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NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Financial Accounting
Internal Assignment Applicable for December 2015 Examination
Assignment Marks: 30
Q1” Trial Balance are prepared to check the arithmetical accuracy of the posting in ledger. “Do you agree? Explain its necessary features & any 5 important steps to be considered while making Trial Balance.
Answer:Trial balance may be defined as an informal accounting schedule or statement that lists the ledger account balances at a point in time compares the total of debit balance with the total of credit balance.
The fundamental principle of double entry system is that at any stage, the total of debits must be equal to the total of credits. If entries are recorded and posted correctly, the ledger will reflect equal debits and credits, and the total credit balance will then
Q2] From below Trial Balance of Ameya Auto Parts Pvt. Ltd. for 31-12-2007
| Particulars | Debit (Rs) | Credit (Rs) | |||||
| Ameya Industry Capital | 60,000 | ||||||
| Cash in Hand | 1500 | ||||||
| Purchases | 80,000 | ||||||
| Sales | 101,000 | ||||||
| Return Inward | 1000 | ||||||
| Bank OD | 5000 | ||||||
| Office Salaries | 6000 | ||||||
| Insurance | 500 | ||||||
| Sundry Debtors | 40,000 | ||||||
| Sundry Creditors | 50,000 | ||||||
| Commission | 1000 | ||||||
| Furniture | 8000 | ||||||
| Building | 60,000 | ||||||
| Stock (1.1.2007) | 10,000 | ||||||
| Drawings | 3,000 | ||||||
| Bills Receivable | 8,000 | ||||||
| Bills Payable | 4,000 | ||||||
| Carriage Inward | 800 | ||||||
| Advertisement | 1200 | ||||||
| Repairs | 1000 | ||||||
| TOTAL AMOUNT | 221,000 | 221,000 | |||||
Adjustments :
# Closing Stock Rs. 25000/- at 31/12/2007.
# O/S Salary 1000/-
# Depreciation Furniture & Building @5%
# Insurance Prepaid – Rs. 100/-
# Create RDD at 5%
Answer:
To open stock 10,000
To purchase 80,000
(-) Seller 80,000
To carriage 800
To Gross profit 34000
—————-
125000
—————-
Q3) How are the expenditure related to fixed assets treated i.e., as Capital Expenditure or Revenue Expenditure as per “AS-10 – Accounting for Fixed Assets”?
Answer:Many times, we see that many companies which are in startup stage i.e. during construction period and before it is ready for commencing commercial operations do not prepare Profit and Loss Account for the year / period and the total expenditure incurred during such year / period is kept under the head “Pre-Operative Expenditure, pending allocation” – Whether this treatment is correct as per Companies Act, 1956 and whether it complies with the Accounting Standards and Guidance notes issued by the ICAI?
Let us have a glance on the various relevant statutory provisions relating to the same.
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