1. What is accounting 2. State the golden rules of accounting 3. Journalize the following transaction- Mr.

X Starts a business for which he contributes Rs 50,000 as capital 4. From the following details find out the gross profit Sales Rs 15,000 Purchase Rs 5,000 Opening Stock Rs 3,000 Closing Stock Rs 2,000 5. From the information given below compute current ratio Cash Rs 6,000 Debtors Rs 4,000 Stock Rs 7,000 Creditors Rs 3,000 Bills Payable Rs 1,000 6. From the particulars furnished below prepare a marginal cost statement Sales Rs 30,000 Variable Cost Rs 10,000 Fixed Cost Rs 5,000 7. From the following items list out the current assets Premises Land and buildings Prepaid expenses Goodwill Inventory Cash Bank 8. What are the uses of Tally?

9. Draw up a flexible budget from the following data and estimate the overhead rate at 70%,80% and 90% plan capacity 80 % Capacity( Rs) Variable Overheads: Indirect Labour Stores Semi-Variable Overheads: Power ( 30% fixed , 70% variable )

12,000 4,000 20,000

Repairs and Maintenance (60% fixed ,40% variable) 2,000 Fixed Overheads: Depreciation 11,000 Insurance 3,000 Salaries 10,000 --------Total Overheads 62,000 -------Estimated Direct Labour hours 1,24,000 hours 10. A Public Limited company provides you the following information for periods I and II. Compute i) P/V ratio ii) BEP sales iii) Profit when sales are Rs 1,00,000 Period I II Sales Rs 1,20,000 Rs 1,40,000 Profit Rs 9,000 Rs 13,000

11. The Balance Sheet of Ambiga Sugars ltd as on 31st March,2010 as follows Liabilities Rs Assets Rs Equity Capital 2,00,000 Fixed Assets 3,60,000 10% Preference shares 1,00,000 Stocks 50,000 11% Debentures 1,00,000 Debtors 1,10,000 Retained Earnings 40,000 Bills Receivables 6,000 Creditors 90,000 Cash 4,000 Total 5,30,000 5,30,000 Compute i) Current ratio ii) Quick ratio iii) Debt Equity ratio 12. Explain BEP Analysis with suitable example 13. From the following Profit and Loss Account of Acc Ltd. Calculate funds from operation Particulars Rs Particulars Rs To Salary 7,000 By Gross Profit 45,000 To Advertisement 4,000 By Interest on investment 2,000 To Depreciation 3,000 To GoodWill Written Off 2,000 To Preliminary Expenses 1,000 To Loss on sale of Machine 1,500 To Net Profit 28,500 47,000 47,000 14. From the following particulars find out i) Material cost variance ii)Material usage Variance iii) Material price variance Quantity of material purchased 3000units Values of material purchased Rs 9,000 Standard quantity of material required per tonne of finished product 25 units Standard rate of material Rs 2 per unit Opening stock of material Nil

Closing stock of material 500 units Finished production during the period 80 tonnes 15. From the information given below, prepare a profit and loss account of a manufacturing company Rs Wages Salaries Discount allowed Discount received Carriage inwards Carriage outwards Advertisements Rent Paid Travelling expenses Depreciation Gross profit(Computed) 5,400 11,000 1,500 500 1,300 2,600 3,000 1,200 500 1,400 44,000

16. Explain the various differences between funds flow and cash flow statements 16.