ASSIGNMENT

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Q1. From the following balances extracted from the book of Alfa traders as on 31st March 2016, prepare the final accounts of the concern. 

The following adjustments are to be made:

a. Closing Stock Rs.50600

b. Rent due but not paid upto 31st March 2016 Rs.500

c. Advertisement paid in advance Rs. 2000

d. Depreciate plant & machinery by 10%, furniture by 5% .

e. Write off further bad debts Rs.500

Q2. Mr. James & Mr. Jiggar are the directors of Balajii Auto Pvt Limited. They want to make certain strategic decisions and to implement certain controls within the company. Meeting of all BOD’s is called. Mr. Ajay being the accounts executive of the company keeps the audited financial statements ready following all the essentials of financial accounting. Mr. Ajay was about to present the audited financial statement in the management’s meeting but his senior colleague suggests him that in such a meeting he should present projected statements as well as all other such reports which the management needs, as management accounting is differ from financial accounting. Discuss who is correct Mr. Ajay or his senior colleague and why? Explain the same in detail. 

Q3 a) Aditya Ltd is a FMCG company. The company is about to start a new line of production and is supposed to close its one of its production unit. The following information about Aditya ltd is provided. Installed a new plant worth 500lacs, however paid only 450 lacs for the same. The company spent 50 lacs for the construction of new shed, one of the machinery acquired in the 2005, at a cost of 85 lacs having written down value if 25 lacs as on date is sold at a profit of 10 Lacs .The company also paid interest on debentures, being the source of capital Rs10 lacs. It also acquired 5 % shares of Birla ltd at a value of 50 Lacs and received Rs 25 lacs on account of maturity of one of the saving bonds. Calculate the net cash flow from investing activities.

Q3. b) The Balance Sheet of XY Ltd is as under

Calculate the following

1. Current ratio

2. Liquid ratio

3. Solvency ratio