International Accounting Practices — Summer 2025

What is meaning of Rebate and Discount? Differentiate Trade Discount and Cash Discount.

Discuss the role of Financial Manager in International Accounting.

Different countries will have their own GAAP. Discuss the difference between Indian and US GAAP.

Tax neutrality is very difficult to achieve in the country. Discuss this concept with respect to Indian scenario.

The concept of XBRL allows organization to maintain their accounts in digital form. Discuss the advantages and disadvantages of XBRL.

Discuss Accounting Period, Income Recognition and Consistency concepts with appropriate example.

Who are the Users of Accounting Information? Discuss their probable reasons to use accounting information.

Define Tax Treaties in brief. Explain the Tax treaties of India with other countries of the world. Page 1 of

The transactions of Shri Trumpeshwar for the month of April 2025 are given below write necessary Journal entries: 1: Trumpeshwar commenced business with cash Rs 2,00,000, debtors Rs. 1,00,000 and stock of goods Rs. 3,00,000. 2 : Due to need for more money in business, he sold his personal car for Rs. 1,00,000 and brought half the amount in business 3. : Bought from Markeshwar goods of Rs.1,60,000 at a trade discount of 10% . 4 : Out of the goods bought from Markeshwar 50% of the goods were sold to Timeshwar at 10% profit on cost. 5 : Opend a bank account in NYC bank and paid Rs..3,00,000 in it. 6 : Timeshwar returned goods of Rs.11,000 being not according to samples, and we immediately returned these goods to Markeshwar. 7: There is bad debts of Rs. 15,000 from a debtor.

Journalize following transaction in the book of Hollywood Ltd. 1. Commenced business with cash Rs. 15000, Machinery Rs. 2000, Stock Rs.1000, Furniture Rs. 6000 and a loan from Yes Bank Rs. 2000. 2. Spent Rs.1000 for Inauguration of the factory. 3. Opened an account with HSBBC bank with Rs. 6000. 4. Bought goods Rs. 1000. 5. Purchased goods of Rs.2000 for cash at 10% Trade Discount. 6. Purchased goods from Tom at 10% T. D. and 2% Cash Discount Rs. 4000 and paid half the amount by cheque. 7. Sold goods to Bond at 10% T. D. and 5% C. D. Rs. 4000 and received a cheque for half the amount.

Discuss the concept of Double Taxation. Explain different ways to reduce the problem of Double Taxation.

The following is the Trial Balance available in the book of BBCC Ltd. for the year ending on 31st March, 2025. Prepare Vertical Balance Sheet and Profit and Loss Account as per Company Act. Page 2 of Debit Balances Amount Rs. Credit Balances Amount Rs. Calls-in-Arrears(Equity 1,00,000 7.5% Pref. Share 10,00,000 Share) Capital Opening Stock 3,33,000 Equity Share Capital 20,00,000 Purchases 10,65,000 Share Forfeiture A/c 45,000 Land and Building 17,00,000 Share Premium 1,65,000 Plant and Machinery 11,50,000 Capital Reserve 5,50,000 Preliminary Expenses 60,000 General Reserve 10,40,000 Furniture 3,20,000 Provident Fund 1,30,000 Investments 16,57,000 5% Debentures 5,00,000 Loose Tools 1,20,000 Sales 26,00,000 Debtors 6,60,000 Creditors 3,30,000 Productive wages 3,52,000 Profit and Loss A/c 55,000 Deb. Red. Fund 2,00,000 Bank Loan 2,54,000 Investments Salaries 5,70,000 Public Deposit 1,46,000 Rent, Rates and Taxes 2,00,000 Income from 95,000 Investments Director’s Fees 35,000 Deb. Red. Fund 2,00,000 Postage and Telegrams 65,000 Reserve for Bad Debts 30,000 Provident Fund 25,000 Interest Received 15,000 Contribution Cash and Bank Balance 1,08,000 Rent Received 15,000 Advance Payment of 2,00,000 Bad debts reserve 10,000 Income Tax Wages 1,80,000 Carriage inward 20,000 Audit fees 25,000 Carriage outward 15,000 Bad debts 20,000 Total 91,80,000 Total 91,80,000 Additional Information: 1. Provide 10% depreciation on Plant and Machinery, 20% depreciation on Furniture and 5% depreciation on Land and Building. 2. Wages Outstanding is Rs.10,000 and Audit fees paid in advance is Rs. 5,000 3. Provide additional bed debts Rs. 10,000 on debtors and keep 10% as bad debs reserve 4. Rent received in advance is Rs. 3,000 5. BOD has decided to give dividend @ 5% to equity share holders

Prepare all the schedules of Profit and Loss statement

Prepare vertical Profit and Loss statement.

Prepare all the schedules of Balance Sheet Page 3 of

Prepare the vertical Balance sheet of the firm. Page 4 of