DNYANSAGAR INSTITUTE OF MANAGEMENT AND RESEARCH. MBA-I/SEM-I/ ASSINGNEMENT (2017-2018) Note: Last date of Submission of all assignments is 04-11-2017 Instructions and evaluation criteria: 1. All questions are compulsory 2. Some assignments should be hand written on ruled sheets only and MS-Word printout. 3. Assignment must be submitted to the concerned faculty only Subject: Accounting for Business Decision 101 Assignment No.1 Explain the meaning and significance of: a. Financial Accounting b. Cost Accounting c. Management Accounting w.r.t. an organization of your choice (if you have any work experience you can choose the organization where you have worked, if not you can choose any organization). Your answer should cover the following points: Brief description of the organization (in 3-4 sentences) Meaning of financial accounting and it s correlation with the selected organization Types of financial statements prepared by the selected organization and their purpose Meaning of cost accounting and it s correlation with the selected organization Types of cost statements prepared by the selected organization and their purpose (if no such statements are prepared, they you have to specify the reason of not maintaining such statements) Meaning of management accounting and it s correlation with the selected organization How management accounting can be useful in your selected organization Assignment No.2 Following information relates to the purchases and issues transactions of XPZ category graphite at Kokuyo Camlin Limited s store at Chakan Pune, prepare stores ledger account as per FIFO, LIFO simple average and weighted average method and ascertain the value of closing stock as on 31st October 2016: Date Particulars
1st Oct Opening Balance 1500 units @ Rs. 25/- 3rd Oct Issued 700 units 3rd Oct Issued 100 units 4th Oct Loss (Spoilage/destroyed/theft) 17 units 5th Oct Received from Vendor 200 units @ Rs. 24/- 6th Oct Refund of a surplus from a work order 15 units @ Rs. 24/- 7th Oct Issued 180 units 8th Oct Received from Vendor 240 units @ Rs. 23/- 9th Oct Issued 3040 units 10th Oct Received from Vendor 320 units @ Rs. 23.50/- 11th Oct Issued 119 units 12th Oct Refund of a surplus from a work order 15 units @ Rs. 24/- 18th Oct Received from vendor 100 units @ Rs. 24/- 11th Oct Issued 119 units Assignment No.3 From the following transactions of Mrs. Joshi, you are required to prepare Trading A/c, profit and loss a/c and balance sheet for the year ended 31-03-2016
Assignment No.4 Write short notes on: a. Relevant Cost b. Irrelevant Cost c. Sunk Cost d. Opportunity Cost Assignment No.5 A company has three production departments and two service departments, their primary Distribution of the cost as follow The expenses of the services department are charged on percentage basis as follows: Show secondary distribution under: a. Repeated distribution method b. Simultaneous equation method
Assignment No.6 Cash in hand of ABC Ltd. on 1st January, 2015 is 37500/-. From the information given below prepare an estimate of cash position during the three months, January to March, 2015. Assignment No.7 From the following information compute: a. Material Mix Variance b. Material Usage Variance
Assignment No.8 Assignment No.9 Based on the below mentioned details about ABC Ltd. and XYZ Ltd. for the year ending 31-03- 2016, calculate: c. Profit Volume Ratio and Break Even Point d. Margin of Safety Assignment No.10 Standard Price of Material Standard Quantity Standard Production Actual Production Rs 5 per unit 10 units of material per unit of output 100 units 90 units Calculate Material Yield Variance
Assignment No.11 - From the following particulars find the i) Material Cost Variance ii)material Usage Variance iii)material Price Variance Quantity of Material Purchased 3000 units Value of materials purchased Rs 9,000 Standard quantity of material required per 25 units tonne of finished product 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 Assignment No.12 A Factory manufacturing sewing machines has the capacity to produce 500 machines per annum. The marginal (variable) cost of each machine is Rs 200 and each machine is sold for Rs 250. Fixed overheads are Rs 12,000 per annum. Calculate the break even points for output and salas and show what profit will result if output is 90% of capacity? Assignment No.13 Following are the extracts from the Trial Balance of a firm: Trial Balance As on 31 st December, 2015 Particulars Amount Dr. Sundry Debtors 50,000 Provision for Bad Debts 5,000 Provision for Discount 2,000 Bad Debts 3,000 Discount 1,000 Additional Information: i) Additional Bad Debts Rs 1,000 ii) Additional Discount Rs 500. iii) Create a provision for bad debts @10% on debtors. Amount Cr. iv) Create a provision for discount@5% on debtors.
Pass the necessary journal entries, Prepare Provision for Bad Debts Accounts and Provision for Discount on Debtors Account and show how the different items will appear in the Firm s Final Accounts. Assignment No.14 From the following balance extracted from the books of M/s Rajendra Kumar & Co., pass the necessary closing entries, prepare a Trading and profit & loss Account and a Balance Sheet. Particulars Rs Particulars Rs Opening Stock 1250 Plant & Machinery 6230 Sales 11800 Returns Outwards 1380 Depreciation 667 Cash in hand 895 Commission(Cr.) 211 Salaries 750 Insurance 380 Debtors 1905 Carriage Inwards 300 Discount(Dr.) 328 Furniture 670 Bills Receivable 2730 Printing Charges 481 Wages 1589 Carriage Outwards 200 Returns Inwards 1659 Capital 9228 Bank Overdraft 4000 Creditors 1780 Purchases 8679 Bills Payable 541 Petty Cash in Hand 47 Bad debts 180 The Value of stock on 31 st December, 1999 was Rs 3,700.
Assignment No.15 Pass the Opening Entry on January1, 2009 on the basis of the following information taken from the business of Mr. Sunil: Rs Cash in Hand 2,000 Sundry Debtors 6,000 Stock of Goods 4,000 Plant 5,000 Land & Buildings 10,000 Sundry Creditors 10,000 Assignment No.16 Prepare cost sheet showing the total cost per tone for the period ended 31 st Dec,2010 Raw Materials 33000 Rent and taxes(office) 500 Productive wages 35000 Water supply 1200 Direct expenses 3000 Factory insurance 1100 Unproductive wages 10500 Office insurance 500 Factory rent and taxes 7500 Legal expenses 400 Factory Lighting 2200 Rent of Warehouse 300 Factory heating 1500 Depreciation: Motive power 4400 Plant and Machinery 2000 Haulage 3000 Office building 1000 Director s fees(works) 1000 Delivery Vans 200
Director s fees(office) 2000 Bad debts 100 Factory cleaning 500 Advertising 300 Sundry office expenses 200 Sales department salaries 1500 Expenses 800 Up keeping of delivery vans 700 Factory stationary 750 Bank charges 50 Office Stationary 900 Commission on Sales 1500 Loose tools written off 600 The total output for the period has been 10,000 tones