Income statement for the year ended 31st March 17, is as under
aravind banakar
2017-03-14
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Project Report and Thesis - Contact
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ARAVIND – 09901366442 – 09902787224
Financial Accounting & Analysis
Question 1
Income statement for the year ended 31st March 17, is as under (10 Marks)
(Rs in lacs)
Question 2
The matching concept of accounting suggests that in order to calculate accurate amount of profit or loss for the period the expenses or revenues should be recognized correctly. Thus, it is important to differentiate between the capital and revenue items. Mr. Ramchandani purchased Shaper Jet 3D printer at Rs90000, extra printer cartridges and ink for Rs10000 for his business. Discuss how the expenditure will be treated while preparing the financial statements. Provided the rate of depreciation on printer and related assets is 10 % p.a. (10 Marks)
Question 3
a) TCD Ltd provided Rs50 lacs for inventory obsolescence in 2013-14. In the subsequent year, it was determined that 25 % of such stocks are usable. The accounts manager of the company wants to adjust the same through prior period adjustment account, as the provision was made in the earlier years. Give your opinion whether the contention of the accounts manager is correct or not. (5 Marks)
b) Rectify the following errors by passing Journal entry (5 Marks)
Paid Rs15000 for advertisement debited to electricity expenses
Received Rs250000 on account of cash sales to Jannaak omitted to recorded in the books
Assignment Solutions, Case study Answer sheets
Project Report and Thesis - Contact
[email protected]
www.mbacasestudyanswers.com
ARAVIND – 09901366442 – 09902787224
Project Report and Thesis - Contact
[email protected]
www.mbacasestudyanswers.com
ARAVIND – 09901366442 – 09902787224
Financial Accounting & Analysis
Question 1
Income statement for the year ended 31st March 17, is as under (10 Marks)
(Rs in lacs)
Question 2
The matching concept of accounting suggests that in order to calculate accurate amount of profit or loss for the period the expenses or revenues should be recognized correctly. Thus, it is important to differentiate between the capital and revenue items. Mr. Ramchandani purchased Shaper Jet 3D printer at Rs90000, extra printer cartridges and ink for Rs10000 for his business. Discuss how the expenditure will be treated while preparing the financial statements. Provided the rate of depreciation on printer and related assets is 10 % p.a. (10 Marks)
Question 3
a) TCD Ltd provided Rs50 lacs for inventory obsolescence in 2013-14. In the subsequent year, it was determined that 25 % of such stocks are usable. The accounts manager of the company wants to adjust the same through prior period adjustment account, as the provision was made in the earlier years. Give your opinion whether the contention of the accounts manager is correct or not. (5 Marks)
b) Rectify the following errors by passing Journal entry (5 Marks)
Paid Rs15000 for advertisement debited to electricity expenses
Received Rs250000 on account of cash sales to Jannaak omitted to recorded in the books
Assignment Solutions, Case study Answer sheets
Project Report and Thesis - Contact
[email protected]
www.mbacasestudyanswers.com
ARAVIND – 09901366442 – 09902787224
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