Get fully solved
assignment, plz drop a mail with your sub code
computeroperator4@gmail.com
Charges rs 125/subject and rs
700/semester only.
our website is
www.smuassignment.in
if urgent then call us on 08791490301, 08273413412
ASSIGNMENT
|
DRIVE SUMMER
|
2014
|
|
PROGRAM
|
BBA
|
|
SUBJECT CODE & NAME
|
BBA203 - FINANCIAL ACCOUNTING
|
|
SEMESTER
|
2
|
|
BK ID
|
B1520
|
|
CREDITS
|
4
|
|
MARKS
|
60
|
Note: Answer all questions. Kindly note that answers for 10 marks questions
should be approximately of 400 words. Each question is followed by evaluation
scheme.
Q.1. Accounting concept refers to the basic assumptions and rules and
principles which work as the basis of recording of business transactions and
preparing accounts. Explain any 5 concepts of
accounting with example
Ans : Concepts of accounting with example:
1. Business Entity:
This principle treats the company as a separate entity from its owners.
Personal accounts of owners/partners should be kept separate from profits and
expenses of the company. So, the accounting reports are prepared from the
viewpoint of business purposes and not from the owner's outlook. The business
and its owner(s) are two separate existence entity Any private
and personal incomes and expenses of the owner(s) should not be treated as the
incomes and expenses of the business
Q.2 Differentiate between trade discount and cash discount.
Enter the following transactions in Sadhana’s simple cash book.
2010 April 1st April Balance of
cash in hand Rs.1500
8th April
Purchased goods for cash from X for Rs.320
15th April Sold goods for Rs. 480 to Y for cash
20th April
Received commission Rs.65
22nd April Paid Commission
Rs.55
28th April Paid to Reena on account Rs.715
30th April Paid
salary to the office clerk Rs.100 and office rent Rs.60
Ans : Differences between trade
discount and cash discount :
1. Meaning:
Trade Discount is a discount allowed by the seller to the buyer in case
of bulk purchases made by him.
Cash Discount is a reduction in the net amount payable by the buyer when
prompt payment is made by the buyer.
Q.3 Final Accounts are prepared at the end of the accounting year with
various adjustments. Explain the features and objectives of final accounts
Ans : Explanation of objectives of final accounts :
1. Final accounts and balance sheets help investors make sense of a
company's financial condition. They show financiers whether the business is
forthcoming with performance data, how it intends to marshal its resources to
pound the competition, and the steps it is taking to repay its long-term loans
and avoid lender exodus.
Q.4 Prepare Trading and Profit and Loss Account and Balance Sheet from
the following
particulars as at 31st March 2012.
Trial Balance
Particulars
Dr. (Rs)
Cr. (Rs)
Capital / Drawings
1,400
10,000
Cash in hand
1,500
-
Bank overdraft @ 5%
-
2,000
Purchase and Sales
12,000
15,000
Returns
1,000
2,000
Establishments charges
2,500
-
Taxes and Insurance
500
-
Provision for Doubtful Debts
-
1,000
Bad Debts
500
-
Sundry Debtors and Creditors
5,000
1,850
Commission
-
500
Investments
4,000
-
Stock on 1 April 2010
3,000
-
Furniture
600
-
Bills Receivable & Bills
payable
3,000
2,500
Collected Sales Tax
-
150
Total
35,000
35,000
Further, you are required to take
into consideration the following information:
a) Salary Rs.100 and taxes Rs.400
are outstanding but insurance Rs.50 prepaid
b) Commission amounting to Rs.100
has been received in advance for work to be done
next year.
c) Interest accrued on
investments Rs.210
d) Provision for doubtful Debts
is to be maintained at 20%
e) Depreciation on furniture is
to be charged at 10% p.a.
f) Stock on 31st March 2012 was
valued at Rs.4,500
g) A fire occurred on 25th March
2012 in the godown and stock of the value of Rs.1,000
was destroyed. It was fully
insured and the insurance company admitted the claim in
full.
A
Calculation of Trading and P/L
a/c
Preparation of balance sheet
10
Q.5 ABC Ltd.’s cashbook showed a
bank overdraft of Rs.12,000 as on 30th June 2004. The bank
statement as on that date also showed an overdraft but the figure is
different. The following are
the causes.
1. Cheques deposited but not yet collected Rs.1,500
2. Cheques issued but not yet presented for payment Rs.2,000
3. A cheque of Rs.1,500 deposited on 15th May, 2004 was dishonoured on
19th June, 2004 but
not intimated by the bank till 30th June, 2004
4. Bank charges not recorded in the cash book Rs.1,000
5. Interest on overdraft not intimated Rs.1,200
A
Preparation of Bank
reconciliation statement
Q.6 Mayur, Veer and Prakash are partners sharing profit and losses in
the ratio of 2:1:1.
Their Balance Sheet was as follows:
Balance Sheet of Mayur, Veer and
Prakash as on December 31, 2008
Liabilities
Amount
Assets
Amount
Creditors
10,000 Cash in Hand
7,000
Bills payable
7,000 Machinery
13,000
Stock
26,000
Capitals:
Mayur 40,000
Veer 30,000
Prakash 20,000
90,000
Debtors
Investment
Building
26,000
15,000
20,000
Total
1,07,000 Total
1,07,000
Prakash has expired on 01.01.2009
and as a result the assets are revalued and
liabilities reassessed as
follows:
i) Create a Provision for
doubtful debt on debtors at Rs.800.
ii) Building and investment are
appreciated by 10%.
iii) Machinery is depreciated at
5%
iv) Creditors were overestimated
by Rs.500.
v) Goodwill of the firm valued at
Rs.27,000
The balance due to Prakash will
be transferred to his executor’s loan account which
carries an interest of 10% p.a.
Prepare necessary ledger accounts and show the
balance sheet of new firm after
adjustments.
A
Preparation of ledger accounts
Preparation of balance sheet
Get fully solved
assignment, plz drop a mail with your sub code
computeroperator4@gmail.com
Charges rs 125/subject and rs
700/semester only.
our website is
www.smuassignment.in
if urgent then call us on 08791490301, 08273413412
No comments:
Post a Comment