Essentials of Financial Accounting A Business Entity - Accounting Assignment Help

Assignment Task:

Task:

1. A business entity named Arvind Pharma, has its one of the branch office in the city Madurai. The branch performs at small scale operations. The head office maintains the various accounts related to the branch. Discuss the type of accounts that could be possibly prepared at the head office in case, certain goods are supplied at Cost price and certain goods are supplied at selling price

2. Vrinda Beauty Parlor is operating in Agra. For the year 2021, the parlor generated the following financials. From the following information given below, define each of the terms (gross profit, operating profit and net profit) and determine the amount of operating profit and net profit. Revenue from Services provided 4500000 Cost of services rendered 1000000 Salaries Paid 400000 Salaries Expenses to be paid 150000 Interest paid on Long term loan taken for 15 years 75000 Dividend income 110000 Purchased furniture for 500000

Note-

• Defining each of the terms (gross profit, operating profit and net profit)- (6 Marks)
•  Computing operating profit and net profit - (4 Marks)

3.a. Sun enterprises sells umbrella worth Rs 5000 on credit to Mr Geet. Discuss by passing a journal entry how M/s Sun enterprise and Mr Geet will record the transaction in their books. Discuss, how the amount will be reflected in the Balance Sheet of both the parties, if any. (5 Marks)

3.b. Sun enterprises has given loan to Mr Preet for Rs 3 lakhs. Discuss by passing a journal entry how M/s Fun enterprise and Mr Preet will record the transaction in their books. Discuss, how the amount will be reflected in the Balance Sheet of both the parties, if any

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