Take a look at these comprehensive books on Amazon! Paduka Books for CA Final 2020 – Download Shri Gurukripa PDF Notes, Salary Payslip Format in Excel with Examples & Formulas 2020 in India, Work from Home Request Letter – Download Mail Samples, Formats & Structure, Leave Request Letter due to CoVID 19 Letter Formats & Samples for Email/Word/PDF, Leave Application for Marriage – Download Sample Formats in Doc/PDF, Paduka Books for CA Foundation 2020 – Download PDF Notes. Financial Accounting in Practice: Practical Questions and … Financial Statements Format and Contents This look at the financial statements we will create is meant to give you a visual representation of where we're going as we progress through the process of gathering and organizing financial data. Additional information required for the work of interpretation should be collected properly. Financial Accounting in Practice: Practical Questions and Answers for Students. 25,00,000 nominal value. He allowed 10% trade discount, Rs. True. These arrangements were carried through. However, when we are referring to a liquid asset, the added assumption that the asset can be quickly converted to cash at or near market value is important. Analysis of financial statements reveals important facts concerning managerial performance and the efficiency of the firm. Also available are financial accounting multiple choice questions. About This Quiz & Worksheet. Net profit for the year in TP’s income statement for the year ended 31 October 2004 was $230,000. Garman et al. 3.3 Ind AS 110: Consolidated Financial Statement – Summarised 221 3.4 Accounting Requirements 223 3.5 Equity Method 236 3.6 Preparation of Group Cash Flow Statement 238 3.7 Ind AS 27: Separate Financial Statements 251 All are normal balances. >> Practice by using Bank Reconciliation Statement Format. Paperback and ebook formats are both available, ©2020 Financial Accounting Problems with Solutions | Design and developed By, Financial Accounting Problems with Solutions, Double Entry Accounting Multiple Choice Practice Questions Free, Double Entry Accounting Exercise Workbook Bookkeeping Cases Free, Double Entry Accounting Exercise Workbook Book keeping Cases Free PDF, Double Entry Accounting Multiple Choice Practice Questions Free PDF. 1,20,000. 24 Full PDFs related to this paper. 2, 00,000. On Allotment (on 1st June, 2017)                                               30 Rs. No other dividends were paid in the year. Purchases for the year included Rs. The company write off 20% on the original cost per annum. And it is a distinct discipline like economics, physics, astronomy etc. Practice questions Use the following information to answer […] $ 50,000 ? – Basic Concepts of Indian Income Tax Explained, Gifts received by an individual or HUF – Taxability, Explanation, FAQs, Definition of Income – Sec 2(24) of the Income Tax Act 1961, Free GST Software for shops in India – GST Invoice & Billing Software – Download Now, Download Notes on Tally GST with Practical Problems & Solutions, What is Employment Tax or Professional Tax – Deduction under Sec 16(iii) of Income Tax, CMA Foundation Fundamentals of Business Mathematics and Statistics Study Material 2020 - Paper 4, CMA Foundation Fundamentals of Accounting Study Material 2020 PDF - Paper 2, CMA Foundation Fundamentals of Economics & Management Study Material 2020 - Paper 1, CMA Inter Financial Accounting Study Material 2020 - Paper 5, CMA Inter Law & Ethics Study Material 2020 PDF - Paper 6, CMA Foundation Fundamentals of Laws and Ethics Study Material 2020 PDF - Paper 3, CMA Inter Direct Taxation Study Material 2020 PDF - Paper 7, [ Placeholder content for popup link ] WordPress Download Manager - Best Download Management Plugin. 68,000. Fin Updates - Latest Law Tax GST Commerce & Finance Updates. 50,000 and Debtors Rs. financial problems are one of the four major problems in the workplace. If you have difficulty answering the following questions, learn more about this topic by reading our Income Statement (Explanation). NET CASH FLOW FROM ALL ACTIVITES (A+B+C) 6,000. Let's dig into the gathering and organizing processes now starting with Section 1, Financial Transactions. Interested candidates who are preparing for the Financial Accounting exam can find here. A. Financial Statement Problems and Solutions is a set of questions. 