Get fully solved assignment. Buy online from website
online store
or
plz drop a mail with 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
DRIVE
-SPRING 2015
PROGRAM
Bachelor of Business Administration-BBA
SEMESTER-
2
SUBJECT
CODE & NAME -BBA203 & FINANCIAL ACCOUNTING
BK ID-
B1520
Q1. Explain the objectives for accounting. Write about the limitations
of accounting. (Objectives for
accounting, Limitations
of Accounting) 5, 5
Answer:
Objectives for accounting
The
main objectives of accounting include:
- Systematic
recording of all business events or transactions and subsequent posting to
ledger, to finally prepare financial statements - profit and loss account
and balance sheet.
- Reporting the
results to management, shareholders, creditors, bankers, investors, stock
brokers, stock exchanges,
Q2.
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 petty payments, such as postage and telegrams,
Q3.
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.
- Error may arise
either while recording the transactions in the books of original entry or
while writing up the ledger accounts or while preparing the trial balance.
Q4. From the following Trial Balance, prepare trading
and profit and loss account for the year ended 31st Dec 2009 and balance sheet
on that date.
Adjustments:
a) Provide for wages Rs.5000/-
b) Write off 5 % depreciation on freehold premises and 10 % on office
furniture
c) Insurance to the extent of Rs.200/- relates to 1993
d) Stock on 31-12-2009 is Rs.52000/-
e) Charge interest on capital 5 % and on drawings Rs. 300/-
f) Further bad debts are Rs.1000/-
g) Provide for doubtful debts @ 5 % on sundry debtors
h) Make provision for discount on debtors and reserve for discount on
creditors @ 2 %
(Preparation of trading account,
Preparation of P/L a/c, B/S) 2, 4, 4
Answer:
Preparation
of trading account
Q5.
Give the
meaning and importance of bank reconciliation statements. From the following
particulars of Neha and Co. prepare Bank Reconciliation Statement on March 31,
2008.
Overdraft as per pass book 16,500
Interest on overdraft 1,600
Insurance premium paid by the bank 800
Cheques deposited but not yet credited 5,500
Cheques issued but not present for payment 6,000
Wrong credit to firm account by the bank 1,000
(Meaning
of Bank Reconciliation Statement, Importance of bank reconciliation statement,
Calculation of bank reconciliation statement) 2, 3, 5
Answer:
Bank Reconciliation Statement
A reconciliation
statement has to be prepared to identify the reasons for non-agreeing of the
balances and reasons for that. Such kind of statement is called as “Bank
Reconciliation statement. A bank reconciliation statement is a statement
prepared to explain the reasons for the disagreement between the bank balance
as shown by the cash book and the
Q6
Explain on
endorsement of a bill. Solve the given problem. Black sells goods worth Rs.2,000
to Brown on 1st October, 2004 and draws a bill on him for the amount for 2
months. On the same day, the bill is endorsed by him to his creditor, White.
The bill is duly paid on maturity. Pass journal entries in the books of all the
parties.(drawer, endorsee, acceptor)
(Explanation of endorsement of a bill, Journal
entries in the books of Black, Journal entries in the books of White, Journal entries in the books of
Brown) 2, 3, 2, 3
Answer:
Endorsement of a bill
Endorsement
of a bill means signing on the reverse (back) of the bill with the object of
transferring the property (i.e., the value) of the bill to another person. The
person who endorses the bill is called ‘Endorser’, and the person to whom the
Get fully solved assignment. Buy online from website
online store
or
plz drop a mail with 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
No comments:
Post a Comment