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NMIMS Global Access
School for Continuing
Education (NGA-SCE)
Course: Financial Accounting
& Analysis
Internal Assignment
Applicable for December 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. Prepare the journal by recording the following transactions (10 Marks)
NMIMS Global Access
School for Continuing
Education (NGA-SCE)
Course: Financial Accounting
& Analysis
Internal Assignment
Applicable for December 2022 Examination
|
3-Dec |
Mrs. Veena started business by introducing cash Rs5000 and Rs |
|
|
500000 as transfer from her saving bank account in the business |
|
|
|
|
5-Dec |
She Purchased furniture worth Rs
60000, 50% payment made |
|
|
through the bank account of the business and the rest amount
is |
|
|
payable |
|
7-Dec |
She purchased goods for sale,
costing her Rs 315000 and made the |
|
|
payment through the business bank account |
|
|
|
|
8-Dec |
She sold off the entire goods at Rs
500000 |
|
|
|
|
10-Dec |
She paid rent, electricity, salary
to employees Rs10000 of each type |
|
|
of expense through the bank account |
|
|
|
2. Preparing the profit and loss account is a lengthy but at
the same time interesting task. You need a lot of information to prepare the
profit and loss statement. Discuss any five
essential components out of the total
eight components which contributes in preparing
|
the profit and loss statement. |
|
(10 Marks) |
||
|
3. Following are the particulars available for Z and X, |
LLP |
|||
|
|
|
|
|
|
|
|
Particulars |
|
(Rs in
‘000) |
|
|
|
|
|
|
|
|
|
retained earnings |
|
860 |
|
|
|
|
|
|
|
|
|
accounts receivable |
|
250 |
|
|
|
|
|
|
|
|
|
supplies |
|
150 |
|
|
|
|
|
|
|
|
|
salaries payable |
|
150 |
|
|
|
|
|
|
|
|
|
equipment |
|
1500 |
|
|
|
|
|
|
|
|
|
unearned revenue |
|
200 |
|
|
|
|
|
|
|
|
|
accounts payable |
|
540 |
|
|
|
|
|
|
|
|
|
cash |
|
550 |
|
|
|
|
|
|
|
|
|
prepaid insurance |
|
300 |
|
|
|
|
|
|
|
|
|
common stock |
|
1000 |
|
|
|
|
|
|
|
NMIMS Global Access
School for Continuing
Education (NGA-SCE)
Course: Financial Accounting
& Analysis
Internal Assignment
Applicable for December 2022 Examination
a. Prepare T Form Balance Sheet out of the details as shared in
the table (5 Marks)
b.
Define and calculate the current
ratio, Discuss the significance of this ratio.
(5 Marks)
Dear students, get fully solved
assignments by professionals
Do send your query at :
or call us at :08263069601
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