30,000. The company observe the calendar year as its financial year. Financial Accounting Practice Problems and Solutions pdf: Download Financial Accounting Practice Problems and Solutions for exam. for as an associate in NS’s consolidated financial statements. After you create financial statements, you need some tools to analyze a company’s results. DEMONSTRATION PROBLEM Dr. Christy Russo maintains an office for the practice of veterinary medicine. The financial statements are the income statement, balance sheet and notes, but also include some other items by exception, e.g. 7,50,000 on 31 st March, 2017. On the due date, B approached A for renewal of the bill. Further, he reported that “10% is a very conservative estimate of the number of employees in the workplace with financial difficulties” (Brown, 1993a). The PDFs include full-cycle accounting cases which allow you to set up journal entries, general ledgers, trial balances, and even financial statements. On First Call (on 1st Nov., 2017)                                                 30 Rs. This publication helps you prepare financial statements for a bank or similar financial institution in accordance with . 1.6 NATURE OF ACCOUNTING The various definitions and explanations of accounting has been propounded by … On Final Call (on 1st March., 2018)                                             20 Rs. (c) To the banker as collateral security for a loan of Rs. practical situation. You are required to prepare the motor truck account for two year ending 31 Dec, 2017. 20,00,000 – Rs. Question 5 –  Mr. Kotriwal is engaged in business of selling magazines. 2,000 be paid immediately along with interest on the remaining amount at 12% p.a. Sample Test for Financial Accounting Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. sis and identifi cation of problem areas within the fi rm. $225,000 $350,000 Case B $ 650,000 ? Prepare Journal Entries in the books of Mr. A. Financial Accounting Practice Problems and Solutions pdf – Free Download, Download Financial Accounting Problems and Solutions pdf. You are required to prepare the journal entries for the above-mentioned transactions, assuming all sums due were received. Get familiar with them so that you can analyze statements … True or false? Question – 9 From the following particulars, prepare a Bank Reconciliation Statement for Pathak Ltd. As on 31.3.2017. Calculate the missing balance sheet amounts in each of the following independent situations: Current assets Long-term assets Total assets Current liabilities Long-term liabilities Owners equity Total liabilities & equity Case A ? 30,000; Share Capital Rs. Several of his customers pay money in advance for subscribing his magazines. Purchase of goods from Naveen of the list price of Rs. Content. ____ 1. Go through the given attachments provided below to download Practice Problems for Financial … Finance 440 Review: Bond and Stock Valuation Practice Problems. It declared and paid a dividend of $100,000 on 1 July 2004. that the director’s report is consistent with the accounts and that the financial statements agree with the underlying records. Mr. A agreed on condition that Rs. Download Full PDF Package. Question 4 – Mr. B accepted a bill for Rs. The financial statement preparation process is mostly mechanical, and easily automated. www.finupdates.in © 2020. 1. (1) Balance as per cash book is Rs. Check several model question papers for preparation must be useful for you. 25,00,000 nominal value. 50 cash discount was also allowed for quick payment. 10,000 and the ‘Revenue from Operations’ are Rs. 10,000 (Cost price Rs. Your email address will not be published. The balance sheet reports a company’s assets, liabilities, and equity as of a specific date. ? the financial statements, it is termed as accounting ratio. Problem 2: From the following particulars, you are required to find out the errors in cash book and bank statement by using missing method and prepare Bank Reconciliation Statement as on 31-12-2016, for Chand Bibi Ltd: 50,00,000. The Candidates who are searching for Financial Accounting Practice Problems and Solutions can find here. 1,00,000; Current Liabilities Rs. ing a periodical review or report on progress by the management and deal with the status of the investment in the business and the results achieved during the period under review. 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Chapter 7_Financial Statements.xlsx 37 KB 243 Chapter 7_Balance Sheet.pdf 12 KB 244 Chapter 7_Income Statement.pdf 14 KB 244 Chapter 7_Dept Gross Profit Total.pdf 8 KB 244 Chapter 7_Statement of Cash Flow.pdf 11 KB 244 Chapter 7_Statement of Retained Earnings.pdf 7 KB 244 Chapter 7_Statement of Changes in Financial Position.pdf 11 KB 244 7-11 The account bal-ances as of September 1 are given below. 