ACCOUNTANCY
(320)
TUTOR MARKED ASSIGNMENT

1- Answer any one out of the following questions in about 40 to 60 words.
(a) What is accounting? What are its objectives and limitations? (See Lesson-1)
(b) Explain meaning and significance of going concern concept. (See Lesson-2)

2- Answer any one out of the following questions in about 40 to 60 words.
(a) Distinguish between book-keeping and accounting. (See Lesson-1)
(b) Explain the Convention of materiality. (See Lesson-3)

3- Answer any one out of the following questions in about 40 to 60 words.

a- Prepare necessary accounting vouchers from the following transactions: (See Lesson-4)
(i) Building purchased for 6,00,000
(ii) Goods sold on credit to M/s Reema Trader 1,10,000
(iii) Salary paid 1,00,000
(iv) Withdrew cash for personal use 6,000
(v) Cash receipts from debtors M/s Ankit Bros 22,000

b- Explain the role of an accountant in the society. ( See Lesson-1)

4- Answer any one out of the following questions in about 100 to 150 words. 

a- Following are the transactions of Dhani Ram and Sons for the month of July 2014. Make
journal entries. (See Lesson-5)
July 1 Commenced business with cash 60,000
July 2 Paid into bank 40,000
July 5 Purchased furniture for cash 5,000
July 7 Purchased Goods and paid for them by cheque 20,000

b- What do you mean by a bill of exchange’. Distinguish between Bill of Exchange and Promissory
Note. (See Lesson-11)

5- Answer any one out of the following questions in about 100 to 150 words.a

a- What is meant by balancing of an account? Explain the various steps taken while balancing
accounts. (See Lesson-7)

b- Pass necessary journal entries to rectify the following errors : (See Lesson-12)
(i) Sale of an old machine for Rs. 4,500 was posted to Sales account.
(ii) Rent of proprietors residence of Rs. 12,000 was posted to Rent Account.
(iii) A credit to Brij Mohan of Rs. 6,750 was posted to his account as Rs. 4,750.
(iv) Furniture purchased from M/s Decorates for Rs. 22,500 was entered in Purchases
Book.

6- Prepare any one of the project in 500 words.

a- A sold goods to the value of Rs. 12,000 to B, taking a bill at 3 months, dated 1st July, 2009.
On 4th August, A discounted the bill at 5% p.a. with his bankers. At maturity the bill was
renewed and another bill was dishonoured, B paid Rs. 3,000 as noting charges and accepted
another bill at 3 months for Rs. 9,000 at 6% interest, but before maturity he became insolvent,
and ultimately paid his creditors 75 paise in the rupee.
Make the entries in A’s Journal according the above transactions. (See Lesson-11)

 b- The following are the transactions of Kumar Swami for the month of January 2017. Make
journal entries, post them into ledger and balance the account. (See Lesson- 6)
Jan. 1 Capital paid into Bank 3,00,000
Jan. 1 Bought Stationery for cash 400
Jan. 2 Bought Goods for cash 25,000
Jan. 3 Bought Postage Stamps 600
Jan. 5 Sold Goods for cash 10,000
Jan. 6 Bought Officer Furniture from Mahendra Bros. 40,000