This document contains instructions for a tutor marked assignment for the course BCOC-131 Financial Accounting. It provides details on submission deadlines which are October 15, 2023 for the December 2023 exam and March 15, 2024 for the June 2024 exam. The assignment contains 3 sections - Section A contains 5 long answer questions for 10 marks each, Section B contains 5 medium answer questions for 6 marks each, and Section C contains 4 short answer questions for 5 marks each. Students must attempt all questions across all sections.
This document contains instructions for a tutor marked assignment for the course BCOC-131 Financial Accounting. It provides details on submission deadlines which are October 15, 2023 for the December 2023 exam and March 15, 2024 for the June 2024 exam. The assignment contains 3 sections - Section A contains 5 long answer questions for 10 marks each, Section B contains 5 medium answer questions for 6 marks each, and Section C contains 4 short answer questions for 5 marks each. Students must attempt all questions across all sections.
This document contains instructions for a tutor marked assignment for the course BCOC-131 Financial Accounting. It provides details on submission deadlines which are October 15, 2023 for the December 2023 exam and March 15, 2024 for the June 2024 exam. The assignment contains 3 sections - Section A contains 5 long answer questions for 10 marks each, Section B contains 5 medium answer questions for 6 marks each, and Section C contains 4 short answer questions for 5 marks each. Students must attempt all questions across all sections.
This document contains instructions for a tutor marked assignment for the course BCOC-131 Financial Accounting. It provides details on submission deadlines which are October 15, 2023 for the December 2023 exam and March 15, 2024 for the June 2024 exam. The assignment contains 3 sections - Section A contains 5 long answer questions for 10 marks each, Section B contains 5 medium answer questions for 6 marks each, and Section C contains 4 short answer questions for 5 marks each. Students must attempt all questions across all sections.
1 BACHELOR IN COMMERCE CHOICE BASED CREDIT SYSTEM BCOC-131: FINANCIAL ACCOUNTING ASSIGNMENT: 2023-24
Dear Students,
As explained in the Programme Guide, you have to do one Tutor Marked Assignment in this Course. The assignment has been divided into three sections. Section A Consists of long answer questions for 10 marks each, Section B consists of medium answer questions for 6 marks each and Section C consists of short answer questions for 5 marks each.
Assignment is given 30% weightage in the final assessment. To be eligible to appear in the Term-end examination, it is compulsory for you to submit the assignment as per the schedule. Before attempting the assignments, you should carefully read the instructions given in the Programme Guide.
1. Those students who are appearing in December 2023 exams. They should download the new assignment and submit the same latest by 15 October 2023. 2. Those students who are appearing in June 2024 Term End Examination they have to submit latest by in 15 March 2024.
You have to submit the assignment of all the courses to the Coordinator of your Study Centre.
2 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. (5x10=50)
1. 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.
2. What are the qualitative characteristics of accounting information? Briefly explain. (10)
3. Explain the Concept of IFRS. (10)
4. Journalise the following transactions: (10)
2018 Rs. Feb. 1 Purchased goods for cash 18,000 Feb. 2 Purchased goods on credit 37,000 from Mithun Feb. 5 Sold goods to Mahesh 10,000 Feb. 8 Cash sales 8,000 Feb. 9 Cash sales to Jayant 7,000
3 Feb. 11 Returned goods to Mithun 4,000 Feb. 12 Mahesh returned goods 1,000
5. 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. (5x6=30)
6. Briefly describe the advantages and limitations of accounting. (6)
7. What is an account? Describe the various classes of accounts with examples. (6) 8. Write about the Business Entity Concept. (6) 9. What do you mean by double entry system? (6) 10. 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. (4x5=20)
11. What is Trial Balance? (5)
12. What are the characteristics of a hire purchase agreement? (5)
13. “Consignment is the same thing as sale”. Briefly Discuss. (5)
14. Briefly explain advantages of Computerized Accounting. (5)
