BCOC-131 Financial Accounting in English Solved Assignment 2020-2021

BCOC-131 Financial Accounting

Solved Assignment 2020-2021



Title Name

BCOC-131 Solved Assignment 2020-21

University IGNOU
Service Type Solved Assignment (Soft copy/PDF)
Course BCOMG
Language ENGLISH
Semester 2020-2021 Course: B.Com(G) CBCS
Session 2020-21
Short Name BCOC-131 (ENGLISH)
Assignment Code BCOC-131/TMA/2020-21
Product Assignment of BCOMG 2020-2021 (IGNOU)
Submission Date You have to submit the assignment of all the courses to the Coordinator of your Study Centre. For appearing in June Term-End Examination, you must submit assignment to the Coordinator of your study centre latest by 15th March. Similarly for appearing in December Term-End Examination, you must submit assignments to the Coordinator of your study centre latest by 15th September.



Attempt all the questions
Attempt all the questions. Each question carries 10 marks.
Q.1 Journalize the following transactions, Post them into ledger and prepare a
Trial balance.
a) Business started with a capital of Rs 5,00,000
b) Furniture purchased from Jai sons on credit Rs. 2,00,000
c) Payment made to Silky brothers Rs. 10,000
d) Commission Received from Haryana Automobiles Rs. 8,000
e) Goods purchased from Ramlal and Sons Rs. 6,00,000
f) Interest paid to Ghanshyam and Sons Rs. 6,000
Q.2 On 1st April 2016, Chaudhary Harpal Singh purchased a Tractor of the
cash price of Rs. 2,20,000 on hire-purchase system from Escorts Ltd. Rs.
20,000 were paid immediately and the balance in 4 annual installments of
Rs. 50,000 each with interest at 8% per annum. The depreciation is to be
charged at 10% p.a. on written down value method. Harpal Singh paid 2
installments and failed to pay the third installment. Escorts Ltd. took away
the tractor by paying him Rs. 90,000 in cash. Make necessary ledger
accounts in the books of Harpal Singh. Books are closed on 31st March
every year.
Q.3 Oswal Mills Barnala consigned 5000 kg of vanaspati ghee to Rajendra
Dealers of Panipat. Each kg. Ghee costs Rs. 8. Oswal Mills paid Rs. 50 for
carriage, Rs. 250 for freight and Rs. 200 for insurance in transit. During
transit 500 kg. Ghee was accidentally destroyed for which insurance
company paid directly to the consignor Rs. 2500 in full settlement of the
claim. After 3 month from the date of consignment of goods to Panipat,
Rajendra Dealers reported that 1500 kg. Ghee was sold at Rs. 9.5 per kg.
The expenses were: On Godown Rent Rs. 500, On Salesman Salary Rs.
700. Rajendra dealers are entitled to a commission of 5% on sales. Due to
leakage, Rajendra Dealers also reported a loss of 20 kg. Ghee. Prepare
consignment account and abnormal loss account in the books of the
Q.4 An Accountant finds the difference in the Trial Balance amounting to Rs.
210 and put it in the Suspense Account. Later on he detects the following
errors. Rectify the errors and prepare the suspense Account.
a) Goods purchased from Ram Rs. 700 were passed through sales book.
b) Returned Goods to Shyam Rs. 1500 was passed through returns inward
c) An item of Rs. 450 relating to prepaid rent account was omitted to
brought forward.
d) An item of Rs. 120 in respect of purchase returns, instead of being
recorded in Returns Outward book has been wrongly entered in the
purchase book and posted therefrom to the debit of personal account.
e) Amount payable to Subhash for repairs done to Radio Rs. 180 and a
new Radio supplied for Rs. 1920 were entered in the Purchase book as
Rs. 2000.
Q.5 Define Computerized Accounting and distinguish between manual and
computerized accounting system.
Attempt all the questions. Each question carries 5 marks.
Q.6 State the essentials features of a joint Venture. (5)
Q.7 What are the main causes of disagreement of a Trial Balance? Briefly
Q.8 State the factors affecting the amount of depreciation. (5)
Q.9 Explain the uses of post dated vouchers. (5)
Q.10 What are the different types of branches? Explain the need for branch
Q.11 Briefly explain the benefits of Accounting Standards. (5)
Attempt all the questions. Each question carries 10 marks.
Q12 Distinguish between the following:
a) Cost of Goods Sold and Cost of Goods Produced
b) Profit and Loss Account and Balance Sheet
Q.13 Write short notes on the following:
a) Systems of Book-keeping
b) International Financial Reporting Standards (IFRS)


BCOC-131, BCOC 131, BCOC131


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