Financial Accounting & Analysis

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Presentation transcript:

Financial Accounting & Analysis

Financial Accounting & Analysis Question 1 One of your colleague is going to make a presentation in the sales meeting. However, he finds difficult to understand the difference between gross profit, operating profit and net profit. Explain these terms to your colleague by discussing how these are calculated and highlighting the relevant points. (10 Marks) Question 2 The provisions of AS-3 provide two methods for preparing the cash flow statement. Discuss how the manner of computation of cash flow from operating activities under direct method and under indirect method differs from each other. (10 Marks)

Question 3 On April 1st 2016 your company purchased an asset at a cost of 7 lacs and incurred Rs50000 on installation. The machinery being depreciated on WDV method every year. On March 31st 2019, the machinery was sold for Rs4.5 lacs. a) Pass relevant journal entries to recognize the profit or loss and sale of asset (5 Marks) b) Calculate the profit or loss on disposal, Calculate Closing book value and depreciation for the years (5 Marks)