Financial Accounting June 2025 Solved Assignments

Description

NMIMS Centre for Distance and Online Education (NCDOE)

Course: Financial Accounting

Internal Assignment Applicable for Jun 2025 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

Assessment Parameter	Weightage
Introduction	20%
Concepts and Application	60%
related to the question
Conclusion	20%

For Numerical Answer

Assessment Parameter	Weightage
Understanding and usage	20%
of the formula
Procedure / Steps	60%
Correct Answer &	20%
Interpretation

PLEASE NOTE: This assignment is application based, you have to apply what you have learnt in this subject into real life scenario. You will find most of the information through internet search and the remaining from your common sense. None of the answers appear directly in the textbook chapters but are based on the content in the chapter

NMIMS Centre for Distance and Online Education (NCDOE)

Course: Financial Accounting

Internal Assignment Applicable for Jun 2025 Examination

Q1 You are given the following partial financial information for AlphaEx Ltd. for the

year ended March 31, 2024:

Required

1. Compute the Cost of Goods Sold (COGS) and Gross Profit for the year ended March 31, 2024.

(2 marks)

1. Prepare the Income Statement (from Net Sales down to Net Income) for the year ended March 31, 2024. Clearly show each line item, including your calculations for Cost of Goods Sold, Gross Profit, Operating Income, and Net Income after tax.

(3 marks)

1. Calculate the ending Retained Earnings on March 31, 2024, after the company closes its Net Income into Retained Earnings. Show your computation step by step.

(2 marks)

1. Using the year-end balances, compute and interpret two financial ratios—for example, the Current Ratio and the Debt-to-Equity Ratio. In a brief paragraph, discuss what these ratios indicate about AlphaEx Ltd.’s liquidity and long-term solvency. (3 marks)

1. Income Statement (Partially Reported)	Amount
	(Rs.)
Net Sales:	9,00,000
Beginning Inventory (April 1, 2023):	60,000
Net Purchases:	3,20,000
Ending Inventory (March 31, 2024):	50,000
Operating Expenses (excluding depreciation):	1,40,000
Depreciation Expense:	30,000
Interest Expense:	20,000
Income Tax Rate:	25%
2. Balance Sheet (Selected Items as at March 31, 2024)
Cash & Cash Equivalents:	1,00,000
Accounts Receivable:	80,000
Inventory:	50,000
Property, Plant & Equipment (net):	4,00,000
Accounts Payable:	40,000
Long-Term Debt:	2,00,000
Common Stock:	1,50,000

 

NMIMS Centre for Distance and Online Education (NCDOE)

Course: Financial Accounting

Internal Assignment Applicable for Jun 2025 Examination

Retained Earnings (at the beginning):

80,000

	(10 Marks)
Q2 (A)	A mid-sized manufacturing company has suffered significant losses over the past two
	years, casting doubt on its ability to continue as a going concern. Critically examine
	how the concept of going concern influences the accounting process in such a
	situation. In your analysis, discuss the ethical and professional judgments an
	accountant must make when deciding whether the business should continue applying
	going concern assumptions in its financial statements.
	(5 Marks)
Q2 (B)	Financial accounting is based on fundamental principles and assumptions that guide
	the preparation of financial statements. However, with the rapid advancement of
	technology and the increasing complexity of modern business transactions, some
	argue that traditional accounting frameworks may no longer be sufficient. Critically
	evaluate the relevance of traditional financial accounting principles (such as the
	historical cost principle, accrual basis, and consistency) in today’s business
	environment. In your response, analyze potential modifications or alternative
	approaches that could enhance financial reporting accuracy and decision-making for
	stakeholders.
	(5 Marks)
	***********

 

Introduction
The going concern principle assumes that a business will continue operating indefinitely without forced liquidation. However, when a company suffers persistent losses (like the mid- sized manufacturer in question), accountants must critically assess whether this assumption remains valid. If there is substantial doubt about the company’s survival, financial reporting must reflect this uncertainty, significantly altering accounting treatments and disclosures.

2b:
Financial accounting has long relied on foundational principles like historical cost, accrual accounting, and consistency to ensure reliable and comparable financial statements. However, the digital transformation of business and the rise of intangible assets are challenging these traditional frameworks. While these principles provide stability and objectivity, critics argue they may no longer adequately reflect economic realities in an era of rapid technological change and globalized commerce. This analysis examines the ongoing relevance of conventional accounting standards and explores potential innovations to enhance
financial reporting.

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