Q1. Analyse the following transactions for Surprise Ltd. using the concept of Accounting Equation comprising of Assets, Liabilities and Equity. NMIMS Unique Assignments
NMIMS Solved Assignments NMIMS Customized Assignments Semester 1 NMIMS Unique Assignments NMIMS Global Access School for Continuing Education (NGA-SCE) Course: Financial Accounting & Analysis Internal Assignment Applicable for June 2023 Examination Q 1 . Analyse the following transactions for Surprise Ltd. using the concept of Accounting Equation comprising of Assets, Liabilities and Equity. 1. Commenced business with cash of ₹ 5,00,000. 2. Purchased equipment for cash ₹ 2,00,000. 3. Purchased furniture worth ₹50,000 on credit from IndiMart. 4. Purchased raw materials for ₹25,000 against cash from XYZ Suppliers. 5. Deposited cash of ₹ 1,25,000 in the current account. 6. Sold goods for ₹75,000 and received a cheque against the same. Q2. Prepare a vertical balance sheet from the following information: Liabilities Rs. Assets Rs. Share capital Share Premium Account General Reserve Profit and Loss accou
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