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Essentials of Financial Accounting nmims solution
Q1. Pass the journal entries for 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 furniture 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 |
Q2. Earlier, manual recording of the transactions was considered as accounting. Now with the passage of time the accounting task has been automated and changed dramatically. Define briefly the term accounting and the users of accounting information (10 Marks)
Q3. Meri Shrushti LLP purchased a machinery for Rs 500000. The LLP spent 1 %of the machinery cost on transportation. The entity also carried out the installation of the machinery by payingRs10000. The estimated scrap value of the machinery at the end of the 5years is Rs50000.
- Calculate the annual depreciation expenses (5 Marks)
- If the LLP dispose off the machinery for Rs 300000, after the completion of 4 years.
Calculate the amount of depreciation accumulated at the end of 4 years. Profit or loss on sale of such asset (5 Marks)
Dec 2022
Q1. Pass the journal entries for the following transactions
December 3 Mrs. Vinita started business by introducing cash Rs50000 in the business
December 5 She Purchased furniture worth Rs 10000
December 7 She purchased goods for sale, costing her Rs 35000
December 8 She sold off the entire goods at Rs 50000
December 10 She paid salary to employees Rs 1000
Q2. The American Institute of Certified Public Accountants defines accounting as the art of recording, classifying and summarizing in a significant manner and in terms of money transactions and events, which are, in part at least, of a financial character, and interpreting the results thereof. The whole process of accounting involves two steps – first- generating information and second- using that information. Discuss the steps involved in generating the financial information. Any five points.
Q3. Meri Shrushti LLP purchased a machinery for Rs 100000. The LLP spent Rs 50000 on transportation. The entity also carried out the installation of the machinery by paying 1% of the purchase price of the machinery. The estimated scrap value of the machinery at the end of the 10 years is Rs 10000.
a. Define the term depreciation, discuss any two factors affecting the computation of depreciation
b. Calculate the annual depreciation expenses and also share the formula for the same