Financial Accounting

NMIMS Financial Accounting & Analysis Assignment -April 2024 Examination

Prachi Industries purchased a land worth 2 crores, office fixtures and furniture worth Rs 50 lakhs. Five years back the company has purchased an investment property for Rs 5 crores out of which today they disposed of 20% of the property, at a realizable value of Rs 3 crores. As a consultant to the company …

NMIMS Financial Accounting & Analysis Assignment -April 2024 Examination Read More »

Financial Accounting & Analysis | Question and answer

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 »

Vertical Balance Sheet Format

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 …

Vertical Balance Sheet Format Read More »

CASH FLOW STATEMENT

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

Limitations of Accounting – NMIMS Assignment

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. …

Limitations of Accounting – NMIMS Assignment Read More »

FINANCIAL ACCOUNTING

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 …

FINANCIAL ACCOUNTING Read More »

PREPARATION OF BALANCE SHEET AS PER SCHEDULE III OF COMPANIESACT, 2013

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 »