International Accounting Practices — Summer 2024

The accounting details of M/s Bacchan Ltd. are extracted from the annual reports of the company. Perform the trend analysis from the information provided as under and interpret the results. Figures in (‘000) Particular 23-24 22-23 21-22 20-21 19-20 18-19 Purchase 78 74 65 54 68 75 Sales 102 98 81 95 80 95 Net Profit 45 42 43 40 35 31 Total Assets 105 100 91 85 80 72 Total Liabilities 75 72 71 70 65 68 Total Investments 88 85 80 74 70 65

Discuss the concept of Host Country and Home Country in the context of International Business. Briefly explain Tax equity and Tax neutrality.

Discuss the scope and difficulties of International Accounting in this current competitive world.

Differentiate US GAAP, Indian GAAP and International Accounting Standard in brief.

Ratio Analysis it comparatively advance technique for the financial statement analysis. Explain the benefits of the same with response to Profitability ratios.

Discuss the role of Financial Manager in brief in MNC. Page 1 of

Discuss concept and benefits of XBRL reporting.

The following is the Profit and Loss Account of Mannapuram Automobile Ltd. For the year ended 31st March, 2023 and 2024. You are require to convert into Comparative P & L Account. (` In Lakhs) Particular 2023-24 2022-23 INCOME Sales and services 247197.73 165822.20 Less: Excise Duty 235.75 227.75 Net Sales and Services 246961.98 165594.45 Other Income 1510.98 909.42 Total (A) 248472.96 166503.87 EXPENDITURE Manufacturing and Other Expenditure 238098.29 157475.99 Interest and Finance Charge 3668.52 1543.29 Depreciation 2380.05 1650.90 Total (B) 244146.86 160670.18 Profit Before Tax (A – B) = C 4326.10 5833.69

Discuss the Indian GAAP of Consistency and Money Measurement in brief with appropriate example.

Why the users of accounting information keep eye on the accounting data of the firm? Discuss the list of users with their probable reasons in brief.

Record the following transaction in the Book of Smt. Maniben. 1. Took a loan of 50,000 from Shri Karodimal and kept 10,000 in cash box and deposited the balance amount in the bank. 2. Goods worth 20,000 purchased at 10% T.D. and 2% C.D. terms from Bhankti and paid 1/3 amount by cheque. 3. Sold goods to Shankti 40,000 at 4% C.D. and he gave crossed cheque for half the amount and balance in cash. 4. Received crossed cheque for 15,520 from Chirag in full settlement of his account. Chirag received 3% Cash Discount. 5. Paid 1500 for office rent. 6. Withdrawn 2000 from the bank for personal use. 7. Cheque of Chirag dishonored and he gave Cash for the same. 8. Aletter received from the bank that they have debited our account for 200 as interest on overdraft. 9. Cash sales for 6000 at 3% C.D. Page 2 of

Bejan Daruwala Co. Ltd., was promoted with an authorized capital of Rs. 14,00,000 divided into 14,000 equity shares, each of ` 100. Following is the balances in the books of the company on 31-03-2023. Prepare Annual Accounts of the Bejan Daruwala Co. Ltd as per companies Act, 2013. (Amount in INR) Debit Balance Amount Credit Balance Amount Land and Building 4,42,000 10,000 Equity Shares 10,00,000 Sock on 31-03-23 3,40,000 10% Debentures (Repayable 1,00,000 on 31-03-27) Cash on hand 33,000 Mars Ltd’s Loan 1,40,000 Goodwill 2,00,000 Fixed deposit 35,000 Investments 35,000 General reserves 1,60,000 Plant and Machinery 4,50,000 Security premium 15,000 Debtors 1,18,000 P & L A/c on 1-4-22 31,000 Bills Receivables 30,000 Gross profit (C.Y) 3,80,000 Loose Tools 14,000 Provident fund 40,000 Salary 80,000 Unpaid expenses 11,000 Contribution in P. F. 18,000 Uncalled dividend 10,000 Interest on Debentures 5,000 Interest accrued on loan 3,000 Insurance 8,000 Creditors 1,00,000 Rent and Taxes 40,000 Interest on Investment 10,000 Furniture 55,000 Audit Fees 10,000 Repairs 13,000 Motor 48,000 Discount on Debentures 10,000 Goods in Transit 20,000 Customs Deposit 23,000 Postage and Telegrams 4,000 Directors’ fees 20,000 Underwriter’s Commission 15,000 Carriage Outward 4,000 Total 20,35,000 Total 20,35,000 Adjustments: 1. Provide for depreciation on plant and machinery at 10% and on furniture and motor at 5%. 2. Reserve 5% on Debtors for bad and doubtful debts. 3. Outstanding interest on investments is ₹7500 5. 1/5 of the underwriting commission is to be written off. 6. Transfer ₹35,000 to general reserve. 7. Directors have recommended 5% dividend on Equity shares.

Prepare all the schedules of Profit and Loss statement

Prepare all the schedules of Balance Sheet

Prepare vertical Profit and Loss statement