DBB1202 – FINANCIAL ACCOUNTING - MANIPAL MBA Solved Assignments Latest

 

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ASSIGNMENT

 

SESSION	JUL/AUG 2021
PROGRAM	BACHELOR OF BUSINESS ADMINISTRATION (BBA)
SEMESTER	II
COURSE CODE & NAME	DBB1202 – FINANCIAL ACCOUNTING
CREDITS	4
NUMBER OF ASSIGNMENTS &	02
MARKS	30 Marks each

 

 

Note:

 

•      There will be two sets of assignments for every course, and you must answer all questions in both sets. Average of both assignments’ marks scored by you will be considered as Internal Assessment Marks.

 

•      Answers for 10 marks questions should be approximately of 400-500 words.

 

 

 

 

Q.	Sub			Set – I		Marks	Total
No	No			Questions			Marks
1.	a.	What do you understand by Book-Keeping? Differentiate between Book-Keeping				1+4	10
			and Accounting.
	b.	Explain any five accounting principles in brief.				5
2.	a.	Journalize the following transactions in the books of KL Ltd.:				5	10
			1	Commenced business with Cash ₹1,00,000, Goods ₹ 80,000. Furniture ₹
				65,000 and Bank Loan ₹ 40,000.
			3	Opened a current account in State Bank of India by depositing ₹ 50,000.
				Purchased goods worth Rs 20,000 from Amit & Co. subject to trade
			7	discount of 2% and entitled to a cash discount of 4% on a condition of
				payment within 10 days.
			9	Cash Sales ₹ 65,000.
			10	Goods worth ₹ 25,000 were sold to Ashish & Co. on trade discount of 3%
			14	Goods destroyed by fire ₹ 1,500, received insurance claim of ₹ 1,000
			15	Paid cash to Amit & Co. in full settlement of his account.
			26	Purchased shares of ₹ 15,000 of HDFC Bank.
			29	Paid Rent ₹ 2,000.
			30	Only 40% can be realised from Ashish & Co. due to insolvency.

 

 

 

 

 

 

 

 

 

 

 

 

 

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		b.			On 1st Jan 2021, Ram opened a Bank Account by depositing ₹ 10,000/- in cash. All										5
					remittances are to be paid into bank on the same day on which they are received,
					and all payments are made by cheques. Enter the following transactions in three
					columnar cash book.
					Jan-	Goods sold to Mohan for cash ₹275
					02
					Jan-	Settled Hari’s account of ₹300 at a discount of 5%
					05
					Jan-	Received from Shyam a cheque for ₹725. Discount allowed ₹25
					07
					Jan-	Purchased a calculator for ₹200.Spent ₹50 on the cover
					10
					Jan-	Shyam’s cheque was returned dishonored
					12
					Jan-	Received a money order for ₹30 from Hari
					15
					Jan-	Shyam settled his account by means of a cheque for ₹775, ₹5 being
					20	for interest charged
					Jan-	Purchased machinery from Rajiv for ₹5000 and paid him by means
					27	of a bank draft purchased from bank for ₹5,250
3.		a.			What are	the errors that cannot be traced in the trial balance?									5		10
		b.		Explain the qualitative features of financial statements.											5
Q.		Sub						Set – II						Marks			Total
No		No.					Questions										Marks
4.		a		Prepare a Trading and Profit & Loss A/c for the year ended on 31st March 2021										5			10
				and a Balance Sheet as on that date from the following trial balance:
						Particulars		Debit Amount ₹	Credit Amount ₹
				Capital				----------		10000
				Cash				1500		----------
				Bank Overdraft				----------		2000
				Purchases and Sales				12000		15000
				Returns				1000		2000
				Establishment Expenses				2200		----------
				Tax and Insurance				500		----------
				Bad Debts and Bad Debts Reserve				500		700
				Debtors and Creditors				5000		2000
				Commission				----------		500
				Deposits				4000		----------
				Opening Stock				3000		----------

 

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Drawings

1400

----------

Furniture

600

----------

B/R and B/P

3000

2500

Total

34700

34700

Additional Information:

1.  Salaries ₹ 100 and Taxes ₹ 200 are outstanding at the end of year and

Insurance was ₹ 50 prepaid

2.  Commission of ₹ 100 was received in advance for the next year.

3.  Interest ₹ 200 is to be received on deposits and interest on bank overdraft of

₹ 300 is to be paid.

4.  Bad Debts Reserve is to be maintained at ₹ 1000.

5.  Depreciate furniture by 10%

6.  Stock as on 31st March 2021 ₹ 4500.

b

Explain the reasons due to which difference in balance occurs in cash book and

5

passbook.

5.

a

What do you understand by “Discounting of Bill”. Narrate with an example.

5

10

b

Giri, Nayak and Vivek are partners sharing profit in the ratio of 3: 2: l. Their

5

balance sheet as on March 31st, 2021, is as under:

Balance Sheet as on March 31st, 2021

Liabilities

Amount ₹

Assets

Amount ₹

Creditors

80,000

Buildings

1,80,000

Bills Payable

26,000

Plant

1,40,000

General Reserve

24,000

Motor Car

1,40,000

Capital:

Debtors

60,000

Giri

1,60,000

Nayak

1,20,000

Cash at bank

10,000

Vivek

1,20,000

4,00,000

5,30,000

5,30,000

Nayak retires on that date on the following terms:

a.  The Goodwill of the firm is valued at ₹ 60,000.

b.  Building & Car to be appreciated by 10%.

c.   Plant is depreciated by 10%

d.  Nayak’s share of goodwill adjusted through remaining partners’

capitalaccount

e.   Provision for bad debts @ 10%

The amount due to Nayak is paid out of the fund brought in by Giri and

Vivek for that purpose in their new profit-sharing ratio. Nayak is paid full

amount. Prepare Revaluation Account and Partner’s Capital account.

6

a

Brief out the types of share capital of a company.

2.5

10

b

What is Buy- Back od shares? Explain

2.5

C

Write short notes on:

5

i.

Capital Redemption Reserve

 

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ii.                   Accounting Standard-3