Financial Accounting April 2026 Solved Assignment
Description
Financial Accounting | Applicable for Apr 2026 Examination
Q1. EcoMart Ltd., a retail chain with rapid growth, is experiencing mounting discrepancies between its daily cash receipts and accounts reported in the financial statements. Although transactions are initially recorded in the subsidiary books, the finance manager suspects that errors may occur during the transfer of data to the journal and subsequent posting to the ledger. This misalignment has resulted in periodic mismatches in the trial balance, raising concerns over the reliability of financial reporting and risking compliance violations during their upcoming statutory audit.Apply your understanding of the accounting process to formulate a systematic approach EcoMart Ltd. should adopt to minimize errors when transferring transaction data from subsidiary books to journals and then to ledgers. How can the company ensure accuracy and integrity throughout these steps of the accounting cycle to support audit-readiness and regulatory compliance? (10 Marks)
Ans 1.
Introduction
Accurate financial reporting is essential for organisational transparency, adherence to regulations, and sound decision-making. EcoMart Ltd., notwithstanding its practice of recording transactions in subsidiary books, encounters discrepancies during the data transfer to journals and ledgers, which subsequently leads to trial balance mismatches and prompts audit scrutiny. These inaccuracies have the potential to erode stakeholder trust and expose the company to compliance-related vulnerabilities.
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Q2. A company covers its financial year ending on 31st March 2024. Its unadjusted trial balance at that date is provided below. You are required to prepare the Profit and Loss Account and Balance Sheet after carefully incorporating the following complex adjustments: (i) Closing Inventory is valued at Rs.2,70,000.
(ii) Insurance premium of Rs.18,000 for the year ending June 30, 2024, was paid in January 2024 (allocate on a time basis for current and future periods).
(iii) Depreciation is to be charged at 12% per annum on furniture and equipment and 8% per annum on buildings, using the reducing balance method.
(iv) Salaries of Rs.28,000 are outstanding.
(v) Rent of Rs.12,000 for April 2024 was paid in advance in March 2024.
(vi) Make a provision for doubtful debts @ 6% on sundry debtors after writing off Rs.5,000 as bad debts.
(vii) Income received in advance: out of commission received, Rs.4,000 pertains to the next accounting period.
(viii) A loan of Rs.90,000 was received on 1st October 2023, carrying interest at 9% per annum. No interest has yet been paid or accounted for.
(ix) Outstanding GST liability is Rs.16,000. Prepare the complete financial statements, showing all workings for each layered adjustment.
(Hint: since the trial balance includes “GST Paid” (Dr Rs.1,12,000) and the adjustment says “Outstanding GST liability Rs.16,000”, and no output GST figure is given separately, therefore, 1. Treat GST Paid as an expense for the year (already in TB) and, 2. Add the outstanding Rs.16,000 as an additional expense (accrual) and show it as GST Payable (liability).
| Particulars | Debit (Rs.) | Credit (Rs.) |
| Capital | – | 5,00,000 |
| Drawings | 1,00,000 | – |
| Sales | – | 14,97,000 |
| Purchase | 7,50,000 | – |
| Opening Inventory | 2,10,000 | – |
| Sundry Debtors | 2,25,000 | – |
| Sundry Creditors | – | 90,000 |
| Furniture & Equipment | 90,000 | – |
| Building | 3,40,000 | – |
| Insurance | 18,000 | – |
| Commission Received | – | 24,000 |
| Salaries | 1,15,000 | – |
| Rent | 68,000 | – |
| GST Payable | 1,12,000 | |
| Loan from 1st Oct 2023 | – | 90,000 |
| Other Administrative | 88,000 | – |
| Rative Expenses | ||
| Cash atBank | 85,000 |
(10 Marks)
Ans 2.
Introduction
Accurate financial statement preparation is crucial for accurately portraying a company’s financial standing and operational results, adhering to accounting regulations, and facilitating sound strategic choices. EcoMart Ltd.’s unadjusted trial balance, dated 31st March 2024, necessitates meticulous integration of several intricate adjustments. These include inventory valuation, the handling of prepaid and outstanding expenses, the accrual of interest and GST, asset depreciation, provisions for doubtful debts, and the recognition of deferred income. Each of these adjustments directly affects either the Profit and
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Q3(A). Imagine you are a financial controller for a rapidly expanding multinational manufacturing company facing increasing pressure to improve the accuracy, timeliness, and transparency of its financial reporting, especially after entering new foreign markets. The board is concerned that the current accounting system cannot efficiently consolidate data from multiple subsidiaries operating in different regulatory environments, which risks non-compliance and strategic misalignment. You are tasked with ensuring robust financial oversight and comprehensive data integration, while addressing the unique challenges of cross-border reporting.Design a new company-wide accounting information framework that leverages modern technology and standardized processes to enable seamless consolidation, ensure regulatory compliance across jurisdictions, and support managerial decision-making. Justify how your framework addresses both the operational complexities and strategic goals of the global business. (5 Marks)
Ans 3a.
Introduction
In a multinational manufacturing enterprise, the swift proliferation across varied regulatory landscapes exacerbates the intricacies inherent in financial reporting and data consolidation. The provision of accurate, prompt, and transparent financial data is paramount for adherence to regulations, strategic coherence, and the facilitation of informed managerial judgements. Current accounting infrastructures frequently encounter difficulties in assimilating data from numerous subsidiaries, thereby heightening the potential for inaccuracies, operational inefficiencies, and violations of regulatory mandates. To mitigate these difficulties, a contemporary, enterprise-wide accounting information framework is essential
Q3(B). Helios Health Solutions is preparing its annual financial statements amidst an environment of frequent one-time events—such as the sale of non-core assets, ongoing legal settlements, and restructuring initiatives due to a recent merger. Management is finding it challenging to provide a transparent operational performance picture for investors, as exceptional items are overshadowing core business results in their traditional reporting format.Design an advanced reporting and disclosure strategy for Helios Health Solutions that meticulously distinguishes exceptional items from regular operations in the income statement and related notes. Your solution should ensure stakeholders can evaluate underlying performance, facilitate comparability across reporting periods, and propose communication tactics for effectively presenting exceptional items’ nature and impact on overall financial outcomes. (5 Marks)
Ans 3b.
Introduction
In the current, rapidly evolving healthcare sector, investors and other stakeholders necessitate a transparent understanding of a company’s fundamental operational efficacy, particularly when financial statements are influenced by unusual or nonrecurring occurrences. Helios Health Solutions encounters difficulties in conveying its annual results due to exceptional items, including asset disposals, legal resolutions, and restructuring expenditures, which can obscure the genuine performance of its core activities. To uphold transparency, facilitate comparability, and bolster investor trust, the company must implement a sophisticated reporting
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