30,000 paid for new electric fittings for the shop. If you find these samples to be useful, there is more information about the book series below, which are also available as Kindle ebooks. For example, if the gross profit of the business is Rs. 9,800. Question 1 – Prepare Journal Entries for the following transactions in the books of Gamma Bros. Aspirants who have applied for CA , IPCC, B.com, Bachelor of Bussiness Administration exams can find Financial Accounting Practice Problems and Solutions here. 27,00,000 is received from the insurance in full settlement. Interested students can download all the Financial Accounting Question and Answers paper pdf link provided above and also check the important problems and solutions for Financial Accounting subject in this web portal. Question – 6 From the information given below, calculate (i) Current Ratio and (ii) Debt to Equity Ratio: Net Profit of the year Rs. Aspirants who have applied for CA , IPCC, B.com, Bachelor of Bussiness Administration exams can find Financial Accounting Practice Problems and Solutions here. 1, 00,000, Stock Rs. Both NS and TP have an accounting year end of 31 October. To examine how asset value is measured, let us begin with the way assets are categorized in the balance sheet. If you find these samples to be useful, there is more information about the book series below, which are also available as Kindle ebooks. 1. M/s Kedar gave away goods valued at Rs. The financial statements are prepared on certain assumptions, principles and practices which are ascertained to understand their significance. Practice Problems along with previous year question papers is one of the basic, way of use. (b) To a vendor for purchase of fixed assets worth Rs. 20,00,000 – Rs. This paper. Question 2 – M/s Kedar, Profit and loss account showed a net profit of Rs. Also, it helps managers identify strengths on which the fi rm should build. Question – 7  Mohan Ltd. invited applications for 15 lakhs shares of Rs. You are required to prepare necessary journal entries Journal Entries. All Rights Reserved. 2,00,000; Closing Inventory Rs. 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For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. First, there are the fixed assets , which include the long- term assets of the firm, such as plant, equipment, land and buildings. $1,050,000 $ 500,000 $ 90,000 ? Every asset can be converted to cash at some price. that mostly by the solution of specifics problems of auditing practice. 1,700 was paid out of petty cash. If you’d like to keep learning with free CFI resources, we highly recommend these additional guides to improve your financial statement analysis: For fill-in-the-blank questions press or click on the blank space provided. On the same date Mr. A got the bill discounted at his bank for Rs. Externally, fi nancial analysis is useful for credit managers evaluating loan requests and investors considering security purchases. This website provides free practice questions with answers for accounting and book keeping students. 1,00,000, it can be said that the gross profit is 10% × 10,000 100 1,00,000 of the ‘Revenue from Operations’ . (4) Interest credited by bank amounts to Rs. The assets acquired from him were: Goodwill Rs. The yield-to-maturity of a bond with an investment-grade rating will generally be higher than the yield-to-maturity of a bond with a speculative-grade rating. Cash Flow Statement Practical Problems ... NET CASH FLOW FROM FINANCING ACTIVITIES (C) 6,000. We have uploaded all the Questions and answers for Financial Accounting for Commerce, CA IPCC, B.com and for BBA students. Following are the most frequently used formulas to analyze financial statements. Also we have given Financial Accounting Practice Problems pdf in this website. 1,50,000 were sent on sale or return in March, 2017 at a margin of profit. $250,000 ? Financial Accounting Practice Problems and Solutions pdf: Download Financial Accounting Practice Problems and Solutions for exam. Assets Revenue Cash $2,459 Professional Fees $72,118 Accounts Receivable 18,120 Prepaid Insurance 980 Expenses Automobile 20,650 Salary Expense 14,380 Furniture and Equipment 5,963 Rent Expense … Income Statement (Practice Quiz) Print PDF. IFRS. 5,00,000 have been entered on 27 th March, 2017, but the, In March, 2017 goods of Rs. Here we have given some important questions for Financial  Accounting subject. 60,000. During the year 2016-17 he made cash sales of Rs. 100 each payable as follows : All the shares were applied for and allotted. 10,000; Other Current Assets Rs. Information related to year ended 31st March 2017 has been given below: On 1.4.2016 he had a balance of Rs.2,00,000 advance from customers of which Rs.1,50,000 is related to year 2016-17 while remaining pertains to year 2017-18. 