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Description
SESSION | March-2023 |
PROGRAM | BACHELOR of Commerce (BCom) |
SEMESTER | I |
course CODE & NAME | DCM1103 – Fundamentals of Accounting I |
CREDITS | 4 |
Assignment Set – 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
- 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 =
Its Half solved only
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- 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
- Purchased goods from Y and Co. on credit ₹60,000
- Sold goods to D and Co. on credit ₹ 30,000
- Paid Y and Co. through bank in full settlement ₹ 58,000
- D and Co.
- Mention which side (debit or credit) and column (Cash/Bank/Discount) will be affected in a three-column cash book for the following transactions-
- Received Cash
- Cash paid
- Discount allowed
- Discount received
- Cash deposited in the bank
- Cash withdrawn for office use
- Cheque received
- Cheque deposited into bank
- Cheque received and deposited into bank
- 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
- 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
- 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
- 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
- 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:
- Closing stock Rs. 70,000
- Create a reserve for bad and doubtful debts @ 10% on book debts
- Insurance prepaid Rs. 50
- Rent outstanding Rs. 150
- Interest on loan is due @ 6% p.a.
Solution: Final Accounts of ST Ltd Loan | 15,000 | – Plant and machinery | 28,476 |