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NMIMS
Global Access School for Continuing Education (NGA-SCE)
Course: Financial Accounting & Analysis
Internal
Assignment Applicable for April 2020 Examination
1. Ind AS norms are converged with
the International Financial Reporting Standards, but these are not equivalent
to IFRS. Further, there are key differences between the
requirements of INDIAN GAAP, IFRS and
Ind AS. Discuss five key differences among these reporting standards. (10
Marks)
2. Mehra
& Sons purchased a second hand light motor Vehicle at a cost of Rs 2 lacs.
Additionally, various accessories costing Rs50000 were also purchased along
with the Vehicles which are required to be replaced on a yearly basis.
Mr. Mehra wants to write off the
overall outflow in Income statement
Discuss, whether he is correct or
not? Discuss the need to differentiate between the capital and revenue items?
How these items are to be treated in the financials of the company? Give
reasons supporting the same (10 Marks)
3. a. All India Insurance Company
received an insurance premium of Rs 50 lacs on an insurance policy whose
coverage extends till the mid of the next accounting year.
(5 Marks)
3. b. Additionally, the company has a
monthly salary expense of Rs 25 lacs. For the accounting year ended on March
31, 2019 the company paid 275 lacs on account of salary. The salary for the
month end is paid in the first week of April 2019.
Discuss the treatment of both of
these payments in the books and disclosures in the
financial statements, as on 31st
March 2020 ( 5 Marks)
Dear students, get fully NMIMS solved assignments
by professionals
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or call us at :08263069601
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