TUTOR MARKED ASSIGNMEN’ COURSE CODE : BCOC-131 COURSE TITLE : FINANCIAL ACCOUNTING ASSIGNMENT CODE BCOC-131/TMA/2020-2021 COVERAGE 3 ALL BLOCKS Maximum Marks: 100 Note: Attempt all the questions, Qu Q2 Q3 Q4 SECTION-A Attempt all the questions, Each question carries 10 marks. Journalize the following transactions, Post them into ledger and prepare @ Trial balance. a) Business started with a capital of Rs 5,00,000 b) Furniture purchased from Jai sons on credit Rs. 2,00,000 ©) Payment made to Silky brothers Rs. 10,000 d) Commission Received from Haryana Automobiles Rs. 8,000 ¢) Goods purchased from Ramlal and Sons Rs. 6,00,000 f) Interest paid to Ghanshyam and Sons Rs. 6,000 On Ist April 2016, Chaudhary Harpal Singh purchased a Tractor of the cash price of Rs. 2,20,000 on hire-purchase system from Escorts Ltd. Rs. 20,000 were paid immediately and the balance in 4 annual installments of Rs. 50,000 cach with interest at 8% per annum. The depreciation is to be charged at 10% p.a. on written down value method. Harpal Singh paid 2 installments and failed to pay the third installment. Escorts Ltd. took away the tractor by paying him Rs. 90,000 in cash. Make necessary ledger accounts in the books of Harpal Singh. Books are closed on 31° March every year. Oswal Mills Bamala consigned 5000 kg of vanaspati ghee to Rajendra Dealers of Panipat. Each kg. Ghee costs Rs. 8. Oswal Mills paid Rs. 50 for carriage, Rs. 250 for freight and Rs. 200 for insurance in transit, During transit 500 kg. Ghee was accidentally destroyed for which insurance company paid directly to the consignor Rs. 2500 in full settlement of the claim. After 3 month from the date of consignment of goods to Panipat, Rajendra Dealers reported that 1500 kg. Ghee was sold at Rs. 9.5 per kg. The expenses were: On Godown Rent Rs. 500, On Salesman Salary Rs. 700. Rajendra dealers are entitled to a com of 5% on sales. Due to leakage, Rajendra Dealers also reported a loss of 20 kg. Ghee. Prepare consignment account and abnormal loss account in the books of the Consignor. An Accountant finds the difference in the Trial Balance amounting to Rs. 210 and put it in the Suspense Account. Later on he detects the following errors. Rectify the errors and prepare the suspense Account, (10) (10) (10) (10)Qs Q6 Q7 Qs Qo Q.10 Qu Qn Q.13 a) Goods purchased from Ram Rs. 700 were passed through sales book. b) Returned Goods to Shyam Rs. 1500 was passed through retums inward book. ©) An item of Rs. 450 relating to prepaid rent account was omitted to brought forward. d) An item of Rs. 120 in respect of purchase returns, instead of being recorded in Returns Outward book has been wrongly entered in the purchase book and posted therefrom to the debit of personal account. €) Amount payable to Subhash for repairs done to Radio Rs. 180 and a new Radio supplied for Rs. 1920 were entered in the Purchase book as Rs. 2000. Define Computerized Accounting and distinguish between manual and computerized accounting system. SECTION-B Attempt all the questions. Each question carries 5 marks. State the essentials features of a joint Venture. What are the main causes of disagreement of @ Trial Balance? Briefly explain. State the factors affecting the amount of depreciation. Explain the uses of post dated vouchers. What are the different types of branches? Explain the need for branch accounting. Briefly explain the benefits of Accounting Standards. SECTION-C Attempt all the questions. Each question carries 10 marks. Distinguish between the followin, a) Cost of Goods Sold and Cost of Goods Produced b) Profit and Loss Account and Balance Sheet Write short notes on the following: a) Systems of Book-keeping b) International Financial Reporting Standards (IFRS) (10) 6) (5) 6) (6) 6) 6) 0) (10)x-a ———__— gi ———— ——|—__—_ fool. QrpcCula D x _—1)| Cosh Alc. bu_| 500.000 | |___76_Onprta) Ale LE; Belg Sorted _Ausiness_ 1% Co XS,00.001 Being furniture Ke N| Dortiniors | particulars © Coprin! A 00 000 By Bolonte cla 0,000 0 Dromers Ak 0.00 4 Q aprol ACCOuH particulars Pe