced additional capital of Rs.
20,000 and drew Rs. 60,000. Provision for Depreciation of Machinery –
Opening Balance Rs. 2,00,000 and Closing Balance Rs. 2,20,000. No
depreciation was provided on other assets. The value of Building was
increased by Rs. 25,000 and the same was adjusted with Capital Account.

3. Prepare Cash Flow Statement as per AS-3 Indirect method.
Answer3.
Bhaskar and Saumya Corporation
Cash Flow Statement
(for the year ended 31 March 2016)
QUESTION4. a) Write a note on “Schedule of Changes in Working Capital”.
Answer4a. The information relating to the changes in current natured accounts between two
periods of time presented in the form of a statement is what we call the schedule/statement of
changes in working capital.
Preparing the schedule/statement of changes
b) Prepare a Schedule of changes in Working Capital from the Balance Sheets
given :

4. Answer4b.Here is the schedule of changes in working capital
Current Assets 2015 2016 Increase Decrease
Stock 77000 109000 32000
S.Debtor 140000 170000 30000
Bill Receivables 20000 30000 10000
15000 10000 5000
QUESTION5. A Ltd. and B Ltd. Sell the same type of product in same
type of market. Their budgeted Profit & Loss for the year ending 2015
are as under : A Ltd. B Ltd.
Rs. Rs. Rs. Rs.
Sales 1,50,000 1,50,000
Less : Variable Cost 1,20,000 1,00,000
Fixed Cost 15,000 35,000
1,35,000 1,35,000
Budgeted Profit 15,000 15,000
a) Calculate the BEP and (b) Margin of Safety in each business, (c)
State which business is likely to earn greater profits in conditions of
(i) heavy demand for their product (ii) low demand for their product
Answer5. a. A B
B.E.P =
𝑇𝑜𝑡𝑎𝑙 𝐹𝑖𝑥𝑒𝑑 𝐶𝑜𝑠𝑡
𝐶𝑜𝑛𝑡.𝑃𝑒𝑟 𝑈𝑛𝑖𝑡
𝑇𝑜𝑡𝑎𝑙 𝐹𝑖𝑥𝑒𝑑 𝐶𝑜𝑠𝑡
𝐶𝑜𝑛𝑡.𝑃𝑒𝑟 𝑈𝑛𝑖𝑡
or

5. QUESTION6. a) DistinguishbetweenBudgetary Control andStandard Costing.
Answer6a.StandardCostingandBudgetaryControl are the twosystems of costing, which are quite
similar to each other like both provides a benchmark which helps to compare the actual
performance with the estimated figures. The two aims at controlling costs and measuring the
performance byfixingtargets.Thesetwosystemsare neitheralike norinterdependent. The former,
forecasts, cost accounts but the later projects detail about financial accounts. Similarly, there are
many differences between Standard Costing and Budgetary Control, which has been discussed
below.
b) Particulars given :
Opening Stock of Materials - NIL
Closing Stock of Materials - 700 units
Materials purchased 4,000 units @ Rs. 2.50 each
Standard quantity of Materials required per tonne of finished product - 20
units
Standard rate of Material - Rs. 2 Finished products for the period - 100
tonnes
Calculate : I. Material Cost Variance II. Material Price Variance III. Material
Usage Variance
Answer6b.
Basic calculations to be made as follows –
(i) Actual quantity of material used = Opening Stock+ Purchase- Closing Stock
= Nil + 4000 units – 700 units
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6. or
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