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Financial Management & Accounting
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MCA (Master of Computer Application)
Subject Code MC0065 (Financial Management & Accounting)
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PART - A
PART - B
PART - C
Subject : Financial Management & Accounting
MC0065 : PART - C
| Q. 1 | Mr. Ratan’s operates two Bank accounts. The transactions upto Feb 28 are as follows:
a) Opening Balance:
Cash: Rs. 1, 500
National Bank: Rs. 11, 240 (overdraft)
Overseas Bank: Rs. 35, 460
b) Received cheque for Rs. 12, 500 in respect of sales for realizing which the National Bank charges Rs. 15
and credited the account
c) Purchased goods for Rs. 13, 210 and a cheque issued on Overseas Bank. The Bank charges Rs. 10 for
collection of the cheque to the concerned party
d) Paid office expenses Rs. 450 and Rs. 155 for stationary
e) Out of cash sales for Rs. 13, 265, a sum of Rs. 10, 000 was deposited into the National Bank account
f) Credit purchases of Rs. 15, 000 were made from Mr. Smith who sent the documents relating to the
goods through the Overseas Bank for 90% of their value. The Bank charged Rs. 115 for releasing the
document
g) Deposited Rs. 5000 in National Bank
h) A Bill receivable for Rs. 20, 000 was discounted with the Overseas Bank which charges 1% towards
discounting
i) Withdrew Rs. 5000 from Overseas Bank
j) A demand draft was purchased for Rs. 3000 from a Bank after paying Rs. 20 towards their charges and
paid to the electricity department as their deposit
k) Interest of Rs. 122 and Rs. 50 was credited and debited respectively by the Overseas Bank and
National Bank
l) An amount of Rs. 15, 000 was withdrawn from the Overseas Bank
m) Manager’s salary of Rs. 10, 000 was paid by cheque drawn on the National Bank
n) Overseas Bank collected dividends of Rs. 22, 500 and sent a credit note
o) An amount of Rs. 15, 000 was transferred from Overseas Bank to National Bank
State the amount balance in the Balance c/d in Overseas Bank Account |
| | A) | A) 15940 |
| B) | B) 16055 | | C) | C) 16057 | | D) | D) 16172 | | | | | Q. 2 | The main objectives of accounting include:
1. To maintain complete and proper records of the business
2. To protect business properties
3. To ascertain operating profit or loss
4. To ascertain the financial position of the business
5. To facilitate rational decision making |
| | A) | A) Except 1 |
| B) | B) Except 3 | | C) | C) Except 5 | | D) | D) All of the above | | | | | Q. 3 | Which of the following are types of equities?
1) Cash
2) Prepaid expenses
3) Debentures
4) Loose tools
5) Bills receivable
6) Proprietorship equities
7) Bank overdraft |
| | A) | A) 1, 2, 3, 5, 6 |
| B) | B) 1, 2, 4, 5 | | C) | C) 3, 6, 7 | | D) | D) 1, 2, 3, 4, 5, 6, 7 | | | | | Q. 4 | Mr. Ratan’s operates two Bank accounts. The transactions upto Feb 28 are as follows:
a) Opening Balance:
Cash: Rs. 1, 500
National Bank: Rs. 11, 240 (overdraft)
Overseas Bank: Rs. 35, 460
b) Received cheque for Rs. 12, 500 in respect of sales for realizing which the National Bank charges Rs. 15
and credited the account
c) Purchased goods for Rs. 13, 210 and a cheque issued on Overseas Bank. The Bank charges Rs. 10 for
collection of the cheque to the concerned party
d) Paid office expenses Rs. 450 and Rs. 155 for stationary
e) Out of cash sales for Rs. 13, 265, a sum of Rs. 10, 000 was deposited into the National Bank account
f) Credit purchases of Rs. 15, 000 were made from Mr. Smith who sent the documents relating to the
goods through the Overseas Bank for 90% of their value. The Bank charged Rs. 115 for releasing the
document
g) Deposited Rs. 5000 in National Bank
h) A Bill receivable for Rs. 20, 000 was discounted with the Overseas Bank which charges 1% towards
discounting
i) Withdrew Rs. 5000 from Overseas Bank
j) A demand draft was purchased for Rs. 3000 from a Bank after paying Rs. 20 towards their charges and
paid to the electricity department as their deposit
k) Interest of Rs. 122 and Rs. 50 was credited and debited respectively by the Overseas Bank and
National Bank
l) An amount of Rs. 15, 000 was withdrawn from the Overseas Bank
m) Manager’s salary of Rs. 10, 000 was paid by cheque drawn on the National Bank
n) Overseas Bank collected dividends of Rs. 22, 500 and sent a credit note
o) An amount of Rs. 15, 000 was transferred from Overseas Bank to National Bank
State the amount balance in the Overseas Bank Account |
| | A) | A) 77804 |
| B) | B) 55260 | | C) | C) 77760 | | D) | D) 77882 | | | | | Q. 5 | Mr. Ratan’s operates two Bank accounts. The transactions upto Feb 28 are as follows:
a) Opening Balance:
Cash: Rs. 1, 500
National Bank: Rs. 11, 240 (overdraft)
Overseas Bank: Rs. 35, 460
b) Received cheque for Rs. 12, 500 in respect of sales for realizing which the National Bank charges Rs. 15
and credited the account
c) Purchased goods for Rs. 13, 210 and a cheque issued on Overseas Bank. The Bank charges Rs. 10 for
collection of the cheque to the concerned party
d) Paid office expenses Rs. 450 and Rs. 155 for stationary
e) Out of cash sales for Rs. 13, 265, a sum of Rs. 10, 000 was deposited into the National Bank account
f) Credit purchases of Rs. 15, 000 were made from Mr. Smith who sent the documents relating to the
goods through the Overseas Bank for 90% of their value. The Bank charged Rs. 115 for releasing the
document
g) Deposited Rs. 5000 in National Bank
h) A Bill receivable for Rs. 20, 000 was discounted with the Overseas Bank which charges 1% towards
discounting
i) Withdrew Rs. 5000 from Overseas Bank
j) A demand draft was purchased for Rs. 3000 from a Bank after paying Rs. 20 towards their charges and
paid to the electricity department as their deposit
k) Interest of Rs. 122 and Rs. 50 was credited and debited respectively by the Overseas Bank and
National Bank
l) An amount of Rs. 15, 000 was withdrawn from the Overseas Bank
m) Manager’s salary of Rs. 10, 000 was paid by cheque drawn on the National Bank
n) Overseas Bank collected dividends of Rs. 22, 500 and sent a credit note
o) An amount of Rs. 15, 000 was transferred from Overseas Bank to National Bank
State the amount balance in the Balance c/d in Cash Account |
| | A) | 1140 |
| B) | 1120 | | C) | 1160 | | D) | 1150 | | | |
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