You are on page 1of 3

ASSIGNMENT

DRIVE SPRING 2017


PROGRAM BBA
SEMESTER II
SSUBJECT CODE & BBA 208
NAME FINANCIAL ACCOUNTING
BK ID B1520
CREDIT 4
MARKS 60

Note The Assignment is divided into 2 sets. You have to answer all questions in both sets
and submit as one document. Average of both assignments marks scored by you will be
considered as your IA marks. Kindly note that answers for 10 marks questions should be
approximately of 400 words. Each question is followed by evaluation scheme.

Q.No Assignment Set -1 Marks Total Marks


Questions
X, Y & Z were partners sharing profits and losses as 4:3:2. Their Balance Sheet as
1 on 31.03.2016 were as under :
Liabilities Rs. Assets Rs.
Capital: 1,80,000 Freehold Premises 90,000
X 80,000 Building 45,000
Y 60,000 Machinery 90,000
Z 40,000
Reserves 90,000 Investments 18,000
Overdraft 18,000 Inventories 27,000
Creditors 9,000 Receivables 27,000
Bills Payable 9,000 Cash 9,000
3,06,000 3,06,000

Z expired on 1st April 2016. So, the assets are revalued and liabilities re-assessed as
follows :

i) Create a provision for doubtful debt Rs. 800.


ii) Building and investment are to be appreciated by 10 %.
iii) Machinery is to be depreciated by 5 %.
iv) Goodwill of the firm is to be valued at Rs. 27,000.

The balance due to Z will be transferred to his executors loan account which will
carry an interest of 10 % p.a. Prepare Revaluation Account, Capital Accounts and
the Balance Sheet of new firm after adjustments.
Based on above, prepare : 10
a) Revaluation Account 3
b) Capital Accounts and 3
c) Balance Sheet as on 1st April 2016 4

How will you differentiate between Trade discount and Cash discount ?
2 Narrate the main divisions and classes of share capital.

Differentiate between Trade discount & cash 4 10


discount
Divisions and classes of share capital 6

Write short notes on:


i) Issue of Bonus shares
3 ii) Re-issue of forfeited shares at a discount
iii) Buy back of shares
iv) Alteration of share capital or share split
v) Redemption of preference shares

Write short notes on: 10


i) Issue of Bonus shares
ii) Re-issue of forfeited shares at a 2
discount 2
iii) Buy back of shares 2
iv) Alteration of share capital or share 2
split 2
v) Redemption of preference shares
Q.No Assignment Set -2 Marks Total Marks
Questions
From the ledger balances as on 31st March 2016 show treatments in Profit and Loss
1 Account
and in Balance Sheet.
Debtors : 50,000; Bad Debts : 3,000; Discount Allowed : 2,000; Creditors: 30,000;
Provision
for Discount on Creditors : 400; Discount Received 300.
Adjustments :
i) Create a provision for Bad Debts @ 10 % on Debtors
ii) Create a provision for Discount on Debtors @ 5 %
iii) Additional discount given to Debtors Rs. 1,000
iv) Create a provision for discount on Creditors @ 2 %.

From the ledger balances and adjustments as 10


above, show treatments in :
Profit and Loss Account and 5
Balance Sheet 5

Explain Bill of exchange and the procedure for recording bills in the books of
2 drawer and accepter when the bill is : Accepted and discharged.

i) Explain bill of exchange 4 10


ii) Journal entries in the books of drawer 3
iii) Journal entries in the books of 3
acceptor

Explain the Depreciation Accounting procedure and concept taking AS-6 into
consideration.
3
Depreciation Accounting procedure and concept 10 10
taking AS-6 into consideration.