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Name: Roll No. Section:
Indian Institute of Management, Kozhikode
Quir-3 ‘Max Marks: 25 Date: 28” July, 2016
Course: Management Accounting-1 (Section E & F)
NB:
2, 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 account balance in the ledger of TorRaj Pvt Limited on 31 March, 2016 before adjustments were as
follows:
Debit balances (Rs) Credit balances (Rs)
Cash and bank 75,500 Accounts payable 40,600
Accounts receivables 36,800 Long Term Bank Loan 50,000
Inventory 41,25,000 Equity Capital 40,000
Prepaid insurance 1,300 Retained Earnings 37,400
Selling & Distribution Expenses 15,600 Sales Revenue 2,00,000,
Salaries and wages 50,800
Equipment (net) 63,000
3,68,000 000
The data for the adjustments are:
‘The ending inventory is 19,300.
The current year depreciation on equipment is Rs 5,000,
‘The insurance premium expired in current is Rs 1,200.
The outstanding interest on Long Term Bank Loan is Rs 5,000.
Provision for income tax is Rs 2,000.
You are required to:
a. Set up T accounts (Ledger) with the balances given above.
'b, Post Adjustment entries in T accounts (Ledger), adding other T accounts as necessary.
Prepare an income statement for the fiscal year ending 31" March, 2016 and balance sheet as
on 31" March, 2016.
Page 1 of S Name: Roll No. : Section:
Ledger Book: Particulars column is not compulsory
Cathe, Banle Ada
bel 75,500 Bel. 26,404
Lave eg Prepuid lwracance
Br). 125,90 @) 105,700 Rod 4 BO {200
Gelling & Dist Ene: Rolavies urged
Bal - 15,600 tel. 50,600)
Equiipme b- Aecesuns Reyeble
G4 63900 5000 Bul» 49,600
Leng Tea Urn Equity Copibd
Bal - 50,57 Bol p00)
Page 2 of 5 © 5000 12.00}
Tatorot” Ene We Os Tlroh-
oe fa) seo
Tncomo Tax Bo P> Peovigion ft Tax
A 2.000 As) 2000
Sales Rey: Afe
Bal.
Page 3 of S
