Explain the following terms: A. Debenture B. Double Taxation C. Host and Home Country D. Bills Receivable E. Investment F. Bad Debts G. Types of Assets
Journalize the following transactions for the month of December-2022 in the books of BATA Ltd. 1. Mohanlal started business with cash Rs. 3,00,000 2. Mohanlal invested Rs. 1,00,000 in the shares of Indore ltd. 3. Purchase the goods of Rs. 2,00,000 at 10% trade discount from Mafatlal and Co. 4. Sold goods which was purchased from Mafatlal and Co. after adding profit of 20% to Aftab Ltd. 5. Paid insurance premium of Shop Rs. 45,000 for the year 6. Due to fire in the factory, goods of Rs. 30,000 burnet by fire and insurance company accepted a claim of 50% 7. Received dividend of Rs. 5,000 in cash.
[7 marks]Discuss the importance and scope of International Accounting in this current competitive world.
[7 marks]Journalize the following transactions in the book of Mr. Shah and Company Ltd. And prepare the cash account. 1. Mr. Shah started a business with Cash Rs. 5,00,000, Furniture of Rs. 1,00,000, Shop of Rs. 3,00,000 and a loan from Bharat Ltd. Of Rs. 1,00,000 2. Purchase goods of Rs. 5,00,000 at 10% trade discount and 5% cash discount. 3. Sold the goods of Rs. 10,00,000 at 1% cash discount and received half amount in cash and half through cheque. 4. Purchase a Machinery of Rs. 1,00,000 for the factory. 5. Paid the salary to manager Rs. 25,000 for the month of March
[7 marks]Discuss concept and benefits of XBRL reporting.
[7 marks]Discuss Tax equity and Tax neutrality with respect to International taxation.
[7 marks]Following is the Balance Sheet of CICI Bank Ltd. and FDHC Bank Ltd. for the year 2023. Carry out financial statement analysis by applying appropriate technique and interpret the result in details. Page 1 of Particular CICI Bank Ltd. FDHC Bank Ltd. Sources of Funds: Share Capital 10,00,000 15,00,000 Reserve and Surplus 8,00,000 10,00,000 Secured Loan 3,00,000 7,00,000 Unsecured Loan 4,00,000 8,00,000 Total 25,00,000 40,00,000 Application of the Funds: Fixed Assets 15,00,000 25,00,000 Investments 3,00,000 10,00,000 Current Assets 10,00,000 25,00,000 Less: Current Liability 3,00,000 20,00,000 Total 25,00,000 40,00,000
[4 marks]Suzlon Power Ltd. is facing some problem in com parison to its performance last years. It is required to analyze the following profit and loss account by appropriate method and interpret the result. Particular 2022-23 2021-22 Income: Sales and Services 15,00,00,000 10,00,00,000 Less: Return 8,00,000 10,00,000 Interest Income 5,00,000 7,00,000 Other Income 4,00,000 8,00,000 Total (A) 15,17,00,000 10,25,00,000 Expenses: Business Expenses 7,15,00,000 3,25,00,000 Depreciation 43,00,000 50,00,000 Interest on Debenture 1,10,00,000 2,25,00,000 Interest on Loan 33,00,000 20,00,000 Total (B) 9,01,00,000 6,20,00,000 Net Profit Before Tax (A-B) 6,16,00,000 4,05,00,000
[7 marks]Financial Information: Particular Mangal Ltd. Mars Ltd. Total Sales (Cash sales is 3/5th of Total sales) 8,00,000 12,00,000 Cost of goods sold 6,00,000 8,40,000 Gross Profit 2,00,000 3,60,000 Admin., Selling and Distribution Exp. 80,000 1,20,000 Net Profit before interest and tax 1,20,000 2,40,000 Rate of Tax is 50% Other Information: Cash and Bank Balance 5,00,000 3,50,000 Debtors 3,00,000 1,50,000 Closing Stock of Goods 2,00,000 1,00,000 Creditors 3,00,000 80,000 Bills payable 90,000 2,50,000 Debenture Discount 20,000 50,000 Considering yourself as the Financial Analyst of the reputed rating agency, calculate following ratios and interpret the result and mention the status of both the companies. Gross Profit Net Profit Current Ratio Debtors Ratio (consider 300 days)
[7 marks]Carry out the trend analysis from the information provided as under and interpret the results. Figures in (‘000) Particular 20-21 19-20 18-19 17-18 16-17 15-16 Sales 35 28 21 18 14 Purchase 20 17 14 12 10 9 Share Capital 40 35 30 30 30 30 Net profit 8 7 6 5 4 Fixed Assets 27 24 22 20 16 Liabilities 15 16 17 18 10
[8 marks]Discuss the Indian GAAP of Accounting Entity, Cost Concept and Matching Concept.
[7 marks]Who are the users of accounting information? Discuss the objectives of these users and explain with appropriate example. Page 2 of
[4 marks]Prepare all the schedules of Profit and Loss statement
[7 marks]Shri Chirag has prepared the following Trial Balance as on 31-3-2023. You are required to prepare Final Accounts. Amount in (‘000) Debit Balance Amount Credit Balance Amount Trade expenses 4,170 Discount received 2,740 Salaries 18,570 Capital account 1,20,000 Traveling expenses 2,860 Bad debts reserve 1,440 Discount allowed 1,420 Sales 1,88,000 Insurance 12,000 Creditors 30,940 Leasehold building 72,000 Bills payable 6,880 Furniture 9,000 Opening stock 30,000 Bank balance 14,480 Purchases 1,33,470 Carriage inward 4,200 Bad debts 2,700 Debtors 32,000 Bank charges 50 Rent 3,000 Cans on hand 1,080 10% dep. On fixed assets 9,000 3,50,000 3,50,000 Adjustments: (Amount in ‘000) Page 3 of 1. Value of closing stock on 31-3-2023 was 39,670 2. Advance salary paid to staff 250. Rent outstanding is 600 3. Debtors of 1280 on 31-3-2023 are not recoverable and had to be written off. Bad debts reserve is to be kept at 2500 4. Trade expenses included 480 paid for insurance of shop for the year ending 30-6-2023.
[4 marks]Prepare all the schedules of Balance Sheet
[7 marks]Prepare the vertical Balance sheet of the firm. Page 4 of
[4 marks]Prepare vertical Profit and Loss statement
[7 marks]