NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Financial Accounting
Semester: II
Program(Old) : DBM / PGDBM / DHRM / PGDHRM / DMM / PGDMM / DFM / PGDFM / DBFM /
PGDBFM / DSCM / PGDSCM / DITM / PGDITM / DFPWM
Certificate : CBM
Assignment Marks: 30
Instructions:
All Questions carry equal marks.
All Questions are compulsory
All answers to be explained in not more than 1500 words. Use relevant examples,
illustrations as far as possible.
All answers to be written individually. Discussion and group work is not advisable.
Students are free to refer to any books/reference material/website/internet for attempting
their assignments, but are not allowed to copy the matter as it is from the source of
reference.
Students should write the assignment in their own words. Copying of assignments from
other students is not allowed.
Following is the Balance Sheet of A Ltd for the period ended 31
st
March
ASSETS 2013 2014
Current assets
Cash 1,70,000 7,00,000
Accounts Receivables 6,00,000 8,50,000
Inventories 2,20,000 1,80,000
Total Current Assets 9,90,000 17,30,000
Property, plant and equipment
Land 14,00,000 8,00,000
Building 7,00,000 10,00,000
Equipment 9,00,000 10,50,000
30,00,000 28,50,000
Less: Accumulated.
Depreciation
(3,60,000) (4,80,000)
Total property plant and
equipment 26,40,000 23,70,000
Total Assets 36,30,000 41,00,000
LIABILITIES
Current liabilities
Accounts Payable 2,00,000 2,70,000
Wages payable 50,000 20,000
Total Current Liabilities 2,50,000 2,90,000
Long term liabilities
Long term loan payable 18,00,000 9,00,000
Total Liabilities 20,50,000 11,90,000
STOCKHOLDER’S EQUITY
Preferred stock -- 3,00,000
Common stock 12,00,000 12,80,000
Retained earnings 3,80,000 13,30,000
Total stockholders’ equity 15,80,000 29,10,000
Total liabilities and equity 36,30,000 41,00,000
Revenue statement for the period ended 31
st
March, 2014
is given below
Revenues 32,50,000
Cost of goods sold 1,16,000
Gross Profit 20,90,000
Expenses
Wages 4,50,000
Interest 1,00,000
Depreciation 1,20,000
Other operating expenses 2,70,000
(9,40,000)
Gain on sale of land 1,50,000
Income before income taxes 13,00,000
Less : Income taxes 3,00,000
Net Income 10,00,000
Dividend paid 50000
1. Calculate cash flow from operating and investing activities.
2. Differentiate between following terms with examples:
a. Financial Accounting & Cost accounting
b. Revenue recognition from sale of goods & rendering of services
c. Current ratio & Liquid ratio
d. Tax Payable & Advance Tax
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