Description

SESSION	NOVEMBER- 2024
PROGRAM	BACHELOR OF BUSINESS ADMINISTRATION (BBA)
SEMESTER	I
COURSE CODE & NAME	DBB1107 FINANCIAL ACCOUNTING

 

 

Assignment Set – 1

 

1. What do you mean by Accounting? Explain any three types of Accounting Concepts.

Ans 1.

Accounting is the systematic process of recording, classifying, summarizing, and analyzing financial transactions of an organization. It enables businesses to understand their financial position, profitability, and cash flow, providing insights essential for decision-making. Accounting serves as the “language of business” and is governed by principles that ensure transparency and uniformity in financial reporting.

Definition of Accounting: Accounting can be defined as the art of recording, classifying, and summarizing monetary transactions in a significant manner and interpreting the results thereof.

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2. Discuss the Secondary Books. Post the Journal entries for the following Transactions:
3. A company purchases equipment worth Rs. 5,000, paying cash.
4. The company takes out a Rs.10,000 loan from the bank.
5. The company sells goods worth Rs. 3,000 on credit.
6. The company pays Rs. 800 in rent.
7. The owner invests Rs. 15,000 in the business.

Ans 2.

Secondary Books in Accounting:

Secondary books, also known as subsidiary books, are used to record specific categories of transactions in a more detailed manner. They are essential for organizing financial data and reducing the burden on the journal. Common types of secondary books include:

1. Sales Book: Records all credit sales of goods.
2. Purchases Book: Records all credit purchases of goods.

 

 

3. What is meant by “Final Accounts”? Describe any four features of Final Accounts. Explain any two types of Errors.

Ans 3.

Introduction to Final Accounts:

Final accounts are the financial statements prepared at the end of an accounting period to determine the financial position and performance of a business. These accounts include the Trading Account, Profit and Loss Account, and Balance Sheet. Together, they provide a comprehensive summary of the revenues, expenses, assets, liabilities, and equity of the organization. Final accounts are vital for stakeholders such as management, investors, and

 

 

Assignment Set – 2

 

 

4. Write a detailed note on “Balance Sheet”. Describe the concept of “Gross Profit” and “Net Profit”. 3+7

Ans 4.

Balance Sheet:

The balance sheet is a financial statement that provides a snapshot of an organization’s financial position at a specific point in time. It summarizes the company’s assets, liabilities, and equity, showing how the resources of the business are financed through debt and owner’s equity. The balance sheet is often referred to as the “statement of financial position” and is an essential part

 

5. Describe the Partnership Deed and its Contents. Also elucidate how the profit-sharing ratio is calculated after the death of a partner.

Ans 5.

Partnership Deed:

A partnership deed is a legal document that outlines the terms and conditions agreed upon by the partners of a business. It serves as the foundation for the functioning of a partnership firm and governs the rights, duties, and responsibilities of each partner. The deed ensures transparency and minimizes disputes among partners. While it is not legally mandatory to have a written partnership deed, having one is highly recommended to avoid conflicts and provide legal protection.

Definition of Partnership Deed:

The partnership deed is a written agreement between the partners of a firm that specifies the t

 

 

6. A company purchases a machine for Rs. 50,000 on January 1, 2023. The machine has an estimated useful life of 5 years and a residual (salvage) value of Rs. 5,000. The company decides to use the straight-line method for calculating depreciation.

1.Calculate the annual depreciation expense.

2.Find the book value of the machine at the end of each year.  

Ans 6.

Given Details:

• Cost of the Machine: Rs. 50,000
• Residual Value (Salvage Value): Rs. 5,000
• Useful Life: 5 years
• Method: Straight-Line Depreciation

Step 1: Formula for Annual Depreciation Expense:

The formula for straight-line depreciation is:

Calculation: