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NMIMS 2019 JULY PLAGIARIZED ASSIGNMENTS - Define and Discuss the concepts of prepaid expenses and outstanding expenses and their impact on the income statement

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Financial Accounting & Analysis

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 880000 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)

For further details mail us
[email protected]
7499944378 - 8530950940

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Added On: 13 Jul, 2019


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