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principles financial accounting

Questions and Answers of Principles Financial Accounting

Reliance Industries Ltd. is the biggest private sector company in India. The following fact sheet about the company and its peer group, as extracted from Capitaline Plus database is reproduced in the
Form a small group. Concentrate on BSE Sensex companies and compile the voluntary disclosures made by each of them. Draft a crisp research paper highlighting your findings and use thereof to various
Brown India Limited manufactures office tables. Normal capacity of the factory is 60,000 tables per annum. Following are the cost and inventory details for the year 2005–06.Required:Carry out the
Shoppers’ Departmental Stores Ltd. furnishes the following details of purchase, sale etc. of its garments section for the year 2005–06.Determine the value of inventory of the garments section as
Ram Lakhan Company Ltd. produces one unit of product B by using one unit of raw material A. During 2005–06 A costed the company ₹4,200. Conversion cost was ₹850. As on 31st March 2006, being
Usha Corporation Ltd. sought the advice of an investment advisor for deployment of surplus funds of around Rs. 45 lakh in the stock market. The advisor advised to invest in Bhonsle India Ltd. and
KABU Enterprises Ltd. buys a building for the purpose of investment. It issues 1,00,000 equity shares of its company, which are quoted on the day of the deal at Rs. 155 per share at the NSE. The
Bharti Investments Ltd. holds 8000 shares of Phonetel Corporation Ltd. It acquires 7000 shares of Subharti Ltd. from Idea Investments Ltd. in exchange for these shares. Determine the cost of shares
Usha Corporation Ltd. purchases 12,000 10% secured redeemable bonds of the face value of Rs. 100 each of Andhra Pradesh Power Finance Corporation Ltd. on 1st January for a consideration of Rs.
If Usha Corporation Ltd. were to continue with the classification of its investment in Bhonsle as current investments, and the fair market value as on the balance sheet date was Rs. 42,07,500, at
In May 2004, Veeru Travels Ltd. promoted Basanti and Veeru Tonga Travels Ltd., an unlisted joint venture company in association with Basanti Tonga Ltd. It invested Rs. 2.50 crores by way of its
Refer to Exercise 1 of Usha Corporation Ltd. The company had intended to keep the shares as current investments. However, looking at the long-term prospects of Bhonsle, it now wants to reclassify
Jai Investment and Finance Ltd. had acquired 3,000 shares of Gabbar and Sambha Ltd. in September 2004. They were being carried in the 31-03-2006 balance sheet at Rs. 17,85,000. Gabbar and Sambha Ltd.
Let us continue with the above illustration of Jai Investment and Finance Ltd. Assume that the company disposed off its holding to Imam Saheb Ltd. on a cum-right basis @ Rs. 846 per share. Imam Saheb
Ram Lal Sewa Samiti Ltd. purchased 30000 shares of Sippy and Sons Ltd. at a cost of Rs. 312 per share in the month of December 2005. It again purchased 30000 shares of the same company at a cost of
Suppose you were a:a. Shareholderb. Prospective investorc. Investment adviserd. Corporate raidere. Senior employeef. Lending institution:• Already having lent • Approached to
Refer to the extracts from the annual report 2000–2001 of Indo Rama Synthetics (India) Limited regarding qualifications in its auditors’ report, management’s viewpoint and directors’
Refer to the extracts from the annual report 2001–2002 of Hindustan Motors Limited regarding qualifications in its auditors’ report, management’s viewpoint and directors’ explanations on
You have gone through and understood the information available from the annual reports of the company regarding non-provision and ultimately provision after seven years of the diminution in the value
You have gone through the explanation offered by the directors behind their intention in deciding to extend the accounting year 1999–2000 by three months in their report for the year 1999–2000,
In Chapter 15 you were exposed to details of Non-provisioning of Expenses and Doubtful/Disputed Debts by Hindustan Motors Ltd., explanations thereon in the notes to accounts, their treatment in the
You were exposed in Chapter 13 to details of Contingent Liabilities Not Provided For by Liberty Shoes Ltd. during the year 2001–02 as per their annual report. The following additional information
You have gone through the following information about Hindustan Lever Ltd., as provided in this chapter, for the year ended 31 December 2001:1. Profit and Loss Account 2. Note 2: Other Income 3.
