BCOC-131 Financial Accounting in English Solved Assignment 2022-2023
COURSE CODE : BCOC-131
COURSE TITLE : FINANCIAL ACCOUNTING
ASSIGNMENT CODE : BCOC-131/TMA/2022-23
COVERAGE : ALL BLOCKS
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
20
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
1,000
Aug. 18 Purchased goods worth from Sanjeev Bros. at a trade
discount of 10% and paid cash.
2,000
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
4
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)
Rs.
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)
1,74,000
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.
SECTION-B
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)
5
SECTION-C
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)
The Advantages of studying IGNOU Solved Assignments are given below:
- Easy Accessibility: IGNOU solved assignments are easily accessible online, which means students can access them anytime and anywhere.
- Comprehensive Solutions: The solved assignments provide comprehensive answers to the questions asked in the assignments, which makes it easier for students to understand and study the topics.
- Cost-Effective: The solved assignments are available at a very economical rate, which makes them a great option for those who are on a budget.
- Reference Material: The solved assignments can be used as reference material for further study, as they provide detailed answers to the questions asked.
- Time-Saving: The solved assignments save a lot of time for students as they do not need to spend time researching and writing the answers themselves.
Can I score good marks by getting solved assignments?
Yes, you can get good marks by getting the Solved Assignment as it contains the answers to the questions asked in the assignment and will help you to understand the concepts better and score better.
Read more: How to Make IGNOU Solved Assignment?
