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Management Accounting CHP 1 & 2 – Analysis & Interpretation

TEST – 01/MA (Online) Date:


Duration : 1hr 45min Marks – 72 marks
All Questions are compulsory.
Working notes should form part of Answer.

1. Match the following: (05 marks)


a) Capital Employed = 100 1) Common size statement
b) Sales = 100 2) Intangible Assets
c) Proprietors Fund 3) Basis for Common size Balance Sheet
d) Operating Net Profit 4) Basis for Common Income Statement
e) Goodwill 5) Share Capital + Reserves – fictitious
Assets
6) G.P less operating Expenses

2. Fill In the Blanks (07 marks)


a) Securities premium should be disclosed under ______.
b) Public Deposits should be shown under ___________.
c) Trade mark is an ________ Asset.
d) Profit on sale of furniture is a _______ income.
e) Comparative statement is a part of ________ analysis.
f) ________ Analysis shows trend in performance.
g) Common size statement is also called as ___% statement.

3. State with reasons whether true or false. (06 marks)


a) Balance Sheet shows result of Activities.
b) Authorised capital is the minimum capital that can be raised by a company.
c) Loose tools should be shown under Current Assets.
d) In common size Income statement capital employed is considered equal to 100.
e) Common Size statement is a horizontal analysis.
f) Analysis is a must for interpretation.

4. Multiple Choice Questions: (06 marks)


a) Point out from the following which is not a secured loan
1) Public deposits 3) Bank overdraft secured on hypothecation of Stock
2) Mortgage Loan 4) Debentures on floating charge

b) Underwriting commission is a :
1) Tangible Asset 3) Fixed Asset
Test: 01/MA

2) Intangible Asset 4) Fictitious Asset.

c) Provision for taxation is a charge against –


1) Profit 3) Income
2) Retained Earning 4) None of the Above
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Management Accounting CHP 1 & 2 – Analysis & Interpretation

d) Share capital is Rs. 1500000, Reserves Rs 1000000, Formation Expenses Rs. 10000.
Debentures Rs. 500000. Public Deposits Rs. 300000. Calls in Arrears Rs. 10000. Find
Net Worth:
1) 2500000 3) 2480000
2) 1510000 4) 2490000
e) Increase/Decrease is a method of preparation of :
1) Common Size Statement 3) Comparative Statement
2) Income statement 4) Balance Sheet

f) Performance over two years can be Understood from


1) Common Size Statement 3) Comparative Statement
2) Income statement 4) Balance Sheet

5. Maza Ltd. was formed and incorporated on 1st April, 2008. You are given following trial
balance as on 31st March, 2009 & 31st March, 2010. You are required to prepare vertical
statement for both the years in columnar form. (April 2005) (16 Marks)
st st
31 March, 2009 31 March, 2010
Dr. (Rs.) Cr. (Rs.) Dr. (Rs.) Cr. (Rs.)
Land and Building 25,50,000 -- 25,50,000 --
Machinery 5,50,000 -- 8,00,000 --
Furniture 2,00,000 -- 3,00,000 --
Sundry Debtors 3,00,000 -- 5,00,000 --
Cash & Bank Balance 1,00,000 -- 1,00,000 --
Sundry Creditors -- 2,00,000 -- 3,00,000
Outstanding Expenses -- 20,000 -- 20,000
Sales -- 20,00,000 -- 30,00,000
Purchases 12,00,000 -- 15,00,000 --
Opening Stock -- -- 3,00,000 --
Admin. Expenses 2,76,000 -- 3,70,000 --
P/L Opening Bal. -- -- -- 7,44,000
Selling Expenses 80,000 -- 1,10,000 --
Share Capital -- 20,00,000 -- 20,00,000
Unsecured Loan -- 10,36,000 -- 4,66,000
52,56,000 52,56,000 65,30,000 65,30,000
st
Adjustment : (1) Closing Stock as on 31 March, 2010 is Rs. 4,00,000.
Test: 01/MA

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Management Accounting CHP 1 & 2 – Analysis & Interpretation

6. From the following information prepare the Common size Revenue Statement with
amount and % for the year ended on 31st March, 2010 in a vertical form suitable for
analysis : (April 2008) (16 Marks)
Particulars % on net sales of Rs. 5,00,000
Opening stock 2
Closing stock 3
Purchases 52
Office expenses 4.75
Other administrative expenses 5.75
Distribution expenses 6
Selling expenses 4
Interest (Dr.) 1.50
Indirect wages 1.50
Direct Wages 2

Provision for Income tax is to be made @ 25% on net profit before tax.

7. A & B carrying on partnership business. Their position as on 31st March 2010, 2009& 2008
is as follows: (April 2006) (16 Marks)
(i) Balance sheets as at 31st March : (Rs in lacs)
Assets 2010 2009 2008
Fixed Assets (at cost less Depreciation) 30.00 25.00 24.00
Investment 2.00 1.00 2.00
Stock in Trade 12.00 10.00 8.00
Accounts Receivable 18.00 15.00 12.00
Loans & Advances 8.00 8.00 6.00
Cash & Bank Balances 1.00 1.00 1.00
71.00 60.00 53.00
Liabilities
Partners' Capital Accounts 35.00 30.00 25.00
Partner's Current Accounts 6.00 4.00 4.00
Bank Loans 8.00 6.00 6.00
Sundry Creditors 22.00 20.00 18.00
Test: 01/MA

71.00 60.00 53.00

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Management Accounting CHP 1 & 2 – Analysis & Interpretation

(ii) Summarised Income Statements for the year ended 31st March: (Rs. in lacs)
Particulars 2010 2009 2008
Net Sales 240.00 220.00 200.00
Less : Cost of Sales 180.00 170.00 150.00
Gross Margin 60.00 50.00 50.00
Less : Operating Expenses 50.00 40.00 36.00
Net Profit before Tax 10.00 10.00 14.00
Prepare Trend Analysis Statement taking earliest year as the base. Writing Balance Sheet in
vertical form suitable for analysis in Trend Statement is necessary.

Test: 01/MA