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Description
| SESSION | JULY-AUGUST 2025 |
| PROGRAM | BACHELOR OF COMMERCE (B.COM) |
| SEMESTER | I |
| COURSE CODE & NAME | DCM1103 -FUNDAMENTALS OF ACCOUNTING-1 |
Set – 1
Q1. Explain the objectives of accounting and elaborate on the uses of accounting for various stakeholders. 5+5
Ans 1.
Objectives of Accounting
Accounting is a systematic process of identifying, recording, classifying, and summarizing financial transactions of a business to provide useful information for decision-making.
One of the primary objectives of accounting is to maintain a complete and accurate record of financial transactions. Every business engages in numerous transactions daily, and recording them properly ensures that financial information remains organized and easily retrievable whenever require
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Q2. Explain the four Accounting Conventions. 10
Ans 2.
Four Accounting Conventions
Convention of Conservatism
The Convention of Conservatism states that accountants should follow a cautious approach while recording transactions. It suggests that anticipated losses should be recorded, but anticipated gains should not be recorded until they are realized. This helps prevent overstating profits or asset
Q3. Prepare a double- column Cash book with cash and bank columns from the following transactions for the Month of March 2025 –
| Date (March 2025) | Particulars | Amount in Rs |
| 1st | Cash in hand | 15,000 |
| 3rd | Purchased goods for cash | 6,000 |
| 5th | Deposited cash in bank | 5,000 |
| 8th | Cash Sales | 10,000 |
| 10th | Paid to Chander by Cheque | 2,500 |
| 15th | Sold goods to Ashok Mehta on credit | 4,000 |
| 16th | Received cheque from Mohan and deposited into bank the same day | 7,000 |
| 18th | Received cheque from Ashok Mehta and deposited into bank | 2,000 |
| 30th | Purchased goods from Mr. Chander on credit. | 5000 |
| 31st | Bank charges for the month | 200 |
Ans 3.
Double Column Cash Book
For the Month of March 2025
| Date | Particulars | L.F. | Cash (Dr) | Bank (Dr) | Date | Particulars | L.F. | Cash (Cr) | Bank (Cr) |
| Mar 1 | To Balance b/d | 15,000 | – | Mar 3 | By Purchases A/c | 6,000 | – | ||
| Mar 5 | To Cash A/c (C) | – | 5,000 | Mar 5 | By Bank A/c (C) | 5,000 | – | ||
| Mar 8 | To Sales A/c | 10,000 | – | Mar 10 | By Chander A/c | – | 2,500 |
Q4. Explain the terms capital expenditure and revenue expenditure with relevant examples. Also explain the meaning of the term contingent liability. 7+3
Ans 4.
Capital Expenditure
Capital expenditure refers to the amount spent by a business for acquiring long-term assets or improving existing assets to increase their productive capacity. These expenses provide benefits for more than one accounting period, meaning they contribute to business operations over several years. Capital expenditure is not charged to the Profit and Loss Account in full during the year of spending. Instead, it is capitalized and shown as an asset in the Balance Sheet.
Q5. Differentiate between the SLM and WDV methods of providing depreciation. 10
Ans 5.
Difference Between Straight Line Method (SLM) and Written Down Value Method (WDV)
Meaning of SLM
The Straight Line Method is a method of calculating depreciation where a fixed amount is written off every year over the useful life of an asset. Depreciation is calculated on the original cost of the asset. Since the depreciation expense remains constant, the book value decreases uniformly year after year. This method is simple to calculate and appropriate when the asset is expected to provide equal utility during its lifespan.
Meaning of WDV
Q6. Prepare the Trading and Profit and Loss Account of Shiva & Sons for the year ended 31st March 2024, in proper format, clearly mentioning the Gross profit and Net profit for the year ended 31st March 2024.
Closing stock was valued at Rs 200,000.
| Particulars | Amount | Particulars | Amount |
| Opening stock | 100,000 | Sales | 8,20,000 |
| General Expenses | 20,000 | Purchases Returns | 5,000 |
| Purchases | 400,000 | Creditors | 50,000 |
| Carriage outward | 20,000 | Capital | 360,000 |
| Wages | 100,000 | Carriage Inwards | 5,000 |
| Salaries | 60,000 | Drawings | 40,000 |
| Office Rent | 50,000 | Debtors | 3,00,000 |
| Sales returns | 10,000 | Advertising | 20,000 |
| Machinery | 70,000 | Cash | 40,000 |
Ans 6.
Net Sales = Sales – Sales Returns
= 8,20,000 – 10,000 = ₹8,10,000
Net Purchases = Purchases – Purchases Returns
= 4,00,000 – 5,000 = ₹3,95,000
Closing Stock = ₹2,