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Assignment Set – 1


  1. Explain the interlinkage and points of differentiation of management accounting with cost accounting and financial accounting.

Ans 1.


Management accounting, cost accounting, and financial accounting are three essential branches of accounting, each serving distinct purposes within an organization. While they share some similarities, they also have significant differences in terms of focus, audience, and objectives.

Interlinkage between Management Accounting, Cost Accounting, and Financial Accounting Its Half solved only

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  1. The competing companies P Ltd. and Q Ltd. produce and sell the same type of product in the same market. For the year ended March 2021 their forecasted profit and loss accounts are as follows:
  Rs. P Ltd. Rs. Q Ltd.
Sales   300000   300000
Less: Variable Cost 200000   225000  
Fixed Cost 50000 (250000) 25000 (250000)
Estimated Profit   50000   50000


You are required to Calculate:

Profit Volume ratio, Break-even point  and Margin of safety of each business

State volume at which each business will earn a profit of Rs.30000

Ans 2.

To calculate the Profit Volume ratio, Break-even point, Margin of safety, and the volume at which each business will earn a profit of Rs.30,000, let’s follow these steps:

  1. Profit Volume



  1. Describe the concept of marginal costing. Enlist the advantages and limitations of marginal costing.

Ans 3.

Concept of Marginal Costing:

Marginal costing, also known as variable costing, is a costing technique where only variable costs are considered while determining the cost of a product or service. Under marginal costing, fixed costs are treated as period costs and are not allocated to products or services. Instead, only variable costs such as direct materials, direct labor, and variable overheads are attributed to the cost of production. The key principle of marginal costing is to segregate costs into fixed


Assignment Set – 2



  1. Following are the Balance sheets of Sansar Indutsries Ltd. for the year ending December 31, 2020 and 2021
Particulars 2020 2021
Equity and Liabilities    
Shareholders’ funds:    
Equity share capital 400000 600000
Reserves and surplus 312000 354000
Non-Current Liabilities:    
Debentures 50000 100000
Long-Term Loans on Mortgage 150000 255000
Current Liabilities:    
Accounts Payable 255000 117000
Other Current Liabilities 7000 10000
Total 11,74,000 14,36,000
Non-Current Assets:    
Fixed Assets:    
Land & Buildings 270000 170000
Plant & Machinery 310000 786000
Furniture and Fixture 9000 18000
Other Fixed assets 20000 30000
Long-Term Loans given 46000 59000
Current Assets:    
Cash in hand and at Bank 118000 10000
Receivables 209000 190000
Inventory 160000 130000
Prepaid expenses 3000 3000
Other Current assets 29000 40000
Total 11,74,000 14,36,000


Analyse the financial position of the company with the help of Common-Size Balance sheet.

Ans 1.

A common-size balance sheet is a financial statement that expresses each line item as a percentage of total assets. It helps in analyzing the financial position of a company by highlighting the relative proportions of different assets, liabilities, and equity components. Let’s prepare the common-size balance sheets for Sansar Industries Ltd. for the years ending December 31, 2020, and 2021:

Common-Size Balance Sheet


  1. The financial statements of the company for the past two years are summarised below:
Particulars 2020 2021
Cash Nil 2000
Trade debtors 55000 40000
Stock-in-trade 55000 45000
Fixed Assets (Net) 137000 145000
  247000 232000
Trade creditors 32000 25000
Provision for taxation 11000 9000
Bank Overdraft 12000 Nil
Paid-Up capital 150000 150000
General reserve 30000 35000
P& L Appropriation A/c 12000 13000
  247000 232000


Net income Statement

    2020   2021
Sales   400000   375000
Less: COGS                      245000   225000  
Other expenses              130000 (375000) 132000 (357000)
Net Profit   25000   18000


Opening stock on 1st January 2020 was Rs.60000

Calculate the following ratios for two years: –

  1. Current Ratio
  2. Quick ratio
  3. Stock Turnover ratio
  4. Debtors’ turnover ratio
  5. Average collection period
  6. Assume 360 days in a year


Ans 2.

Let’s calculate the requested ratios for the years 2020 and 2021:

  1. Current Ratio

Current Ratio=Current Assets / Current Liabilities

  1. Quick Ratio:

Quick Ratio= (Current Assets−Inventory) / Current Liabilities

  1. Stock




  1. Describe the components of responsibility accounting. Also, explain the advantages and limitations of responsibility accounting.

Ans 3.

Responsibility accounting is a management control system that delegates authority and assigns responsibility to various segments of an organization. It is primarily concerned with evaluating the performance of responsibility centers within an organization. These centers could be departments, divisions, or even individuals, each responsible for specific activities or functions. The components of responsibility accounting typically include:

Budgets: Budgets are the