What is Financial Accounting? Describe its nature and scope.
What is Computerized Accounting? Explain the role of Computers in Accounting.
What is ratio analysis? Explain the following ratios: Current ratio, Liquid ratio, Operating Ratio and Operating Profit ratio, Net profit ratio, Return on investment.
Explain the nature and scope of Financial Accounting. What is the difference between Management Accounting and Financial Accounting?
Explain various accounting concepts in detail with the help of suitable examples.
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.
Define Financial Accounting. Explain the nature and scope of Financial Accounting. Differentiate between Financial Accounting and Management Accounting.
From the given trial balance, prepare Trading and Profit & Loss Account and Balance Sheet for the year ended.
Explain the nature and objectives of Financial Management. Explain various long-term sources of financing.
Define Financial Accounting. Explain the nature and scope of Financial Accounting. Differentiate between Financial Accounting and Management Accounting.
Calculate the following based on the provided information: Break-Even Point in units, Sales volume to earn a specified profit, and additional units required to increase the profit by a given amount.
Explain the objectives and nature of Working Capital. State various factors influencing the composition of Working Capital.
Write Journal entries of the following: Goods worth 5,000 and Cash 2,000 were stolen by an employee. Provide 15% depreciation on Furniture costing 10,000.
Mention the necessary entries in the books of the buyer as well as the seller when goods are sold on the hire-purchase system.
Show the Machinery Account and B's Account in the books of A based on given hire-purchase agreement.
Explain how the following transactions would be recorded in a Cash Book with Cash and Bank Columns: Deposit of Cash into Bank, Withdrawal of money from Bank for office use, Deposit of cheques (received from others) into Bank, Dishonour of cheques deposited into Bank.
What is debenture? What are the various methods of redeeming the debentures? Describe their characteristics.
Eti Ltd. issued equity shares with payments in installments. Some shares were forfeited due to non-payment and reissued at a discount. Pass the necessary Journal entries in the books of Eti Ltd.
PLtd. acquired 75% of shares of A Ltd. on 31st Dec 2019 when the P & L a/c was 6000(Cr). Later on A Ltd. purchased all the shares of B Ltd. on 31st Dec 2020, when the profit of B Ltd. was 4,800(Cr). Prepare the consolidated balance sheet.
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.
What is liquidator's final statement of account? How is it prepared? Explain with suitable example.
The following information is given: (a) Average capital employed 1,00,000, (b) Present value of the annuity of 1 for 5 years at 10% is 3.78, (c) Normal rate of profit is 10%, (d) Net Profit for five years are I year 15,000; II year 16,000; III year 17,000; IV year 18,000 and V year 20,000. Profits included non-recurring profit on an average basis of 1,500, out of which 300 had the recurring tendency. Remuneration of proprietor is 800 p.a. which is not charged in profit and loss account. Find out goodwill: (a) as per 5 year's purchase of super profit, (b) as per annuity method, (c) as per capitalization of profit method.
X Company having a capital of 5,000 equity shares of 10 of each, went into voluntary liquidation on 31st December, 2019. 40,000 was realized from its assets excluding amount realized by sale of securities held by the secured creditors. The following was the position: Secured creditors (assets realized 10,000), Unsecured creditors (including pref. creditors of 4,000), Debentures having a floating charge on the assets of the company, Liquidation expenses, Liquidator's Remuneration 3% on the assets realized and 2% on the amount paid to unsecured creditors. Prepare final statement of Account of liquidator.
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).
From the following information, compute the value of goodwill as per Annuity method: (i) Average capital employed Rs. 4,00,000 (ii) Normal rate of profit 10% (iii) Profit for 2020 Rs. 62,000, 2021 Rs. 59,000 and 2022 Rs. 66,000 (iv) Profit for 2021 has been arrived at after writing off abnormal loss of Rs. 2,000 and profit for 2022 includes a non-recurring income of Rs. 3,000 (v) Goodwill is to be calculated on the basis of annuity of 3 years' purchase of super-profits (vi) The present value of an annuity of Re. 1 for 3 years at 10% p.a. is Rs. 2.4868.
What accounting entries are made in the books of Amalgamating company and Amalgamated company?