hi friends
I m the new member of this site. i have to submit my ICWAI assignment on 30th august.
i have solved so many questions but few questions are left. please help me
Manisha Rana (accounts manager) (41 Points)
23 August 2009hi friends
I m the new member of this site. i have to submit my ICWAI assignment on 30th august.
i have solved so many questions but few questions are left. please help me
C.A. Sanjay Bhatia
(CA)
(496 Points)
Replied 23 August 2009
Pease attach the questions which you like to get solved.
Manisha Rana
(accounts manager)
(41 Points)
Replied 24 August 2009
Fill in the blanks:- 1. Excess of expense over income is called as deficit in a non trading organisation.
2. Discount received is recorded on Debit side of the cash book while discount given is recorded on the Credit side of it.
3. Fixed overheads are charged to cost of production under _______ costing, whereas only variable costs are considered as product cost under ________costing.
4. Bills payable account is a _________ account and closing stock account is ________ account,
5. Posting from a purchase return book is made to debit of _______ accountand to the credit of _______ account.
State with reasons whether the following statements are true or False
i) Errors of omission with not affect TRIAL BALANCE. ( false)
ii) piece rete method can be adopted in any industry.
iii( credit sale of stationery by Bomaby Stationery Mart will be recorded in Sales Book. ( TRUE)
iv) Fixed cost per unit changes and variable cost per unit is same. ( False)
v) The entry for bill of exchange discountedwith the bank s passed in the books of drawee of the bill. (True)
Give one word answer:-
1. costs that vary with output but not in same proportion.
2. Prime Cost plus factory overheads.
Manisha Rana
(accounts manager)
(41 Points)
Replied 24 August 2009
d) P Ltd had an opening stock of Rs 2640 (300 units valued at Rs 8.80 each) on 1st April. The following receipts and issues were recorded during April 10th April Receipt 1000 units Rs 8.60 per unit 23rd April Receipt 600 units Rs 9.00 per unit 29th April Issues 1700 units Under LIFO method, what was the total value of issues on 29th April? (i) Rs 14840 (ii) Rs 14880 (iii) Rs 14888 (iv) Rs 15300 12
Test Papers — Foundation
e) The following data relates to stock item A452 : Average usage 100 units per day Minimum usage 60 units per day Maximum usage 130 units per day Lead time 20-26 days EOQ 4000 units The maximum stock level is : (i) 4780 units (ii) 5080 units (iii) 5380 units (iv) 6180 units
Manisha Rana
(accounts manager)
(41 Points)
Replied 24 August 2009
Q. 1. (1) Please choose the correct answer from the alternatives given (1
×10 marks)
a) The time period principle assumes that an organization’s activities can be divided into specific time periods including : (i) Months (ii) Quarters (iii) Years (iv) All of above b) The accounting principle that requires revenue to be reported when earned is the : (i) Matching principle (ii) Revenue recognition principle (iii) Accounting period principle (iv) Going concern principle c) Adjusting entries (i) Affect only income statements (ii) Affect only balance sheet accounts (iii) Affect both income statements and balance sheet accounts (iv) Affect cash flow statements d) The recurring steps performed each accounting period, starting with analyzing and recording transactions in the journal and continuing through the postclosing trial balance, is referred to as the : (i) Accounting period (ii) Operating cycle (iii) Closing cycle (iv) Accounting cycle 10 e) If a company failed to make an adjusting entry at the end of its accounting period to record depreciation for this period, the omission will cause : (i) An understatement of expenses (ii) An overstatement of revenues (iii) An understatement of assets (iv) An overstatement of liabilities f) Which of the following assets is not depreciated? (i) Fixtures (ii) Motor car (iii) Land (iv) Machinery g) If furniture is bought on account, it will result