2019-20

BCOC-131 Solved Assignment 2019-20 | English Medium | Financial Accounting

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Course Code : BCOC-131
Course Title : Financial Accounting
Medium : English Medium
Session : 2019-20 (July 2019 and January 2020)
Last Date of Submission : 15th March, 2020 (for July 2019 session)
15th September, 2020 (for January 2020 session)
Assignment Questions : Clcik Here

Description

Course Code : BCOC-131
Course Title : Financial Accounting
Medium : English Medium
Program : BCOMG / BCOM CBCS
Max Marks : 100
Weightage : 30%
Session : July 2019 and January 2020 (2019-20)
Last Date of Submission : 15th March, 2020 (for July 2019 session)
15th September, 2020 (for January 2020 session)
Solution Type : Softcopy (PDF File)

TUTOR MARKED ASSIGNMENT


Course Code : BCOC-131
Course Title : FINANCIAL ACCOUNTING
Assignment Code : BCOC-131/TMA/2019-20
Coverage : All Blocks

Maximum marks: 100

Attempt all sections.

SECTION-A
Note: Attempt all the questions. Each question carries 10 marks.

1. Journalise the following transactions. Post them into ledger and prepare a Trial balance.

a) Business started with a capital of Rs 8,00,000
b) Furniture purchased in cash from Jai Rs. 38,000
c) Payment made to Raman Rs. 5,000
d) Commission Received from Suresh Rs. 2,000
e) Goods purchased from Ramlal Rs. 7,00,000 f)Rent paid to Anil Rs. 3,000

2. Dinesh Ltd. on 1st April 2015, purchased a machine from Rajesh Ltd. on hire purchase basis. The cash price of the machine was Rs 25,000. The payment was to be made Rs 5,000 on the date of the contract and the balance in four annual instalments of Rs. 5,000 each plus interest at 5% per annum payable on December 31st each year, and the first such instalment being payable on 31.12. 2015. Depreciation is to be charged @ 10% on original cost.

Make necessary ledger accounts in the books of Hire Purchaser.

3. Modi textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cotton bales. The invoice price of each bale was Rs 1,500 each which includes 20% profit on invoice price. The consignor paid Rs. 2,500 for insurance and Rs 4,000 for carriage and freight. The consignee received cotton bales and sold 75 bales for cash and realised Rs 1, 12, 500. He incurred Rs 1,800 on godown rent and was allowed 10% commission on sales. 5 cotton bales were spoiled in godown and they are to be valued at 50% depreciation. Show consignment account in the books of Modi Textiles.

4. The Trial Balance prepared by Dhanraj did not tally and the difference was transferred to Suspense Account. Subsequently, the following errors were found. Rectify the errors and show the suspense Account.

a) A sale of Rs. 1, 600 to Kamalnath was posted to Karunanath.
b) Insurance paid amounting to Rs 250 was posted twice.
c) A sale of Rs 1,500 for old machinery was passed through the sale book.
d) A purchase of Rs. 600 from Kamesh was not passed through the books.
e) Rs. 80, the debit balance on commission account was omitted from the trial balance.
f) The purchase returns book was undercast by Rs 700.

5. Define Computerized Accounting. Explain the advantages and disadvantages of Computerised Accounting System.

 

SECTION- B
Note: Attempt all the questions. Each question carries 6 marks.

6. Briefly explain the qualitative Characteristics of accounting information.

7. What is a journal proper? List the transactions recorded in the journal proper.

8. Discuss the factors that must be taken into consideration for determining the amount of depreciation.

9. What are the salient features of joint ventures? Explain

10. What are post dated vouchers? Explain the uses of post dated vouchers.

 

SECTION- C
Note: Attempt all the questions. Each question carries 10 marks.

11. Distinguish Between the following:

(a) Cash Basis and Accrual Basis of Accounting.
(b) Trading Account and Manufacturing Account.

12. Write short notes on the following:

(a) Imprest System of maintaining Petty Cash Book.
(b) Preparation of Report.


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