DBB1113 FINANCIAL ACCOUNTING

Description

SESSION	JANUARY-FEBRUARY, 2025
PROGRAM	BACHELOR OF BUSINESS ADMINISTRATION (BBA)
SEMESTER	I
COURSE CODE & NAME	DBB1113 FINANCIAL ACCOUNTING

 

 

Assignment Set – 1

 

 

1. Explain different types of accounting concepts in detail.

Ans 1.

Accounting Concepts

Accounting concepts are basic rules and assumptions that guide the preparation and presentation of financial statements. These concepts ensure that accounting information is meaningful, consistent, and comparable. By following these concepts, organizations maintain transparency and fairness in financial reporting, helping various stakeholders make informed decisions. Accounting

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2. Journalize the following transactions –

Jan 1st – Mr. Harshit started his business with Rs. 80,000/- which he brought as his capital in cash.

Jan 10th – He purchased goods worth Rs.30,000/- in cash and Rs. 20,000/- on credit.

Jan 12th – He paid wages Rs. 500/-

Jan 15th – Sold goods for Rs. 20,000/- in cash and Rs. 25,000/- on credit

Jan 16th – Paid to suppliers Rs. 8,000/- for goods purchased on credit

Jan 20th – Received Rs. 15,000/- from his debtors

Jan 31st – Paid rent Rs. 1,000/- in cash

Ans 2.

Journal Entries

Journal entries form the first step in the accounting process. They are the written records of business transactions in a chronological order, capturing all financial activities of an organization on a daily basis. Every financial event, such as purchase, sale, payment, or receipt, is first recorded in the journal before being posted into the ledger. This ensures that no transaction is missed and that all activities are properly documented with accuracy and clarity.

Each journal entry follows the principle of double-entry bookkeeping, where every transaction has two effects — a debit in one account and a corresponding credit in another account. The total amount debited must always equal the total amount credited, maintaining the balance of the accounting

 

3. Discuss the accounting process in detail. 10

Ans 3.

Accounting Process

Accounting process refers to the systematic steps followed to record, classify, summarize, and interpret financial transactions of a business. It ensures that all financial activities are properly documented and reflected accurately in financial statements. This organized process helps business owners,

 

Assignment Set – 2

 

4. Describe in detail, different types of shares. 10

Ans 4.

Types of Shares

Shares represent units of ownership in a company. When individuals purchase shares, they become part-owners of the company and are entitled to a portion of its profits. Companies issue different types of shares to cater to various investor preferences and funding needs. Understanding the types of shares is essential for investors and company management.

Equity Shares

Equity shares are the most common type of shares issued by companies. They represent the ownership in the

 

5. Define debentures and summarize the classification of debentures. 2 + 8

Ans 5.

Debentures and Classification of Debentures

Debentures are a type of long-term debt instrument used by companies to raise funds from the public. They are issued under the common seal of the company and acknowledge a debt owed to the debenture holders. Debentures carry a fixed rate of interest, which the company promises to pay at regular

 

6. Discuss different methods used for calculation of depreciation in detail. 10

Ans 6.

Methods for Calculation of Depreciation

Depreciation refers to the gradual reduction in the value of a fixed asset due to wear and tear, passage of time, or obsolescence. It is an essential accounting process because it matches the cost of using an asset with the revenue it generates over its useful life. Different methods of depreciation calculation exist