BCOC-131 Financial Accounting in English Solved Assignment 2022-2023

BCOC-131 Financial Accounting in English Solved Assignment 2022-2023


Note: Attempt all the Sections. Maximum Marks: 100

Title Name

BCOC-131 Solved Assignment 2022-23

University IGNOU
Service Type Solved Assignment (Soft copy/PDF)
Course BCOMG
Language ENGLISH
Semester 2022-2023 Course: B.Com(G) CBCS
Session Valid from 1st July, 2022 to 30th June, 2023
Short Name BCOC-131
Assignment Code BCOC-131/TMA/2022-23
Product Assignment of BCOMG 2022-2023 (IGNOU)
Submission Date 1. Those students who are appearing in December Term End Examination they have to submit
latest by in 15 October.
2. Those students who are appearing in June exams. They should download the new assignment and submit the same latest by 15 March



Attempt all the questions. Each question carries 10 marks. (5×10=50)
1. Define Computerized Accounting and distinguish between manual and computerized
accounting system. (10)
2. Journalise the following transactions: (10)
2018 Rs.
June 1 Cash sale of Ashok 18,000
June 2 Bought goods from Vinod 10,000
June 2 Paid cartage on the goods bought 200
June 3 Old newspapers sold 100
June 4 Paid Municipal taxes by cheque 900
June 4 Paid for repairs to machinery 600
June 8 Received commission by cheque 1,700

3. From the following transactions of M/s. Joshi & Sons, prepare Cash Book. (10)

2018 Rs.
Aug. 1 Cash in hand 4,270
Aug. 5 Purchased and old typewriter for 1,500
Aug. 7 Received cash from Singh & Co. Rs. 1,980 and allowed
discount of
Aug. 10 Cash Sales 5,500
Aug. 12 Paid to Ram Narain Rs. 2,970 and he allowed a discount of 30
Aug. 14 Sold old newspapers for Rs. 60.
Aug. 16 Received from Prasad Rs. 985 in full settlement of his
account for
Aug. 18 Purchased goods worth from Sanjeev Bros. at a trade
discount of 10% and paid cash.
Aug. 20 Sold goods worth for cash at a trade discount of 5%. 1,000
Aug. 24 Settled the account of Tiwari of by paying the necessary 500
amount after deducting a discount of 3%.
Aug. 30 Paid rent 500
Aug. 30 Deposited in the bank the cash in excess of 1,490
4. Easy Payment Ltd. Sells goods on hire purchase basis at a profit of 50% on cost, The
following particulars are given for the year ending December 31, 2018. Prepare the Hire
Purchase Trading Account. (10)
Hire purchase Stock (opening) 18,000
Instalments due, customers paying (opening) 10,000
Goods sold on hire purchase during the year (at hire
purchase price)
Cash received from customers 1,20,000
Goods repossessed valued at (instalments due Rs. 6,000) 3,000
Hire Purchase Stock at the end 60,000
Instalments due (at the end), customers paying 16,000
Expenses 19,000
5. On January 1, 2018 Universal Sports, Delhi consigned 180 cases of sports goods costing
Rs. 360 each to Gemini Sports, Mumbai. They paid Rs 360 for insurance and Rs. 1,800
for freight. Gemini Sports are entitled to a commission of 10% on gross sales. Gemini
Sports received the consignment on January 15 and sent a 60 days bill for Rs 10,000 to
Universal Sport. The Bill was discounted for Rs. 9,000. (10)
On opening the cases, the Consignee found 10 cases of wrong description and returned
them, paying return freight of Rs. 400. Gemini Sports sold 120 cases @ Rs 600 each for
cash and 20 cases @ Rs. 700 each on credit. Gemini Sports spent Rs. 720 on clearing
charges and Rs. 600 on carriage outwards. They incurred bad debts amounting to Rs 400.
The accounts were settled on June 30, and the balance remitted by cheque. Show
necessary ledger accounts in the books of both the parties.
Attempt all the questions. Each question carries 5 marks. (6×5=30)
6. Briefly discuss the functions of accounting. (5)
7. Write about the Business Entity Concept. (5)
8. What do you mean by double entry system? (5)
9. What is a compound journal entry? Give examples. (5)
10. What are the characteristics of a hire purchase agreement? (5)
11. What are post-dated vouchers? Explain its use. (5)
Attempt all the questions. Each question carries 10 marks. (2×10=20)
12. What are the qualitative characteristics of accounting information? (10)
13. State the salient features of joint venture. Distinguish it from consignment. (10)



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