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ASSIGNMENT
SESSION JUL/AUG 2021
PROGRAM BACHELOR OF BUSINESS ADMINISTRATION (BBA)
SEMESTER II
COURSE CODE & NAME DBB1202 – FINANCIAL ACCOUNTING
CREDITS 4
NUMBER OF ASSIGNMENTS & 02
MARKS 30 Marks each
Note:
• There will be two sets of assignments for every course, and you must answer all questions in both sets. Average of both assignments’ marks scored by you will be considered as Internal Assessment Marks.
• Answers for 10 marks questions should be approximately of 400-500 words.
Q. Sub Set – I Marks Total
No No Questions Marks
1. a. What do you understand by Book-Keeping? Differentiate between Book-Keeping 1+4 10
and Accounting.
b. Explain any five accounting principles in brief. 5
2. a. Journalize the following transactions in the books of KL Ltd.: 5 10
1 Commenced business with Cash ₹1,00,000, Goods ₹ 80,000. Furniture ₹
65,000 and Bank Loan ₹ 40,000.
3 Opened a current account in State Bank of India by depositing ₹ 50,000.
Purchased goods worth Rs 20,000 from Amit & Co. subject to trade
7 discount of 2% and entitled to a cash discount of 4% on a condition of
payment within 10 days.
9 Cash Sales ₹ 65,000.
10 Goods worth ₹ 25,000 were sold to Ashish & Co. on trade discount of 3%
14 Goods destroyed by fire ₹ 1,500, received insurance claim of ₹ 1,000
15 Paid cash to Amit & Co. in full settlement of his account.
26 Purchased shares of ₹ 15,000 of HDFC Bank.
29 Paid Rent ₹ 2,000.
30 Only 40% can be realised from Ashish & Co. due to insolvency.
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b. On 1st Jan 2021, Ram opened a Bank Account by depositing ₹ 10,000/- in cash. All 5
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- Goods sold to Mohan for cash ₹275
02
Jan- Settled Hari’s account of ₹300 at a discount of 5%
05
Jan- Received from Shyam a cheque for ₹725. Discount allowed ₹25
07
Jan- Purchased a calculator for ₹200.Spent ₹50 on the cover
10
Jan- Shyam’s cheque was returned dishonored
12
Jan- Received a money order for ₹30 from Hari
15
Jan- Shyam settled his account by means of a cheque for ₹775, ₹5 being
20 for interest charged
Jan- Purchased machinery from Rajiv for ₹5000 and paid him by means
27 of a bank draft purchased from bank for ₹5,250
3. a. What are the errors that cannot be traced in the trial balance? 5 10
b. Explain the qualitative features of financial statements. 5
Q. Sub Set – II Marks Total
No No. Questions Marks
4. a Prepare a Trading and Profit & Loss A/c for the year ended on 31st March 2021 5 10
and a Balance Sheet as on that date from the following trial balance:
Particulars Debit Amount ₹ Credit Amount ₹
Capital ———- 10000
Cash 1500 ———-
Bank Overdraft ———- 2000
Purchases and Sales 12000 15000
Returns 1000 2000
Establishment Expenses 2200 ———-
Tax and Insurance 500 ———-
Bad Debts and Bad Debts Reserve 500 700
Debtors and Creditors 5000 2000
Commission ———- 500
Deposits 4000 ———-
Opening Stock 3000 ———-
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Drawings 1400 ———-
Furniture 600 ———-
B/R and B/P 3000 2500
Total 34700 34700
Additional Information:
1. Salaries ₹ 100 and Taxes ₹ 200 are outstanding at the end of year and
Insurance was ₹ 50 prepaid
2. Commission of ₹ 100 was received in advance for the next year.
3. Interest ₹ 200 is to be received on deposits and interest on bank overdraft of
₹ 300 is to be paid.
4. Bad Debts Reserve is to be maintained at ₹ 1000.
5. Depreciate furniture by 10%
6. Stock as on 31st March 2021 ₹ 4500.
b Explain the reasons due to which difference in balance occurs in cash book and 5
passbook.
5. a What do you understand by “Discounting of Bill”. Narrate with an example. 5 10
b Giri, Nayak and Vivek are partners sharing profit in the ratio of 3: 2: l. Their 5
balance sheet as on March 31st, 2021, is as under:
Balance Sheet as on March 31st, 2021
Liabilities Amount ₹ Assets Amount ₹
Creditors 80,000 Buildings 1,80,000
Bills Payable 26,000 Plant 1,40,000
General Reserve 24,000 Motor Car 1,40,000
Capital: Debtors 60,000
Giri 1,60,000
Nayak 1,20,000 Cash at bank 10,000
Vivek 1,20,000 4,00,000
5,30,000 5,30,000
Nayak retires on that date on the following terms:
a. The Goodwill of the firm is valued at ₹ 60,000.
b. Building & Car to be appreciated by 10%.
c. Plant is depreciated by 10%
d. Nayak’s share of goodwill adjusted through remaining partners’
capitalaccount
e. Provision for bad debts @ 10%
The amount due to Nayak is paid out of the fund brought in by Giri and
Vivek for that purpose in their new profit-sharing ratio. Nayak is paid full
amount. Prepare Revaluation Account and Partner’s Capital account.
6 a Brief out the types of share capital of a company. 2.5 10
b What is Buy- Back od shares? Explain 2.5
C Write short notes on: 5
i. Capital Redemption Reserve
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ii. Accounting Standard-3