NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Financial Accounting & Analysis

Internal Assignment Applicable for December 2020 Examination

1. Karagiri is a Pune based startup that works with 800 families across India. The startup is in the business of handloom saris. They converted the pandemic period in to an opportunity. The business owners realized that accounting is essential to permit informed judgements and decisions by the user of accounts. In the light of given definition of accounting, discuss about users and uses of accounting information.

2. Mr. Kohli is planning to invest in the share market. He wants to study the Balance Sheet of Amul Industries. He wants your guidance in finding the various elements of the Balance Sheet of Amul Industries. Kindly discuss the same.

3. Discuss for question (a) and (b)
- Define and identify the type of Income / Expenses
- Treatment of the Income / Expenses in the Profit and Loss account, Impact of the Income / Expenses in the Balance Sheet.

a. You purchased 10 shares of L& T Company last year. On 5th March 2019, the company has declared a dividend Rs 50 per share. The income is earned but not yet collected in your account during this financial year.

b. On 5th March 2019, Mehta Brothers received 100% advance for goods, to be supplied in the next month. The Cost of the goods was Rs50000. They sually sells the goods at 10% mark up.