Vidya Mandir Ind.

PU College
Accountancy
2nd PUC
Assessment 1-July 2020
Total Marks:30

ANSWER ALL QUESTIONS:-

1) The following is the statement of Profit and Loss of Ganesh Ltd for the year
ended 31-31-3-19

Particulars
Revenue from operations (1) Rs.10,00,000
Less: Expenses
Cost of Materials Consumed Rs.50,000
Purchases of stock in trade Rs.5,00,000
Other expenses Rs.3,00,000
Total Expenses(2) Rs.8,50,000
Profit before tax(1-2) Rs.1,50,000

Other Data:

a)Trade receivables decreased by RS.30,000 during the year.

b)Prepaid expenses increased by RS.5000 during the year.
c)Trade Payables increased by RS.15,000 during the year.
d)Outstanding expenses increased by RS.3,000 during the year.
e)Other expenses included depreciation of RS.25,000.

Calculate net cash flow from operating activities under indirect method.

(6 marks)

2)From the following particulars,calculate:-

a)Inventory Turnover ratio

b)Trade Receivables Turnover ratio
c)Trade Payables Turnover ratio
d)Gross Profit ratio
e)Operating ratio
f)Net Profit ratio

Revenue from Operations Rs.10,00,000

Gross Profit Rs.2,00,000
Average Inventory Rs.1,00,000
Net Credit Revenue from Operations Rs.6,00,000
Average Trade Receivables Rs.1,50,000
Net Credit Purchases Rs.5,00,000
(Average Trade Payables Rs.2,50,000
Operating Expenses Rs.1,00,000
Net Profit Rs.1,00,000

(12 marks)

3)Ram Ltd issued 30,000 Equity Shares of RS.10 each at a premium of

Re.1 per share.
The amount payable was as follows:

Rs.2 on application
Rs.5 on allotment(including premium)
Rs.4 on first and final call

All the shares were subscribed and amount duly received except first and
final call on 2,000 shares.
These shares were forfeited and re-issued at Rs.8 per share as fully paid.

Pass Journal Entries in the books of the company to record the above
transactions.
(12 marks)