BCOC-131 EM 2025 SOLVED ASSIGNMENT

Description

TUTOR MARKED ASSIGNMENT BCOC-131
COURSE TITLE FINANCIAL ACCOUNTING
ASSIGNMENT CODE BCOC-131/TMA/2025
COVERAGE
ALL BLOCKS
Note: Attempt all the questions.
Section – A
Maximum Marks: 100
Q. 1 What are the qualitative characteristics in accounting information? Briefly
Explain.
Q. 2 What do you mean by double entry system? Distinguish it from single entry
system.
Q. 3 What are Accounting standards? What is the need of issuing accounting
standards?
Q. 4 Journalise the following transactions :
2018
June
June
June
June
June
June
June
1
2
2
3
4
4
8
Cash sale to Ashok
Bought goods from Vinod
Paid cartage on the goods bought
Old newspapers sold
PAID Municipal taxes by cheque
Paid for repairs to machinery
Received commission by cheque
Rs.
18,000
10,000
200
100
900
600
1,700
Q. 5 Rectify the following errors assuming that a Suspense Accounting was opened.
1. A purchase made from Anthony & Co. for Rs. 8,000 was not entered in the
Purchases Book.
2. An amount of Rs. 500 received from Mr. Roy was credited to Ray’s A/c.
3. A sale of Rs. 600 to Gopal was debited to his account as Rs. 6,000.
4. Salaries paid amounting to Rs. 1,000 was wrongly debited to Wages
Account.
5. Rs. 450 received on amount of interest stands wrongly credited to
Commission Account.
6. The total of Returns Outwards Book amounting to Rs. 560 was hot posted in
the ledger.
7. A credit sale of Rs. 250 to Rakesh was wrongly credited to his Account.
8. A credit sale of Rs. 520 to Madhu debited to him as Rs. 250.
9. A credit purchases from Kailash of Rs. 400 was debited to him.
10. In Cash Book, the total of Discount Allowed column of Rs. 304 has been
carried forward as Rs. 403.
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Section – B
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Q. 6 What are the characteristics of a hire purchase agreement?
Q. 7 “Consignment is the same thing as sale”. Discuss.
Q. 8 What is loading? How do you compute it? Give examples.
Q. 9 State the salient features of joint venture. Distinguish it from consignment.
Q.10 Explain the components of Tally.
Section – C
Q.11 Briefly discuss the function of accounting.
Q.12 What are the features of Ind-AS 101?
Q.13 Describe the rights of a hirer under purchase agreement.
Q.14 What is the difference between normal loss and abnormal loss? Give examples.
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