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Assignment Set – 1

Questions 1


(a) Discuss the significance of financial statement analysis. Mention types of financial statements Analysis are there?

ANS: The significance of financial statement analysis can be understood in various contexts:  Performance Evaluation:  Financial statement analysis helps assess how well a company has performed over a specific period. It involves examining the income statement to analyse revenue, expenses, and profitability ratios, allowing stakeholders to gauge the company’s operational

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(b) Prepare Income Statement for Year ended 31st Dec 2023 from the below information as per schedule III of companies Act 2013.

Gross Revenue                                                  Rs    1,000,000

Purchase of Raw material                               Rs     5, 60,000

Opening Raw material                                     Rs     2, 00,000

Closing of raw material                                    Rs         60,000

Depreciation                                                      Rs          25,000
Selling expenses                                                Rs            5,000

Retirement benefit expense                           Rs          50,000

Salary expense                                                   Rs          70,000

Office equipment (life less than 1 year)       Rs          50,000

Interest expense                                                Rs            7,000

Tax Expenses                                                      Rs            45000

Extra ordinary Expenses                                  Rs           60,000



ANS:-To prepare the Income Statement (Profit and Loss Account) for the year ended December 31, 2023, based on the provided information and in accordance with Schedule III of the Companies Act 2013, we can categorize the expenses and revenues into appropriate sections.

The format typically


  1. From Income Statement for the Year Ended December 31, 2023(in Rs.). Determine Cash from operating activity.

Revenue                                                              Expenses

Sales                                        Rs. 500,000                       Cost of Goods Sold                Rs. 200,000

Other Revenues Rs. 50,000

Operating Expenses Rs. 100,000

Interest Expense Rs. 10,000

Tax Expense Rs. 20,000

Net Income Rs. 220,000

Additional Information:-

  1. Depreciation Expense: Rs. 30,000
  2. Changes in Working Capital:
  • Increase in Accounts Receivable: Rs. 10,000
  • Decrease in Inventory: (Rs. 5,000)
  • Increase in Accounts Payable: Rs. 8,000
  • Increase in Accrued Expenses: Rs. 3,000

ANS: –To determine the cash from operating activities, we start with the net income and adjust for non-cash items and changes in working capital. The indirect method is commonly used for calculating cash from operating activities.

Here’s the calculation: 

Net Income: 

Net Income: Rs. 220,000


  1. A. Prepare a schedule for changes in the working capital from the Balance sheet data given below:-


  Dec 2020 (Rs.) Dec 2021 (Rs.)
Capital & Liabilities:    
Share Capital 6,00,000 7,50,000
Trade creditors 2,12,000 1,40,000
Profit & Loss A/c    28,000    62,000
  8,40,000 9,52,000
Machinery  140,000 2,00,000
Stock-in-trade 2,42,000 2,72,000
Debtors 3,62,000 3,40,000
Cash Total    96,000 1,40,000
  8,40,000 9,52,000



To prepare a schedule for changes in working capital, we need to analyze the changes in current assets and current liabilities between two periods (December 2020 and December 2021). The working capital is the difference between current assets and current liabilities.

Here’s the schedule for





Assignment Set – 2


  1. (A) Perform a trend analysis for ABC co. over a five-year period (2018-2022) for sales, expenses, and net income to understand the relationships between these components.





Rs. 800,000


Rs. 600,000

Net Income

Rs. 200,000

2019 Rs. 850,000 Rs. 620,000 Rs. 230,000
2020 Rs. 780,000 Rs. 640,000 Rs. 140,000
2021 Rs. 920,000 Rs. 700,000 Rs. 220,000
2022 Rs. 950,000 Rs. 720,000 Rs. 230,000


(B) ₹ 8,00,000 is the cost of revenue from operations, inventory turnover is 10 times, stock at the beginning is 2.5 times of the stock at the end. Calculate the value of opening and closing stock.

Ans: To calculate the values of opening and closing stock, we can use the inventory turnover ratio and the cost of revenue from operations. The inventory turnover ratio is defined as the cost of goods sold

  1. (A) State different techniques of Earnings Management.


Here are several techniques of earnings management:

Income Smoothing:

Description: Income smoothing involves the manipulation of reported earnings to create a more stable and consistent pattern. This technique reduces the volatility of earnings over multiple periods, making the company’s financial performance appear more predictable.

Method: Managers may


(B) Explain different methods used for Financial Forecasting.

Ans: Here are some common methods used for financial forecasting:

Historical or Trend Analysis:

Description: This method involves analyzing historical financial data to identify patterns and trends. By extrapolating past performance, organizations can make assumptions about future trends.

Pros: Simple and easy to implement, especially when historical data is readily available.

Cons: Assumes that historical trends will continue, which may not account for changes in market conditions.



  1. From the following Balance sheet of a SGRCS ltd for the year 2021 and 2022. Prepare a comparative Balance sheet and comment on the financial position of the concern:


Liabilities 2022 2023 Assets 2022 2023
Equity Share capital 6,00,000 8,00,000 Land & Buildings 3,70,000 2,70,000
Reserves & Surplus 3,30,000 2,22,000 Plant & machinery 4,00,000 6,00,000
Debentures 2,00,000 3,00,000 Furniture & Fixtures 20,000 25,000
Long-term loans on mortgage 1,50,000 2,00,000 Other fixed assets 25,000 30,000
Bills payable 50,000 45,000 Cash in hand and bank 20,000 80,000
Sundry creditors 1,00,000 1,20,000 Bills receivable 1,50,000 90,000
Other current Liabilities 5,000 10,000 Sundry Debtors 2,00,000 2,50,000
      Stock 2,50,000 3,50,000
      Prepaid Expenses   2,000
Total 14,35,000 16,97,000 Total 14,35,000 16,97,000


Sol: -Let’s prepare a comparative balance sheet for SGRCS Ltd for the years 2022 and 2023:




Comparative Balance Sheet

As of December 31, 2022 and 2023


|       2022 (Rs.)   |       2023 (Rs.)


Liabilities                  |                    |