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Shree, Chanakya Education Society'sINDIRA SCHOOL OF BUSINESS STUDIES, PUNE

POST GRADUIA TE DIPLOMA IN MANAGEMENT (pGDM)

Mid-Semester Examination- September 2011Semester - I

,'i SUBJECT: ACCOUNTING FOR MANAGERS

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Code: 102

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Total Marks: 40 marks Duration: 1 Y; hours

Note: 1. Attempt any 4 questions out of the given five questions:

Q.i.) Journalize the followtIi-g":tfa~iisactions in thebooks of MzsSanjay Traders(lO marks)

1.4.2011

4.4.20115.4.20117.4.20118.4.201110.4.2011,15.4.201118.4.201120.4.201125.4.2011

Started business with BankA/C 20,00,OOO,Cash2,25,OOO,Machinery 15,00,000Furniture 3,OO,OOO,Borrowedfrom SB1600000Purchased goods from Rajesh traders Rs.5,OO,000 at IO%T.D.Sanjay took goods worth Rs. 12,000 & cash Rs 10000 for personal useSold goods to Rohan Rs. 4,00,000 at 10% T.D,Rohan was offered 2% cash discount. He accordingly settled his AlePurchased stationery from Pragati Traders.Rs.Zt.OiX'Purchased I500shares of Rs.I 00 each in WIPRO Ltd."paid 2% Brokerage.Paid salaryRs. 1,80,000 by cheque.Received quotations from Xerox Copiers for a machine costing Rs.25000.Vijaywas declared insolvent.25 paise in a rupee was recovered .Total Debtswas Rs.500000

" Q.2.) Write Accounting Equation for the following transactions (10 marks)

Date

1.4.2011!'. 2.4.2011.

5.4.2011.8.4.2011'15.4.2011.16.4.201117.4.201118.4.20:1129.4.201130.4.2011

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Transactions

Shivam started business with Bank balance RsI5,OO,000 & Cash Rs.8,OO,OOOPurchased goods on 'credit for Rs.4,OO,OOO,Purchased goods on cashRs.l 0,000Purchased Machinery by cheque Rs.50,000 -Withdrawn money for personal use Rs.50,000 '.Sold goods on credit costing Rs.I 0,000 for,RS.!2,OOO"Paid rent by cheque Rs. 20,000Purchased Furniture for cash Rs.l 0,000Paid salaries by cash Rs.I 0,000Goods destroyed by fire costing Rs;IOOO,saleprice Rs.2000

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Q.3. Write short notes:(any2) ,"'-' (10 marks)',

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:~ ;") 'f:a) Explain in 1 sentenc~:'Drawings, Outstanding Expensesb) Accounting Equation' ,c) Management Ac'co#ting'd) Consistency Princip~'.:'

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~.4.)What are financial ~tat~ments.;Explain its significance. (10 marks)

Q.5.)From the following prepareIncome Statement & Balance Sheet of Aditi& Co. Ltd for,theyear 2010-11 , ":::' ',' ; " (10 marks)

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Debit balances (Rs) Credit Balances ,(Rs)Opening stock - 40,000 Capital 400,000

Purchases 201,120 Sales 900,000Sales Returns 5,000 Creditors '131,000Bad debts 2,940 Purchases Returns 2,720Interest paid 16,000 Interest received 2,400Insurance 1,500

Debentures 180,000Advertising 45,740

Warehousing 29,980

Debtors 57,120

Wages & salaries < 72,560 "

Rates & Taxes ':'1,972

Machinery 200,000

Land & Building (.' 140,000 .:.;

Furniture ' 68,000 ['I

Conveyance 13,920

Traveling 75,084

Power & Fuel 88,052

Telephone ]7,548

Electricity 5,928 "

Cash 6,323

Bank 107,333

Total: 1,436,120 Total: 1,436,120"

Following additional adjustments are to be made.• Depreciation to be provided: " '• Machinery (20%),'Land & Buld. (10%) Furniture (15%)• Wages & Salaries are prepaid Rs. 14,000• Closing stock is valued at Rs. 156000'• Tax rate is 35% & outstanding• Proposed dividend payout is 50%

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