Bachelor in Commerce
 

  B.Com
 

 
CHOICE BASED CREDIT SYSTEM
 

  BCOC-131: FINANCIAL ACCOUNTING

 

 
ASSIGNMENT
 

 
2022-23

 
[Valid from 1st July, 2022 to 30th June, 2023]
 
First Semester
 

  School of Management Studies

  Indira Gandhi National Open University
  Maidan Garhi, New Delhi -110068
 

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 BACHELOR IN COMMERCE
CHOICE BASED CREDIT SYSTEM
BCOC-131: FINANCIAL ACCOUNTING
ASSIGNMENT: 2020-23

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 2022 exams. They should download the new
assignment and submit the same latest by 15 October 2022.
2. Those students who are appearing in June 2023 Term End Examination they have to submit
latest by in 15 March 2023.

You have to submit the assignment of all the courses to the Coordinator of your Study Centre.

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 TUTOR MARKED ASSIGNMENT

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

SECTION-A

Attempt all the questions. Each question carries 10 marks. (5x10=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 20
discount of
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 1,000
account for
Aug. 18 Purchased goods worth from Sanjeev Bros. at a trade 2,000
discount of 10% and paid cash.
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

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 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 1,74,000
purchase price)
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. (6x5=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)

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 SECTION-C

Attempt all the questions. Each question carries 10 marks. (2x10=20)

12. What are the qualitative characteristics of accounting information? (10)

13. State the salient features of joint venture. Distinguish it from consignment. (10) 

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