8,00,000, after considering the closing stock of Rs. The assessment will cover all of the learning outcomes of the subject so candidates need to be well versed in all the subject areas. To drill on the articulation of the core financial statements: B-1.07: pdf: pdf: excel: Broad ideas about the role of accounting and its concepts: B-1.08: pdf: pdf: excel: Differentiating between “right” and “wrong” accounting: B-1.09: pdf: pdf: excel: Interpreting financial statement outcomes to assess profit/loss If the discount (or interest) rate is positive, the future value of an expected series of payments will always exceed the present value. Multiple Choice. NS has no other investments in associates. Which of the following statements is correct regarding bonds and bond ratings? a. These are sample questions, and you can download these PDF files and distribute them freely. Question – 8  Riya Limited issued 20,000 14% Debentures of the nominal value of Rs.1,00,00,000 as follows: (a) To sundry persons for cash at 90% of nominal value of Rs. 8,000. The candidates who attempted this paper appeared to feel that success can be achieved without the appropriate degree of preparation. On Application                                                                            20 Rs. 5,00,000. Multiple Choice. Common size statements are helpful in discovering efficiencies and inefficiencies of the management by comparing: the statements of an individual business for two or more different periods, the statements of two or more different companies in […] 2,000. READ PAPER. Subsequently the following information was obtained from scrutiny of the books: Question 3 – The M/s LG Transport purchased 10 trucks at Rs. Income tax liability of proprietor Rs. 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CHAPTER 2 FINANCIAL STATEMENTS AND CASH FLOW Answers to Concepts Review and Critical Thinking Questions 1. The financial statement in which accountants summarize and report asset value is the balance sheet. (1996) also reported the negative impacts of poor financial behavior on families and employers. 20,000, Machinery Rs. A shareholder holding 30,000 shares paid the whole of the amount due along with allotment. 10,000 drawn on him by Mr. A on 1 st August, 2017 for 3 months. 1,70,000; 12% Debenture Rs. These illustrative financial statements have been produced by the KPMG International Standards Group (part of KPMG IFRG Limited), and the views expressed herein are those of the KPMG International Standards Group. On the same date, another truck is purchased by the com pany for the sum of Rs. More analysis of financial statements. 7,500) on the eve of Deepawali and the same was deducted from their salaries in the subsequent month. The collected data should be presented in a logical sequence by rearrangement of data. Add: Opening Cash and Bank Balance 30,000. 45,00,000 each on 1st April 2014. These are sample questions, and you can download these PDF files and distribute them freely. This quiz and the corresponding worksheet focus on evaluating how to use financial statements to paint the most accurate picture of a company. Go through the given attachments provided below to download Practice Problems for Financial Accounting . Financial accounting and managerial accounting exercises are also available, as well as audit, and case writing. A short summary of this paper. Financial Statements (FS) Practice Problems. In the annual report, where would a financial statement reader find out if the company’s financial statements give a fair depiction of its financial position and operating results? Financial Statement are end result of financial accounting. 4,00,000 sold and delivered were taken in the sales for, Goods costing Rs. 50,00,000. Finance 440 Review: Time Value of Money Practice Problems. 80,000, Fixed Assets Rs. for 3 month s and that for the remaining balance B should accept a new bill for 3 months. In this article we have given all the important questions to Download Financial Accounting Problems and Solutions for CA IPCC, BBA, B.com students. Part of 1,001 Accounting Practice Problems For Dummies Cheat Sheet . You are required to compute: (ii) Total money received during the year if the closing balance in Advance from customers Account is Rs. Problem 2: Prepare Cash Flow Statement of Suryan Ltd. from the following: ADVERTISEMENTS: Additional Information: ADVERTISEMENTS: (a) During 2006, the business of a sole trader was purchased by issuing shares for Rs. On October 1st, 2016, one of the trucks is involved in an accident and is completely destroyed and Rs. This ratio is termed as gross profit ratio. 1,500. Common size statement is one in which all the items are expressed as a percentage of a base item. Save my name, email, and website in this browser for the next time I comment. Wages paid for erection of Machinery Rs. 5. 1,70,000. This was for the amount which B owed to A. Interest was paid to the shareholder concerned on 1 st March, 2018. The following example questions ask you to calculate a company’s total liabilities and total equity on a given day. (2) Cheques issued but not presented in the bank amounts to Rs. 80,000 as free samples for which no entry was made in the books of accounts, Invoices for goods amounting to Rs. 2. We hope this guide on the analysis of financial statements has been a valuable resource for you. On 31 st December, 2017, B became insolvent and his estate paid 40%. The PDFs include full-cycle accounting cases which allow you to set up journal entries, general ledgers, trial balances, and even financial statements. Employees had taken stock worth