Name:, ‘E jo: Section: __ Quiz-2 Max Marks: 25 Date: 20" July, 2016 ‘Course: Management Accounting-I (Section E & F) Duration: 30 minutes: NB: a, Answer all the questions in the space provided for each question. No negative ‘marking. ‘b. Answers written with Pencil shall not be considered for evaluation. Question: The balance sheet of GM Trading Pvt Ltd in the beginning of the financial year 2016-17(or at the end of the previous financial year 2015-16) was as under: Balance Sheet of GM Trading Pvt Ltd as on 31% March, 2016 Assets ‘Amount | Liabilities and Shareholders’ | Amount Funds Cash and Bank. 20,000 | Accounts Payables 5,000 ‘Accounts Receivables 15,000 | Outstanding salaries and wages 750 Inventory 3,000 | Long Term Loan 8,000 Equipment 5,000 | Equity Capital 2,000 Building 12,000 | Retained Earnings 39,250 55,000 55,000 ‘The management of the company has projected the following major transactions in the First Quarter of 2016-17 ie. from 1 April, 2016 to 30 June, 2016: 4. The company will purchase inventory cost of Rs 20,000 on credit. 2. Credit sales revenue will be Rs 80,000 and cash sales revenue 20,000 3. The projected payments during this quarter are as follows: a. Payment of salaries and wages Rs 25,000 including Rs 600 for the previous year. b. Payment of administration, selling and distribution services Rs 6,000. ‘This includes Rs 1,000 payment for second quarter of 2016-17. c. Payment for other miscellaneous expenses Rs 1,500 d. Payment to suppliers Rs 22,000 e. Payment for interest on long term loan Rs 200 4, Collection from customers Rs 75,000 5, Depreciation on equipment and building will be Rs 250 and Rs 150 respectively for three months period current quarter. 6. Income tax provision would be Rs 12,000 for current quarter. 7. The inventory at the end of the first ic. 30 June, 2016 will be Rs 1,500. be Rs You are required to prepare Balance Sheet and Income Statement of GM Trading Pvt Ltd as of 30" June 2016. Page 1 of 3Name: Roll No: Section: __ Balance Sheet of GM Trading Pvt Limited as on 30 June, 2016 Liabilities and Shareholders’ Funds: Current Liabilities: Accounts payable O]5 sakasies Provision hos tox Non-Current Liabilities: Long Jeem loan Shareholders’ Funds: Equi yy Cap Yo! RE (39,250 + 35,000-0) Total Liabilities and Shareholders’ Funds Particulars Amount. Assets: Current Assets: Cash 60300 Accounts Recewables 20000 Inventoay \soo 4 Paepoidl Exp 1000 Non-Current Assets: Equipment epioe) Builoling 1,850 Total Assets} AP 400 3000 Iso 12000 3,000 20 00 7h, 250 94,400 +1 Page 2 of 3Roll No: ee Section: Income Statement of GM Trading Pvt Ltd for the quarter ended 30% June, 2016. po ed Page 3 of 3 Particulars [Amount Boles Revenue '- Credit sales 0000}- Cash sole s 2.0000 — \eqoeo Ex penses i= @ Sclaries 2h hOOV- © Adan, sda & Distexp) TOOOr © Miscellaneous xP 1s00- © Depxeciahon on equip | 25Or © Depaeachdn 0 Build SOL © COGS 2.1,g00}- oo $2,300) pait 141,200} oO terest poe PRT 27,000 (> Tax €*P 12, 000} PAT 35,000|_ Moaks,