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Financial Accounting For Management 4th Edition Neelakantan Ramachandran, Ram Kumar Kakani - Solutions
If a sole trader operating as a florist, purchases a van for ₹55,000 for business use, paying by cheque, when completing his double entry accounts he will:(a) Credit van account and debit bank account.(b) Debit van account and credit bank account.(c) Debit van account and credit cash account.(d)
True or FalseIncreases in liabilities are debits and decreases in liabilities are credits to the respective liability accounts.
Trial balance is a conclusive proof of the accuracy of the account books. Do you agree with this statement? Explain.
The Indian Premier League (IPL) is a professional Twenty-Twenty cricket league in India contested annually by franchise teams representing Indian cities, such as, Chennai Super Kings (CSK), Delhi Daredevils (DD), Mumbai Indians (MI), Kings XI Punjab (KXIP), Kolkata Knight Riders (KKR), Royal
Do you agree or disagree with the following statements? If you disagree, please do correct them:Sundry creditors represent an asset.
The following is a trial balance for the firm for the year ending 31st Dec. 20X7. It is known that the closing stock of the company as on 31st Dec 20X7 stood at ₹1,00,000:1. At the end of the accounting period, the gross profit of the industrial firm would be:(a) Less than ₹10,000;(b) Between
Credit balance of a personal account shows:(a) Accounts Receivable(b) Accounts Payable(c) Income(d) Provision
True or FalseShareholders Equity = Equity Shares + Retained Earnings – Dividends + Revenue – Expenses.
What are the main reasons for disagreement of a trial balance?
Refer to the Chapter Opener on the Tesco’s accounting scandal at the start of the chapter. Briefly comment on the questions mentioned therein. Does it raise any industry level issue at an international level? Discuss. N Not So Funny Accounting Problems @Tesco Tesco PLC is a British multinational
Do you agree or disagree with the following statements? If you disagree, please do correct them:Investment is a liability.
Prepaid expenses require an adjustment to be made to the double entry accounts as follows:(a) Credit relevant expense account with prepayment before balancing off account; debit prepayment to same account after balancing off.(b) Debit relevant expense account with prepayment before balancing off
True or FalseAn adjustment of an asset or a liability for which the business paid or received cash in advance is known as a deferral adjustment.
Niti founded M/s Khilona & Khilona, a toy retail shop, and invested ₹2,80,000 in the business as equity shares. At the beginning of the year, she borrowed ₹1,50,000 from the local bank, to be paid in five years, bearing an interest rate of 10% payable annually. She was now ready to rent a
Do you agree or disagree with the following statements? If you disagree, please do correct them:Salary payable to employees is an asset.
Do you agree or disagree with the following statements? If you disagree, please do correct them:Discount allowed is an income.
Do you agree or disagree with the following statements? If you disagree, please do correct them:Capital is an asset.
Do you agree or disagree with the following statements? If you disagree, please do correct them:Discount received is an expense.
Do you agree or disagree with the following statements? If you disagree, please do correct them:Stock consumed is an asset.
Do you agree or disagree with the following statements? If you disagree, please do correct them:Prior period expense written off is a liability.
Do you agree or disagree with the following statements? If you disagree, please do correct them:Prepaid expenses is an expense.
State whether the following statement are True or False:Lilly and Co. is an example of real account.
State whether the following statement are True or False:Cash at bank and cash in hand are examples of personal account.
State whether the following statement are True or False:A journal is a chronological record of all transactions, showing the debit and credit of the accounts as affected by the transactions.
State whether the following statement are True or False:A purchase journal is used for recording all credit purchases.
State whether the following statement are True or False:Posting is the process of recording the transactions in the ledger from the books of original entry.
