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Question
1 You visited Subway that’s the fast food restaurant to purchase a Combo worth
Rs 499. The restaurant paid for the raw material and utilities amounting Rs105
for each sale. In addition to that, the restaurant also paid for certain
expenses in cash in total Rs 50 per sale.
Discuss
how these financial transactions will be recorded by way of journal entry, and
also, discuss the various stages of the whole accounting process.
Answer: Accounting Process
Accounting is
the process of
Question
2 The Companies Act 1956 was the first Act which governs the various Companies
registered in India. However, in the year 2013, the Act was amended
holistically to bring more transparency in terms of accountability,
presentation and disclosure aspects in relation to various financial
information of a company. However one of your friend is of the opinion that
there is only one difference between the two Act , that is , the presentation
of financial statements , previously it was governed by Schedule VI and now
Schedule III governs it. Now, you are assigned with the task of convincing your
friend that there is a huge difference between the two Acts, by briefing him on
atleast five other points of differences between the two.
Answer: The
Companies Act, 1956, had been in force many decades. The Act confers a variety
of powers on the Central Government and the Company Law Board to monitor,
regulate and control the affairs of the companies. A company, in common
parlance, means a group of persons associated together for the attainment of a
common end, social or economic. It represents different kind
Question
3 The following information pertains to the Income statement of Beta Ltd.
revenue
generated from sales 1258000
closing
stock 102500
profit
on sale of securities 25540
Opening
stock 50000
purchase
of raw material 500000
direct
expenses 150000
manufacturing
expenses 67550
administrative
expenses 68420
depreciation 15840
preliminary
expenses written off 4700
selling
and distribution expenses 45000
loss
on sale of machinery 15000
interest
on loan 46510
Taxes
paid 25500
Earnings
Before Interest & Taxes (EBIT) ?
a.
Redraft the information in the vertical form of Income statement and also,
calculate Earnings After Taxes (EAT )
b.
Calculate the gross profit ratio and operating profit ratio. Discuss, how they
differ from each other?
Answer: a) Statement of Profit and Loss for the
year ended ……..
Particulars
Figure
as Figure as
at
the end at the end
of
Current of Previous
reporting
reporting
period
period
I Revenue from
operations 1258000
II Other
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