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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

  1. 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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  1. 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.

 

 

  1. Mention which side (debit or credit) and column (Cash/Bank/Discount) will be affected in a three-column cash book for the following transactions-
  2. Received Cash
  3. Cash paid
  4. Discount allowed
  5. Discount received
  6. Cash deposited in the bank
  7. Cash withdrawn for office use
  8. Cheque received
  9. Cheque deposited into bank
  10. Cheque received and deposited into bank
  11. 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

  1. 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

 

  1. 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

 

  1. 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

 

  1. 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

 

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