Financial Accounting For Managers 3rd Edition Sanjay Dhamija - Solutions

Free Flow Oil Limited, an Indian company set up an office in Sri Lanka for executing a specific contract. Due to some reasons, the Sri Lankan government put a ban on the company to operate in the country. How will it impact the valuation of assets of the Sri Lankan operations of the company?
P T Jewelers bought 1 kg of gold during the year at the rate of ₹ 18,000 per ten grams. At the end of the year, half of the gold is still unsold. The current market price of the gold is ₹ 21,000 per ten grams. At what value the gold inventory should be shown in the financial statements of P T
Describe the process followed by the Accounting Standard Board for laying down new accounting standards.
Straight Bank of India invests in debt securities issues by the Government of India. Some of these investments are long term in nature and are expected to be ‘held till maturity’ whereas some of the investments are shortterm in nature and are ‘held for trading’. The details of the
Briefly discuss the requirements of Ind AS 8 relating to accounting policies.
Pee Tee Limited so far has been following the LastinFirstOut (LIFO) method for valuation of inventory. The management would like to change the method of valuation of inventory and adopt FirstInFirstOut (FIFO) as this better represent the flow of inventory. Is it possible to change the
What is the rationale of convergence of Indian accounting standards with IFRS?
Describe various stages in accounting process.
Analyze the following transactions and pass necessary journal entries: 1. 1st October 2016: Goods sold on credit to SM & Sons for ₹ 1,250,000. 2. 1st December 2016: Payment received from SM & Sons by cheque ₹ 500,000. 3. 15th January 2017: It was decided to write off the amount due from SM &
Identify different categories of accounts and the rules for debits and credits.
Classify the following accounts as real, personal or nominal: 1. Bank Account 2. Furniture Account 3. Salary Account 4. Cash Account 5. Rent Outstanding 6. Bank Overdraft 7. Capital Account 8. Sales 9. Accounts Receivables 10. Sundry Creditors
Analyze the following transactions and pass necessary journal entries: 1. Goods sold to RS & Company for ₹ 450,000 on credit on 10th April 2017. 50% of goods returned by them on 18th April 2017 being defective. 2. SR & Company from whom an amount of ₹ 925,500 was due made a payment of ₹
Kong Fuser Ltd prepares its financial statements on financial year basis. How would the following transactions during the year 2017–18 affect the Profit and Loss Account and Balance Sheet of the company: 1. Purchased computer on 1st April 2017 to be used in the office for ₹ 100,000. The useful
What is the purpose of preparing Trial Balance? Explain its structure.
The followings balances were extracted from the books of Snow White & Co on 31st December 2017. You are required to arrange them in a Trial Balance. Particulars Purchases Capital Inventories (1st January 2017) Sales Discount earned Debtors Freight Cash in hand Machinery Provision for
Dare Devil & Co is a small scale manufacturing unit. It procures semifinished goods and sells them after further processing. The trial balance and additional information as on 31st March 2017 are given below. You are required to prepare the Profit and loss A/c for the year and the Balance
Nominal accounts are closed out at the end of the accounting period whereas personal accounts and real accounts are carried forward to the next accounting period. Why?
Roney, a fresh management graduate has recently joined Seven Wonders & Company. He was asked by the Chief Accountant of the firm to prepare the Trial Balance for the year ended 31st March 2017. Roney extracted the balances from the ledger accounts of the company and put them in the Trial
Sun Pharmaceutical Limited is a leading pharmaceutical company of India engaged in research and manufacturing of drugs. It has over over 40 stateoftheart manufacturing sites spanning 6 continents. These manufacturing units are located in 2 India, the US, Brazil, Canada, Egypt, Hungary,
What is EVA? Traditional approaches to measuring ‘Shareholder’s Value Creation’ have used parameters such as earnings capitalization, market capitalization and present value of estimated future cash flows. Extensive equity research has established that it is not earnings per se, but value

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