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TUTOR MARKED ASSIGNMENT
Course Code : PCO – 01 Course Title : Preparatory Course in Commerce Assignment Code : PCO – 01/TMA/2017 Coverage : All Blocks
Maximum Marks: 100
Q 1. What do you mean by business? Explain various parties who assist in the flow of goods from producer to consumers.
Q2. What do you understand by ‘Double Entry System’? How is it different from ‘Single Entry System’? Discuss.
Q3. From the following transactions, determine the accounts affected, classify them and state whether it is to be debited or credited. Rs.
a Purchased typewriter for cash 10,000 b Purchased furniture form R & Co. on credit 55,000 c Interest received 5,00 d Paid wages 1,000 e Received cash from ‘A’ 15,00 f Additional capital introduced in to the business 5,00,000 g Paid cash to ‘B’ 2,000 h Paid carriage 5,00 i Purchased goods from F & Co. on credit 10,000 j Sold goods for cash 2,000
Q4. What is Trial Balance? How is it prepared? Explain.
Q5. What are the advantages of maintaining a Petty Cash Book? Explain.
Q6. Explain the procedure of preparing a Bank Reconciliation Statement. State various reasons of disagreement between the balances shown by the Cash Book and the Pass Book.
Q7. How would you determine whether a particular expenditure is capital or revenue? Give five examples of each.
Q8. Differentiate between the following:
(a) Gross Profit and Net Profit
(b) Direct Expenses and Indirect Expenses
Q9. What are one sided errors? Give any five examples. Explain the method of rectifying one-sided errors.
Q10. From the following Trial Balance of Sh Ved Vyas, prepare Trading and Profit & Loss Account for the year ended 31st December, 2015 and Balance Sheet as on that date:
Dr. Rs. Cr. Rs. Purchases and Sales 2,75,000 5,20,000 Returns Inwards 15,000 Returns Outwards 9,000 Carriage 12,400 Wages and Salaries 58,600 Trade Expenses 2,200 Rent 13,000 Insurance 2,000 Audit Fees 1,200 Debtors and Creditors 1,10,000 62,100 B/R and B/P 3,300 2,200 Printing and Advertising 5,500 Commission 1,000 Opening Stock 36,000 Cash in hand 12,800 Cash at Bank 26,800 Bank Loan 20,000 Interest on Loan 1,500 Capital 2,50,000 Drawings 15,000 Fixed Assets 3,00,000 8,77,300 8,77,300 Adjustments:-
1. Stock at the end Rs. 60,000
2. Depreciate Fixed Assets by 10%
3. Commission earned but not received amounts to Rs. 400
4. Rent received in advance Rs. 1,000
5. Allow 8% interest on Capital and charge Rs. 900 as interest on Drawings.
TUTOR MARKED ASSIGNMENT
Course Code : PCO – 01 Course Title : Preparatory Course in Commerce Assignment Code : PCO – 01/TMA/2017 Coverage : All Blocks
Maximum Marks: 100
Q 1. What do you mean by business? Explain various parties who assist in the flow of goods from producer to consumers.
Q2. What do you understand by ‘Double Entry System’? How is it different from ‘Single Entry System’? Discuss.
Q3. From the following transactions, determine the accounts affected, classify them and state whether it is to be debited or credited. Rs.
a Purchased typewriter for cash 10,000 b Purchased furniture form R & Co. on credit 55,000 c Interest received 5,00 d Paid wages 1,000 e Received cash from ‘A’ 15,00 f Additional capital introduced in to the business 5,00,000 g Paid cash to ‘B’ 2,000 h Paid carriage 5,00 i Purchased goods from F & Co. on credit 10,000 j Sold goods for cash 2,000
Q4. What is Trial Balance? How is it prepared? Explain.
Q5. What are the advantages of maintaining a Petty Cash Book? Explain.
Q6. Explain the procedure of preparing a Bank Reconciliation Statement. State various reasons of disagreement between the balances shown by the Cash Book and the Pass Book.
Q7. How would you determine whether a particular expenditure is capital or revenue? Give five examples of each.
Q8. Differentiate between the following:
(a) Gross Profit and Net Profit
(b) Direct Expenses and Indirect Expenses
Q9. What are one sided errors? Give any five examples. Explain the method of rectifying one-sided errors.
Q10. From the following Trial Balance of Sh Ved Vyas, prepare Trading and Profit & Loss Account for the year ended 31st December, 2015 and Balance Sheet as on that date:
Dr. Rs. Cr. Rs. Purchases and Sales 2,75,000 5,20,000 Returns Inwards 15,000 Returns Outwards 9,000 Carriage 12,400 Wages and Salaries 58,600 Trade Expenses 2,200 Rent 13,000 Insurance 2,000 Audit Fees 1,200 Debtors and Creditors 1,10,000 62,100 B/R and B/P 3,300 2,200 Printing and Advertising 5,500 Commission 1,000 Opening Stock 36,000 Cash in hand 12,800 Cash at Bank 26,800 Bank Loan 20,000 Interest on Loan 1,500 Capital 2,50,000 Drawings 15,000 Fixed Assets 3,00,000 8,77,300 8,77,300 Adjustments:-
1. Stock at the end Rs. 60,000
2. Depreciate Fixed Assets by 10%
3. Commission earned but not received amounts to Rs. 400
4. Rent received in advance Rs. 1,000
5. Allow 8% interest on Capital and charge Rs. 900 as interest on Drawings.
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