NMIMS JULY 2019 CUSTOMIZED ASSIGNMENTS - Discuss the accounting standa

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Financial Accounting & Analysis

  1. A dealer of Mobile TV has the following items in inventory as on March 31, 2018

PLEASE FIND THE TABLE BELOW

Item

Quantity

Cost Price per unit

Market price per unit

Nokia

50

100000

98000

Samsung

70

880000

90000

Sony

100

120000

115000

Motorola

80

75000

76000

Discuss the accounting standard which talks about inventory valuation. Also, find out and define the overall value of inventories as per the applicable accounting standard. (10 Marks)

  1. Define and Discuss the concepts of prepaid expenses and outstanding expenses and their impact on the income statement and Balance Sheet of an Entity? In the case of firm A which largely has the balance of prepaid expenses and another firm B which largely has the balance of outstanding expenses, what does this reflect? Discuss (10 Marks)
  2. a. A logistics company sold a car of Rs 2.5 lacs. The company had purchased the car three years back for Rs 10 lacs and had depreciated the same using straight-line method of depreciation, assuming its useful life to be five years and a residual value of Rs77760. Calculate the WDV after charging depreciation for third year, accumulated depreciation for three years and profit on the sale, if any. (5 Marks)
  1. Consider the following transaction pertaining to Ammar’s business-
  1. started business with cash Rs 3 lacs
  2. Purchased goods for cash Rs 1.2 lacs
  3. purchased goods on credit Rs 60000
  4. purchased furniture for cash Rs 20000
  5. deposited RS 50000 in the bank

Perform transaction analysis for each transaction undertaken and present an accounting equation for these transactions. (5 Marks)

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