250679798 597183 Accountancy
DRIVE
BK ID
Q.No
1
2
ASSIGNMENT
FALL 2014
MBA/ MBADS/ MBAFLEX/ MBAHCSN3/ PGDBAN2
1
MB0041
FINANCIAL AND MANAGEMENT ACCOUNTING
B1624
4
60
Questions
Marks
Analyze the following transaction under traditional approach.
18.1.2011 Received a cheque from a customer, Sanjay at 5 p.m. Rs.20,000
19.1.2011 Paid Ramu by cheque Rs.1,50,000
20.1.2011 Paid salary Rs. 30,000
20.1.2011 Paid rent by cheque Rs. 8,000
21.1.2011 Goods withdrawn for personal use Rs. 5,000
25.1.2011 Paid an advance to suppliers of goods Rs. 1,00,000
26.1.2011 Received an advance from customers Rs. 3,00,000
31.1.2011 Paid interest on loan Rs. 5,000
31.1.2011 Paid instalment of loan Rs. 25,000
31.1.2011 Interest allowed by bank Rs. 8,000
Analysis of transaction –with accounts involved-nature of account- affects and debit/credit
The trial balance of Nilgiris Co Ltd., as taken on 31st December, 2002 did not tally and the difference was carried to suspense account. The following errors were detected subsequently. a) Sales book total for November was under cast by Rs. 1200.
b) Purchase of new equipment costing Rs. 9475 has been posted to Purchases a/c.
c) Discount received Rs.1250 and discount allowed Rs. 850 in September 2002 have been posted to wrong sides of discount account.
d) A cheque received from Mr. Longford for Rs. 1500 for goods sold to him on credit earlier, though entered correctly in the cash book has been posted in his account as
Rs. 1050.
3
e) Stocks worth Rs. 255 taken for use by Mr Dayananda, the Managing Director, have been entered in sales day book.
f) While carrying forward, the total in Returns Inwards Book has been taken as Rs. 674 instead of Rs. 647.
g) An amount paid to cashier, Mr. Ramachandra, Rs. 775 as salary for the month of
November has been debited to his personal account as
Rs. 757.
Pass journal entries and draw up the suspense account.
Journal entries of all the transactions
Suspense account with Conclusion
BK ID
Q.No
1
2
ASSIGNMENT
FALL 2014
MBA/ MBADS/ MBAFLEX/ MBAHCSN3/ PGDBAN2
1
MB0041
FINANCIAL AND MANAGEMENT ACCOUNTING
B1624
4
60
Questions
Marks
Analyze the following transaction under traditional approach.
18.1.2011 Received a cheque from a customer, Sanjay at 5 p.m. Rs.20,000
19.1.2011 Paid Ramu by cheque Rs.1,50,000
20.1.2011 Paid salary Rs. 30,000
20.1.2011 Paid rent by cheque Rs. 8,000
21.1.2011 Goods withdrawn for personal use Rs. 5,000
25.1.2011 Paid an advance to suppliers of goods Rs. 1,00,000
26.1.2011 Received an advance from customers Rs. 3,00,000
31.1.2011 Paid interest on loan Rs. 5,000
31.1.2011 Paid instalment of loan Rs. 25,000
31.1.2011 Interest allowed by bank Rs. 8,000
Analysis of transaction –with accounts involved-nature of account- affects and debit/credit
The trial balance of Nilgiris Co Ltd., as taken on 31st December, 2002 did not tally and the difference was carried to suspense account. The following errors were detected subsequently. a) Sales book total for November was under cast by Rs. 1200.
b) Purchase of new equipment costing Rs. 9475 has been posted to Purchases a/c.
c) Discount received Rs.1250 and discount allowed Rs. 850 in September 2002 have been posted to wrong sides of discount account.
d) A cheque received from Mr. Longford for Rs. 1500 for goods sold to him on credit earlier, though entered correctly in the cash book has been posted in his account as
Rs. 1050.
3
e) Stocks worth Rs. 255 taken for use by Mr Dayananda, the Managing Director, have been entered in sales day book.
f) While carrying forward, the total in Returns Inwards Book has been taken as Rs. 674 instead of Rs. 647.
g) An amount paid to cashier, Mr. Ramachandra, Rs. 775 as salary for the month of
November has been debited to his personal account as
Rs. 757.
Pass journal entries and draw up the suspense account.
Journal entries of all the transactions
Suspense account with Conclusion