Financial Accounting & Analysis nmims 2 sem april 2019 solved assignments

ANSWER 1

Difference between Gross Profit, Operating profit and Net Profit-

Gross Profit

Gross profit is the all expenses and the additional services of the more and the time period of the device and they are almost the finishing work completes in the premises, his simple, common

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NMIMS Global Access

School for Continuing Education (NGA-SCE)

Course: Financial Accounting & Analysis

Internal Assignment Applicable for April 2019 Examination

Question 1

One of your colleagues is going to make a presentation in the sales meeting. However, he finds difficult to understand the difference between gross profit, operating profit and net profit. Explain these terms to your colleague by discussing how these are calculated and highlighting the relevant points.

ANSWER 1

Difference between Gross Profit, Operating profit and Net Profit-

Gross Profit

Gross profit is the all expenses and the additional services of the more and the time period of the device and they are almost the finishing work completes in the premises, his simple, common

Question 2

The provisions of AS-3 provide two methods for preparing the cash flow statement. Discuss how the manner of computation of cash flow from operating activities under direct method and under indirect method differs from each other.

ANSWER 2

According to the Provision of AS – 3 of Cash flow Statements is two types of Methods are –

Direct Method

Indirect Method

The main difference between the direct method and the indirect method of presenting the

Question 3

On April 1st 2016 your company purchased an asset at a cost of 7 Lacs and incurred Rs50000 on installation. The machinery being depreciated on WDV method every year. On March 31st 2019, the machinery was sold for Rs 4.5 Lacs.

a) Pass relevant journal entries to recognize the profit or loss and sale of asset.

b) Calculate the profit or loss on disposal, Calculate Closing book value and depreciation for the years 2016-19.

ANSWER 3

Working Note

Purchase as on 1^st April, 2016

Cost	7,00,000
Add : Installation	50,000
TOTAL COST	7,50,000

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