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ASSIGNMENT DRIVE SUMMER 2014 PROGRAM MBADS / MBAHCSN3 / MBAN2 / PGDBAN2 / MBAFLEX SEMESTER I SUBJECT CODE & NAME MB0041 & FINANCIAL AND MANAGEMENT ACCOUNTING 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. Inventory in a business is valued at the end of an accounting period, at either cost or market price, whichever is lower. This is accepted convention or a practice in accounting. Give a small introduction on accounting conventions and elucidate all the eight accounting conventions. (Introduction of accounting convention, Explanation of all the 8 types of conventions) 2, 8 Answer: Accounting Conventions
Accounting conventions are the rules based on which accounting takes place and these rules are universally accepted. There are many types of accounting conventions, namely convention of income recognition, convention of expense, convention of matching cost and revenue, convention of historical cost, convention of full disclosure, convention of double aspect, convention of modifying, convention of materiality, convention of consistency, and convention of
Q2. Write down a table with the accounts involved / the nature of account/its affects/ debit or credit. Please have the transactions given below and prepare the table as per the instructions given above for each transaction. a. 1.1.2011 Sunitha started his business with cash Rs. 5,00,000 b. 2.1.2011 Borrowed from Malathi Rs. 5,00,000 c. 2.1.2011 Purchased furniture Rs. 1,00,000 d. 4.1.2011 Purchased furniture from Meenal on credit Rs. 1,50,000 e. 5.1.2011 Purchased goods for cash Rs. 50,000 f. 6.1.2011 Purchased goods from Ram on credit Rs. 2,50,000 g. 8.1.2011 Sold goods for cash Rs. 1,25,000 h. 8.1.2011 Sold goods to Shyam on credit Rs. 55,000 i. 9.1.2011 Received cash from Shyam Rs. 25,000 j. 10.1.2011 Paid cash to Ram Rs. 90,000 (Filling in all the details in the table for all the transactions. Each transaction carries one mark (1*10=10) Answer: Sl.
a Cash a/c Real Cash is coming in Debit Capital a/c Personal Sunita is the giver Credit