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This section contains three questions of 15 marks each. (Descriptive / Long Question / Case Study/Numerical.) Figures on the right indicate marks for each question. Amit's father is the sole proprietor of 'Treasure Trove Emporium,'a business specializing in antique collectibles. During the weekwhen they needed to prepare financial statements, the firm'saccountant, Ms. Patel, was detected with Viral Fever and had totake medical leave. Amit's father was in urgent need of thesestatements to secure a bank loan of 20 lakh for expanding theircollection. Amit's father had inherited the emporium from hisgrandfather and was eager to pass on the legacy to his son.Meanwhile, Amit was diligently preparing for his MBA exams and feltconfident that he could assist his father in completing thefinancial statements. On April 14, 2023, Amit and his father met with the Branch Managerof Horizon Bank. Upon reviewing the accounts, the banker discoveredthat Amit had prepared the financial statements covering the periodfrom September 2022 to March 2023. He had updated the valuation ofeertain antique items purchased several years ago, reflecting theircurrent market value, which had appreciated significantly.Additionally, the method of valuing their unique inventory had beenrevised, resulting in a roughly 20% increase in the value of thecollectibles. Furthermore, the entire expense of 1,00,000 incurredfor restoring an antique cabinet (expected to have a useful life of 0 years) during the year had been deducted from the current year'sprofits. An order for a prestigious corporate collection worth 230,00,000 was received on October 10, 2022, and collectibles valued at 15,00,000 were delivered by January 14, 2023. Historically, thebusiness experienced some occasional non-recoverable debts, whichamounted to approximately 0,08% of total sales. Amit alsoemphasized the expected revenue from upcoming antique acquisitions.However, the banker decided not to rely on the financial dataprovided by Amit. List and describe the key financial transactions andaccounting adjustments mentioned in the case study involving Amitand his father's business, 'Treasure Trove Emporium

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