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Sample Questions

13 January 2019

Question 1

From the data given below, prepare a balance sheet and compute the missing item.
(figs in Rs)

as on 31st March 2018


Salaries Payable 1800 Long Term Loan 7500

Equity Capital 550 Sales Revenue 5000

Prepaid Rent 600 Rent expense 200

Trade Receivables 2500 Inventory 2200

Trade Payables 5300 Equipment 5000

Retained Earnings as on 1/4/2017 10500 Salary Expense 750

Cash 19000 Unearned Revenue 650

Accumulated Depreciation 500 Cost of Goods Sold 3000

On April 1, 2018, a fire completely destroyed one of the machines that was
accounted under Equipment as shown above. This machine was not insured and
had a original cost of Rs 7,200 and accumulated depreciation of Rs 3,500.

Explain how the loss would be accounted in the balance sheet on 31st March 2018.

Question 2 25 marks
(a) Please refer to the assets on RIL balance sheet and answer the following:
i. Which of the current assets have recorded the most significant
increase over the last year? What could be the reason for the
increase?
ii. What could be the reason for the reduction in Trade Receivables?
iii. Where would you see the investment made by RIL in RJio?

(b) Please refer to the liabilities on RIL balance sheet and answer the
following:
i. What is the long term debt in RIL?
ii. What does a Securities Premium Reserve indicate?
iii. What does an increase in deferred tax liability indicate?

(c) Please refer to the P&L account for RIL and answer the following:
i. Which expense has been significantly reduced in 2015? What could
be the reason?

(d) Please refer to the cash flow statement for RIL and answer the following:
i. In the investment activities, what is the major source of the cash
outflow?
ii. In the financing activities, how was the debt repaid?
iii. What is the difference between interest expense on the P&L account
and Interest paid on the cash flow statement?

(e) Please refer to the financial statements for RIL and calculate the following
ratios:
i. Return on Equity using the formula
ROE = PAT/Total Equity
ii. Net Profit Margin = PAT/Sales
iii. Productivity of the Total Assets =Sales/Assets
iv. Leverage =Assets/Equity.
v. Interpret your results
vi. Which is the major cost driver of the business and how important is
it?

Question 5 15 marks

Lumax Ltd is developing its annual financial statements for 2018. The following
information is available.

All figs in Rs

Sales 455000 Business Development Expense 44000


Interest Expense 5000 Administrative Expenses 25000
Prepaid Expense 6500 Advance Paid to supplier 24000
Unearned Revenues 13200 Income Tax 4500
Employee Expenses 15500 Depreciation & Amortisation 8000
Cost of Goods sold 156000 Equipment 1200
Trade Receivables 6000 Deferred Tax Liability 250

Prepare an income statement for 2018, showing the operating profit, profit before
tax and profit after tax.

Calculate the EBITDA and the Earnings per Share (EPS) assuming 10,000 equity
shares outstanding.

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