ASSIGNMENT-1 B.Com.

General 1st Semester-Summer Drive

Subject Name: Fundamentals of Accounting - I Subject code: BCC103

4 credits (60 marks)

(BKID: B1462)

Set 1
1. Explain the different branches of accounting.(10 Marks) 2. Distinguish between the cash system and the accrual system of accounting. (10 Marks) 3. Distinguish between a journal and a ledger. (10 Marks) 4. Categorise the different types of expenditure. (10 Marks) 5. Journalising the following transactions in the books of Srinath. (10 Marks) a. b. c. d. e. 1st Jan 2004,Srinath commenced business with Rs.20000. 4th Jan 2004,Purchased goods from Kapil Dev. Rs.4000. 5th Jan 2004,Sold goods to Srikanth Rs.3000. 7th Jan 2004,Returned goods to Kapil Dev Rs.500. 14th Jan 2004,Srikanth returned goods worth Rs.200.

6. On 30th June 2010, Sanjay extracted the following balances from his book. (10 marks) Particulars Capital salaries Sales Machinery Purchases Sales Returns Insurance Rent Sundry creditors Drawings Bills payable Bank Cash Stock Debtors Bills receivable Amount(Rs.) 80000 4000 50000 56000 30000 2000 600 3000 2000 10000 5000 9000 4000 10400 5000 3000

Prepare a Trial Balance as on 30th June 2010.

ASSIGNMENT-1 B.Com.General 1st Semester-Summer Drive

Subject Name: Fundamentals of Accounting - I Subject code: BCC103

4 credits (60 marks)

(BKID: B1462)

Set 2
1. Write short notes on the following: (10 Marks) a. Group depreciation method b. Double declining balance method 2. Distinguish between a trial balance and a balance sheet. (10 Marks) 3. What are the key accounting norms concerning borrowing costs and segment reporting. (10 Marks) 4. List out the advantages and disadvantages of single entry system. (10 Marks) 5. The following errors were committed by the accountant of Geetha Dye Chemicals: (10 Marks) a. Cash Rs.350 paid to Triman Chemicals posted as Rs.530. b. Purchase of Stationery worth Rs.150 remained unposted from the cash book. c. Rs.260 paid for purchase of new office furniture was charged to office expenses account. d. A credit sale to Trivedi & Co., of Rs.300 was posted to the credit of their account. e. A purchase of Rs.420 from Maruti & Co. was passed through the Sales Day book as Rs.240 Pass journal entries to rectify the above-mentioned errors assuming that: i. They were detected after preparing the Trial Balance, but before preparing the final accounts.

6. The following balances have been extracted from the books of accounts of M\s. Jyothi Home Industries, Mysore.Prepare Trading and Profit and Loss Account for the year ending 31st December, 2010. (10 Marks) Particulars Purchases Sales Returns Inwards Returns Outwards Stock(1.1.2010) Wages Salaries Carriage Inwards Trade expenses Sundry expenses Postage and Telegrams Insurance Printing and stationery Rent and Taxes Interest earned Commission Earned Carriage Outwards Travelling expenses Bad debts Bad debts recovered Stock on 31st Dec 2010 Rs. 1,65,000 2,75,000 15,000 5,000 50,000 30,000 8,000 4,000 1,000 1,000 1,000 1,000 500 2,000 4,000 3,000 2,000 3,000 500 50 35,000