Liberty Shoes Ltd. issued 3,45,000, 0% FCDs of ₹100 each amounting to ₹3,45,00,000 during Feb. 94. The FCDs were convertible into equity shares of ₹10 each at par. The FCDs were outstanding as
Continue with the case of Liberty Shoes Ltd. on BEPS and DEPS. However with effect from 1st Feb 2001 these FCDs are carrying an interest rate of 10% p.a. As per the annual reports, the PAT for the
Given hereunder are the details of net profit, equity capital and rights issue etc. of Emm Ell India Ltd. for the years 2005-06 and 2006-07. Determine the BEPS for both the years. and Nos. of Shares
Kiran Textiles Ltd. supplies you with the following details for the year 2006-07. Determine its BEPS and DEPS. Net Profit No. of equity shares outstanding (FV10) Equity shares under options granted
Continue with the case of Maruti Suzuki Ltd. You had carried out the Multi-step income statement analysis, Horizontal analysis and Common-sized analysis of the company in Chapter 16.Now extend your
Continue with the case of Maruti Suzuki Ltd. Also refer to the illustration of Grasim Industries Ltd. in this chapter. Carry out a comparative analysis of the two companies. Towards this purpose
Continue with the case of Shiva Industries Ltd. as above.Required1. Determine the rate of depreciation as per WDV.2. Determine the annual depreciation and accumulated depreciation for all the years
Continue with the case of Shiva Industries Ltd. as above. Now assess the impact of SLM and WDV on profits and tax liability of the company.
Continuing with the case of Shiva Industries Ltd., assume that the company adopted WDV in the first year but decided to shift to SLM in the 5th year. Analyse the impact of this change on the
Ruchika Labs Ltd. purchases a machine costing Rs. 210 lacs and factory building for Rs. 9 lacs on 1st April 2006. Assume that the company does not own any other depreciable asset. Work out the first
Continue with the case of Shiva Industries Ltd. as above. In the beginning of the 6th year, a valuer appraises the machine to be worth Rs. 97.50 lakh with an estimated residual value of Rs.
Continuing with the case of Shiva Industries Ltd., now assume that the company sold the revalued machine in the beginning of the 8th year for Rs. 13, 50,000. Determine the profit/loss on disposal
This case is in continuation to the case of Oil and Natural Gas Corporation Ltd. as illustrated in the last chapter. Now refer further to the extracts from annual report 2005-06 of the company
Having understood the contents of this chapter, you, as the manager of Section B comprising 50 students of MBA 1st year course, are required to form groups of five students each. Include yourself in
Shiva Industries Ltd. purchased a machine. The details are as under. Determine the cost of the machine. Details Invoice Price Amount (*) Amount (?) List Price 75,00,000 Less: Trade Discount 1,50,000
Dr. Kapil Seth’s Imaging Centre Ltd. part exchanged its old X-ray machine with a new one from Rajneesh Medical Equipments Ltd.Net book value of the old X-ray machine was ₹4,68,345. However the
Shikha Entertainment Ltd. purchased some fixed assets for a consolidated price. The details are as under. Details of the market values of these assets as appraised by a valuer are also given.
Bhaskar Foods Ltd. acquires a machine whose total cost comes to ₹270 lacs. The company received a grant of ₹24 lacs from the central government against the machine. Determine its book value under
Dhruv Udhyog Ltd. has established a new project. Details of fixed assets and expenditure incurred during the construction of the project are given hereunder. Determine the cost of each asset at the
Refer to the extracts from annual report 2005-06 of the Whirlpool of India Limited regarding its fixed assets, related significant accounting policies and profit/loss on disposal thereof as
Refer to the extracts from annual report 2005-06 of the Oil and Natural Gas Corporation Ltd. regarding valuation of its oil and gas producing properties as per the successful efforts method of
Aman Sachdeva promotes, Aman Home Products, his proprietary firm, on April 1, 20CY. The following are the details of the transactions entered into by the firm during the month of
Ashish Agrawal forms a proprietary firm Surya Medical Equipments on 1 April, 20CY. The firm intends to engage in the business of sophisticated personal care equipments. The following are the details
Shahrukh Khanna promotes Shahrukh Khanna and Sons, his proprietary firm, to start business of trading in mobile phones on 1st April 2006. He hires a showroom at D-15, South Ext., New Delhi @ ` 12,000
Gaurav Lal and Kanika Raj, both MBAs from the renowned FSM School of Management and having worked in the industry in various capacities for over ten years, called it a day and decided to be on their
Moving further, classify the business transactions of Aman Home Products as recorded in the journal prepared in the previous chapter and post them in to the ledger of the firm.
