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Internal Assignment Applicable for April 2018 Examination
Financial Accounting
1. Amey Ltd is in the business of manufacturing silver utensils. Describe which Accounting Standard would be applicable on the company for the purpose of Valuation of its inventories as the company has to prepare and present its financial statements on time. Also, explain the cases which are out of the purview of the relevant accounting standard . (10 Marks)
2. How a particular Cash Flow of any organization can be constructed? What Objective management needs to keep for a Cash Flow Statement along with control aspects over cash from operations? (10 Marks)
3. a) Discuss the peculiar Accounting Concept with a suitable example which justify Longitivity of Corporate Life ? (5 Marks)
3. b) The following Ledger balances have been extracted from H. Lokhandwala as on 31-3-13. The Final Amount Required to Balance to be considered as Capital. Particulars Rs.
Purchases
70000
Stock on 1-4-1996
14000
Sales
105000
Sundry Debtors
23800
Discount received
3500
Carriage outward
700
Cash in hand
3500
Machinery
24500
Prov. For Depreciation on M/C
4200
Drawings
7700
Returns Inward
3500
Premises
28000
Sundry Creditors
16100
Discount allowed
2800
Carriage Inward
1400
Cash at Bank
17500
Sundry Expenses
2100
Bad debts written off
2450
Provision for doubtful debts
2380
Discuss the technique (along with the necessary steps to apply the same) frequently used in financial accounting to check the arithmetic balances of accounts and in your final answer mention the value of capital . What if, the arithmetic accuracy is not checked? Mention the consequences, if any.
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