Solved
Assignment 2020-21
COURSE CODE : BCOC 131
COURSE TITLE : FINANCIAL ACCOUNTING
ASSIGNMENT CODE : BCOC 131/TMA/2020-2021
COVERAGE : ALL BLOCKS
Maximum Marks: 100
Note: Attempt all the questions.
SECTION-A
Attempt all the questions. Each
question carries 10 marks.
10
Q.1 Journalize the following
transactions, Post them into ledger and prepare a Trial balance.
a) Business started with a capital of
Rs 5,00,000
b) Furniture purchased from Jai sons
on credit Rs. 2,00,000
c) Payment made to Silky brothers Rs.
10,000
d) Commission Received from Haryana
Automobiles Rs. 8,000
e) Goods purchased from Ramlal and
Sons Rs. 6,00,000
f) Interest paid to Ghanshyam and Sons
Rs. 6,000
Q.2 On 1st April 2016, Chaudhary
Harpal Singh purchased a Tractor of the cash price of Rs. 2,20,000 on
hire-purchase system from Escorts Ltd. Rs. 20,000 were paid immediately and the
balance in 4 annual installments of Rs. 50,000 each with interest at 8% per
annum. The depreciation is to be charged at 10% p.a. on written down value
method. Harpal Singh paid 2 installments and failed to pay the third
installment. Escorts Ltd. took away the tractor by paying him Rs. 90,000 in
cash. Make necessary ledger accounts in the books of Harpal Singh. Books are
closed on 31st March every year.
10
Q.3 Oswal Mills Barnala consigned 5000
kg of vanaspati ghee to Rajendra Dealers of Panipat. Each kg. Ghee costs Rs. 8.
Oswal Mills paid Rs. 50 for carriage, Rs. 250 for freight and Rs. 200 for
insurance in transit. During transit 500 kg. Ghee was accidentally destroyed
for which insurance company paid directly to the consignor Rs. 2500 in full
settlement of the claim. After 3 month from the date of consignment of goods to
Panipat, Rajendra Dealers reported that 1500 kg. Ghee was sold at Rs. 9.5 per
kg. The expenses were: On Godown Rent Rs. 500, On Salesman Salary Rs. 700. Rajendra
dealers are entitled to a commission of 5% on sales. Due to leakage, Rajendra
Dealers also reported a loss of 20 kg. Ghee. Prepare consignment account and
abnormal loss account in the books of the Consignor.
10
Q.4 An Accountant finds the difference
in the Trial Balance amounting to Rs. 210 and put it in the Suspense Account.
Later on he detects the following errors. Rectify the errors and prepare the
suspense Account.
10
a) Goods purchased from Ram Rs. 700
were passed through sales book.
b) Returned Goods to Shyam Rs. 1500
was passed through returns inward book.
c) An item of Rs. 450 relating to
prepaid rent account was omitted to brought forward.
d) An item of Rs. 120 in respect of
purchase returns, instead of being recorded in Returns Outward book has been
wrongly entered in the purchase book and posted therefrom to the debit of
personal account.
e) Amount payable to Subhash for
repairs done to Radio Rs. 180 and a new Radio supplied for Rs. 1920 were
entered in the Purchase book as Rs. 2000.
Q.5 Define Computerized Accounting and
distinguish between manual and computerized accounting system.
10
SECTION-B
Attempt all the questions. Each
question carries 5 marks.
Q.6 State the essentials features of a
joint Venture.
5
Q.7 What are the main causes of
disagreement of a Trial Balance? Briefly explain.
5
Q.8 State the factors affecting the
amount of depreciation.
5
Q.9 Explain the uses of post dated
vouchers.
5
Q.10 What are the different types of
branches? Explain the need for branch accounting.
5
Q.11 Briefly explain the benefits of
Accounting Standards.
5
SECTION-C
Attempt all the questions. Each
question carries 10 marks.
Q12 Distinguish between the following:
10
a) Cost of Goods Sold and Cost of
Goods Produced
b) Profit and Loss Account and Balance
Sheet
Q.13 Write short notes on the
following:
10
a) Systems of Book-keeping
b) International Financial Reporting
Standards (IFRS)
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