March 2020 nmims solved assignments - Mehra & Sons purchased a second-hand light motor Vehicle at a cost of Rs 2 lacs. Additionally, various accessories costing Rs50000 were also purchased
March 2020 nmims solved assignments - Mehra & Sons purchased a second-hand light motor Vehicle at a cost of Rs 2 lacs. Additionally, various accessories costing Rs50000 were also purchased
March 2020 nmims solved assignments - Mehra & Sons purchased a second-hand light motor Vehicle at a cost of Rs 2 lacs. Additionally, various accessories costing Rs50000 were also purchased
March 2020 nmims solved assignments - Mehra & Sons purchased a second-hand light motor Vehicle at a cost of Rs 2 lacs. Additionally, various accessories costing Rs50000 were also purchased
For answersheets contact
info.answersheets@gmail.com
+91 95030-94040
Financial
Accounting & Analysis
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 Its 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 its 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)
 |
| March 2020 nmims solved assignments - Mehra & Sons purchased a second-hand light motor Vehicle at a cost of Rs 2 lacs. Additionally, various accessories costing Rs50000 were also purchased |
For answersheets contact
info.answersheets@gmail.com
+91 95030-94040
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