Explain the nature and scope of Financial Accounting. What is the difference between Management Accounting and Financial Accounting?
Discuss in detail the application of computers in Accounting.
Write short notes on any three of the following: Accounting Standards in India, Double Entry System, Break-even analysis, Cost of debt, Cash Management, Inventory Management.
Explain the nature and scope of Financial Accounting. What is the difference between Management Accounting and Financial Accounting?
Explain and illustrate the following ratios in the interpretation of financial statement: Current Ratio, Gross Profit Ratio, Stock turnover, Operating Ratio.
How would you study the changes in Working Capital in a concern? Why is such a study necessary?
Define Financial Accounting. Explain the nature and scope of Financial Accounting. Differentiate between Financial Accounting and Management Accounting.
What is 'fund flow statement'? Why is it prepared? Explain the preparation of 'Schedule of changes in working capital' and 'fund flow statement'.
What is meant by inventory? Explain in brief the various techniques of inventory management.
Define Financial Accounting. Explain the nature and scope of Financial Accounting. Differentiate between Financial Accounting and Management Accounting.
What is the relevance and significance of Cost of Capital? How can you determine the cost of equity capital in a growth firm?
What are the factors affecting the cash needs of a firm? Explain the various steps involved in scientific cash management.
What are the basic concepts of financial accounting? Explain their importance.
Discuss the statement that a fund-flow statement is better than an income statement and distinguish between these documents.
Prepare a flexible budget for the production at 80% and 100% activity based on the provided data regarding raw materials, direct labour, direct expenses, factory expenses, and administration expenses.
Analyse the given transactions and state the nature of accounts involved, specifying which account will be debited and credited according to the traditional approach.
Discuss the provision for doubtful debts and objectives of financial management.
What do you understand by receivable management? Explain its importance and the factors affecting the size of receivables.
What is the need and significance of Depreciation? Differentiate, with suitable examples, between Straight Line Method and Diminishing Balance Methods of charging depreciation.
Pass Journal entries in the books of Hari Shankar from the given transactions.
What are the objects of preparing a balance sheet? Distinguish between a balance sheet and a trial balance.
What do you mean by trading, profit and loss and balance sheet?
Define goodwill. How does it arise? Explain the treatment of goodwill in partnership accounts on the admission of a new partner: (a) When he brings cash for his share of goodwill and cash is retained in business (b) When he does not bring cash for his share of goodwill. Illustrate your answer by means of Journal entries.
P, Q & R are partners in a firm. The balance sheet of the firm as on 31st Dec. 1984 is as follows: Liabilities Rs. Assets Rs. Sundry creditors 16,000 Cash 2,000 Reserve fund 3,000 Machinery 10,000 Profit & Loss 1,500 Furniture 4,000 Capital A/c: Sundry debtors 10,000 P 4,000 R's capital A/c 1,500 Q 3,000 27,500 27,500 R is insolvent and the partners can realize only Rs. 600 from his property. It was decided to dissolve the firm. The assets of the firm realized - Machinery Rs. 7,500, Furniture Rs. 1,600, Debtors Rs. 6,000. Creditors were paid Rs. 15,200 in full payment. Applying Garner vs. Murray rule, you are required to prepare: (i) Pass journal entries and show ledger accounts when the partner's capitals are fixed. (ii) Show ledger accounts when the partner's capitals are not fixed.
Chandra Ltd. purchased a second-hand machine for Rs. 8,000 on 1st April, 2008. They spent Rs. 3,500 on its overhaul and installation. Depreciation is written off 10% p.a. on the original cost. On 30th June, 2011, the machine was found to be unsuitable and sold for Rs. 6,500. Prepare the Machinery Account from 2008 to 2011, assuming that accounts are closed on 31st December.
Shares are issued at par, premium or discount. What do you understand by this? What accounting record is made in this connection?
A Ltd. issued 10,000 shares of Rs. 100 each at Rs. 120 payable as follows: Rs. 25 on application; Rs. 45 on allotment (including premium); Rs. 20 on 1st call; Rs. 30 on final call. 9,000 shares were applied for and allotted. All money were received with exception of first and final call on 200 shares held by Shyam. These shares were forfeited. Give necessary Journal entries and prepare Bank Account and Balance Sheet.
What rules of partnership are followed in the absence of Partnership Deed?
Megha and Swati share profits & losses equally. The Balance Sheet of the partners stood at 31st December 2011 as follows: Liabilities - Creditors Rs. 23,000; Loan by Swati Rs. 30,000; Megha's Capital Rs. 10,000; Swati's Capital Rs. 40,000. Assets - Buildings Rs. 50,000; Debtors Rs. 31,000; Stock Rs. 22,000. They decided to dissolve the Partnership. The realisation of Assets were Building 60%, Debtors 70%, Stock 75%. Prepare necessary accounts.
Dr. Gupta commenced practice on 1st January, 2010. His receipts and Payments Account for the year was as follows: Receipts - To Cash introduced Rs. 10,000; To Visits Rs. 32,000; To Receipts from dispensing Rs. 20,000; To Miscellaneous Receipts Rs. 200. Payments - By Furniture Rs. 9,000; By Purchase of Drugs Rs. 6,000; By Rent Rs. 3,000; By Conveyance Rs. 2,000; By Lighting Rs. 500; By Journals Rs. 400; By Drawings Rs. 24,000; By Balance end Rs. 13,300. Amounts still receivable on account of visits and dispensing are Rs. 2000 and Rs. 1200 respectively, salary of compounder still payable is Rs. 400, 40% of conveyance is for domestic purposes. Stock of drugs still on hand is Rs. 1600, amount still payable for their purchase is Rs. 400. Furniture is subject to depreciation at 10%. Prepare the Receipts and Expenditure of Dr. Gupta for 2010 and his Balance Sheet as at its end.
Explain under CCA method what is meant by Monetary Working Capital Adjustment.
What is the meaning of Intangible Assets?
On the reconstruction of a company, the following terms were agreed upon: Make the Journal entries in the books of the company based on the above reconstruction.
Discuss various requirements of corporate reporting for shareholder's value added.
X Limited adopts FIFO method. From the detail given below, ascertain the value of cost of sales and closing stock under C.P.P. method.
The following are the balance sheet of P Ltd. and S Ltd. as on 31st March, 2020. On 1st April, 2020, P Ltd. takes over S Ltd. on the following terms: (i) P Ltd. will issue 3,50,000 equity shares of 10 each at par to the equity shareholders of S Ltd. (ii) P Ltd. will issue 11,000, 11% preference shares of 100 each at par to the preference shareholders of S Ltd. (iii) The debentureholders of S Ltd. will be converted into an equal number of 12.5% debentures of the same denomination. (iv) The liquidation expenses of S Ltd. amounting 40,000 will be paid by P Ltd. in cash. (v) The statutory reserves of S Ltd. are to be maintained for two more years. You are required to give journal entries in the books of P Ltd. assuming that the amalgamation is in the nature of merger.
What do you understand by inflation accounting? Describe the merits and demerits of inflation accounting.
What do you mean by goodwill? Discuss in brief the various methods of valuation of goodwill.
Calculate the cost of sales adjustment (COSA) from the following data: Opening stock Rs. 20,000 Index No. 100 (Opening) Purchases Rs. 1,60,000 Index No. 110 (Average) Closing stock Rs. 30,000 Index No. 120 (Closing).