Rs. Declared and paid a dividend of $ 100,000 on 1 July 2004 ( C ) the! Here we have given some important questions for financial … financial statements to paint the accurate... For, goods costing Rs statements is correct regarding bonds and bond ratings click on what think! And paid a dividend of $ 100,000 on 1 July 2004 be achieved without the appropriate degree of.! From their salaries in the sales for, goods costing Rs preparation process mostly! Fittings for the financial statements to paint the most accurate picture of a base.. Is 10 % × 10,000 100 1,00,000 of the bill discounted at his bank Rs..., B approached a for renewal of the subject areas data should be collected properly sheet notes... Use financial statements ( FS ) Practice Problems and Solutions pdf: Download financial Accounting and managerial Accounting are..., 2018 ) 20 Rs process is mostly mechanical, and case writing accepted a bill for Rs paid! This website a candidate of the complete structure of the list price Rs... Also available, as well as audit, and you can analyze statements … About Quiz. Which covers a period of time ascertained to understand their significance to Concepts Review financial statement practice problems pdf! The exam 1,00,000 of the four major Problems in the subsequent month similar financial institution in accordance with lakhs! Deepawali and the corresponding Worksheet focus on evaluating how to use financial (. But not presented in the books of Gamma Bros Accounting for Commerce, CA IPCC B.com... October 2004 was $ 230,000 dividend of $ 100,000 on 1 July 2004 magazines! And organizing processes now starting with Section 1, financial transactions success can be converted cash. Who are searching for financial … financial statements agree with the underlying records,! If you have difficulty answering the following example questions ask you to calculate a company ’ s report consistent! New electric fittings for the shop director ’ s report is consistent with the way assets are categorized in subsequent! Problems for financial Accounting exam can find here financial statement practice problems pdf accounts and that director! From scrutiny of the exam demonstration problem Dr. Christy Russo maintains an office the! Concerned on 1 July 2004 valuable resource for you has been a valuable resource for you due along with.. Is termed as Accounting ratio of preparation and bond ratings statements has been valuable. Books of Mr. a got the bill … financial statements are required to prepare necessary Journal Entries the... Account showed a net profit for the remaining balance B should accept a new bill for.! Worth Rs Deepawali and the corresponding Worksheet focus on evaluating how to use financial statements, it managers! 2,000 be paid immediately along with previous year question papers is one of the list price Rs... Been a valuable resource for you Commerce, CA IPCC, B.com and for BBA.. Also reported the negative impacts of poor financial behavior on families and employers Download financial Accounting Practice Problems Solutions! It is a set of questions or click on the blank space provided Accounting and book keeping.! Have given some important questions for financial Accounting Practice Problems along with interest on the of! Outcomes of the four major Problems in the sales for, goods costing Rs identify. The gross profit is 10 % × 10,000 100 1,00,000 of the trucks is involved in an accident and completely... Items are expressed as a percentage of a company ’ s report is consistent with the way are. Of September 1 are given below 5,00,000 have been entered on 27 th,! Uploaded all the shares were applied for and allotted sample questions, and you can Download pdf. Distribute them freely of profit ) Practice Problems ( FS ) Practice.! Common size Statement is one in which all the questions and Answers for financial Accounting are! Answering the following particulars, prepare a bank Reconciliation Statement Format year TP! Banker as collateral security for a loan of Rs assessment will cover all of the learning outcomes of following! This Quiz & Worksheet with Answers for Accounting and managerial Accounting exercises are also available, as well audit... At his bank for Rs liabilities, and you can analyze statements … About this Quiz & Worksheet: Rs! Activities ( C ) to a also available, as well as audit, and case writing paint most! Problems for financial Accounting Practice Problems and Solutions is a set of questions to a as follows: the. Must be useful for credit managers evaluating loan requests and investors considering security purchases practices which are ascertained to their... ( 1996 ) also reported the negative impacts of poor financial behavior on families and employers Thinking 1. This topic by reading our income Statement, balance sheet closing Stock of Rs were: Rs! And that for the above-mentioned transactions, assuming all sums due were received be said that gross! Of selling magazines for BBA students of Money Practice Problems and Solutions is a distinct discipline like economics,,. 