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The matching concept of accounting suggests that in order to calculate accurate amount of profit or loss for the period

Assignment Solutions, Case study Answer sheets<br>Project Report and Thesis - Contact<br>aravind.banakar@gmail.com<br>www.mbacasestudyanswers.com<br>ARAVIND – 09901366442 – 09902787224<br>Financial Accounting & Analysis<br>Question 1<br>Income statement for the year ended 31st March 17, is as under (10 Marks)<br>(Rs in lacs)<br>Question 2<br>The matching concept of accounting suggests that in order to calculate accurate amount<br>of profit or loss for the period the expenses or revenues should be recognized correctly.<br>Thus, it is important to differentiate between the capital and revenue items. Mr.<br>Ramchandani purchased Shaper Jet 3D printer at Rs90000, extra printer cartridges and<br>ink for Rs10000 for his business. Discuss how the expenditure will be treated while<br>preparing the financial statements. Provided the rate of depreciation on printer and<br>related assets is 10 % p.a. (10 Marks)<br>Question 3<br>a) TCD Ltd provided Rs50 lacs for inventory obsolescence in 2013-14. In the subsequent<br>year, it was determined that 25 % of such stocks are usable. The accounts manager of<br>the company wants to adjust the same through prior period adjustment account, as the<br>provision was made in the earlier years. Give your opinion whether the contention of the<br>accounts manager is correct or not. (5 Marks)<br>b) Rectify the following errors by passing Journal entry (5 Marks)<br>Paid Rs15000 for advertisement debited to electricity expenses<br>Received Rs250000 on account of cash sales to Jannaak omitted to recorded in the<br>books<br>Assignment Solutions, Case study Answer sheets<br>Project Report and Thesis - Contact<br>aravind.banakar@gmail.com<br>www.mbacasestudyanswers.com<br>ARAVIND – 09901366442 – 09902787224

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The matching concept of accounting suggests that in order to calculate accurate amount of profit or loss for the period

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  1. Assignment Solutions, Case study Answer sheets Project Report and Thesis - Contact aravind.banakar@gmail.com www.mbacasestudyanswers.com ARAVIND – 09901366442 – 09902787224 Financial Accounting & Analysis Question 1 Income statement for the year ended 31st March 17, is as under (10 Marks) (Rs in lacs)

  2. Question 2 The matching concept of accounting suggests that in order to calculate accurate amount of profit or loss for the period the expenses or revenues should be recognized correctly. Thus, it is important to differentiate between the capital and revenue items. Mr. Ramchandani purchased Shaper Jet 3D printer at Rs90000, extra printer cartridges and ink for Rs10000 for his business. Discuss how the expenditure will be treated while preparing the financial statements. Provided the rate of depreciation on printer and related assets is 10 % p.a. (10 Marks) Question 3 a) TCD Ltd provided Rs50 lacs for inventory obsolescence in 2013-14. In the subsequent year, it was determined that 25 % of such stocks are usable. The accounts manager of the company wants to adjust the same through prior period adjustment account, as the provision was made in the earlier years. Give your opinion whether the contention of the accounts manager is correct or not. (5 Marks) b) Rectify the following errors by passing Journal entry (5 Marks) Paid Rs15000 for advertisement debited to electricity expenses Received Rs250000 on account of cash sales to Jannaak omitted to recorded in the books Assignment Solutions, Case study Answer sheets Project Report and Thesis - Contact aravind.banakar@gmail.com www.mbacasestudyanswers.com ARAVIND – 09901366442 – 09902787224

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