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Financial Accounting and Analysis-NMIMS Dec-16

Financial Accounting and Analysis-NMIMS Dec-16

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Q1. From the following balances extracted from the book of Alfa traders as on 31st March 2016, prepare the final accounts of the concern. (10 Marks)

Particulars

Debit(Rs)

Credit(Rs)

Capital Account

 

500000

Plant & Machinery

410000

 

Opening Stock

25000

 

Sundry Debtors

34200

 

Cash in hand

5000

 

Cash at Bank

48000

 

Purchases

42000

 

Sales

 

80000

Sundry Creditors

 

20500

Drawings

5200

 

Rent

6000

 

Factory Lighting & Heating

5000

 

Advertising

10500

 

Bad Debts

15000

 

Discount Received

 

5400

TOTAL (Rs)

605900

605900

 

The following adjustments are to be made:

a. Closing Stock Rs.50600

b. Rent due but not paid upto 31st March 2016 Rs.500

c. Advertisement paid in advance Rs. 2000

d. Depreciate plant & machinery by 10%, furniture by 5% .

e. Write off further bad debts Rs.500

 

Q2. Mr. James & Mr. Jiggar are the directors of Balajii Auto Pvt Limited. They want to make certain strategic decisions and to implement certain controls within the company. Meeting of all BOD’s is called. Mr. Ajay being the accounts executive of the company keeps the audited financial statements ready following all the essentials of financial accounting. Mr. Ajay was about to present the audited financial statement in the management’s meeting but his senior colleague suggests him that in such a meeting he should present projected statements as well as all other such reports which the management needs, as management accounting is differ from financial accounting. Discuss who is correct Mr. Ajay or his senior colleague and why? Explain the same in detail. (10 Marks)

 

Q3 a) Aditya Ltd is a FMCG company. The company is about to start a new line of production and is supposed to close its one of its production unit. The following information about Aditya ltd is provided. Installed a new plant worth 500lacs, however paid only 450 lacs for the same. The company spent 50 lacs for the construction of new shed, one of the machinery acquired in the 2005, at a cost of 85 lacs having written down value if 25 lacs as on date is sold at a profit of 10 Lacs .The company also paid interest on debentures, being the source of capital Rs10 lacs. It also acquired 5 % shares of Birla ltd at a value of 50 Lacs and received Rs 25 lacs on account of maturity of one of the saving bonds. Calculate the net cash flow from investing activities.

 

Q3. b) The Balance Sheet of XY Ltd is as under

Equity Share Capital

3000000

Fixed Assets

2500000

9 % Debentures

1500000

Stock

1500000

Reserves & Surplus

500000

Debtors

1000000

Creditors

1500000

Bills Receivable

500000

Outstanding Expenses

200000

Cash & Bank

1200000

 

6700000

 

6700000

 

 

Calculate the following

1. Current ratio

2. Liquid ratio

3. Solvency ratio (5 Marks)

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