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business
financial accounting

Questions and Answers of Financial Accounting

One can disagree on the following lines with respect to the cost of inventory:(a) It includes cost of purchase, cost of conversion and other cost in bringing the inventory into present location and
True or FalseIndian Accounting standard (Ind AS 28) deals with accounting for investments in associates.
The government introduces a number of changes to the income tax system. As a result of these changes, Bijli Investments Limited, a company in the financial services sector, will need to retrain a
Pick up an annual report of your choice and show how ten accounting standards have been adhered to by the management of the company.
Established in 1993 and headquartered at Secunderabad, the Global Trust Bank (GTB) was promoted as a private sector bank by Ramesh Gelli, Jayanta Madhab and Sridhar Subasri against the backdrop of
State whether the following statement are True or False:Provisions are liabilities that can be measured only by using a substantial degree of estimation.
As per Ind-AS 1, which of the following would you agree to:(a) Restructuring costs should always be disclosed separately. Gains/losses on disposals of property, plant and equipment, if material,
Hatsun Agro Products is the largest private player in the dairy milk industry in South India, with its corporate office in Chennai. The brands owned by it are well known, including Arokya, Komata,
True or FalseIndian Accounting standard (Ind AS 21) is related with the effects of changes in Foreign Exchange Rates.
Bholenath starts a business by issuing 18,000 shares with a face value of ₹10, with ₹1 on application; and of ₹4 on allotment, in 20X5. Out of this, DJ Baba, owner of 200 shares, did not pay
State whether the following statement are True or False:A contingent asset is not disclosed in the financial statements.
Indian Accounting Standard on Inventory agrees with the following:(a) When an entity purchases inventories on deferred payment terms then effective financing element ought to be recognized as
Compare the Indian Accounting Standards with the International Accounting Standards and US GAAP. Mention the significant differences.
ICICI Bank Limited20 and its aggressive growth story in the past decade is a legend. Today the firm is the second largest bank in India (next to the State Bank of India). The company provided
Siemens Limited (henceforth, Siemens) was incorporated in the year 1957 and is listed on the BSE and NSE. We provide below the schedule related to provisions and contingencies of Siemens for
True or FalseThe Objective of the Accounting Standards Board is to examine how far the relevant International Accounting Standards can be adapted while formulating the Accounting Standard and to
COCHIN International Airport Ltd (CIAL), the promoter and operator of the Cochin international airport in the country, located near Nedumbassery, is to allot shares worth ₹35 crore to its 10,000
State whether the following statement are True or False:Revenue should be recognized after deducting the service taxes, value added taxes and goods and service taxes, (Ind-AS 18).
Hexaware Technologies Limited is a leading software services provider, specializing in Application Management, EAI, e-Commerce, ERP and Embedded Systems. Industries served by the company include
State whether the following statement are True or False:Accounting Standard (AS 16) on property, plant and equipment is not applicable to mineral rights and mineral reserves like oil, natural gas and
After the Satyam scam, the ICAI’s High Power Committee would have suggested the strengthening of regulatory framework on:(a) External auditors(b) Credit rating agencies(c) Valuation companies(d)
Shalini Beck was an ideal mother-in-law! Both, at work and at home. Her firm, Shalini Pesticides was doing fine. The following table contains the numbers of Shalini Pesticides. They are computed
A small scale industry has its guest house for the company guests. The guest house is controlled by Guest House In-charge who orders the consumables required for guests and receives the same directly
In 1988, Wim Plast Limited was incorporated. The company is engaged in manufacturing plastic moulded furniture. The main products of the company are injection-moulded plastic furniture like chairs,
State whether the following statement are True or False:Accounting software can be tailored to suit the needs of a particular entity.
Refer to the QR code on Illustration of Corporate Fraud: Credit facility given is 200 times the underlying collateral, the degree of earnings management in the case of ‘Surya Vinayak Industries
Livemint, a financial newspaper from the Hindustan Times stable, flashed on one fine morning headline “top Indian firms take on more debt to pay dividends”– Do you perceive any corporate
The Central Government of India recently made disclosures from the its latest balance sheet, in terms of the assets that it owns: office equipment worth ₹40,731 crore; roads valued at ₹10,256
Bajaj Auto Ltd is India’s leading two wheeler manufacturers with expertise in manufacturing high end motorcycles. Established in 1945, Bajaj Auto Ltd. was incorporated as a trading company. Till
State whether the following statement are True or False:Internal auditor must be an independent party.
