Description

ACCOUNTANCY (224)
TUTOR MARKED ASSIGNMENT
Maximum Marks: 20

Note:
i) All questions are compulsory. The marks allotted for each question are given at the same place.
ii) Write your name, enrollment number, AI name and subject on the top of the first page of the answer sheet.

1. Answer any one of the following questions in about 40-60 words. 2
a) `Accounting is termed as the language of the business’. Comment. (See Lesson 1)
b) What do you understand by compound entry. Also, explain the process of posting a compound entry from the journal into the ledger. (See Lesson 10)

2. Answer any one of the following questions in about 40-60 words. 2
a) Explain the usage of sales and purchase day book. (See Lesson 9)
b) Explain how accounting is useful to government and researchers? (See Lesson 1)

3. Answer any one of the following questions in about 40-60 words. 2
a) Explain a difference between journal and ledger. (See Lesson 10)
b) Write down the rules for accounting equation for the following: (See Lesson 4)
i) Outsider’s Equity
ii) Interest on Capital

4. Answer any one of the following questions in about 100-150 words. 4
a) In order to ascertain the net profit for each year, businessmen need to take into account not only the current contingencies but future contingencies also. In this context, your friend wants to know the purpose of secret reserve. As a good friend, explain to him the purpose of secret reserve. (See Lesson 13)
b) Explain the meaning of Tally as an accounting software. (See Lesson 17)

5.Answer any one of the following questions in about 100-150 words.
a) Prepare Accounting Equation on the basis of the following: (See Lesson 4)
i. Commenced business with cash Rs.250000.
ii. Ankit purchased goods from Ravi Rs. 70,000.
iii. Purchased goods on credit Rs.27,000.
iv. Neha sold goods costing Rs.20,000 for Rs.42,000 for cash.
b) Explain how the issuance of cheques by a trader but not yet presented for payment leads to a difference between the cash book and pass book balances. (See Lesson 8)

6. Prepare any one Project out of the given below. 6
a) From the following particulars of Deepak Traders, prepare a bank reconciliation statement on June 30, 2012.
i. Balance as per the cash book Rs. 1,50,000
ii. Cheques for Rs.27,550 are deposited in the bank but not yet collected by the Bank.
iii. Rs. 8250 charges for Credit Card fee is debited by bank, which is not recorded in cash book.
iv. There was also a debit in the pass book of Rs. 60,000 in respect of a discounted bill dishonoured. (See Lesson 8)
b) Visit any nearby shop and observe their ten business transactions and prepare the accounting equation for them and ensure that they are equal at each and every step. (See Lesson 4)