Description

BCOC 131 BCOMG ignou assignment 2024

Course : BCOMG
Session 2023-24
Submission date : Last date of submission Valid from 1st July, 2023 to 30th June, 2024 First Semester

SECTION-A
Attempt all the questions. Each question carries 10 marks. (5×10=50)
1. Home appliances Ltd. Sells goods on hire purchase terms at a profit of 25% on hire purchase
price. Following are the transactions for the year ended December 31, 2018. (10)
Rs.
January Stock out on hire at cost. 6,000
Stock on hand (at shop) 1,000
Installment due 600
Cash Received. 16,000
December 31 Stock out on hire (at cost) 6,900
Stock on hand (at shop) 1,400
Installment due 1,000
Calculate the profit or loss on hire purchase under Debtors Method.
2. What are the qualitative characteristics of accounting information? Briefly explain. (10)
3. Explain the Concept of IFRS. (10)
4. Journalise the following transactions: (10)
2018 Rs.
Feb. 1 Purchased goods for cash 18,000
Feb. 2 Purchased goods on credit
from Mithun
37,000
Feb. 5 Sold goods to Mahesh 10,000
Feb. 8 Cash sales 8,000
Feb. 9 Cash sales to Jayant 7,000
4
Feb. 11 Returned goods to Mithun 4,000
Feb. 12 Mahesh returned goods 1,000
5. Harinath purchased on January 1, 2016, a plant for Rs. 50,000. On July 1, 2016 an
additional plant worth Rs. 20,000 was purchased and on July 1. 2017, the plant purchased
on January 1, 2016 having become obsolete is sold off for Rs. 20,000. On July 1, 2018, a
new plant was purchased for Rs. 60,000 and the plant purchased on July 1, 2016 was sold
for Rs. 15,000. Depreciations to be provided at 10% p.a. on the written down value every
year. Show the Plant Account. (10)
SECTION-B
Attempt all the questions. Each question carries 5 marks. (5×6=30)
6. Briefly describe the advantages and limitations of accounting. (6)
7. What is an account? Describe the various classes of accounts with examples. (6)
8. Write about the Business Entity Concept. (6)
9. What do you mean by double entry system? (6)
10. What is a Balance Sheet? Describe different methods of arranging assets and
liabilities. (6)
SECTION-C
Attempt all the questions. Each question carries 10 marks. (4×5=20)
11. What is Trial Balance? (5)
12. What are the characteristics of a hire purchase agreement? (5)
13. “Consignment is the same thing as sale”. Briefly Discuss. (5)
14. Briefly explain advantages of Computerized Accounting. (5)