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assignments NMIMS assignments September 2019
NMIMS
Global Access
School
for Continuing Education (NGA-SCE)
Course:
Financial Accounting & Analysis
Internal
Assignment Applicable for September 2019 Examination
1. A dealer of Mobile TV has
the following items in inventory as on March 31,2018
PLEASE FIND THE TABLE BELOW
|
Item
|
Quantity
|
Cost Price per unit
|
Market price per unit
|
|
Nokia
|
50
|
100000
|
98000
|
|
Samsung
|
70
|
88000
|
90000
|
|
Sony
|
100
|
120000
|
115000
|
|
Motorola
|
80
|
75000
|
76000
|
Discuss the accounting standard
which talks about inventory valuation. Also, find out and define the overall
value of inventories as per the applicable accounting standard. (10 Marks)
2.
Define and Discuss the concepts of prepaid expenses and outstanding expenses
and their impact on the income statement and Balance Sheet of an Entity? In
case of firm A which largely has the balance of prepaid expenses and another
firm B which largely has the balance of outstanding expenses, what does this
reflects? Discuss
(10 Marks)
3. a. A logistics company sold
a car of Rs 2.5 lacs. The company had purchased the car three years back for Rs
10 lacs and had depreciated the same using straight line method of
depreciation, assuming its useful life to be five years and a residual value of
Rs77760. Calculate the WDV after charging depreciation for third year,
accumulated depreciation for three years and profit on sale, if any. (5
Marks)
b. Consider the following transaction pertaining
Ammar’s business-
1.
started business with cash Rs 3 lacs
2.
Purchased goods for cash Rs 1.2 lacs
3.
purchased goods on credit Rs 60000
4.
purchased furniture for cash Rs 20000
5. deposited RS 50000 in the
bank
Perform transaction analysis
for each transaction undertaken and present accounting equation for these
transactions. (5 Marks)
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