Course: Financial Accounting & Analysis
June 2022 Examination

1. For the following transactions, analyze the accounting transactions using the accounting
equation framework (10 Marks)

1. Introduced Rs500000 through a cheque by the Owner as the Initial capital in the
business
2. Purchased goods on credit from Ms. Ritu at Rs 40000
3. Paid Rs 10000 as salary to the employees
4. Invested Rs200000 in a fixed deposit account
5. Paid school fees of the kid Rs 25000, from the business’s bank account.
Note: (2*5 = 10 marks) 1 marks for analyzing each transaction and 1 mark for
correct journal entry

2. You started learning the course of financial accounting and analysis in the MBA
Program. You learned about commonly used accounting terms. Discuss about any five
terms which are commonly used by the different users of accounting information for the
sake of understanding the financial statements
Student may define and describe about any five terms  (10 Marks)

3. From the given information

	Amount in Lakhs
cost of goods sold	580
opening stock	40
closing stock	70
creditors at the beginning of the year	60
creditors at the end of the year	100
cash purchases	45
Original cost of equipment sold	400
Gain on the equipment sold	50
Accumulated depreciation on the equipment	80

 

a. Total purchases, credit purchases and payment to creditors (5 Marks)

b. Define the term Net book value, Accumulated depreciation calculate the net book value
and cash proceeds from sale of investment (5 Marks)\

 

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