BPOI – 002 Fundamentals of Accounting (2020-21)

TUTOR MARKED ASSIGNMENT (2021)
Fundamentals of Accounting
Maximum Marks: 100 Course Code: BPOI – 002
Weight age: 30% January 2021/ July 2021
Note: This assignment covers all of Course 2. All questions are compulsory. Marks assigned
to the questions have been shown in the bracket.

Q1. Fill in the blanks: (1×5=5)
i. Action + Money = ————————————–
ii. A compound entry is passed for transactions involving ————————————-.
iii. Cash Book always shows a ——————————– balance.
iv. The ——————- should not be made by overwriting or by striking off the wrong entry.
v. Suspense Account is shown in the ——————————-.
Q2. True or False: (1×5=5)
i. In accounting terminology, the first category of expenditure i s called capital expenditure.
ii. Depreciation on fixed assets is an example of revenue loss
iii. If closing stock appears in the Trial Balance, it is shown in the Trading Account
iv. Reserve is created only when there are profits
v. Share premium is the amount realized by issuing shares in excess of the face value of shares.
Q3. Write short notes on: (In about 200 -250 words)
i. Accrual Basis of Accounting (10)
ii. Classification of Accounts and their Rules (15)
Q4. Record the following transactions in Journal of Ram and post them into Ledger (25)
i. Commenced business with cash Rs 6,00,000
ii. Goods purchased from Sachin Rs 60,000
iii. Goods returned to Sachin Rs 30,000
iv. Interest paid to Shyam Rs 20,000
v. Commission received from Arun Rs 6,000
vi. Sold goods to Kabir Rs 5,00,000
vii. Discount allowed to Kabir Rs 20,000
viii. Discount received from Sachin Rs 9,000
ix. Furniture purchased on cash Rs 80,000
x. Cash paid to Sachin Rs 7,000
DBPOFA
TUTOR MARKED ASSIGNMENT (2021)
Fundamentals of Accounting
Maximum Marks: 100 Course Code: BPOI – 002
Weight age: 30% January 2021/ July 2021
Note: This assignment covers all of Course 2. All questions are compulsory. Marks assigned
to the questions have been shown in the bracket.
Q5. Journalize the following transactions (2×5=10)
i. Sold Goods to Samir brothers on January 15, 2020 Rs 30,000
ii. Bought goods on account from Das & Co. on January 18, 2020 Rs 1,00,000
iii. Purchased goods from Sahil brothers on January 21, 2020 Rs 20,000
iv. Paid salaries on June 3, 2020 Rs 30,000
v. Received interest on investments on June 5, 2020 Rs 2,500
Q6. From the following particulars of M/s XYZ & Co., prepare a Single Column Cash Book
2019 (10)
March 1 Commenced Business with Cash Rs 2, 00,000
March 5 purchased the goods for cash Rs 50,000
“ 7 Sold goods for cash Rs 40,000
“ 12 Purchased goods from Ajay on credit Rs 1, 00,000
“ 15 Paid to Ajay Rs 70,000
“ 18 Made cash sales Rs 80,000
“ 20 Purchased furniture items for office use Rs 60,000
“ 25 Paid wages Rs 3,800
“ 25 Paid Rent Rs 4,000
“ 26 Received Commission Rs 6,000
“ 28 Withdrew money for personal use Rs 10,000
“ 30 Paid salaries Rs 9,000
Q7. Explain the various heads of liabilities and assets of Balance Sheet? (20)