Moving further, summarize the business transactions of Aman Home Products as classified in the ledger prepared in Ex.1 above in the form of a trial balance.Ex.1Moving further, classify the business
Moving further, classify the business transactions of Surya Medical Equipments as recorded in the journal in the previous chapter and post them in to the ledger of the firm.
Moving further, summarize the business transactions of Surya Medical Equipments as classified in the ledger prepared in Ex. 3 above in the form of a trial balance.Ex. 3Moving further, classify the
Having recorded the transactions of Shahrukh Khanna and Sons in the Journal in the previous chapter, now:1. Classify them through ledger accounts, and 2. Briefly interpret each ledger account.
After having classified the transactions of Shahrukh Khanna and Sons, now, summarize them in a Trial Balance.
Having recorded the transactions of Kanika and Gaurav Management Consultants in the Journal in the previous chapter, now:1. Classify them through ledger accounts, and 2. Briefly interpret each ledger
After having classified the transactions of Kanika and Gaurav Management Consultants, now, summarize them in a Trial Balance.
Monik Varma promotes Monik Traders, his proprietary firm, to start a business of trading in Product A on 1 April 20CY. He hires an office at C-12, Sikka Complex, Preet Vihar, Delhi–110092 @₹3,000
Refer to the case of AMAN HOME PRODUCTS given in the exercises in the last chapter. Aman now wants to know as to where his firm stands after one month of running. Help him. Towards this purpose
Refer to the case of SURYA MEDICAL EQUIPMENTS given in the exercises in the last chapter. Ashish Agrawal now wants to know as to where his firm stands after one month of running. Help him. Towards
Refer to the case of Shahrukh Khanna and Sons given in the exercises in the last chapter. Shahrukh Khanna now wants to know as to where his firm stands after one month of running. Help him. Towards
Refer to the case of Kanika and Gaurav Management Consultants given in the exercises in the last chapter. Gaurav and Kanika now want to know as to where their firm stands after one month of running.
Refer to the case of Monik Traders given in the exercises of the last chapter. Monik Varma now wants to know as to where his firm stands after one month of running of the business. Help him. Towards
The following is the trial balance of Sanjay Industries Ltd. as on 31st March 2006.Further information1. Outstanding rent amounted to ₹7,200 while outstanding salaries ₹8,100 at the end of the
The following is the trial balance of Sangeeta Udhyog Ltd. as on 31st March 2006.Further information 1. The authorised share capital of the company consists of 4,00,000 equity shares of ` 10 each.2.
