Financial Accounting 1st semester June 2026 solved assignment
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FINANCIAL ACCOUNTING / JUNE 2026 EXAMINATION
Q1 A regional retail chain is planning to expand operations and is seeking a substantial loan from a leading bank. The bank’s credit analysis team has requested a detailed set of financial statements, including the balance sheet, income statement, and cash flow statement, to assess the company’s financial stability and liquidity. The retail chain’s finance manager is aware that several stakeholders—including internal management, creditors, and investors—will rely on these statements for their decisions. With the expansion hinging upon approval, the finance manager must ensure the statements present a transparent and accurate financial picture in line with generally accepted accounting principles (GAAP).How should the finance manager apply appropriate financial accounting principles and frameworks to prepare the required financial statements for the bank and other stakeholders? Describe which key principles and accounting conventions must be emphasized to ensure the statements are reliable for credit evaluation and decision-making.
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Q2 (A) TechGen Inc., a rapidly expanding technology firm, recently completed its first fiscal year using a traditional accounting cycle with a combination of manual and automated processes. The finance team encountered challenges in maintaining consistency as the company scaled, particularly with subsidiary books and ledger postings. Some entries were made only in electronic systems, while others used paper ledgers, leading to confusion during trial balance preparation and internal audits. Senior management is now considering consolidating all accounting records onto a single digital platform but fears issues with accuracy, compliance, and transition.Evaluate the pros and cons of consolidating TechGen Inc.’s manual and automated accounting systems into a centralized digital platform. Critically assess which approach would best maintain accuracy, compliance, and audit readiness, considering the potential risks of transition and the need for consistency in record- keeping.
Q2 (B) The following partial balance sheet (presented in order of liquidity) relates to Adroit Engineers Ltd. as at 31st March 2024. Analyse and compute the company’s closing Owner’s Equity, given that a revaluation surplus must be created if the land’s market value exceeds the net book value, and all investments must be valued at cost or market value, whichever is lower. Assume inventory is correctly stated, no additional outside information is available, and all adjustments must strictly conform to the cost, realization, and conservatism concepts.
| Asset/Liability | Rs. (in lakh) |
| Cash at Bank | 12 |
| Bills Receivable | 7 |
| Sundry Debtors | 22 |
| Inventory (at cost) | 18 |
| Market Value of Inventory | 16 |
| Quoted Investments (at cost) | 13 |
| Market Value of Investments | 10 |
| Land (Original Cost) | 20 |
| Land (Current Market Value) | 38 |
| Outstanding Expenses | 4 |
| Creditors | 23 |
| Bank Overdraft | 6 |
| Long-term Loans (Secured) | 30 |
| Reserves & Surplus (before adjustments) | 7 |
Working must show all relevant adjustments to assets for inventory, investments, and land; adjust the Reserves & Surplus for revaluation surplus if appropriate; then calculate closing Owner’s Equity.
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