NMIMS Global Access

School for Continuing Education (NGA-SCE)

Course: Advanced Financial Accounting
Internal Assignment Applicable for December 2022 Examination

Assignment Marks: 30

Instructions:

 All Questions carry equal marks.

 All Questions are compulsory
 All answers to be explained in not more than 1000 words for question 1 and 2 and for
question 3 in not more than 500 words for each subsection. Use relevant examples,
illustrations as far as possible.
 All answers to be written individually. Discussion and group work is not advisable.
 Students are free to refer to any books/reference material/website/internet for attempting
their assignments, but are not allowed to copy the matter as it is from the source of
reference.
 Students should write the assignment in their own words. Copying of assignments from other
students is not allowed.
 Students should follow the following parameter for answering the assignment questions.

For Theoretical Answer For Numerical Answer

Assessment Parameter Weightage Assessment Parameter Weightage
Introduction 20% Understanding
1. Jai Ltd is taken over by Ray Ltd. All the assets & liabilities are takenand usage
over 20%
at book value.
Concepts and Application 60% of the formula
Ray Ltd to
related is the
issuing 5 equity shares for 2 shares held at Procedure
question Rs 10 each to Jai Ltd in settlement
/ Steps 60%
Conclusion 20%
of purchase consideration. Identify the method of PurchaseCorrectconsideration
Answer & & compute
20% it.
Interpretation
Discuss the entries to be passed in the books of Ray Ltd. Following is the Balance sheet

of Jai & Ray Ltd as on 31st March, 2022. (10 Marks)

 NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Advanced Financial Accounting
Internal Assignment Applicable for December 2022 Examination

Liabilities Jai Ltd Ray Ltd Assets Jai Ltd Ray Ltd
(RS) (RS) (RS) (Rs)
Equity share Capital 200000 600000 Land & building 300000 500000

Pref.share capital 100000 Machinery 100000 200000

250000
Creditors 50000 100000 Debtors 40000 50000
Cash 60000 50000
Total 500000 800000 Total 500000 800000

2. The Stores of Xeno Ltd showing the information of receipts & issues of materials during
the month of march.

Date Particulars Quantity Rate

March 03 Received 2000 10
March 10 Received 500 15
March 15 Issued 1000 -
March 20 Issued 500 -

Explain the concept of LIFO Method & weighted Average method. What will be the
closing inventory if the Xeno Ltd using perpetual inventory under both the method &
interprete on it. (10 Marks)

3. a. Shilpa & Reena are partners in Tech firm sharing profits & losses in the ratio of 5:3. They
admitted Gita as a new partner for 1/5 of share in the firm’s future profits. Calculate the
new profit sharing ratio of Shilpa, Reena & Gita & compute howmuch Shilpa & Reena
need to sacrifice their share to give Gita’s share. (5 Marks)
 NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Advanced Financial Accounting
Internal Assignment Applicable for December 2022 Examination

3. b. Arvind, Rahul & sheela are partners of a firm sharing profits & losses in the ratio of 3;2;1.
The profit earned during the year is Rs 30000. Interest charged on drawings of partner is
RS 500, RS200, RS 100 & interest paid on capital @ 10% p.a & commission paid to
sheela for year Rs100. Compute the residual profit of each partner (5 Marks)

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