into (i) Increase in asset & decrease in liability (ii) Increase in liability and increase in asset (iii) Decrease in asset & decrease in liability (iv) Increase in liability and decrease in asset h) Which of the following is an item of expense (i) Charges paid for installation of machinery (ii) Recovery of electricity bills paid for employees (iii) Payment of electricity deposit (iv) Payment of electricity bill i) Material was purchased for Rs 25000 and freight was paid for Rs 5000 for bringing it to the warehouse. Half of it was sold for Rs 25000. The company maintains the policy of selling at 66.67% above cost. The value of closing stock will be (i) Rs 12500 (ii) Rs 15000 (iii) Rs 20875 (iv) Can’t say j) The prepaid expenses account showed an opening balance of Rs 10000 and closing balance of Rs 17500. The effect of this will mean (i) Decrease in profit by Rs 10000 (ii) Increase in profit by Rs 17500 (iii) Increase in profit by Rs 7500 (iv) Decrease in profit by Rs 7500 Test Papers — Foundation (2) Classify the following into asset, liability, expense or income (5 marks) a. Rent received in advance b. Prepaid insurance c. Provision for doubtful debt d. Deposit with government office e. Commission received f. Cash received from customer g. Employer’s contribution to provident fund h. Unsold material i. Carriage inwards j. Free samples distributed (3) Please choose the correct answer from the alternatives given. Show your calculations. (3 a) The annual fixed costs of a company are Rs 60000. It manufactures a product which it sells at Rs 20 each. The contribution to sales ratio is 40 per cent. The breakeven point in units is (i) 1200 (ii) 3000 (iii) 7500 (iv) 5000 b) The selling price of a product is Rs 9 per unit with variable cost of Rs 6 each and the fixed costs are Rs 54000 per month. In a period when actual sales are Rs 180000, the margin of safety in units is : (i) 2000 (ii) 14000 (iii) 18000 (iv) 20000 c) A company had opening stock of raw material during the period were Rs 270000. The closing stock was valued at Rs 110000. The inventory turnover ratio is : (i) 2.45 (ii) 2.50 (iii) 3.00 (iv) 1.22
CMA RAVI GUPTA
(MT in VPL)
(493 Points)
Replied 25 August 2009
hi manisha, don't worry about this..
a. fill in the blanks.1. expenses,income 2.credit side,debit side 3.standard costing,marginal costing 4.personal account,real account
5creditro,purchase return account
b.1true 2. 3.true 4.true 5.true.
c. 1.fixed cost 2.works cost
Richa Arora CA Final
(article)
(70 Points)
Replied 28 August 2009
Give one word answer:-
1. costs that vary with output but not in same proportion. Ans. Semi Variable Cost 2. Prime Cost plus factory overheads. Ans. Gross Factory Cost
Richa Arora CA Final
(article)
(70 Points)
Replied 28 August 2009
d) P Ltd had an opening stock of Rs 2640 (300 units valued at Rs 8.80 each) on
1st April. The following receipts and issues were recorded during April 10th April Receipt 1000 units Rs 8.60 per unit 23rd April Receipt 600 units Rs 9.00 per unit 29th April Issues 1700 units Under LIFO method, what was the total value of issues on 29th April? (i) Rs 14840 (ii) Rs 14880 (iii) Rs 14888 (iv) Rs 15300
Deepak Mishra
(Chairman)
(36 Points)
Replied 29 August 2009
Hi freinds
DMC is No 1 CWA institute in Ghaziabad.
we providing separate batches for CWA students.
Contact: 9810 74 76 78, 9310 74 76 78 ( Deepak Mishra)
Deepak Mishra
(Chairman)
(36 Points)
Replied 29 August 2009
CWA Coaching Ghaziabad
DMC is the only institute providing coaching to CWA students, separate with CA batches,
Cont: 9810 74 76 78, 9310 74 76 78 ( deepak Mishra )
Deepak Mishra
(Chairman)
(36 Points)
Replied 29 August 2009
CS Coaching Ghaziabad
DMC No 1 Coaching Institute in ghaziabad , providing separate batches to CS students.
We provide CS batches seprate, not with CA or CWA or with B.Com batches.
siva
(student)
(23 Points)
Replied 14 July 2012
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
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