Description
TUTOR MARKED ASSIGNMENT
Course Code : PCO – 01
Course Title : Preparatory Course in Commerce
Assignment Code : PCO – 01/TMA/2018
Coverage : All Blocks
Maximum Marks: 100
Note: Attempt all the questions. All questions carry equal marks.
Q 1. What are the various forms of business organization? Explain.
Q2. What do you understand by principle of double entry? Give the rules of debit and credit
with suitable examples.
Q3. Journalize the following transactions: Rs
| May 1 | Purchased goods for cash | 10,000 |
| 2 | Purchase goods on credit from Ram Lal | 6,55,000 |
| 5 | Sold goods to Mahesh | 50,000 |
| 8 | Cash sales to Jayant | 10,000 |
| 9 | Returned goods to Ram Lal | 15,000 |
| 11 | Mahesh Returned goods | 5,000 |
| 12 | Purchased stationary | 2,000 |
| 17 | Rent Paid | 5,000 |
| 21 | Commission Received | 10,000 |
| 23 | Cash Received from Anil | 2,000 |
Q4. Write short notes on any two of the following:
(a) Going Concern Concept
(b) Full Disclosure Concept
(c) Consistency Concept
Q5. Explain how Bank Reconciliation Statement is Prepared with an adjusted balance of cash
book?
Q6. If the Trial Balance does not tally, it means there are some errors in books of accounts.
Explain the procedure of locating these errors.
Q7. Distinguish between the following:
(a) Capital Receipt and revenue Receipt
(b) Capital Profit and revenue profit
Q8. What is meant by closing Stock? How is it valued and shown in the final accounts?
Explain.
Q9. What do you mean by one sided errors? How are these errors rectified? Explain with
suitable examples.
Q10. From the following Trial Balance of Sh. Raghu Ram, Prepare Trading, Profit & Loss
Account for the year ended 31st December, 2017 and Balance Sheet as on that date:
| Dr. Rs. | Cr. Rs. | |
| Purchases and Sales | 375,000 | 4,20,000 |
| Returns Inwards | 15,000 | |
| Returns Outwards | 10,000 | |
| Carriage | 12,400 | |
| Wages and Salaries | 52,600 | |
| Trade Expenses | 2,200 | |
| Rent | 12,000 | |
| Insurance | 1700 | |
| Audit Fees | 1,500 | |
| Debtors and Creditors | 10,000 | 50100 |
| B/R and B/P | 3,300 | 2,200 |
| Printing and Advertising | 5,500 | |
| Commission | 13000 | |
| Opening Stock | 36,000 | |
| Cash in hand | 18800 | |
| Cash in Bank | 26,800 | |
| Bank Loan | 20,000 | |
| Interest on Loan | 1,500 | |
| Capital | 2,50,000 | |
| Drawings | 15,000 | |
| Fixed Assets | 2,00,000 | |
| 777,300 | 7,77,300 |
Adjustments:–
- Stock at the end Rs. 50,000
- Depreciate Fixed Assets by 8%
- Commission earned but not received amounts to Rs. 600
- Rent received in advance Rs. 1,000
- Allow 7% interest on Capital and charge Rs. 900 as interest on Drawings.
Reviews
There are no reviews yet.