| SESSION | March-2023 |
| PROGRAM | BACHELOR of Commerce (BCom) |
| SEMESTER | I |
| course CODE & NAME | DCM1103 – Fundamentals of Accounting I |
| CREDITS | 4 |
Assignment Set – 1
1. A. Describe the types of subsidiary books.
Ans: Subsidiary books, also known as subsidiary ledgers, are a group of accounting books that record detailed information about specific types of transactions.
The types of subsidiary books include:
Sales Day Book: A book that records all credit sales transactions. Purchases Day Book: A book that records all credit
2. Explain the debit and credit rules as per the accounting equation and Golden Rules of Accounting.
Ans: Debit and credit are the two sides of an accounting transaction. Each transaction affects two or more accounts, and it is recorded as a debit or credit in each account.
The accounting equation is
Assets =
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B. Kumari is a trader dealing in electronic goods who commenced his business in 2015. For the following transactions took place in the month of March 2018, pass journal entries.
March
1. Purchased goods from Y and Co. on credit ₹60,000
2. Sold goods to D and Co. on credit ₹ 30,000
3. Paid Y and Co. through bank in full settlement ₹ 58,000
4. D and Co.
3. Mention which side (debit or credit) and column (Cash/Bank/Discount) will be affected in a three-column cash book for the following transactions-
1. Received Cash
2. Cash paid
3. Discount allowed
4. Discount received
5. Cash deposited in the bank
6. Cash withdrawn for office use
7. Cheque received
8. Cheque deposited into bank
9. Cheque received and deposited into bank
10. Cheque issued
Ans: In a three-column cash book, the following sides and columns are affected for the given transactions:
Received Cash
Debit Side: Cash
Assignment Set – 2
4. Raheem & Co. purchased a fixed asset on 1.4.2018 for Rs.2, 50,000. Depreciation is to be provided @10% annually according to the Straight-line method. The books are closed on 31st March every year. Pass the necessary journal entries, prepare fixed asset Account and Depreciation Account for Five years.
Ans: Journal Entries:
On 1st April 2018:
Fixed Asset Account 2, 50,000
To Cash/Bank
5. A. Explain the different types of Errors in accounting.
Ans: Errors in accounting can be classified into two types:
Errors of Omission: These errors occur when a transaction is completely omitted from the accounting records.
For example, if a sale transaction is not recorded in the sales journal, it will be considered an error of omission.
Errors of Commission: These errors occur when an entry is recorded incorrectly in the accounting records.
Errors of
B. Explain the features of Income and Expenditure Accounts
Ans: Income and Expenditure Account is a nominal account that is prepared by non-profit organizations to ascertain their revenue and expenses for a specific period.
The features of
6. From the given information, prepare the final accounts of ST Ltd.
| Debit | Rs. | Credit | Rs. |
| Drawings | 6,300 | Capital | 1,50,000 |
| Cash at bank | 13,870 | Discount received | 2,980 |
| Bills receivable | 1,860 | Loans | 15,000 |
| Loan and Building | 42,580 | Purchases return | 1,450 |
| Furniture | 5,130 | Sales | 2,81,500 |
| Discount allowed | 3,960 | Reserve for bad debts | 4,650 |
| Bank charges | 100 | Creditors | 18,670 |
| Salaries | 6,420 | ||
| Purchases | 1,99,080 | ||
| Stock (opening) | 60,220 | ||
| Sales return | 1,870 | ||
| Carriage | 5,170 | ||
| Rent and Taxes | 7,680 | ||
| General expenses | 3,630 | ||
| Plant and Machinery | 31,640 | ||
| Book debts | 82,740 | ||
| Bad debts | 1,250 | ||
| Insurance | 750 | ||
| 4,74,250 | 4,74,250 |
Adjustments:
1. Closing stock Rs. 70,000
2. Create a reserve for bad and doubtful debts @ 10% on book debts
3. Insurance prepaid Rs. 50
4. Rent outstanding Rs. 150
5. Interest on loan is due @ 6% p.a.
| Solution: Final Accounts of ST Ltd Loan | 15,000 | – Plant and machinery | 28,476 |
SESSION MAR 2023
PROGRAM BACHELOR OF COMMERCE (B.COM)
SEMESTER I
COURSE CODE & NAME DCM1104 –BUSINESS ORGANISATION
CREDITS 4
Assignment Set – 1
1. ‘Business is essentially a social institution and not merely a profit-making activity’. Explain.
Ans: A business enterprise is permitted by society to carry on industrial or commercial activities and earn profits from it. Therefore, a business enterprise is expected to do business and earn money in ways that fulfil the expectations of the society. Like every individual living in society, business too has certain obligations towards society in terms of respect for social values and norms of
2. Explain the considerations that an entrepreneur must ensure before selecting a business opportunity.
Ans: An entrepreneur is one who is operating the business owned by him/her. So in the routine business operations he/she has to take a number of decisions for running the business.
The essential steps involved in the process are as follows:
- Identification of business opportunity: Before establishing an enterprise, an entrepreneur has to
3. Describe the process of risk management.
Ans: Process of risk management
Risk administration is the method of identifying possessions at risk, assigning appropriate values, identifying intimidation to those assets, measuring or assessing risk and then basic strategies to deal with the risk. In the risk management the following steps are to be taken to reduce the ris
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Assignment Set – 2
4. Throw light on measures that government has taken to solve the problem of the small-scale sector in India.
Ans: The Central and State Governments have set up several institutions or agencies to provide liberal and varied assistance to small scale industries.
Some of these institutions are described below:
- Small Industries Development Organisation (SIDO): The SIDO is an apex body for promotion and
5. Examine the legal position of a promoter in a company also discuss his liabilities.
Ans: Promoters play an important role in the formation of a company. The promoters of a company have some liabilities towards the company.
The key liabilities
6. Write short notes on the following:
a) Business Combinations
Ans: A business combination occurs when two or more business firms co-operate with one another formally or informally for the purpose of attaining some common objectives, e, g. to stabilize prices and increase profits. A business combination is a compound combination as against partnerships, companies and corporations which are simple combinations of natural persons.
A business