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Financial Accounting Analysis

This document contains instructions for recording various financial transactions in a journal. It lists 5 transactions that occurred between December 3-10, including Mrs. Veena starting a business with cash and a bank transfer, purchasing furniture and goods for sale using the business bank account, selling all goods, and paying expenses. It asks to prepare the journal by recording these 10 transactions. The document also discusses preparing a profit and loss statement and lists 8 components used. It asks to discuss 5 essential components that contribute to the profit and loss statement. Finally, it provides financial details for the firm Z and X LLP, including various asset, liability, and equity accounts. It asks to prepare a T-account balance sheet and define and

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40 views

Financial Accounting Analysis

This document contains instructions for recording various financial transactions in a journal. It lists 5 transactions that occurred between December 3-10, including Mrs. Veena starting a business with cash and a bank transfer, purchasing furniture and goods for sale using the business bank account, selling all goods, and paying expenses. It asks to prepare the journal by recording these 10 transactions. The document also discusses preparing a profit and loss statement and lists 8 components used. It asks to discuss 5 essential components that contribute to the profit and loss statement. Finally, it provides financial details for the firm Z and X LLP, including various asset, liability, and equity accounts. It asks to prepare a T-account balance sheet and define and

Uploaded by

kunal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Financial Accounting & Analysis

1. Prepare the journal by recording the following transactions (10 Marks)


3-Dec Mrs. Veena started business by introducing cash Rs 5000 and Rs
500000 as transfer from her saving bank account in the business
5-Dec She Purchased furniture worth Rs 60000, 50% payment made
through the bank account of the business and the rest amount is
payable
7-Dec She purchased goods for sale, costing her Rs 315000 and made the
payment through the business bank account
8-Dec She sold off the entire goods at Rs 500000

10-Dec She paid rent, electricity, salary to employees Rs10000 of each type
of expense through the bank account

Ans 1.

Introduction:

A journal is described as a record you keep of everyday happenings or of your ideas, or as a


periodical, that deals with a certain subject or business. A diary is an example of a journal
since it allows you to record your thoughts and events. Transactions are recorded in a
subsidiary book of accounts called the journal. A ledger is the main book of accounts used to
organize the transactions entered in a journal. The minimum number of line items for a
journal entry is two, and the It is only half solved

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2. Preparing the profit and loss account is a lengthy but at the same time interesting
task. You need a lot of information to prepare the profit and loss statement. Discuss any
five essential components out of the total eight components which contributes in
preparing the profit and loss statement. (10 Marks)

Ans 2.

Introduction:

A financial statement known as a profit and loss (P&L) statement provides an overview of
the revenues, expenditures, and expenses incurred for a given time period, often a quarter or
fiscal year. These documents reveal if a business can produce profit by raising sales, cutting
expenses, or doing both. P

3. Following are the particulars available for Z and X, LLP


Particulars (Rs in ‘000)
retained earnings 860
accounts receivable 250
supplies 150
salaries payable 150
equipment 1500
unearned revenue 200
accounts payable 540
cash 550
prepaid insurance 300
common stock 1000

a. Prepare T Form Balance Sheet out of the details as shared in the table (5 Marks)
Ans 3 A.
Introduction:

The concept behind the term "balance sheet" is that assets will always equal liabilities and
shareholders' equity. One of the three basic financial statements, the balance sheet is essential
to accounting and financial modelling. The balance sheet shows the overall assets of the
business as well as how those assets are financed—either via debt or equity. It is also known
as a statement of financial situ

b. Define and calculate the current ratio, discuss the significance of this ratio. (5 Marks)

Ans 3B.

Introduction:

Comparing two or more financial data points is what is known as an accounting ratio, and it
is used to analyse financial statements of businesses. Shareholders, creditors, and other types
of stakeholders use it effectively to comprehend the profitability, power, and financial
standing of businesses. Accounting ratios are a range of measurements used to assess the
productivity and profitability of an organisation based on its financial reporting. They are a
crucial subset of financial ratios. They serve as

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