Financial Accounting & Analysis

 June 2021 Examination

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1. Discuss and analyze the following transactions for X Ltd, using the concept of accounting equation (Assets, Liabilities and Equities).

1. Purchased Furniture for Rs675000

2. Capital Introduced by the business Owner by depositing 12 Lakhs in the bank account

3. Goods purchased on credit from Aman Enterprises for Rs105000

4. Goods sold on credit for Rs 400000. The cost of the goods sold was Rs 300000

5. Purchased goods from Sneha Enterprises for Rs 600000 and made the payment from the business's bank account (5*2 = 10 Marks)

Ans 1.

INTRODUCTION

The accounting equation is known as the backbone of the double-entry accounting system. The net assets are equal to the sum of the company's liabilities and shareholders' equity, as seen on its balance sheet. Each entry made on the debit side has matching access (or coverage) on the credit side. The financial state of every company, big or small, is obtained by two main balance sheet components: assets and liabilitie ........................................

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2. Love Doddle is a gifting enterprise of Ms. Dorati. The enterprise generates inflows by arranging gift hampers for the customer's loved ones. The inflows arises from the sale of gift hampers Rs 505000 and from bank interest, dividend receipt Rs4200. Ms. Dorati is confused on how to record these inflows. She would like to understand from you about the concepts Revenue from operation and other income, so that she can record the information so as to prepare the profit and loss statement of the enterprise. Define, share examples, and elaborate on your understanding towards the terms Revenue from Operation and Other Income (10 Marks)

Ans 2.

INTRODUCTION

Operating income and revenue are significant accounting figures that indicate that a business generates some capital from the operation of the company. However, the two figures are separate ways of expressing a company's profits, and their calculations require different discounts and credits. The revenue provided by a company's primary operations is referred to as operating revenue. The exact operation that produces operational income varies. Consider a retailer: a retailer's operating income from the sale of goods.

 

3. The following information is given with respect to the ratios of two companies

a. Define the concepts of Current and Quick ratio’s and also, reflect on your understanding towards the financial performance of the companies by looking to the above information (2marks for defining and 3 marks for interpretation and reasoning) (5 Marks)

Ans 3a.

INTRODUCTION

The Current Ratio is that assesses a company's willingness to give short-term or one-year commitments. It demonstrates to investors and analysts how any business can use existing assets on its financial statement sheet to give down current debt and other commitments.

 

 

b. Define the terms- Return on Investment and Debt equity ratio and also, reflect on your understanding towards the financial performance of the companies (2marks for defining and 3 marks for interpretation and reasoning) (5 Marks)

Ans 3b.

INTRODUCTION

Return on Investment (ROI) is a presenting metric for evaluating an investment's productivity or profitability, along with analyzing the returns of many investments. The Return on investment (ROI) attempts to explicitly calculate the profit made on a given investment in relation to its expense.

 

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Taxation- Direct and Indirect

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1. Mr Amman started the Café Coffee Any Day Venture a year back. As a GST taxpayer he needs to maintain three ledgers, as specified for the tax scheme. He also appreciates the facilities with regard to making payment of GST through various options, on the GST portal. Discuss your understanding about the concept of E-ledger. Also, discuss the various options available for payment of tax on the GST common portal (4 +6 = 10 Marks)

SOLUTION:

Introduction:

The government introduced goods and Service Tax (GST) in the year 2017. Electronic Cash Ledger is a money record that contains stores that a citizen has made and any GST instalments made through money. Electronic ledgers are a form of a statement of the activities undertaken by the taxpayer under GST. These Electronic ledgers show the amount of GST Deposited in cash to the government, the Balance of Input Tax Credit Available, and liability payable after setting off the balance with money and Input Tax credit. Whenever a taxpayer conducts any activity on the 

2. Mr. Karan is a builder in Kolkata. He constructs residential quarters and let them to the employees so that he can carry on the work more effectively. He mentions that this letting down of quarters is an incidental act to the business. Decide the head of income under which such income will be taxable and explain, why? What would be your answer if by letting out of the residential quarter he earns 50000 rupees as rental income and the letting out activity is not incidental to the business, then, how such rental incomes will be assessed to tax? Give reasons for the same (10 Marks) 

SOLUTION:

Introduction:

The income of an assessee in India is governed by the provisions of the Income-tax Act, 1961. The Act provides for five different heads under which the total gross income can be distributed. These heads are:

1. Salary
2. Capital gains
3. House property
4. Income from Business and Profession
5. Income from Other sources

 

 

3. Mr. Samir Mehta is an employee in the Government law college who receives Rs 25000 per month as basic salary. Rs 200per month as Dearness allowance and Rs 500per month as entertainment allowance. Compute the salary income for the Assessment year 2021-22

a. Discuss the provisions regarding entertainment allowance and calculate the taxable entertainment allowance, if any (5 Marks) 

SOLUTION:

Introduction:

Every taxpayer is eligible for certain deductions from the total gross income earned by him. These deductions help them to reduce the burden of tax that is leviable on their taxable income. However, specific allowances are available to the taxpayer but are taxable above some specified limits. The entertainment allowance available to a salaried employee is one such allowance. 

 

 

b. If, he had paid the Medi -claim for his parents being the senior citizen Rs 35000 in cash; calculate the taxable salary post deduction, if any. (5 Marks)

Introduction:

As per the Income-tax Act, 1961, the taxable income of an assessee is calculated after deducting the various deductions available under Chapter -VI of the Act. These deductions are provided to encourage saving and investment among the assessee are intended to benefit the assessee by reducing his tax liability. One such deduction is available regarding medical insurance or Mediclaim payments under Section 80D of the Act. 

 

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Business Economics- NMIMS Assignments

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1. From the give table calculate Elasticity of Price, Total Revenue and Marginal Revenue. Also, explain the relationship between AR and MR?

Price	Quantity	Total Revenue	Marginal Revenue
6	0
5	100
4	200
3	300
2	400
1	500
0	600

Answer 1.

INTRODUCTION

Elasticity of demand: A commodity's demand is affected by various factors, such as a change in the price of the goods, change in the consumer's income, change in the price of related goods (substitute and complementary goods), change in taste and preference of the customer, etc. The elasticity of demand is the percentage change in a commodity's demand when other factors affecting the demand of the product change.

Revenue: Revenue is the manufacturer's amount for selling of a given quantity of the commodity in the potential market. For Its Half solved only

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2. Demand forecasting is not a speculative exercise into the unknown. It is essentially a reasonable judgment of future probabilities of the market events based on scientific background. Explain the statement by elaborating different qualitative and quantitative methods of demand forecasting. (10 Marks)

Answer 2.

INTRODUCTION

Demand forecasting: The process of estimating the future demand of a commodity of the consumers in a market during a defined period, with some historical data and different other information, is known as demand forecasting. When done right, demand forecasting tells an organization about the firm's potential in the current market. It ultimately helps the managers make certain vital decisions regarding price, growth strategies, and the firm's potential in the given market. 

3. a. Define elasticity of supply and find the price from the given statement:

If Es of a good is 2 and a firm supplies 200 units at price of Rs 8 per unit, then at what price will the firm supply 250 units. (5 Marks)

Answer 3a.

INTRODUCTION

Elasticity of supply: It is the change in the supply of a commodity due to a price change. Every firm needs to know the quickness and effectiveness in their response whenever the market conditions change. The market conditions especially involve price change. The price elasticity of supply or elasticity of supply is calculated by dividing the percentage change in quantity supplied by the percentage change in the commodity price. 

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NMIMS Solved Assignments JUNE 2021 NMIMS Assignments

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