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Marks Total Marks Cri !ri" Q.No Accounting concept refers to the basic assumptions and rules and principles which work as the 1 basis of recording of business transactions and preparing accounts. Explain any 5 concepts of accounting with example Explanation of each concept with example carries ! marks each" 5#!$ %& marks" %& %&

A !

'ifferentiate between trade discount and cash discount. ()*+ ),* -.//.01(2 )+'(3'4)1.(3 1( 5'6,'('73 3189/* 4'3, E..:. st !&%& April % April ;alance of cash in hand .s.%5&& th %& < April 8urchased goods for cash from = for .s.>!& %5th April 9old goods for .s. ?<& to @ for cash !&th April .eceiAed commission .s.55 !!nd April 8aid Bommission .s.55 !<th April 8aid to .eena on account .s.C%5 >&th April 8aid salary to the office clerk .s.%&& and office rent .s.5& 'ifferences between trade discount and cash 5 %& discount 8reparation of cash book 5 4inal Accounts are prepared at the end of the accounting year with Aarious adDustments. Explain the features and obDectiAes of final accounts Explanation of obDectiAes of final accounts > Explanation of features of final accounts C

> A


Prepare Trading and Profit and Loss Account and Balance Sheet from the following st particularsas at31 March 2012. Trial Balance
Particulars apital ! "rawings ash in hand Ban' o(erdraft ) %* Purchase and Sales +eturns ,sta-lishments charges Ta.es and /nsurance Pro(ision for "ou-tful "e-ts Bad"e-ts Sundr0 "e-tors and reditors ommission /n(estments Stoc' on 1 April 2010 2urniture Bills +ecei(a-le 4Bills pa0a-le ollected Sales Ta. Total Dr. (Rs) 1#$00 1#%00 & 12#000 1#000 2#%00 %00 & %00 %#000 & $#000 3#000 300 3#000 & 35,000 Cr. (Rs) 10#000 & 2#000 1%#000 2#000 & & 1#000 & 1#1%0 %00 & & & 2#%00 1%0 35,000

2urther#0ouare re5uiredtota'eintoconsiderationthefollowinginformation6 a7 Salar0+s.100 and ta.es +s.$00areoutstanding-utinsurance +s.%0prepaid -7 ommissionamountingto +s.100 has -eenrecei(edin ad(ance for wor'to -e done ne.t0ear. c7 /nterestaccrued onin(estments+s.210 d7 Pro(isionfordou-tful"e-ts isto-emaintained at20* e7 "epreciation on furnitureis to-echargedat10*p.a. st f7 Stoc'on31 March 2012 was (alued at+s.$#%00 th g7 Afire occurredon2% March 2012in thegodown and stoc'ofthe(alueof +s.1#000 was destro0ed./twas full0insuredand theinsurancecompan0admittedtheclaimin BheJues issued but not yet presented for payment .s.!I&&& full.

A Balculation of Trading and 8/1 a/c 8reparation of balance sheet 5 5 5 %&

EFG /)6.73 4'3,E..: 3,.0*6 ' E'(: .@*+6+'-) .- 53.HHIHHH as on >&th 2une !&&?. The bank statement as on that date also showed an oAerdraft but the figure is different. The following are the causes. %. BheJues deposited but not yet collected .s.%I5&& !.

>. A cheJue of .s.%I5&& deposited on %5th MayI !&&? was dishonoured on %Kth 2uneI !&&? but not intimated by the bank till >&th 2uneI !&&? ?. ;ank charges not recorded in the cash book .s.%I&&& 5. -nterest on oAerdraft not intimated .s.%I!&& A 5 8reparation of ;ank reconciliation statement %& %&

Ma0ur# 8eer and Pra'ash are partners sharing profit and losses in the ratio of 26161. TheirBalance Sheetwas as follows6 Balance Sheet of Mayur, Veer an Pra!ash as on Dece"#er 3$, %00& 'ia#ilities reditors Bills pa0a-le apitals6 Ma0ur 8eer Pra'ash Total ("ount 10#000 (ssets ashin 9and Stoc' $0#000 30#000 20#000 "e-tors /n(estment Building ;0#000 $,0),000 Total $,0),000 ("ount :#000 13#000 23#000 23#000 1%#000 20#000

:#000 Machiner0

Pra'ash has e.pired on 01.01.200; and as a result the assets are re(alued and lia-ilities reassessedasfollows6 %& i7 reate aPro(isionfordou-tfulde-tonde-torsat+s.100. ii7 Buildingand in(estmentare appreciated -010*. iii7 Machiner0is depreciatedat%* i(7 reditorswere o(erestimated -0+s.%00. (7 <oodwillofthefirm(alued at+s.2:#000 T=9 ,">"?29 <@9 A+ PB"C"8= DL>> ,9 AB"?8/9BB9< A+ =L8 9E92@A+BF8 >+"? "22+@?A D=L2= carries an interest of 10* p.a. Prepare necessar0 ledger accounts and show the -alance sheetofnewfirmafteradGustments. A 8reparation of ledger accounts 8reparation of balance sheet 5 5

#ALAnswer N# ! MAnswer all Juestions. ,indly note that answers for %& marks Juestions should be approximately of ?&& words. Each Juestion is followed by eAaluation scheme.