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Published on: 31/07/2018
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Questions + Answers key
Take MCQ Accountancy Test
1.
From the following information calculate any two of the following ratios:
(i) Gross Profit Ratio (ii) Working Capital Turnover Ratio (iii) Proprietary Ratio (iv) Debt Equity Ratio
| Particulars | Amt(Rs.) |
|---|---|
| Share capital | Rs.8,00,000 |
| Current assets | Rs.5,00,000 |
| Credit Revenue from Operations | Rs.3,00,000 |
| Cash Revenue from Operations | 75% of credit Revenue from Operations |
| 9% long-term borrowings | Rs.3,40,000 |
| Current liabilities | Rs.2,90,000 |
| Cost of revenue from Operations | Rs.6,80,000 |
2.
From the following information related to Naveen Ltd.
Calculate (a)Return on investment and (b)Total Assets to Debt Ratio.
Information: Fixed Assets Rs.75,00,000; Current Assets Rs.40,00,000; Current Liabilities Rs.27,00,000; 12% Debentures Rs.80,00,000 and Net Profit beore Interest,Tax and Dividend Rs.14,50,000
3.
Assuming that the Debt-Equity ratio is 2. State giving reasons whether this ratio would increase, decrease or remain unchanged in the following cases: (Any four)
(a) Purchase of fixed asset on a credit of 2 months.
(b) Purchase of fixed asset on a long-term deferred payment basis.
(c) Issue of New shares for cash.
(d) Issue of Bonus shares.
(e) Sale of fixed asset at a loss of Rs.3,000.
(f) Conversion of debentures into equity shares.
(g) Payment to Creditors
(h) Sale of a fixed asset at Profit
4.
The current ratio of Y Ltd is 2 : 1. State with reason, which of the following transactions would
(a) increase (b) decrease or (c) not change the ratio
(i) Trade receivables included debtors of ₹40,000 which were received.
(ii) Company purchased furniture of ₹45,000. The vendor was paid by issue of equity shares of 10 each at par.
5.
Current liabilities of a company are Rs.1,60,000. Its Liquid ratio is 1.5:1 and Current ratio is 2.1:1. Calculate Quick assets and Current assets.
6.
A business has a current ratio of 3:1. Its networking capital is Rs.4,00,000 and its stocks are valued at Rs.2,50,000. Calculate the quick ratio. Is it satisfactory? Identify the value shown by the company in maintaining such a quick ratio
7.
What will be the operating profit ratio if operating ratio is 83.64%?
8.
The inventory turnover ratio of a company is 3 times. State, giving reason, whether the ratio improves, declines or does not change because of increase in the value of closing inventory by Rs.5,000.
9.
The debt-equity ratio of a company is 0.8:1. State whether the long-term loan obtained by the company will improve, decrease or not change the ratio.
10.
From the information given below, find out average age of receivables or average collection period in months, days and weeks.Revenue from operations (net credit sales)Rs.26,280, debtors Rs.4,000, bills receivables Rs.320.
11.
A business has a current ratio of 3:1 and a quick ratio of 1.2:1. If the working capital is Rs.1,50,000, calculate total current assets and inventory.
12.
Calculate the current ratio if working capital Rs.15,000, total liabilities (other than shareholders' funds) Rs.32,500, long-term debt Rs.25,000.
13.
Revenue from operations (net sales) Rs.1,10,000, sales return Rs.20,000, cost of revenue from operations Rs.82,500 and purchase Rs.62,500. Calculate the gross profit ratio.
14.
Calculate total assets to debt ratio of Modern Breads Ltd from the given information.
Shareholders' funds = Rs.7,50,000, total debts = Rs.10,00,000, current liabilities = Rs.2,50,000.
1.
(i) Gross Loss Ratio= (29.52%), i.e., (Rs.\(1,55,000\div 5,25,000\times 100)\)
(ii) Working Capital Turnover Ratio=2.5 times, (i.e., Rs.\(5,25,000\div Rs.2,10,000)\)
(iii) Proprietary Ratio=0.55:1, (i.e., Rs.\(8,00,000\div Rs.14,30,000)\)
(iv) Debt Equity Ratio 0.43:1
[Hint. As Total Liabilities= Total Assets, So, Rs.14,20,000 = Rs.14,30,000]
2.
Return on investment=(Rs.14,50,000\(\div\)Rs.8,80,000)X100=16.47%
Capital employed/Investment=Fixed Asset+working capital (i.e.,CA-CL)
Total Asset to Debt Ratio=Rs.1,15,00,000\(\div\)Rs.80,00,000 =1.43 times.
3.
(a) Debt Equity Ratio will remain unchanged because this transaction involves fixed assets and creditors which neither affect the long-term debts or shareholders' funds.
(b) Debt equity ratio would increase because long-term debts increase without affecting shareholders' funds.
(c) Debt equity ratio would decrease because shareholders' funds increase without affecting long-term debts.
(d) Debt equity ratio would remain unchanged because reserves will reduce and share capital will increase in the same proportion.
(e) Debt equity ratio would increase as loss will reduce the shareholders' funds.
(f) Debt equity ratio would decrease because long-term debts decreases and shareholders' funds increases by the same amount.
(g) Debt equity ratio will remain unchanged because both long-term debts and shareholders' funds remain unchanged.
(h) Debt equity ratio would decrease because long-term debts will remain unchanged but shareholders' funds increases.
4.
(i) Not change the ratio : Simultaneous increase and decrease by same amount in current assets will not effect the value of current assets or current liabilities, therefore, there is no effect on the current ratio.
(ii) Not change the ratio : Issue of shares for furniture purchased do not effect either current assets or current liabilities.Therefore, current ratio will not be effected.
5.
Current assets Rs.4,00,000 (i.e., Rs.1,60,000X2.5), Quick assets Rs.2,40,000 (i.e., Rs.1,60,000X1.5).
6.
( )
Ouick ratio = 7:4
7.
( )
Operating Profit Ratio=100-83.64% =16.36%.
8.
( )
The inventory turnover ratio declines because of increase in the value of closing inventory means decline in sales volume
9.
( )
Debt Equity Ratio will improve because of increase in long-term debts.
10.
Debtors turnover ratio = 6.08 times
Average collection period
(in days) 60.03 days
(in weeks) 8.55 weeks
(in months) 1.97 months
11.
Current assets = Rs.2,25,000 ; Inventory = Rs.1,35,000
12.
Current ratio = 3 : 1
13.
Gross profit ratio=\(\frac { Gross profit* }{ Revenue from operations(Net sales) } \times 100\)
\(=\frac { 27,500 }{ 1,10,000 } \times 100=25\)%
*Gross profit = Net sales - Cost of revenue from operations
= 1,10,000 - 82,500
= Rs.27,500
14.
Total assets to debt ratio=\(\quad \frac { Total\quad assets* }{ Debt** } =\frac { 17,50,000 }{ 7,50,000 } =2.33:1\)
*Total assets = Shareholders' funds + Total debts
= 7,50,000 + 10,00,000 = Rs.17,50,000
**Debt = Total debt - Current liabilities
=10,00,000-2,50,000=Rs.7,50,000
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