DEV BHOOMI INSTITUTE OF MANAGEMENT STUDIES, DEHRADUN

ASSIGNMENT SHEET

Course Name: Financial Accounting Assignment No. 2

Course Code: 104

Faculty :Ms. Shikha Sharma Branch: BBA Year : I

Unit/Title: 2/ Financial, Cost and Management Date of

Accounting Date of Issue: Submission:

1. What are the objectives of financial statements?

2. Calculate the cost of goods sold from the following information : Rs
Opening stock 10000
Closing stock 8000
Purchases 80000
Carriage on purchases 2000
Wages 6600
3. The following balances were extracted from the books of Maya Gupta & Sons at the end
of March 31, 2006. Make necessary closing entries as on that date :
Items Dr. Balance(Rs) Cr. Balance (Rs)
Gross Profit 65000
Salaries 11500
Audit fees 400
Insurance Premium 800
Interest received 1600
Discount (Cr) 460
Advertisement 1200
Bad Debts 150
Discount Allowed 340
Depreciation 460
Rent from tenants — 1800
4. From the following particulars of M/s Ananaya Industries, prepare bank reconciliation
statement as on December 31, 2018
1. Bank balance as per cash book
Rs.32,500
2. Cheques deposited into bank but not credited upto December 31, 2006 Rs.8,900.
3. Cheques issued but not presented for payment Rs. 12,500.
4. Bank credited Rs.5,000 for receiving dividend through Electronic Clearing System.
5. Bank charges debited by Bank Rs.400
 5. The following errors have been located from the books of Mr Bajaj:
1. Cash paid to Jeet Rs. 950 has been posted to the debit of his account as Rs. 590.
2. Purchase day book was undercast by Rs. 1000
3. Sales day book was overcast by Rs. 300
4. Wages paid Rupees 600 for the installation of a new machine has been debited to
wages account.
5. Interest paid Rupees 59 has been credited to interest received account.
6. Goods sold to Mr Tom for Rupees 500 has been recorded through the Purchase Day
Book.
Indicate, with reasons, the accounts which have been affected due to each of the above errors and
rectify the errors if those are detected:
(a) Before preparation of the Trial Balance
(b) After preparation of Trial Balance but before preparation of Final Accounts