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BCOC-131 Solved Assignment English Medium 2023-24
Bachelor in Commerce (B.Com)
CHOICE BASED CREDIT SYSTEM
ASSIGNMENT 2023-24
[Valid from 1st July, 2023 to 30th June, 2024]
First Semester
B.C.O.C-131 FINANCIAL ACCOUNTING
TUTOR MARKED ASSIGNMENT
COURSE CODE : BCOC-131
COURSE TITLE : FINANCIAL ACCOUNTING
ASSIGNMENT CODE : BCOC-131/TMA/2023-24
COVERAGE : ALL BLOCKS
Note: Attempt all the Sections. Maximum Marks: 100
SECTION-A
Attempt all the questions. Each question carries 10 marks. (5×10=50)
- Home appliances Ltd. Sells goods on hire purchase terms at a profit of 25% on hire purchase price. Following are the transactions for the year ended December 31, 2018. (10)
| – | – | Rs. |
|---|---|---|
| January | Stock out on hire at cost. | 6,000 |
| – | Stock on hand (at shop) | 1,000 |
| – | Installment due | 600 |
| – | Cash Received. | 16,000 |
| December 31 | Stock out on hire (at cost) | 6,900 |
| – | Stock on hand (at shop) | 1,400 |
| – | Installment due | 1,000 |
Calculate the profit or loss on hire purchase under Debtors Method.
- What are the qualitative characteristics of accounting information? Briefly explain. (10)
- Explain the Concept of IFRS. (10)
- Journalise the following transactions: (10)
| 2018 | – | Rs. |
|---|---|---|
| Feb. 1 | Purchased goods for cash | 18,000 |
| Feb. 2 | Purchased goods on credit from Mithun | 37,000 |
| Feb. 5 | Sold goods to Mahesh | 10,000 |
| Feb. 8 | Cash sales | 8,000 |
| Feb. 9 | Cash sales to Jayant | 7,000 |
| Feb. 11 | Returned goods to Mithun | 4,000 |
| Feb. 12 | Mahesh returned goods | 1,000 |
- Harinath purchased on January 1, 2016, a plant for Rs. 50,000. On July 1, 2016 an additional plant worth Rs. 20,000 was purchased and on July 1. 2017, the plant purchased on January 1, 2016 having become obsolete is sold off for Rs. 20,000. On July 1, 2018, a new plant was purchased for Rs. 60,000 and the plant purchased on July 1, 2016 was sold for Rs. 15,000. Depreciations to be provided at 10% p.a. on the written down value every year. Show the Plant Account. (10)
SECTION-B
Attempt all the questions. Each question carries 5 marks. (5×6=30)
- Briefly describe the advantages and limitations of accounting. (6)
- What is an account? Describe the various classes of accounts with examples. (6)
- Write about the Business Entity Concept. (6)
- What do you mean by double entry system? (6)
- What is a Balance Sheet? Describe different methods of arranging assets and liabilities. (6)
SECTION-C
Attempt all the questions. Each question carries 10 marks. (4×5=20)
- What is Trial Balance? (5)
- What are the characteristics of a hire purchase agreement? (5)
- “Consignment is the same thing as sale”. Briefly Discuss. (5)
- Briefly explain advantages of Computerized Accounting. (5)
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BCOC131, BCOC 131
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