The accountant of Pushpa Engineering Company Ltd. has prepared the following trial balance of the company as on 31st March, 2006.Further information 1. Authorised equity share capital of the company
Following trial balance as at 31st March 2006 has been prepared from the account books of Mahesh Foods Ltd.Further information1. The authorized capital of the company is 3 lac equity shares of ` 10
The trial balance of Hindustan Textiles Ltd. as at 31st March 2006 is as presented hereunder.Further information1. The authorized capital of the company is 30 lakh equity shares of ₹10 each of
Refer to the exercise on preparation and brief analysis of financial statements of Sanjay Industries Ltd. as given in the last chapter.Now convert the financial statements in to vertical format. Use
Refer to the exercise on preparation and brief analysis of financial statements of Sangeeta Udhuog Ltd. as given in the last chapter.Now convert the financial statements in to vertical format. Take
Gupta Health Products Pvt. Ltd. has been promoted by Richa Gupta and her associates on April 1, 20CY. The company enters into the following transactions of purchase during the month. It maintains a
Innovative Bathing Solutions Ltd. has been promoted by Rita Goel and her associates on April 1, 20CY. The company enters into the following transactions of sale during the month. It has been advised
The organisation maintains a three-column cash book. It submits the details of following cash/bank transactions for the month of May 20CY. Please record them in the three column cash book. Date
Continue with ex.3 and record the relevant transactions in the two-column cash book.Ex.3The organisation maintains a three-column cash book. It submits the details of following cash/bank transactions
Continue with ex.3 and record the relevant transactions in the simple cash book.Ex.3The organisation maintains a three-column cash book. It submits the details of following cash/bank transactions for
Continue with ex.3 and record the relevant transactions in the bank book.Ex.3The organisation maintains a three-column cash book. It submits the details of following cash/bank transactions for the
Mr. G.C. Gupta, the erstwhile Marketing Director of Hindustan Industrial Corporation Ltd., has recently taken over as the Managing Director of the company. He is an engineer by qualification and a
Having understood the contents of this chapter, you, as the manager of Section A comprising 50 students of MBA 1st year course, are required to form groups of five students each. Include yourself in
Recall Exercise 1 of Chapter 4. The MD, Mr. G.C. Gupta, having understood the gist of the conceptual framework of financial statements, is now interested in the understanding of GAAPs, because of
Discusses the current and future uses of blockchain to process transactions and store data. Research the use of blockchain and find a noncryptocurrency company that is currently using it. Also
Buyers negotiate purchase contracts with suppliers. What type of shipping terms should a buyer attempt to negotiate to minimize transportation costs?
(a) Compute net sales, gross profit, and the gross margin ratio for each of the four separate companies.(b) Which company has the best gross margin ratio? Sales .... Sales discounts... Sales returns
Use the following information for Palmer Co. to compute inventory turnover for Year 3 and Year 2, and its days’ sales in inventory at December 31, Year 3 and Year 2. From Year 2 to Year 3, did
Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30).Apr. 2 Purchased $14,300 of merchandise on credit from Noth Company,
Acorn Industries completes these transactions during July of the current year (the terms of all its credit sales are 2/10, n/30).July 1 Purchased $6,500 of merchandise on credit from Teton Company,
The April transactions of Wiset Company are described in Problem 7-2A.In Problem 7-2Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are
Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October. Prepare entries to record these transactions assuming
The following financial statement information is from five separate companies.Required1. Answer the following questions about Company V.a. What is the amount of equity at the beginning of the year?b.
For the following transactions of Spade Company,(1) Prepare general journal entries(2) Post entries to T-accounts and calculate the ending balance of each T-account. Use the following accounts: Cash;
Posting errors are identified in the following table. In column(1) Enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column(2) Identify
Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory system and the gross method.Aug. 1 Purchased merchandise from Aron Company
Official Brands’s general ledger and supplementary records at the end of its current period reveal the following.Required1. Each member of the team is to assume responsibility for computing one of
The following unadjusted trial balance is prepared at fiscal year-end for Foster Products Company. Foster Products Company uses a perpetual inventory system. It categorizes the following accounts as
Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. Oct. 1 Sold merchandise for
Identify whether each description best applies to a periodic or a perpetual inventory system.a. Updates the inventory account only at period-end.b. Requires an adjusting entry to record inventory
Ming Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. (For specific identification, units sold consist of 20 units from beginning
A car dealer acquires a used car for $14,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include the following. $250 for
Comparative figures for Apple and Google follow.Required1. Compute inventory turnover for each company for the most recent two years shown.2. Compute days’ sales in inventory for each company for
Aloha Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. (For specific identification, units sold consist of 80 units from
Key figures for Samsung follow.Required1. For the most recent two years, compute Samsung’s(a) Inventory turnover(b) Days’ sales in inventory.2. Is the change in Samsung’s inventory turnover
QP Corp. sold 4,000 units of its product at $50 per unit during the year and incurred operating expenses of $5 per unit in selling the units. It began the year with 700 units in inventory and made

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