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    BPOl 002

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    Devesh Soni

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    © All Rights Reserved
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    BPOl 002

    Uploaded by

    Devesh Soni
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    BPOl002

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    27 views3 pages

    BPOl 002

    Uploaded by

    Devesh Soni

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    DBPOFA

    TUTOR MARKED ASSIGNMENT (2022)


    Fundamentals of Accounting
    Maximum Marks: 100 Course Code: BPOI – 002/ 102
    Weight age: 30% January 2022 session / July 2022 session

    Note: This assignment covers all of Course 2. All questions are compulsory.
    Marks assigned to the questions have been shown in the bracket.

    Q1. Fill in the blanks: (1x5=5)

    i. Profits prior to incorporation is regarded as ----------------------------


    ii. Assets are always valued at market price or cost price whichever is ------------------------
    iii. The accounting entity is considered to be separate and apart from its ------------------------
    iv. Cash book always shows a ------------------balance.
    v. Bank account is a ------------- account.

    Q2. True or False: (1x5=5)

    i. A transaction must be expressed in terms of money.


    ii. Journal is a book of original entry.
    iii. Outstanding rent account is a personal account.
    iv. Cash discount is given on credit sales.
    v. A promissory note is a bill payable for the payee.

    Q3. Write short notes on: (In about 200 -250 words)

    i. Objectives of Accounting (10)


    ii. Bill of Exchange & Promissory Note (10)
    iii. Accounting Concepts (10)

    Q4. Record the following transactions in Journal of Ram and post them into Ledger (20)

    i. Commenced business with cash Rs 7,00,000


    ii. Goods purchased from Ravi Rs 70,000
    iii. Goods returned to Ravi Rs 40,000
    iv. Interest paid to Meena Rs 30,000
    v. Commission received from Varun Rs 7,000
    vi. Sold goods to Kedar Rs 6,00,000
    vii. Discount allowed to Kedar Rs 30,000
    viii. Discount received from Ravi Rs 8,000
    ix. Furniture purchased on cash Rs 90,000
    x. Cash paid to Ravi Rs 8,000

    1
    Q5. Prepare Trading and Profit and Loss account for the year ended 31st Dec, 2021 and Balance
    Sheet as on that date from the following Trial Balance: (20)

    Dr. (Rs) Cr. (Rs)


    Capital 10,000
    Cash 1,500
    Bank overdraft 2,000
    Purchases and Sales 12,000 15,000
    Returns 1,000 2,000
    Establishment expenses 2,200
    Taxes and Insurance 500
    Bad debts and Prov. for bad debts 500 700
    Debtors and Creditors 5,000 2,000
    Commission 500
    Deposits 4,000
    Opening stock 3,000
    Drawings 1,400
    Furniture 600
    B\R and B\P 3,000 2,500
    Total 34,700 34,700

    Adjustments:
    1. Salaries Rs 100 and taxes Rs 200 are outstanding but insurance Rs 50 is prepaid.
    2. Commission Rs 100 is received in advance for next year.
    3. Depreciate furniture by 10%.
    4. Bad debts provision is to be maintained at Rs 1000.
    5. Interest Rs 210 is to be received on deposits and interest on Bank overdraft Rs 300 is to be paid.
    6. Stock on 31st December 2021 was Rs 4500.

    Q6. From the following particulars of M/s PQR & Co., prepare a Single Column Cash Book

    2021 (10)
    March 1 Commenced Business with Cash Rs 2, 00,000
    March 5 purchased the goods for cash Rs 50,000
    “ 7 Sold goods for cash Rs 40,000
    “ 12 Purchased goods from Ajay on credit Rs 1, 00,000
    “ 15 Paid to Ajay Rs 70,000
    “ 18 Made cash sales Rs 80,000
    “ 20 Purchased furniture items for office use Rs 60,000
    “ 25 Paid wages Rs 3,800
    “ 25 Paid Rent Rs 4,000
    “ 26 Received Commission Rs 6,000
    “ 28 Withdrew money for personal use Rs 10,000
    “ 30 Paid salaries Rs 9,000

    2
    Q7. Journalize the following transactions (2x5=10)

    i. Sold Goods to Ankit brothers on January 15, 2021 Rs 60,000


    ii. Bought goods on account from KR & Co. on January 19, 2021 Rs 2,00,000
    iii. Purchased goods from Rohit brothers on January 25, 2021 Rs 40,000
    iv. Paid salaries on June 5, 2021 Rs 60,000
    v. Received interest on investments on June 7, 2021 Rs 5,000

    Last Date for Submission of Assignment (or as and when notified by the University)
    For June TEE Exam 31st March
    For December TEE Exam 30th September

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