BCOM101 FINANCIAL ACCOUNTING I

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BCOM101 FINANCIAL ACCOUNTING I
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Internal Assignment-BCOM101 FINANCIAL ACCOUNTING-I

 

  1. Explain the concept of accounting and discuss the reasons for the necessity of Ind AS (Indian Accounting Standards) in India.

Ans: Concept of Accounting

Accounting is the systematic process of recording, classifying, summarizing, analyzing, and interpreting financial transactions of an organization. It serves as the backbone of any business, providing essential information for decision-making, regulatory compliance, and financial reporting.

Key Functions of Accounting

  1. Recording Transactions: Maintaining a chronological record of all business transactions.
  2. Classifying Data

 

 

  1. Describe Accounting convention.

Ans: Accounting Convention: An Overview

An accounting convention refers to established guidelines or practices that accountants follow to ensure consistency, transparency, and comparability in financial reporting. Unlike accounting principles or standards, conventions are not legally binding but are widely accepted and adopted to

 

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  1. Distinguish between capital expenditure and revenue expenditure, as well as between capital receipts and revenue receipts.

Ans:

Here’s a clear distinction between the terms:-

  1. Capital Expenditure vs. Revenue Expenditure
Aspect Capital Expenditure Revenue Expenditure

 

 

  1. Identify and explain the errors that are disclosed and those that are not disclosed by a trial balance.

Ans: Errors Disclosed and Not Disclosed by a Trial Balance

A trial balance is a summary of all ledger accounts showing their balances to check the mathematical accuracy of the accounting process. However, it cannot identify all types of errors.

Errors Disclosed by a Trial Balance

These errors cause an imbalance in the trial balance, as they affect only one side of the accounting equatio

 

  1. M/s Rai laboratory has imported a machine on 1st July 2000 for ₹ 1, 60,000 paid customs duty and freight ₹ 75,000 and incurred charges 65,000. Another local machinery costing ₹ 1, 00,000 was purchased on January 1, 2001. On 1st July 2002, a portion of the imported machinery (value one-third) got out of order and was sold for ₹ 34,800. Another machinery was purchased to replace the same for ₹ 50,000. Depreciation is to be calculated at 20% p.a. on the straight-line method. 

Show the machinery Account for 2000, 2001 and 2002. 

Assume Calendar year is the accounting year. 

Ans: Below is the solution showing the Machinery Account for M/s Rai Laboratory for the years 2000, 2001, and 2002:

Machinery Account

Date Particulars Debit (₹) Credit (₹) Balance (₹)
2000
July 1, 2000 To Bank A/c (Imported Machine) 1,60,000 1,60,000
July 1, 2000 To Bank A/c (Customs + Freight) 75,000 2,35,000

 

  1. From the following list of balances, prepare a Trail balance as on 30.06.2025. 
Items Amount (₹) Items Amount (₹)
1 opening balance 15,000 13 Plant and Machinery 7,500
2 wages 13,000 14 Loose Tools 1,800
3 sales 1,20,400 15 Lighting 2,300
4 Bank loan 4,000 16 Creditors 8,000
5 coal and coke 3,000 17 Capitals 40,000
6 purchase 75,000 18 office Salaries 2,500
7 repairs 1,500 19 Office Furniture 600
8 Carriage 3,000 20 Goodwill 15,000
9 Debtors 20,000 21 miscellaneous receipts 600
10 Income tax 1,500 22 Patents 1,000
11 Leasehold premises 6,000 23 Cash in Bank 5,100
12 cash in hand 200 24 Closing Stock 6,000

 

Ans: Below is the Trial Balance as on 30th June 2025, prepared from the given list of balances:

Trial Balance as on 30th June 2025

Particulars Debit (₹) Credit (₹)
Opening Balance 15,000
Wages 13,000
Sales 1,20,400
Bank Loan 4,000
Coal and Coke 3,000

 

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