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NMIMS Global Access
School for Continuing
Education (NGA-SCE)
Course: Financial Accounting
& Analysis
Internal Assignment
Applicable for September 2022 Examination
Assignment Marks: 30
Instructions:
All Questions carry equal marks. All Questions are
compulsory
All answers to be explained in not more than 1000
words for question 1 and 2 and for question 3 in not more than 500 words for
each subsection. Use relevant examples, illustrations as far as possible.
All answers to be written individually. Discussion and group work is
not advisable.
Students are free to refer to any books/reference
material/website/internet for attempting their assignments, but are not allowed
to copy the matter as it is from the source of reference.
Students should write the assignment in their own
words. Copying of assignments from other students is not allowed.
Students should follow the following parameter for answering the
assignment questions.
For Theoretical Answer
|
Assessment Parameter |
Weightage |
|
Introduction |
20% |
|
Concepts
and Application |
60% |
|
related to the question |
|
|
Conclusion |
20% |
|
|
|
For Numerical Answer
|
Assessment Parameter |
Weightage |
|
Understanding
and usage |
20% |
|
of the formula |
|
|
Procedure /
Steps |
60% |
|
|
|
|
Correct
Answer & |
20% |
|
Interpretation |
|
1. During 2019, a company purchased land for Rs 50 lakhs. In
the month of April 2019, the company purchased a machinery for Rs 35 Lakhs. The
company plans to write off the full value of the asset over a period of 10
years on an equal basis.
NMIMS Global Access
School for Continuing
Education (NGA-SCE)
Course: Financial Accounting
& Analysis
Internal Assignment
Applicable for September 2022 Examination
In the year 2021, the company sell
off the land at 70 Lakhs and to dispose of the machinery at 30 Lakhs. Also, the
company acquired certain investments for Rs 50 Lakhs from the sales proceed,
pay off certain current liabilities for Rs 5Lakhs, interest on long term loan
Rs 7Lakhs
Discuss the type and amount of cash flows in the year
2021, as per the Accounting Standard 3 and profit or loss on sale of the
machinery, if any. Note: All the workings should be part of answer
(10 Marks)
2.
Mr. Somil is working as an accounts
executive for Tarak Shah & Company. He has to
record certain accounting transactions as on 30th March2021, so that
he can move ahead to close the books of accounts as on 31st March.
He is confused between realization concept of accounting
and the matching concept of accounting.
As an accounts manager, kindly help him in understanding these
two, by-
-
Defining the Meaning and purpose of
both the concepts
-
Suitable example/
situation for each concept highlighting the difference between these concepts
(10 Marks)
3.
You entered into the following
transactions
1.
Introduced Rs700000 in the business
by taking loan from bank of Baroda
2.
Purchased machineries for Rs50000 and
payment done by cheque
a. In order to record the accounting transaction in the books
of accounts briefly define the steps to record, classify and summaries business
transactions, that is accounting cycle.
(5 Marks)
NMIMS Global Access
School for Continuing
Education (NGA-SCE)
Course: Financial Accounting
& Analysis
Internal Assignment
Applicable for September 2022 Examination
b. Define the concept of accounting
equation and record the above transactions following
the accounting equation rule. (5 Marks)
Dear students, get latest Solved
assignments by professionals.
Mail us at:
help.mbaassignments@gmail.com
Call us at: 08263069601
NMIMS plagiarism proofed
assignments available.
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