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B.C.O.C – 131
FINANCIAL
ACCOUNTING IGNOU BCOC 131 Solved
Assignment 2022-23
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Assignment I
1. Journalize the following transactions, Post them
into ledger and prepare a Trial balance.
a) Business started with a
capital of Rs 5,00,000
b) Furniture purchased from Jai
sons on credit Rs. 2,00,000
c) Payment made to Silky
brothers Rs. 10,000
d) Commission Received from
Haryana Automobiles Rs. 8,000
e) Goods purchased from Ramlal
and Sons Rs. 6,00,000
f) Interest paid to Ghanshyam
and Sons Rs. 6,000
2. On 1st April 2016, Chaudhary
Harpal Singh purchased a Tractor of the cash price of Rs. 2,20,000 on
hire-purchase system from Escorts Ltd. Rs. 20,000 were paid immediately and the
balance in 4 annual instalments of Rs. 50,000 each with interest at 8% per
annum. The depreciation is to be charged at 10% p.a. on written down value
method. Harpal Singh paid 2 instalments and failed to pay the third instalment.
Escorts Ltd. took away the tractor by paying him Rs. 90,000 in cash. Make
necessary ledger accounts in the books of Harpal Singh. Books are closed on
31st March every year.
3. Oswal Mills Barnala
consigned 5000 kg of vanaspati ghee to Rajendra Dealers of Panipat. Each kg.
Ghee costs Rs. 8. Oswal Mills paid Rs. 50 for carriage, Rs. 250 for freight and
Rs. 200 for insurance in transit. During transit 500 kg. Ghee was accidentally
destroyed for which insurance company paid directly to the consignor Rs. 2500
in full settlement of the claim. After 3 month from the date of consignment of
goods to Panipat, Rajendra Dealers reported that 1500 kg. Ghee was sold at Rs.
9.5 per kg. The expenses were: On Godown Rent Rs. 500, On Salesman Salary Rs.
700. Rajendra dealers are entitled to a commission of 5% on sales. Due to
leakage, Rajendra Dealers also reported a loss of 20 kg. Ghee. Prepare
consignment account and abnormal loss account in the books of the Consignor.
4. An Accountant finds the
difference in the Trial Balance amounting to Rs. 210 and put it in the Suspense
Account. Later on he detects the following errors. Rectify the errors and
prepare the suspense Account.
a) Goods purchased from Ram Rs.
700 were passed through sales book.
b) Returned Goods to Shyam Rs.
1500 was passed through returns inward book.
c) An item of Rs. 450 relating
to prepaid rent account was omitted to brought forward.
d) An item of Rs. 120 in
respect of purchase returns, instead of being recorded in Returns Outward book
has been wrongly entered in the purchase book and posted therefrom to the debit
of personal account.
e) Amount payable to Subhash
for repairs done to Radio Rs. 180 and a new Radio supplied for Rs. 1920 were
entered in the Purchase book as Rs. 2000.
5. Define Computerized
Accounting and distinguish between manual and computerized accounting system.
Assignment II
6. State the essentials
features of a joint Venture.
7. What are the main causes of
disagreement of a Trial Balance? Briefly explain.
8. State the factors affecting
the amount of depreciation.
9. Explain the uses of post
dated vouchers.
10. What are the different
types of branches? Explain the need for branch accounting.
11. Briefly explain the
benefits of Accounting Standards.
Assignment III
12. Distinguish between the following:
a) Cost of Goods Sold and Cost
of Goods Produced
b) Profit and Loss Account and
Balance Sheet
13. Write short notes on the following:
a) Systems of Book-keeping
b) International Financial
Reporting Standards (IFRS)
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BCOC 131 Solved Assignment English Medium 2022-23 The Indira Gandhi National
Open University has updated the IGNOU Assignment Status
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till 15 December 2022 then you must be worried about the Assignment Status and
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Assignment
2022-23.