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University University Of Dubai (UD)
Subject Accounting

Answer all the questions

Question 1

Prepare a Trial Balance for Shining Brothers Pvt. on March 31st, 2019

 

ITEMSAMOUNT ($)
Owner’s equity1,551
Drawings560
Machinery2,850
Sales2,850
Discount allowed530
Purchases1,260
Discount Received364
Bank Loan996
Creditors528
Taxes Paid720
Cash in Hand226
Bills Payable680
Inventory264
Repair461
Debtors98

Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. Discuss the purpose of preparing Trial Balance in an organization.

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Question 2

a)  “Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies and tax collection entities”.

1. Importance of Financial Accounting

2. Scope of Accounting

b) Prepare an Income statement and Balance sheet of Hendry Corp as on 31st Dec,

 

ParticularsAmount ($ ‘000)
Sales74,872
Cash9,790
Cost of Goods Sold53,960
Accounts Payable14,312
Accounts Receivable11,428
Selling, General and Administrative Expense7,248
Inventory17,034
Research and Development Expense3,964
Plant and Equipment14,308
Interest expense900
Long term Liability40,210
Land1,962
Income Tax expense2,200

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Question 3

a) Robert Industries produces only one Product. The following revenues and cost have been estimated for the forthcoming month:

Selling price, $ 250 per unit (SP)

Variable cost, $ 100 per unit (VC)

Fixed Cost, $ 56,000

The Manager of the firm wishes to know the following:

1. Calculate contribution margin per unit

2. Calculate the contribution margin

3. Calculate BEP in units

4. Calculate BEP in

5. Calculate sales value in $ to earn a profit of $50,000

b) Define the term ‘Break-even’. Explicit the importance of Break-even Analysis which is a critical step in financial analysis

Question 4

 QPR industries are in the Business of manufacturing agro equipment. Prepare the Cash Budget for the Quarter April to June, based upon the following data and additional

 

MonthSales $Purchase $Wages$Manufacturing Overheads $Office Overheads$Selling Overheads$
January60,00036,0009,0004,0002,0004,000
February62,00038,0008,0003,0001,5005,000
March64,00033,00010,0004,5002,5004,500
April58,00035,0008,5003,5002,0003,500
May56,00039,0009,0004,0001,0004,500
June60,00034,0008,0003,0001,5004,500

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Additional Information:

 1. The Cash balance on 1 April is $ 800,000.

2. Sales: 40% cash sales & 60% collected in the following

3. Purchases are all on credit and paid after 2

4. A plot of land was purchased in April for $ 87,000.

5. Wages are paid two months in arrear and all overheads settled after a month they are

6. QPR Industries is due to repaying a loan of $ 16,000 in

7. A dividend of $ 80,000 is expected to be received in

b) “Budget is a detailed plan, expressed in the quantitative term that specifies how an organization will acquire and use resources during a particular period of time” – Discuss the advantages and Limitations of Budget.

Question 5

 The Alpine Group, Inc. provides the following data for June 2018, when 15,000 units are manufactured:

 

Standard Material Cost (Per Unit)           8.50 Kg @ $7.50 / Kg

Actual Material Cost (Per Unit)                6.75 Kg @ $13.5 / Kg

Standard Labour Cost (Per Unit)             5.5 hrs @ $15 / Hr

Actual Labour Cost (Per Unit)                    6.5 hrs @ $12.2 / Hr

a) Calculate:

Direct Material Price Variance

Direct Material Quantity/Usage Variance

Total Material Cost Variance

Direct Labour Rate Variance

Direct labor efficiency variance

Total Labour Cost Variance

b) Calculate variable overhead spending variance if actual labor hours used are 260, the standard variable overhead rate is $10.40 per direct labor hour and the actual variable overhead rate is $9.30 per direct labor hour. Also, specify whether the variance is favourable or unfavorable

c) Calculate the variable overhead efficiency variance using the following figures:

 

Number of Units Produced620
Standard Direct Labour Hours Per Unit0.2
Actual Direct Labour Hours Used260
Standard Variable Overhead Rate$10.40

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d)  Variance analysis is especially effective when you review the amount of variance on a trend line so that sudden changes in the variance level from month to month are more readily Variance analysis also involves the investigation of these differences so that the outcome is a statement of the difference from expectations, and an interpretation of why the variance occurred.

Define the term “Variances Analysis” and also highlight the Advantages and Disadvantages of Variances.

Question 6

Define the term Cost. The classification depends on the nature of the organization concerned. Highlight Cost classification terms and also give examples for each of its kind.

Question 7

1.” Too much inventory is expensive and wasteful. Not enough inventories can result in lost sales”-Elucidate.

2. Inventory can be anything from boxes of ice cream cones in the storeroom at a sweet shop to a million-square-foot warehouse full of goods for a big box But in either case, accurate inventory management is a key to that company’s success.

Simply put, inventory is the goods that a business owns that it plans to sell. If your company is an apparel retailer, products become inventory when you take possession of shirts, dresses, suits, and accessories from your suppliers. Those products leave stock when they’re sold to customers. Inventory can be stored on-premises or at warehouses, distribution centers, and other facilities.

Why inventory management is so crucial to a company’s success and How to Manage Inventory?

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