ASSIGNMENT DRIVE WINTER 2013 PROGRAM BBA SEMESTER 2 SUBJECT CODE & NAME BBA 203 & FINANCIAL ACCOUNTING BK ID B1520 CREDITS 4 MARKS 60 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. Q.No Questions Marks Total Marks 1 Journalize the following transactions in the books of Balu. 2004 Rs. Jan. 1 Commenced business with 25,000 Jan. 2 Goods purchased for cash 15,000 Jan. 3 Paid freight 500 Jan. 7 Goods sold to Raj Kumar on credit 5,000 Jan. 8 Paid for stationery 2,000 Jan.10 Paid for Rent 1,000 Jan.13 Cash received from Mohan Das 15,400 Allowed him discount 600 Jan.15 Paid Premium 4,000 Jan.20 Paid to postage 1,000 Jan.25 Paid for salaries 500 Jan.30 Commission received 1,000 Preparation of all the journal entries with the correct amount 8 10 Narration 2 2 Accountancy refers to a systematic knowledge of accounting. It explains ‘why to do’ and ‘how to do’ of various aspects of accounting. Explain the objectives of accounting and explain the categories of users. Explanation of accounting objectives Explanation of categories of users 5 5 10 3 What do you understand by good will? Explain the accounting treatment of goodwill at the time of admission. Give journal entry for the below problem: T and S are partners in a firm sharing profit in the ratio 5:3. They admitted G as a new partner for 1/4th share in the profit. G brings Rs.45,000 for her share of goodwill and Rs.1,20,000 for capital. They have withdrawn the goodwill from the firm. Make journal entries in the books of the firm after the admission of G. The new profit sharing ratio will be 2:1:1. Meaning of good will with the formula Accounting treatment of goodwill at the time of admission Journal entry in the books of T,S and G 2 4 4 10 4 Differentiate between trade discount and cash discount. Enter the following transactions in Sadhana’s simple cash book. 2010 April 1st April Balance of cash in hand Rs.1500 8th April Purchased goods for cash from X for Rs.320 15th April Sold goods for Rs. 480 to Y for cash 20th April Received commission Rs.65 22nd April Paid Commission Rs.55 28th April Paid to Reena on account Rs.715 30th April Paid salary to the office clerk Rs.100 and office rent Rs.60 Differences between trade discount and cash discount Preparation of cash book 5 5 10 5 Final Accounts are prepared at the end of the accounting year with various adjustments. Explain the features and objectives of final accounts. Explanation of objectives of final accounts Explanation of features of final accounts 3 7 10 6 Prepare Trading, Profit and Loss Account and Balance Sheet from the following particulars as on 31st March 2012. Trial Balance Particulars Dr. (Rs) Cr. (Rs) Capital / Drawings 1,400 10,000 Cash in hand 1,500 - Bank overdraft @ 5% - 2,000 Purchase and Sales 12,000 15,000 Returns 1,000 2,000 Establishments charges 2,500 - Taxes and Insurance 500 - Provision for Doubtful Debts - 1,000 Bad Debts 500 - Sundry Debtors and Creditors 5,000 1,850 Commission - 500 Investments 4,000 - Stock on 1 April 2010 3,000 - Furniture 600 - Bills Receivable & Bills payable 3,000 2,500 Collected Sales Tax - 150 Total 35,000 35,000 Further, you are required to take into consideration the following information: a) Salary Rs.100 and taxes Rs.400 are outstanding but insurance Rs.50 prepaid b) Commission amounting to Rs.100 has been received in advance for work to be done next year. c) Interest accrued on investments Rs.210 d) Provision for doubtful Debts is to be maintained at 20% e) Depreciation on furniture is to be charged at 10% p.a. f) Stock on 31st March 2012 was valued at Rs.4,500 g) A fire occurred on 25th March 2012 in the godown and stock of the value of Rs.1,000 was destroyed. It was fully insured and the insurance company admitted the claim in full. Calculation of Trading and P/L a/c Preparation of balance sheet 5 5 10
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