Refer to the QR code on Illustration of Corporate Fraud: Credit facility given is 200 times the underlying collateral, the ploys adopted in creative accounting by ‘Surya Vinayak Industries
IFRS 8 requires publicly listed companies to disclose information their operating segments, products and services, the geographical areas in which they operate, and their major customers. In a recent
We present excerpts from the annual report of Marico Limited (earlier, Marico Industries Limited and even earlier, Bombay Oil Industries Limited) for the financial year ended March 31, 2003.The
The Indian Premier League (IPL) is a professional cricket league in India contested annually by franchise teams representing Indian cities in Twenty-over matches. The league, founded by the Board of
Vijaya Bank is registered with Capital markets regulator Securities and Exchange Board of India (SEBI) as a debenture trustee. SEBI conducted an inspection of Vijaya Bank in September 2013, during
Cash flow statement from the annual report of a company listed on the Bombay Stock Exchange, namely, Vishnu Chemicals Limited is shared below:(a) Identify the anomalies vis-à-vis the ICAI accounting
State whether the following statement are True or False:A qualified audit report means that there is nothing wrong with the entity or we can say no errors/frauds in the financial statements.
Ambit Capital research discussed the Indian IT sector companies based on their corporate governance report: Following are abridged excerpts of the report for three companies:Firm A: This firm
Tata Motors, a Tata group company, is the largest automobile company in India. It manufactures light and medium commercial vehicles and cars. Its plants are located in Pune, Lucknow, Dharwad, and
State whether the following statement are True or False:Internal financial control provides an assurance that transactions are recorded in accordance with applicable policies, directives and
Incorporated in 1979, Sterlite Industries (India) Limited (SIIL) is a key-producer of copper and related products. It has set up a number of smelters and refineries. The company is also engaged in
After the Satyam scam (as revealed in the chapter opener), the ICAI’s High Power Committee on Satyam fraud would have suggested which of the following:(a) The Reserve Bank of India should ask all
Dr. Reddy’s Laboratories follows the financial reporting disclosure norms required by the US and Indian regulators, i.e., the Securities and Exchange Commission (SEC) and Indian stock exchanges,
A and B sharing profits and losses in the ratio of 3 : 2 took out joint life policy on January 1, 2014 for ₹20,000. The annual premium payable on the policy was ₹2,000. The surrender value is nil
A, B and C are partners sharing profit and losses in the proportion of 3 : 2 : 1. Following is the Balance Sheet as at 31.12.2017:C desires to retire from the firm on 1.1.2018. In terms of
A, B and C were in partnership sharing profits and losses in the ratio 3 : 2 : 1. Their Balance Sheet as on 31.3.2018 was as follows :C retired on that date. It was agreed that :(a) Plant and
A, B, C and D were in partnership sharing profits and losses as 4 : 3 : 2 : 1 respectively. The following is their Balance Sheet as on 31.12.2017 :On the above date, B retired and the amount due to
A, B, and C were partners, sharing profits and losses in the proportion of 3 : 2 : 2 respectively. The Balance Sheet of the firm as on 1.1.2017 was as follows :A retired on 1.1.2017, on which date D
A, B and C are partners sharing profits equally. Their Balance Sheet on 30.6.2018 was :On 1.7.2018 A retires and it is agreed that he should be paid in full on that date all his dues. So, goodwill is
A, B and C are partners sharing profits and losses in the ratio of 6 : 5 : 3. Work-in-progress was not brought into the accounts. The Balance Sheet of the partnership as on 31.3.2018 showed the
Sun, Moon and Jupiter are partners in a business, sharing profits and losses in the ratio of 5 : 3 : 2.It is provided, in the partnership deed, that the goodwill of the firm shall be equal to 2.5
A and B, sharing profits in the ratio of 3 : 2, took out a joint life policy on 1st January, 2015 of ₹20,000 for 20 years paying annual premium of ₹1,000. The surrender values were : 2015 :
A and B are in partnership sharing profits and losses in the ratio 3 : 2. They insure their lives jointly for ₹75,000 at an annual premium of ₹3,500 to be debited to the business. B died three
A, B and C were partners sharing profits in the proportion of one-half, one-fourth and one-fourth respectively. Their Balance Sheet on 31st December, 2017 was as follows :A died on 1st January, 2018.
