SIES SCHOOL OF BUSINESS STUDIES, NERUL, NAVI MUMBAI

PGDM TRIMESTER 1 General/Core 2021-23

Financial Accounting for Decision Making
Class Test
Maximum Marks: 20 Date: 11/10/2021 Duration: 1 hour Time: 02PM

Q1. Write a detailed note on Accounting Principles – Concepts and Conventions (give examples
wherever applicable) (10 Marks)

Q2. PARAS Traders purchased Office Furniture worth Rs.1875000 and spent Rs.25000 on its
installation on 01st April 2013. They started depreciating it at 10% p.a. under Reducing Balance
Method on every 31st March. They purchased additional Office Furniture of Rs.250000 on 1st
April 2015 and of Rs.350000 on 1st April 2017.
On 31st March 2018 they sold entire Office Furniture for Rs.2025000. Prepare Office Furniture
A/C from the year 2013-14 to 2017-18. Prepare working note for calculation of profit or loss on
sale of office furniture. (10 Marks)

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