On 1st April, Gaana.com Limited was registered as a public company with a capital of ₹1 crore. How many maximum shareholders can Gaana.com have on 1st April?(a) 200(b) 1 crore(c) 7(d) 10 Lakh
Refer to the Chapter Opening Case on the BCCI’s Balance Sheet. Briefly comment on the stated facts therein. How would that augur for the future of the game and for the future of Indian cricket? In FY2015, BCCI's Funds Increase by 1,300+ Crore In FY2015, for the first time in its nine-decade
This case is in continuation of the Mini Case 1.5 of Chapter 1. Using the figures presented there in, please make relevant assumptions and prepare the profit and loss account of Koya’s new business.Data from Mini Case 1.5 of Chapter 1Koya was driving the Pajero Sports Vehicle of Sayed Abdul
This problem is a continuation of Chapter 2, Numerical Problem 2. Please help Shiraz Dhaneshyar in completing the profit and loss statement of T.V. Today Network by filling the following items with figures at the appropriate blanks below: Current tax 416; Deferred tax 2; Depreciation and
Relate items in column A to all items in Column B A (a) Depreciation expense (b) Gross sales (c) Sales allowances (d) Prepaid expense (e) Discounts (f) Given effect on return of goods by customers (g) Dividends B 1. An appropriation of profits 2. Unexpired cost of the period 3. Invoice notation,
Financial Technologies Limited was promoted in 1988 by a first generation entrepreneur named Jignesh Shah. The firm and its arms (commonly known as FT group) went on to become a global leader in offering technology and domain expertise to create and trade on next-generation financial markets,
Refer to the Chapter Opener on the Nestle India’s Profit and Loss Statement. Briefly comment on the stated facts therein. How would that augur for the future of the organization? And for the future of Industry? In Q2FY2015, Nestle India registered its First Loss Found in 1866, Nestle has
This case is in continuation of the Mini Case 2.2 of Chapter 2. It included 10 companies listed on the Bombay Stock Exchange from different sectors – Aditya Birla Nuvo; Chowgule Steamships; Educomp Solutions; Hindustan Unilever; MMTC; Noida Toll Bridge Co.; NTPC; SKS Microfinance; Tech Mahindra;
This case is in continuation of Mini Case 2.6 of Chapter 2, on Ram Traders Limited and his chilli business. The problem has a few transactions mentioned for a complete month. Assume a corporate income tax rate of 35% and prepare an income statement of the organization.Please fill the below
This problem is a continuation of Chapter 2, Numerical Problem 3. Please help Chinku in filling the ‘profit and loss statement’ and also answering the queries below:Questions(a) Fill the blank figures (marked ‘?’ in the table above).(b) What is the biggest expense for this organization?
Fill in the BlankRetained Earnings during a period = Revenue – (Expenses + __________).
Mukesh Ambani led Reliance Industries Limited ranked 158th on the Fortune Global 500 list of the world’s biggest corporations, as of 2015. It contributes about one-fifth of India’s total exports. It has business in energy and materials value chain and in retail and digital services. You are
Ruks Industries Limited was a modest effort by Rukmini Iyer in Madurai. Day by day Rukmini found cash management to be a tough job as the firm was witnessing volatile cash situations. At times having severe cash crunch and at other times having excess cash glut. Rukmini was interested in finding
What is a ‘Cash Flow Statement’? What is the main purpose of such a statement?
Business entities operate at various stages of the industry cycle (namely, infant stage, growth stage, mature stage, and declining stage). It is said that one should make judgment about the quality of a Statement of Cash Flow based on the stage in which the industry/sector is in. This question is
True or FalseCash from operations are also known as trading profits.
Match the following columns:1. Payments of income taxes and accrued expenses2. Issuance of equity securities3. Redemption of debentures and loan repayments4. Sale of equity instruments and collection on loans5. Purchase of equity/debt instruments and making loans6. Income from interest on
Vinyl Chemicals (India) Limited, a Parekh Group company, is a medium-sized, intermediate organic chemicals manufacturer. We present the balance sheet and income statement of the company in brief, for two financial years of 12 months each.Given the limited information, you are to prepare its funds
Identify each transaction either as:(a) Operating activity, (b) Investing activity, (c) Financing activity (d) None of the above1. Cash received from customers2. Purchased machinery3. Paid income tax to government4. Issued equity shares at par5. Sold investments at a gain6. Issued
Pragati Exports Limited was created by Aashish Argade and Varun Aaron, both, veterans in commodity exports. Aashish and Varun were not happy with the firms accountant, Shan Mohan Sagili. Their concern was simple: always the net profit figures looked appealing and highly attractive; yet, Pragati
The term ‘cash’ as used in Cash Flow Statements includes:(a) Only cash balances(b) Only bank balances(c) Bank balances and bank overdrafts(d) Cash in hand plus bank balances less bank overdrafts
This case is a continuation of Mini Case 2.6 of Chapter 2, on Ram Traders Limited and his chilli business. Based on the transactions mentioned therein, you are required to prepare a statement of cash flow using both the direct method and the indirect method (preferably in the format provided
True or FalseDisposal of real estate is an operating activity.
