Q1. Analyse the following transactions for Surprise Ltd. using the concept of AccountingEquation comprising of Assets, Liabilities and Equity. (10 Marks) SOLUTION: Overall impact: Assets: Cash -₹ 2,50,000, Equipment +₹ 2,00,000, Furniture +₹ 50,000, Raw materials +₹ 25,000 Liabilities: IndiMart +₹ 50,000 Equity: +₹ 80,000 (₹ 5,00,000 + ₹ 75,000 – ₹ 2,50,000) Please note …
Financial Accounting & Analysis | Question and answer Read More »
The Final Accounts of a company refer to the annual financial statements consisting of (1) Profit and Loss Account which discloses the results of operation, either profit or loss, for a financial year, and (2) Balance Sheet which depicts the financial position of the company as on the closing day of the year. The Profit …
MBA & BBA Study Material Reference : ICAI Books Cash Flow Statement Solved Sums and complete books available in the below mentioned link from ICAI https://resource.cdn.icai.org/66496bos53751-cp4-u2.pdf
Accounting is a process of collecting, organizing, and analyzing information. It is used in business management to make decisions about products and services, resources, debt and equity, and taxes. The advantages of accounting are that it helps you understand where your money is coming from and where it’s going however accounting has its own limitations. …
Advance Accounting INTRODUCTION The account that shows annual net profit or net loss of a business is called Profit and Loss Account. It is prepared to determine the net profit or net loss of a trader. P&L account is a component of final accounts. The profit and loss account shows what net profit and loss …
BBA | B.Com | BHA | BBM | BMS | MBA What is Financial Accounting? Financial accounting is a specialized branch of accounting that keeps track of a company’s financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a …
Advance Accounting Section 129 of companies act 2013, provides for preparation of financial statements. 2(40) to include balance sheet, profit and loss account/income and expenditure account, cashflow statement, statement of changes in equity and any explanatory note annexed to the above. 3. New section 129 corresponds to existing section 210. It provides that the financial …
PREPARATION OF BALANCE SHEET AS PER SCHEDULE III OF COMPANIESACT, 2013 Read More »
