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DRIVE
SPRING
2017
PROGRAM
BBA
SEMESTER
II
SSUBJECT
CODE & NAME
BBA
208
FINANCIAL
ACCOUNTING
Assignment Set -1
1. X, Y & Z
were partners sharing profits and losses as 4:3:2. Their Balance Sheet as on
31.03.2016 were as under :
Liabilities
|
Rs.
|
Assets
|
Rs.
|
Capital:
A 80,000
B 60,000
C 40,000
|
1,80,000
|
Freehold
Premises
Building
Machinery
|
90,000
45,000
90,000
|
Reserves
|
90,000
|
Investments
|
18,000
|
Overdraft
|
18,000
|
Inventories
|
27,000
|
Creditors
|
9,000
|
Receivables
|
27,000
|
Bills Payable
|
9,000
|
Cash
|
9,000
|
3,06,000
|
3,06,000
|
Z expired on 1st
April 2016. So, the assets are revalued and liabilities re-assessed as follows:
i)
Create a provision for
doubtful debt Rs. 800.
ii)
Building & investment is
to be appreciated by 10 %.
iii)
Machinery is to be depreciated
by 5 %.
iv)
Goodwill of the firm is to be
valued at Rs. 27,000.
The balance due
to Z will be transferred to his executor’s loan account which will carry an
interest of 10 % p.a. Prepare Revaluation Account, Capital Accounts and the
Balance Sheet of new firm after adjustments.
Answer: Revaluation Account
Particulars
|
Amount
|
Particulars
|
Amount
|
To provision for doubtful debt
|
800
|
By Building
|
4500
|
To Machinery
|
4500
|
By Investment
|
1800
|
2. How will you
differentiate between Trade discount and Cash discount ?
Narrate the main
divisions and classes of share capital.
Answer: Differences between trade discount and cash discount
Trade discount
|
Cash discount
|
3. Write short
notes on :
i) Issue of
Bonus shares
ii) Re-issue of
forfeited shares at a discount
iii) Buy back of
shares
iv) Alteration
of share capital or share split
v) Redemption of
preference shares
Answer: i) Issue of Bonus Shares
As an alternative to cash dividends, companies at
times give away free shares to their shareholders when they are short of cash
and don't want to upset shareholders that expect a regular income. Shareholders
can then sell the bonus shares to meet their liquidity requirements. Bonus
shares are also issued to restructure company reserves. Issuing bonus shares
does not
Assignment Set -2
1 From the
ledger balances as on 31st March 2016 show treatments in Profit and Loss
Account and in Balance Sheet.
Debtors: 50,000;
Bad Debts: 3,000; Discount Allowed: 2,000;
Creditors:
30,000; Provision for Discount on Creditors: 400; Discount Received 300
Adjustments:
i)
Create a provision for Bad
Debts @ 10 % on Debtors
ii)
Create a provision for
Discount on Debtors @ 5 %
iii)
Additional discount given to
Debtors Rs. 1,000
iv)
Create a provision for
discount on Creditors @ 2 %.
From the ledger balances and adjustments
as above, show treatments in:
Profit and Loss Account and Balance Sheet
Answer: Profit and loss account for the year ended 31st March, 2016
Particulars
|
Amount
(Rs)
|
Particulars
|
Amount (Rs)
|
2. Explain Bill
of exchange and the procedure for recording bills in the books of drawer and
accepter when the bill is : Accepted and discharged.
i) Explain bill of exchange
ii) Journal entries in the books of
drawer
iii) Journal entries in the books of
acceptor
Answer: Bill of exchange: It is a
written documentary evidence that contains an unconditional order signed by the
maker, directing a certain person to pay a certain sum of money only to, or to
the order of, a certain person or the bearer of the instrument.
In the Books of
the Drawer:
When a bill is drawn
3. Explain the
Depreciation Accounting procedure and concept taking AS-6 into consideration.
Answer: Accounting Standard-6 deals with
depreciation accounting and applied to all depreciable assets. As per Paragraph
3.1 of the Standard, Depreciation is defined as “a measure of the wearing out,
consumption or other loss of value of a depreciable asset arising from use,
effusion of time or obsolescence though
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