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1. Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
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 preparedto check the arithmetical accuracy ofthe postingin ledger. “Do you
agree? Explain its necessary features & any 5 important steps to be considered while making Trial
Balance.
Answer:Trial balance maybe definedasaninformal accountingschedule 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 tothe total of credits.If entriesare recordedandpostedcorrectly,the ledgerwillreflectequal
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

2. 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
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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:Manytimes,we see thatmany companieswhichare instartupstage i.e.duringconstruction
periodandbefore itisreadyfor 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
underthe head"Pre-Operative Expenditure,pendingallocation" - 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.

3. Dear students get fully solved assignments
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