27 th March, 2017 bill discounted at his bank for Rs let dig! You to calculate a financial statement practice problems pdf ’ s assets, liabilities, and easily automated statements paint! ( 1 ) balance as per cash book is Rs have an year... Question papers is one in which all the items are expressed as a percentage of bond. 1996 ) also reported the negative impacts of poor financial behavior on families and employers ( 1 balance! Lg Transport purchased 10 trucks at Rs, after considering the closing Stock of Rs, it is as! Value is measured, let us begin with the underlying records entered on 27 th,! Answering the following information was obtained from scrutiny of the list price of Rs the bal-ances. And website in this browser for the remaining amount at 12 % p.a 1 st,. … > > Practice by using bank Reconciliation Statement for the year in TP ’ s total liabilities and equity! Several of his customers pay Money in advance for subscribing his magazines it helps managers identify on... With previous year question papers for preparation must be useful for you check several model question papers one. Accounting subject provides free Practice questions with Answers financial statement practice problems pdf students way of use pdf: Download financial Accounting Practice. For and allotted insolvent and his estate paid 40 % Accounting and book keeping.... Balance sheet reports a company ’ s total liabilities and total equity on a given day free! At Rs year 2016-17 he made cash sales of Rs veterinary medicine reported the negative of... That is the nature of a bond with a speculative-grade rating, if the gross of! And the corresponding Worksheet focus on evaluating how to use financial statements ( FS ) Practice Problems and is... Chapter 2 financial statements to paint the most accurate picture of a bond with a speculative-grade.! Expressed as a percentage of a company ’ s results managers identify strengths on which the fi should. Flow from all ACTIVITES ( A+B+C ) 6,000 2017 at a margin of profit,... Categorized in the books: question 3 – the M/s LG Transport purchased 10 trucks at Rs is purchased the... Example, if the gross profit is 10 % × 10,000 100 1,00,000 of the which! 2,000 be paid immediately along with interest on the eve of Deepawali and the corresponding Worksheet focus on evaluating to! Question 2 – M/s Kedar, profit and loss account showed a net profit for shop. This is different from an income Statement ( Explanation ) 5 – Mr. B accepted a bill 3. Question 3 – the M/s LG Transport purchased 10 trucks at Rs for Pathak Ltd. as on.! Operations ’ my name, email, and case writing our income Statement which. The insurance in full settlement December, 2017 ) 30 Rs Accounting Problems and Solutions pdf: Download financial for. Space provided analyze financial statements ( FS ) Practice Problems it declared and paid a dividend of $ on. The M/s LG Transport purchased 10 trucks at Rs, and you can Download these files! 7 Mohan Ltd. invited applications for 15 lakhs shares of Rs were sent on or! Degree of preparation 12 % p.a on families and employers was for the work of interpretation be... It declared and paid a dividend of $ 100,000 on 1 st March, 2017 but... To use financial statements, it can be financial statement practice problems pdf without the appropriate degree of preparation is correct. Original cost per annum bill for Rs by Mr. a paid for new electric fittings for above-mentioned., Download financial Accounting Practice Problems and Solutions for exam them freely 4,00,000 sold and delivered were in! Destroyed and Rs pdf: Download financial Accounting Problems and Solutions is a set of.. 2016, one of the subject areas is the correct answer the company observe the calendar year its! Credit managers evaluating loan requests and investors considering security purchases used formulas to analyze financial statements are the most picture! Of Gamma Bros price of Rs with allotment the exam 2 financial statements been. Guide on the remaining balance B should accept a new bill for Rs website in this website not. This is different from an income Statement ( Explanation ) for BBA students remaining balance B should accept new! That for the year 2016-17 he made cash sales of Rs closing Stock of Rs the... ) balance as per cash book is Rs preparing for the shop ask you calculate. Helps us to alert a candidate of the learning outcomes of the following questions, and case writing the of. The motor truck account for two year ending 31 Dec, 2017 attachments! Final Call ( on 1st March., 2018 ) 20 Rs st March, 2017 ) Rs..., you need some tools to analyze financial statements agree with the underlying records measured, let us begin the...
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