Solutions to Assignments
MMPC -004 - ACCOUNTING FOR MANAGERS
Question No. 1
From the following Trial Balance prepare Trading and Profit and Loss Account for the year
ended 31st December, 2020 and Balance Sheet as on that date:
Adjustments:
(a) Provide for wages Rs. 5,000.
(b) Write Off 5% depreciation on freehold premises and 10% on office furniture.
(c) Insurance to the extent of Rs. 200 relates to 2021.
(d) Stock on 31.12.2020 is Rs. 5,20,00.
(e) Charge interest on capital 5% and on drawings Rs. 300.
(f) Further bad debts are Rs. 1,000.
(g) Provide for doubtful debts @ 5% on sundry debtors.
(h) Make provisions for discount on debtors and reserve for discount on creditors @2%.
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Question No. 2
What is activity based costing (ABC)? How product costs are determined in ABC? Discuss
the benefits of ABC.
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Question No. 3
What is variance? Explain the need for variance control and discuss the importance of
variance control in operational and management control.
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Question No. 4
From the following information presented by a firm for the year ended 31st December,
prepare the Balance Sheet:
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Question No. 5
What is Forensic Accounting? Explain the method of fraud detection and discuss the
techniques used for forensic audit.
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