A, B and C are partners sharing profits and losses in the proportion of 3 : 2 : 1 and their Balance Sheet on 31st December, 2017 stood as under :B died on 28th February 2018 and according to the deed
A, B and C carried on business in the partnership sharing profits as 3 : 2 : 1. The Balance Sheet on 31st December, 2017 showed their capitals to be : A ₹10,400; B ₹5,000; C ₹3,000. On 28th
A and B are partners. The Partnership deed provides, inter alia, that:1. The accounts be balanced on December 31 every year.2. The profits be divided 1/2 to A 1/3 to B and 1/6 carried to a Reserve
The partnership agreement of a firm consisting of three partners A, B and C who share profits and losses in the ratio of 2 : 1 : 1 and whose fixed capital are ₹10,000; ₹6,000 and ₹4,000
A and B entered into partnership on 1.1.2015, the former introducing a capital of ₹90,000 and the latter ₹30,000. They effect a policy of insurance for ₹45,000 upon their joint lives in order
The firm of P, Q and R, who share profits and losses in the ratio of 2:2:1, took out, joint supervisorship policy on 10th January, 2015 for ₹25,000 in order to provide a fund for repayment of a
A, B and C decide to dissolve their partnership on December 31, 2017 on which date the Balance Sheet of the firm stood as follows:In order to give effect to the above decision, draw up the
Amal, Bimal and Tamal are partners in a firm sharing profits and losses as Amal 60%, Bimal 30% and Tamal 10%. They agreed to dissolve the firm when the Balance Sheet was as under:Land and Building
Anil, Balwant and Coomar were partners, carrying on business under the name and style of Anil & Co., sharing profits and losses in the proportion of 4 : 3 : 2. Their Balance Sheet as at 31st
A, B and C give you the following Balance Sheet as on 31.12.2017.The partners shared profits and losses in the ratio of 4:2:3. The firm was dissolved on December 31, 2017 and you are given the
Cloud, Storm and Rain were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Due to difference in opinion, they decided to dissolve the partnership with effect from 1st April,
A, B and C sharing profits in the ratio of 3 : 1 : 1 agree upon dissolution. They decide to divide certain assets and liabilities and continue business separately. Their Balance Sheet was as under:It
X, Y and Z, carrying on business from 1980, decided to dissolve their partnership on June 30, 2018, when their Balance Sheet was as under:Y and Z agreed to form a new partnership to carry on the
Hill, Stone and Rock were in partnership owning a riding school and livery stables. Profits and losses were shared : Hill three- fifths, Stone one-fifth, Rock one-fifth. No interest was charged on
X, Y and Z were partners sharing profits and losses in the ratio of 3:2:1. The position of the firm as on 1.1.2017 was:On this date, the partners decided to change their profit and loss sharing ratio
X, Y and Z were partners sharing profits and losses in the ratio of 3:2:1. The position of the firm as on 1.1.2017 was:On this date, the partners decided to change their profit and loss sharing ratio
A, B and C were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. They decided to dissolve the firm when the state of affairs was as follows:Investment was fully taken by A in
A, B and C were partners in a firm dealing in toilet articles and share profits and losses in the ratio of 4 : 3 : 3. As of December 31, 2017 they decided to dissolve the firm and B was appointed to
The following was the Balance Sheet of P, Q and R on 31st March, 2018:The partners shared profits and losses in the proportion of 6 : 3 : 5. It was decided to dissolve the partnership as on the date
Ram, Indra, Triveni and Umesh were partners sharing profits and losses in the ratio of 3 : 3 : 2 : 2. The Balance Sheet as on 31st March, 2018 was as under:On March 31, 2018, the firm was dissolved
Mini, Midi and Maxi are three partners of the firm Variety Stores sharing profits and losses in the ratio of 1:2:3. On 30th June, 2017 the partnership was disssolved. The Balance Sheet of the firm on
A, B and C were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1 respectively. The Balance Sheet of the firm as on 31.12.2017 was as follows:On 31.12.2017, B retired. The terms
A, B and C are partners sharing profits and losses 4/7ths, 2/7ths, 1/7ths respectively. Their Balance Sheet on 31st December 2017 was as folloOn the same date A retired from the business and the
