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SESSION       August 2023





Assignment Set – 1



  1. From the following information, Prepare income statement and balance sheet of Sriram ltd. on 31st March 2021


Particulars                     Amount             Particulars

Capital                               207100             Cash atBank              26000

Drawing                                7000             Salaries                       8000

Plant &Machine                120000             Repairs                       1900

Deliveryvehicle                   26000             Opening Stock           16000

sundrydebtors                     36000             Rent                           4500


Sundrycreditors                  26000             Expenses                    1500

Purchases                            20000             BillsPayable               23500

Sales                                    42000             Bad debts                  5000


Wages                                   8000             Inwards                      1600

Additional Information:

  1. Closing stock wasRs.16000
  2. Depreciate Plant & Machine @10% and Delivery vehicle@20%
  3. Unpaid rent amounted toRs.1000

  Provision for Bad debt is to be made at 10%


Ans: To prepare the income statement and balance sheet for Sriram Ltd. as of March 31, 2021, let’s start with the income statement and then move on to the balance sheet.


Income Statement (for the year ended March 31, 2021):


Income Statement

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  1. Elaboratetheconceptualframeworkofaccountingasperqualitativecharacteristicsand justify its necessity ofadopting.

Ans:The conceptual framework of accounting provides a foundation for developing accounting standards and principles. It is a set of guidelines and concepts that form the basis for preparing and presenting financial statements. The conceptual framework is based on qualitative characteristics that financial



  1. a. State the principles and method of recognizing Investment in Associate and Joint Venture in consolidated FinancialStatements.

Ans:When preparing consolidated financial statements, the accounting treatment for investments in associates and joint ventures follows specific principles and methods. The principles are typically in line with the accounting standards such as International Financial Reporting Standards (IFRS) or Generally Accepted Accounting Principles (GAAP).

Below are the principles


Assignment Set -2



  1. a. List out reporting areas that may be relevant to a particular company or organization when considering matters related to Corporate Responsibility (CR) in financial reporting.



Here is a list of reporting areas that may be relevant to a particular company or organization in the context of Corporate Responsibility: 


Sustainability Reporting: 


Environmental Performance: Reporting on the organization’s impact on the environment, including carbon emissions, energy consumptio



  1. Explain the difference between Impairment and Depreciation of Non -Current Assets.?

Ans: Let’s explore the key differences between impairment and depreciation: 


  1. Nature of the Concepts: Depreciation:


Definition: Depreciation is the systematic allocation of the cost of a tangible fixed asset over its useful life.


Purpose: Depreciation is used to match the cost of the asset with the revenue it generates over time. It reflects


  1. Write short note on:
  2. Indian Accounting Standard.
  3. Integrated Reporting
  4. Impairment of Non-Current Assets

Elements of Revenue Account of Banking Company.


  1. Indian Accounting Standard (Ind AS):


Indian Accounting Standards (Ind AS) are a set of accounting standards adopted by companies in India for the preparation and presentation of financial statements. Ind AS aligns with the International Financial Reporting Standards (IFRS), ensuring consistency and comparability of financial statements globally. The adoption of Ind AS was mandated by the Ministry of Corporate Affairs in India for certain classes of companies to enhance transparency, reliability,


  1. From the two Balance sheets of H ltd. And S Ltd. Prepare a consolidate balance sheet.


Particulars Note No. H Ltd. S Ltd.
I. Equity and Liabilities      
1) Shareholders Funds:      
a) Share Capital- Equity share of Rs.10 each   120000 30000
b) Reserves & Surplus- General Reserve   25000 6000
                                           Profit & Loss Account   12000 9000
2) Share Application Money pending allotment:      
3) Non-Current Liabilities:      
4) Current Liabilities:      
a) Short-Term borrowings      
b) Trade Payables- Creditors   15000 5000
Total   172000 50000
II. Assets:      
1) Non-Current Assets:      
a) Fixed assets      
i) Tangible assets      
Building at Cost   72000 25000
Plant & Machinery (Net)   30000 10000
b) Non-Current Investments- 2000 Equity shares of S Ltd. of Rs.10 each   25000  
2. Current Assets:      
a) Current Investments      
b) Inventories- Stock   18000 3000
c) Trade Receivables-Debtors   22000 7000
d) cash & cash equivalents- Bank   5000 5000
Total   172000 50000


When H Ltd. Acquired 2000 shares in S Ltd., the latter company had reserves amounting to Rs.5000- none of which has been distributed since then.



To prepare the consolidated balance sheet for H Ltd. and S Ltd., we need to consolidate the assets, liabilities, and equity of both companies, considering the investment in S Ltd. by H Ltd.


Let’s present the consolidated balance sheet: