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NMIMS Assignment Solution April 2023
Financial Accounting & Analysis
April 2023 Examination
Q1. Prepare the journal by recording the following transactions (10 Marks)
TABLE BELOW
3-Dec Mrs. Vinita started business by transferring amount from her saving
account to the business bank account Rs500000
5-Dec She Purchased godown to stock goods worth Rs 100000
7-Dec She purchased goods for sale, costing her Rs 300000
8-Dec She sold off the entire goods at Rs 500000,credit sales
10-Dec She paid salary to employees Rs 20000 through bank account
Ans 1.
Introduction
A journal can be defined as a detailed account that videotapes all the transactions of a business in a financial year. These transactions can be utilized to make other financial devices by transferring them to them, such as a general journal. A journal also videotapes all the information related to advertising, consisting of days, amounts, and accounts affected, utilized in a double-entry accounting method.
For accounting objectives, journal accounts can also be described as an electronic document or a physical
2. Company DreamHigh Pvt. limited wants to distribute dividend to its shareholders.
There are two types of dividend, which a shareholder can receive in any accounting year. Discuss the term dividend, its types, accounting treatment of dividend in the books of accounts and a brief towards how cash flow on account of dividend is reflected in the cash flow of a company (10 Marks)
Ans 2.
Introduction
A dividend is a share of kept earnings and revenues that a business pays its proprietors and shareholders. When a company generates profits and revenues, those earnings can be reinvested in the industry or paid out to its owners and shareholders through dividends. The yearly Dividend per share, separated by the supply rate, can be defined as the dividend return.
Dividend profits are the best for investors as they obtain a dividend yearly, and their invested amount is increased through
Q3a. Following are the particulars available for Z and X, LLP
retained earnings 668
accounts receivable 240
supplies 500
salaries payable 167
equipment 1000
unearned revenue 475
accounts payable 200
cash 1170
prepaid insurance 100
common stock 1500
a. Calculate the amount of – (5 Marks)
• Total assets
• Total liabilities excluding stockholder equity
• Total stockholders’ equity
Ans 3a.
Introduction
An asset can be defined as a resource with some economic value that a corporation, individual, or country has or regulates with the expectation that it will supply an advantage in the future. Assets are tape-recorded on the firm’s annual report. They are identified as financial, current, and intangible. They are developed or acquired to increase a firm’s value or
Q3b. Discuss the advantages of preparing the Balance Sheet. (5 Marks)
Ans 3b.
Introduction
A balance sheet can be defined as a financial statement that depicts the company’s financial setting. It records the liabilities and assets of a firm at the end of the fiscal year after the preparation of trading and earnings and loss
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NMIMS Assignment Solution April 2023