A, B and C are partners sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet on 31.12.2017 was :C retires on that date subject to the following conditions:(i) Goodwill of the firm is
A, B and C carried on partnership sharing profits as 4:3:2. Their balance Sheet on 30.6.2018 was as follows:B Retired on 1.7.2018 and these adjustments were agreed upon before ascertaining the amount
A, B and C were partners sharing profits and losses in the ratio of 5 : 3 : 2 respectively. They had taken out a joint life policy of the face value of ~ 2,00,000. On 31st December, 2017, its
The Balance Sheet of A, B and C, who were sharing profits in the ratio of 4:3:2 respectively stood as follows on9 31.12.2017 :B having given notice to retire from the firm, the following adjustments
P, Q and R are in partnership sharing profits and losses in the ratio of 2 : 2 : 1. P retired on 31.12.2017 and on that date, the Balance Sheet of the firm was as under :On P’s retirement, Goodwill
A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. The Balance Sheet of their business as on 31.3.2018 is given below:A retired w.e.f. 1.4.2018. Goodwill of the firm was
A, B and C were partners sharing profits in the ratio of 3 : 2 : 1. On 1st January, 2018, B retired, on that date Balance Sheet was as follows :The terms were :(i) Goodwill was to be valued to
A, B and C were carrying on business in partnership, sharing profits and losses in the ratio of 2 : 1 : 1. On December 31, 2017 B decided to retire from the firm and the following terms were agreed
A, B and C were in partnership sharing profits and losses in the ratio 3 : 2 : 1 respectively. The summarized Balance Sheet of the firm as on 31.3.2018 stood as follows :A retired on March 31, 2018
A, B and C are in partnership sharing profits and losses in the ratio of 3 : 2 : 5 respectively. The following are the particulars of the personal accounts of the partners :The partnership firm
A, B and C are in partnership sharing profits and losses in the ratio of 2 : 2: 1 respectively. It was agreed that in case of retirement or death of a partner, the value of goodwill shall be
On 1.1.2014, A and B started a firm, sharing profits and losses equally. Each of the partners contributed ₹2,000 towards the capital of the firm and was allowed to draw ₹400 p.m. in anticipation
A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. On 31.1.2018, B decides to retire and their Capital Accounts on that date areTheir Current Accounts on that date areThe
On 31.12.2017, the Balance Sheet of M/s. A, B and C, sharing profits and losses in proportion to their capitals, stood as follows:On that date, B wants to retire from the firm and the remaining
A, B and C were in partnership till 31.12.2016, when C retired from partnership. The amount due to him after necessary V adjustments arising in connection with such retirement was ₹1,00,000. At the
A, B and C were in partnership sharing profits and losses in the ratio 3:2:1. Their Balance Sheet as on 31.3.2018 was as under:A retired on 1.4.2018 and the partnership deed provided inter alia that
A, B and C were partners sharing profits/losses in the ratio of A 40%, B 35% and C 25%. The draft Balance Sheet of the partnership as on December 31, 2017 was as follows :B retired on December 31,
A, B and C sharing profits and losses as 4:3:1 had their capitals on 1.4.2018: ₹15,000; ₹15,000; and ₹10,000 respectively. The Deed provided(i) That interest would be payable on capital at 10%
A, B and C are partners sharing profits and losses in the ratio of 3 : 3 : 4. The Balance Sheet as on 31.12.2017 is :The firm earned profits as follows for the past five years: 2013 ---- ₹14,000;
The following is the Balance Sheet of A and B as at 30th June, 2018 on which date A retired and his son D joined that firm from 1st July, 2018 with one-fourth share in the profits of the business:The
A, B and C carrying on business in the partnership decided to dissolve it on and from 30th September 2017. The following was their Balance Sheet on that date:As per the arrangement with the bank, the
The firm of Richpersons presented you with the following Balance Sheet drawn as at 31st March, 2017:Partners shared profits and losses in the ratio of 4:3:3. Due to differences among the partners, it
The firm of LMS was dissolved on 31.3.2018, at which date its Balance Sheet stood as follows:Partners share profits equally. A firm of Chartered Accountants is retained to realise the assets and

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