Abridged summary of Bank of India’s Cash Flow Statement is provided below for two consecutive years.You are required to fill in the blank spaces above. Do you have any comments to make from the above. Cash Flow Items →→ Current Year → Previous Year → Starting Cash Balance ? 554 Net Cash
Match the following columns:1. Payments of income taxes and accrued expenses2. Issuance of equity securities3. Redemption of debentures and loan repayments4. Sale of equity instruments and collection on loans5. Purchase of equity/debt instruments and making loans6. Income from interest on
Which of the following are uses of funds?(a) Purchase of fixed assets(b) Repayment of long-term loans(c) New issue of share capital(d) Only (a) and (b).
How does a cash flow statement help investors, analysts, creditors, and managers in taking business decisions?
True or FalseDividend received in case of financial enterprises is an operating activity.
Refer to the Chapter Opener on the HDFC Bank’s Cash Flows Statement. Briefly comment on the stated facts therein. How do you rationalize on the queries raised? How would that augur for the future of the organization? In FY2015, HDFC Bank had to Borrow to Maintain Cash Incorporated in 1994, HDFC
Match the following columns:1. Payments of income taxes and accrued expenses2. Issuance of equity securities3. Redemption of debentures and loan repayments4. Sale of equity instruments and collection on loans5. Purchase of equity/debt instruments and making loans6. Income from interest on
Lena Bank Limited received a gross of ₹900 crore demand deposits from customers. During the same financial year, customers had also withdrawn ₹800 crore of demand deposit. This amount would be shown as _______________ in its Statement of Cash Flow.(a) Operating Activities, Net Cash Inflow of
Looking at the position statement of the firm over the last two years, Little Flower was quite happy that the performance of the firm had changed for the better. Her husband, PaiBinoy, looked over the numbers and appeared unsatisfied with the performance. Binoy being a product from a premier
Pioneer Distilleries Limited is a company located in the Dharmabad Taluk of Maharastra manufacturing industrial grade alcohol. The company was registered in the period 1992-93. The promoters went ahead and raised capital from the markets during the same time. We present below the statement of cash
Match the following columns:1. Payments of income taxes and accrued expenses2. Issuance of equity securities3. Redemption of debentures and loan repayments4. Sale of equity instruments and collection on loans5. Purchase of equity/debt instruments and making loans6. Income from interest on
This case involves making use of your roll number and your date of birth. Share prices of Lamb & Tiger (L&T) in the recent past are under pressure, primarily because of lack of growth in the profit figures of the company. Top bosses in the firm including its CEO were quite unhappy
True or FalseShorter the duration of the operating cycle, more is the need for net working capital.
Tinkle Comics Limited paid income tax on Capital Gains resulting from disposal of capital assets. This amount would be shown in the statement of cash flow as a deduction in _______________ type of activities:(a) Operating activities(b) Investing activities(c) Financial activities(d) None of the
Can a balance sheet show a company’s liquidity? Discuss and elaborate.
In the following pages, you are provided with the statement of cash flows of four different companies for the latest two accounting periods.Compare the summarized cash flow statements of these four companies and explain the nature of cash flows with their similarities and dissimilarities. Also
True or FalseCash flow statement helps in assessing the capacity of a business entity to meet its long-term obligations.
Match the following columns:1. Payments of income taxes and accrued expenses2. Issuance of equity securities3. Redemption of debentures and loan repayments4. Sale of equity instruments and collection on loans5. Purchase of equity/debt instruments and making loans6. Income from interest on
Television Eighteen India Limited runs the popular television channel ‘CNBC India’. This case is a continuation of Mini Case 2.5 of Chapter 2 and Mini Case 3.5 of Chapter 3 on this company. You are required to take help of the Television Eighteen’s abridged balance sheet (Mini Case 2.5) and
Rancho Brokerages Limited, a stock broking firm received ₹75 lakh as premium for forward contracts entered for dealing in equity shares. This amount would be classified as:(a) Operating activities(b) Investing activities(c) Financial activities(d) None of the above
Match the following columns:1. Payments of income taxes and accrued expenses2. Issuance of equity securities3. Redemption of debentures and loan repayments4. Sale of equity instruments and collection on loans5. Purchase of equity/debt instruments and making loans6. Income from interest on
We had come across a firm with large number of subsidiaries in Chapter 3 (see Mini Case 3.7), namely, Jignesh Shah promoted Financial Technologies India Limited (FT). The National Spot Exchange Limited (NSEL), a spot commodity exchange, was a subsidiary promoted by the FT. The NSEL crisis erupted
State whether the following statement are True or False:International Accounting Standard Committee (IASC) is also known as the International Accounting Standards Board (IASB).
