NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Financial Accounting and Analysis
Internal Assignment Applicable for December, 2015 Examination
Assignment Marks: 30
Instructions:
All Questions carry equal marks.
All Questions are compulsory
Answers to each assignment question to be explained in approximately 1500 words. Use
relevant examples, illustrations as far as possible.
All answers to be written individually. Discussion and group work is not permissible.
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.
Question 1 (Marks 15)
The following is the Trial Balance of Mrs. Rashi as at 31
st
March, 2014. You are required to
prepare the Profit & Loss Account and Balance Sheet as at that date.
Particulars Debit(Rs) Credit(Rs)
Capital Account 8,000
Plant & Machinery 10,000
Office Furniture & Fittings 520
Opening Stock 9,600
Motor Vans 2,400
Sundry Debtors 9,600
Cash in hand 80
Cash at Bank 1,300
Wages : Factory 30,000
Wages : Office 2,800
Purchases 42,700
Sales 96,000
Bills Receivable 1,440
Bills Payable 1,120
Sundry Creditors 10,400
Returns Inwards 1,860
Provision for Doubtful Debts 500
Drawings 1,400
Return Outwards 1,100
Rent 1,200
Factory Lighting & Heating 160
Telephone 70
Insurance 60
Advertising 1,130
General Expenses 200
Bad Debts 500
Discount Allowed 840
Discount Received 740
TOTAL(Rs) 117,860 117,860
The following adjustments are to be made:
1. Closing Stock Rs. 10,400
2. Rent due but not paid upto 31
st
March 2014 Rs. 400
3. Three months factory lightings & heatings are due but not paid Rs.60
4. Insurance paid in advance Rs. 20
5. Depreciate plant & machinery by 10%, furniture by 5% and motor vans by 25%.
6. Write off further bad debts Rs.140 and increase the provision for doubtful debts by Rs.
600.Discounts @ 2 1/2% on debtors & creditors are to be anticipated.
Question 2 (Marks 15)
a) What are the main aspects of Accounting Standard 1 (AS 1)
b) Calculate the net cash flow from financing activities based on the below data:
1. Cash from issue of new equity shares – Rs.50,00,000
2. Cash from issue of 12% debentures – Rs.30,00,000
3. Interim dividend paid – Rs.10,00,000
4. Buy-back of existing shares – Rs.15,00,000
5. Repayment of long term loan – Rs.10,00,000
c) Discuss in brief the treatment of following items in Cash Flow Statement as per AS-3.
1. Taxes on Income
2. Foreign Currency cash flow
***********************
School for Continuing Education (NGA-SCE)
Course: Financial Accounting and Analysis
Internal Assignment Applicable for December, 2015 Examination
Assignment Marks: 30
Instructions:
All Questions carry equal marks.
All Questions are compulsory
Answers to each assignment question to be explained in approximately 1500 words. Use
relevant examples, illustrations as far as possible.
All answers to be written individually. Discussion and group work is not permissible.
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.
Question 1 (Marks 15)
The following is the Trial Balance of Mrs. Rashi as at 31
st
March, 2014. You are required to
prepare the Profit & Loss Account and Balance Sheet as at that date.
Particulars Debit(Rs) Credit(Rs)
Capital Account 8,000
Plant & Machinery 10,000
Office Furniture & Fittings 520
Opening Stock 9,600
Motor Vans 2,400
Sundry Debtors 9,600
Cash in hand 80
Cash at Bank 1,300
Wages : Factory 30,000
Wages : Office 2,800
Purchases 42,700
Sales 96,000
Bills Receivable 1,440
Bills Payable 1,120
Sundry Creditors 10,400
Returns Inwards 1,860
Provision for Doubtful Debts 500
Drawings 1,400
Return Outwards 1,100
Rent 1,200
Factory Lighting & Heating 160
Telephone 70
Insurance 60
Advertising 1,130
General Expenses 200
Bad Debts 500
Discount Allowed 840
Discount Received 740
TOTAL(Rs) 117,860 117,860
The following adjustments are to be made:
1. Closing Stock Rs. 10,400
2. Rent due but not paid upto 31
st
March 2014 Rs. 400
3. Three months factory lightings & heatings are due but not paid Rs.60
4. Insurance paid in advance Rs. 20
5. Depreciate plant & machinery by 10%, furniture by 5% and motor vans by 25%.
6. Write off further bad debts Rs.140 and increase the provision for doubtful debts by Rs.
600.Discounts @ 2 1/2% on debtors & creditors are to be anticipated.
Question 2 (Marks 15)
a) What are the main aspects of Accounting Standard 1 (AS 1)
b) Calculate the net cash flow from financing activities based on the below data:
1. Cash from issue of new equity shares – Rs.50,00,000
2. Cash from issue of 12% debentures – Rs.30,00,000
3. Interim dividend paid – Rs.10,00,000
4. Buy-back of existing shares – Rs.15,00,000
5. Repayment of long term loan – Rs.10,00,000
c) Discuss in brief the treatment of following items in Cash Flow Statement as per AS-3.
1. Taxes on Income
2. Foreign Currency cash flow
***********************
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