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ASSIGNMENT
|
DRIVE Winter
|
2014
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|
PROGRAM
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BBA
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SUBJECT CODE & NAME
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BBA203 - FINANCIAL ACCOUNTING
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SEMESTER
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2
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BK ID
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B1520
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CREDITS
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4
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MARKS
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60
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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.
Q1.
Accountancy refers to a systematic knowledge of accounting. It explains ‘why to
do’ and ‘how to do’ of various aspects of accounting. Explain the objectives of
accounting and explain the categories of users. (Explanation of accounting
objectives, Explanation of categories of users) 5, 5
Answer:
Objectives for Accounting
The basic objective of accounting is to provide full, accurate and
meaningful financial information
Q.2 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
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.
(Preparation of
ledger accounts , Preparation of balance sheet)
Answer:
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
Q.4 Prepare Trading and Profit and Loss Account and
Balance Sheet from the following particulars
as at 31st March 2012.
Trial Balance
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Particulars
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Dr. (Rs)
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Cr. (Rs)
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Capital
/ Drawings
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1,400
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10,000
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Cash
in hand
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1,500
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-
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|
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Bank
overdraft @ 5%
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-
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2,000
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Purchase
and Sales
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12,000
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15,000
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Returns
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1,000
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2,000
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Establishments
charges
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2,500
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-
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Taxes
and Insurance
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500
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-
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Provision
for Doubtful Debts
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-
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1,000
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Bad
Debts
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500
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-
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|
|
|
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Sundry
Debtors and Creditors
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5,000
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1,850
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|
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Commission
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-
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500
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Investments
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4,000
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-
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Stock
on 1 April 2010
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3,000
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-
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Furniture
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600
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-
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Bills
Receivable & Bills payable
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3,000
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2,500
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Collected
Sales Tax
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-
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150
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Total
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35,000
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35,000
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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.
(Calculation
of Trading and P/L a/c, Preparation of balance sheet) 5, 5
Answer:
Solution :
Trading and Profit and loss
Account for the period ended 31st
March
Q5. What is Petty Cash
Book? Solve the below given problem.
On 1st Jan 2009, Ramanathan opened a
Bank Account by depositing Rs.6,000/- in cash. All remittances are to be paid
into bank on the same day on which they are received and all payments are made
by cheques. Enter the following transactions in three columnar cash book.
Jan 2 – Goods sold to Mohan for cash
Rs.250
Jan 5 – Settled Hari’s account of
Rs.200 at a discount of 5%
Jan 7 – Received from Shyam a cheque
for Rs.725. Discount allowed Rs.25.
Jan 10 – Purchased a calculator for
Rs.200.Spent Rs.50 on the cover.
Jan 12 – Shyam’s cheque was returned
dishonoured.
Jan 15 – Received a money order for Rs.
25 from Hari.
Jan 20 – Shyam settled his account by
means of a cheque for Rs.755,Rs.5 being for interest charged
Jan 27- Purchased machinery from Rajiv
for Rs.5000 and paid him by means of a bank draft purchased from bank for Rs.5005.
(Meaning of
petty cash, Solving the problem) 2, 8
Answer:
Meaning of
petty cash
The amount
which the main cashier gives to the petty cashier to meet the petty or small
cash expenses for a given period is known as Imprest cash book. The petty cash
book contains columns for each class of expenditure. Petty cash book is an
additional cashbook, which is used for recording
Q6. What are Errors in
Accounting? Explain the classifications of Errors. Write any two examples of
one sided errors. (Errors in accounting, Classification of errors, Examples of
onebsided errors) 2, 6, 2
Answer:
Errors in
accounting
In the process
of recording a large number of transactions in the books of accounts, errors
are likely to creep in.
Get fully solved
assignment. Buy online from website
online store
or
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your sub code
we will revert you
within 2-3 hour or immediate
Charges rs 125/subject and rs 625/semester
only.
if urgent then call us on 08791490301, 08273413412
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