Indian Accounting Standards suggest the following in the presentation of Income Statement:(a) Any item of income or expense is not presented as extraordinary item in the statement of profit and loss or in the notes.(b) The expenses are classified in the statement of profit and loss based on the
The following are excerpts from the Annual Report of Marico Industries for the financial year ended 31 March, 2003.During the year, the Company’s shareholders approved a scheme of re-organization of Capital (‘Scheme’) which was approved by the Hon’ble Bombay High Court on March 25, 2003. In
True or FalseFifty two Indian accounting standards have been issued and made mandatory till March 2016 by the ASB in India.
Take up any seven accounting standards and mention the accounting principles behind them.
Founded in 1984 by S. Narayanan and H. Nandi, MRO-TEK started with the initial focus on network computing with indigenously developed Line Drivers and Modems. The company became a leader in the networking and last mile access segment.In a span of 24 years, MRO-TEK has evolved and grown from revenue
Under a new legislation, Billu Badshah Filters Limited is required to fit smoke filters to its factories by September 20, 201X. The enterprise has not fitted the smoke filters as on March 31, 201X. Should the managers account for it?
State whether the following statement are True or False:The objective of issuing Indian accounting standard (Ind-AS 2) is to determine the value of the stock or inventories to be carried to the financial statements, until the goods are sold and the revenue is recognized.
Explain the process of preparation of an accounting standard.
True or FalseThe Institute of Cost and Works Accountants of India (ICAI) issues the Indian accounting standards.
Indian Accounting standards suggest that:(a) Management prepares all its financial statements under the accrual basis of accounting.(b) The notes to financial statements are supporting points to improve understanding of the same and so these items are not an integral part of the financial
State whether the following statement are True or False:Cheques and bills of exchange can be used synonymously.
Fayaz Takkar Limited is involved in a dispute with a competitor, Kelawala Furniture Limited. The competitor is alleging that Fayaz Takkar has infringed patents and is seeking damages of ₹99 lakh. Fayaz Takkar, in his annual report, recognizes a provision for its best estimate of the obligation,
About the Industry: The compressor and drilling equipment industry is cyclical in nature and its prospects depend on the general economic conditions and fresh investments in user industries. Compressors find applications in industries such as petrochemicals, fertilizers and food processing.
The Warren Buffet Investment Club’s board is composed of 10 students from a new school of management. The club members also take care of investing the student’s pool of funds. As part of their annual work, members complete a full qualitative and quantitative analysis of a chosen industry, and
State whether the following statement are True or False:Historically, accounting developed as a system for reporting information to the managers.
State whether the following statement are True or False:Modern management accounting is intended at reporting the activities of the entity to owners so as to enable them to plan and control the activities of the entity.
State whether the following statement are True or False:Ideas of capital maintenance, productive capital, and profitable operations supported by commerce and credit, form the pillars up on which accounting is built.
State whether the following statement are True or False:Accounting as a measurement and valuation system, recognizes the doubleness of values by taking into account, both the benefit and sacrifice involved.
State whether the following statement are True or False:Business entities once selected cannot change their form with time.
State whether the following statement are True or False:The conventions of accounting are inflexible, and not much is left to the judgment of the individual accountant.
State whether the following statement are True or False:The process of management reporting involves the provision of information for decision making with respect to only making plans for the future.
State whether the following statement are True or False:Accounting has some broad guidelines, such as, going concern, business entity, prudence, and consistency, which are to be used as guideposts for assistance.
State whether the following statement are True or False:Universal objectives of accounting practice includes ‘income determination’.
State whether the following statement are True or False:Accounting system is also concerned with the provision of information for solving tricky situations.
State whether the following statement are True or False:The process of management reporting involves the provision of information for decision making with respect to control of day to day operations of the entity, as well as for making plans for the future.
State whether the following statement are True or False:Financial statements is for internal users of the company, to aid in their decision-making function, and hence, needs to be confidential in nature.
State whether the following statement are True or False:ICAI is progressively working towards convergence reflecting “Indian conditions” in the IFRS.
State whether the following statement are True or False:Accounting can be broadly divided into two branches, social accounting and government accounting.
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