parttinrs | © Rolonce cla 00,000 By Cash A 00,00 [Cd S00,000 | LS, 00,00 eae ‘porfinlnes = I" 7a Joisans ale | 2oon00 | Bf Aabnce of | 2an0 [Cd 20000 | 200,000[Topic : i ACCOL af pants 2 i cat ae —Tiazoo | — PO tooo 0,000 _ Th Commission alc. By Bolonee Clad. Po B00 B00Date. =. Page No. = @ 7ors Oho SpHsS Ak {_} 1 _— [—pastiulars Q 0 ES8Corts It) | 2 20.000 | | "By Depritation |0 d Dole | portions | = | Datel partir | - Py Trach Alc_|_ 220,00 By | 10,000 19,006 [cuasstime0 Gionda Sent oy Consigntren 000 kgs @-£3 £1500 kgs @ £9-5 J O Bank { Exper S00 By Abnotinal lows A 0S0 | a aban Yoda HSUFOHY Clam Ak 1D POHipd4 Lioritg Tyiesi = 1) Consignors' expenses om_Sa0a kos ghee Qmours 4o_ 83.50 Tt Comes tp 0.10 pet_kos. Tie Cost of losin 1 __| ___ transit wi) be computed. at Stn clash - Closing Stock ir_hatd * 5,000-$00-1.500-20 Cost pe i) of Mock > 4,500,778 +0.10#14.500 4s00-20 —Heston i olution $4 Rectify the errors Ond. prepare the Suspense Accoutt 1 OUFHIOL Cht Dartioula Dez) _| Purchase oer a te | To Ram's Ale Being Qnod DuniChosed trom Kor 400 400 pass fh_ Creqle__ ee On 20H Van die ie lesb > > dperalbas oF = Entity Hself. Ron(oH o-¢ =WueStion ef | blhat ore tre mat Causes of clisagreement Of _a Trial Balance 2 Briefly exdlgin. on — “The_Couses for_tthich totals of both Sidles of the , trial. balante ditantee Ore as falloWis:~ > R Otmourt_1.€ Ir ip ledge i | 2 posting Pron Sputeal to_ledget. eh 5 > | Commtti= . SS Hey mistake ta wring L Lalanced it se Malou i2, lebit balance. _ ig ae Ig 5 c + [ctassepee atfecting the Amount of depric- Answer t-8 fociors. There ore four mdin factors to __» | Fe cost of the asset. 3 lhe_esirrnated Salvage value of +he asse; Qlvo ( ) Ufe p “0 HITIOTON ASOCTULY OF ie Q&Ser, Os ITe Terers 70 E Lindo time 1710 “ON POH Plans ion on cna Useful (te can me “expressed iM “years , months, Workis a, Or units produced. iy as +? | ObSolescente Pe d be Considered Wher dleterminin x OH assert! useful life and. til afer! the Q Q70H Of QOEépreC lation 10 XO/p io OF /Moci ° apabie 0 DIDQ HO iH 10 QD VeOrs +rHia [ctassmme]aloes tl Oe hte an ie te hts ted ake piace Oh Q TeQuIO DQ for example i2 Yout_pay inferest ln ae the. DeQibhihg C0ch 9U0Fre He Qh Pass Downer onttie yi the (ares 01. b4. Y006, O1.04.dn06 004 Qna Ot,01,003 Qnol tna ther “post- “dled! 4, 3 >? | These enti ilo be einteren nm te Ledge C Ores fT entioned Ie ON Tes ie “ill be Consiclered 4 “Fil haved? on te ‘Date of las oo2 CREATION: oo {le ie Cat mark 0 ‘voucher as_‘Post- doted ' while ta_the_' Vouther Moke eeHD Ai__PPSt- dared QUCHEr COh he Converred into Heh "voucher, by_agoin using the Chl + T Key PLTCRBTION. OL MODES The_User Con alter q voucher in tro_tvlaye :- AL 5 ° MEINnOH QUHHG mae dD @ Alerqnon Clurihg displa SIF Alteration during Voucher entity a= - To alter a. Voucher at _the time Of cntering Q +tonsactbn, pre <_pooe Up? Ona TTIe. Sing voucher wuld apper ) p Dreceaihg QUCHE WloU/d Oppedr OH See Ih 2 OUCFe Qurerotion trode oO J 9 Alteration during display ae Me cna alSp ale voucher gt the time af_dlteg. loon the tel Balonee, PL ALC nd. Balante Sheet. ° 2 (t1eans OF ei 1110 Dri Q et Tao Q tO ‘ont — rm E QC) OF A 0 oie te ouch, Cl ° Deletion 04Alasiver $~10 Se Managetertt Hy Cost” Accounting "9 Tax_Actounting pet Accounting fi Actountin ag. ee bk PE PE The_need arises for branch accoonting 93 4p ascertain ite brobintti ofeach, iano sSenorately for __| o_o kOe eth Bed Ce eoch branch at quantity of Sock level held the end of an| Bietly exploits the benetite of Accountiag (Mandated. Abner fH investment decisions based on such financial Stotement?. So its essentinl these Stoteront present o tue ond fair pichre of +e financial (casero)___| $Sitvotion_of the Compary. The accounting standards (AS)_ensure this. They Hnoke Sure the Statement | _te_teliable and. Hrastwlorthy, noripulate with” financial dato. Hawi ghee Sondards 19 not _optonal , its Compulsory? nl . Vv So these (iondards mak it dificult for the trona CrrietH 70 nn CprejeH On ? 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