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Internal Assignment_FAII(DCM1203)_BCom_Set-1 & 2_Sep_2023

The document outlines the assignments for the Bachelor of Commerce (B Com) program for September 2023, specifically for the course DCM1203 - Fundamentals of Accounting II. It includes two sets of assignments with various accounting scenarios and questions, requiring detailed financial statements and analyses. Each assignment carries a total of 30 marks, with specific instructions on the format and content of the answers.

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4 views

Internal Assignment_FAII(DCM1203)_BCom_Set-1 & 2_Sep_2023

The document outlines the assignments for the Bachelor of Commerce (B Com) program for September 2023, specifically for the course DCM1203 - Fundamentals of Accounting II. It includes two sets of assignments with various accounting scenarios and questions, requiring detailed financial statements and analyses. Each assignment carries a total of 30 marks, with specific instructions on the format and content of the answers.

Uploaded by

dev poddar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Directorate of Online Education

ASSIGNMENT

SESSION SEPTEMBER 2023


PROGRAM BACHELOR OF COMMERCE (B COM)
SEMESTER II
COURSE CODE & NAME DCM1203– FUNDAMENTALS OF ACCOUNTING II
CREDITS 4
NUMBER OF ASSIGNMENTS & 02
MARKS 30 Marks each

Note:
 There will be two sets of assignments for every course, and you must answer all
questions in both sets. Average of both assignments’ marks scored by you will be
considered as Internal Assessment Marks.
 Answers for 10 marks questions should be approximately of 400-500 words.

Q.No Set – 1 Marks Total


Questions Marks
1. a. List 5 essential Characteristics of Partnership. 5+5 10
b. Analyze the different ways of dissolution of partnership firm?
2. P and Q entered into partnership on 1st April 2017 and contributed ₹ 1,00,000 10
each through funds as fixed capital and also contributed 1,00,000 worth of
vehicle and ₹ 50,000 of computer respectively. On 1st October 2017, P provided
₹ 50,000 as loan to the firm. As per the provisions of the partnership Deed:
(i) 20% of Profits before charging interest on Drawings but after making
appropriations to be transferred to General Reserve.

(ii) Interest on capital at 12% p.a. and Interest on Drawings @ 10% p.a.

(iii) P to ger monthly salary of ₹ 5,000 and Q to get salary of ₹ 22,500 per
quarter.
(iv) P is entitled to a commission of 5% on sales. Sales for the year were ₹
3,50,000.
(v) Profit and Loss to be shared in the ratio of their total capital
contribution (fixed additional fluctuating introduced) up to ₹ 1,75,000 and
above ₹ 1,75,000 equally.
The profit for the year ended 31st March 2018 before providing for any
interest was ₹ 4,61,000. The drawings of P and Q were ₹ 1,00,000 and ₹
1,25,000 respectively.
Directorate of Online Education
Prepare Profit and Loss Appropriation Account
Partners' Capital and current Accounts
3. The balance sheet of Ashwani and Bharat as of March 31, 2017, is shown 10
below.

On that date, the firm was dissolved. The following are the further
information:

(i) Ashu pledged to repay the loan debt and took stock at Rs.8,000
(ii) Rajat took half of the investment for a 10% discount. Debtors were paid
Rs.38,000.
Creditors were paid at a rate of Rs.380 or less. The buildings sold for Rs.
1,30,000, the goodwill for Rs. 12,000, and the remaining investment for Rs.
9,000. Rajat purchased an old typewriter that was not noted in the accounts
for Rs. 600. The cost of realization is Rs. 2,000.

Prepare
Realization account
Partners’ capital account – Ashu and Rajat
Bank account.

Q.No Set – 2 Marks Total


Questions Marks
1. Sona, Rohan, and Uday are partners who split profits in a 5:3:2 ratio. The 10
following was their balance sheet as of March 31, 2017:
Balance Sheet of Sona, Rohan, and Uday as of March 31, 2017
Directorate of Online Education

On that date, the firm was dissolved. Close the firm's books with the
following information:
1. Buildings sold for Rs. 1,90,000, Bills receivables sold for Rs. 1,10,000,
Stock sold for Rs.1,50,000, Machinery sold for Rs. 48,000, and furnishings
sold for Rs. 75,000.
2. A bank loan of Rs.1,30,000 was settled. Creditors and payable bills were
settled at a 10% discount.
3. Rohan paid Rs.10,000 in realization expenses before paying 12,000 to
complete the dissolution process.

Prepare
i. Realization Account
ii. Partners Capital Accounts
iii. Bank Account

2. 10
Zen is the owner of Mine A, located in Gujarat. He entered a royalty
agreement with Kapoor Ltd. As per the agreement, the minimum rent is Rs
5,00,000 and the Royalty amount is Rs 100 per ton of production every
month. The output in various years is as follows:
• 2017: 4000 tons
• 2018: 5000 tons
• 2019: 6000 tons
Royalties Accounting Entries in Books of Lessee (Kapoor Ltd.)
Case I: When Minimum Rent Exceeds Actual Royalty Amount (2017)
Case-II: When Minimum Rent Equals Actual Royalty Amount (2018)
When Royalty is Due
Case III: When Actual Royalty Amount is More Than Minimum Rent and
Short Working is Recouped (2019)
Pass Royalties Accounting Entries in Books of Lessee (Kapoor Ltd.)

3. a. Detail 3 advantages and 3 disadvantages of Branch accounting 5+5 10


b. Briefly list any 5 features of Joint Venture

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