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Business Accounting: Internal Assessment for BBA LL.B. (H) Students, Assignments of Financial Accounting

Symbiosis InternationalFinancial Accounting

An internal assessment for first-year bba ll.b. (h) students at symbiosis law school, pune. It covers fundamental accounting concepts, including the double-entry system, conservatism, solvency, cost concept, drawings, bookkeeping, capital expenditure, and branches of accounting. The assessment includes multiple-choice questions, transaction analysis using debit and credit rules, and identification of current and non-current assets and liabilities. It provides a comprehensive overview of basic accounting principles and their practical application.

Typology: Assignments

2019/2020

Uploaded on 09/17/2024

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I Year B.A., LL. B (Div.-D and E) – Semester-I (2020)
1st -Internal Assessment – Business Accounting
Research Paper Submission
Topic
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NAME: Vansh Jain
DIVISION: B
PRN: 20010126808
COURSE: BBA LL.B. (H)
BATCH: 2020-2025
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I Year B.A., LL. B (Div.-D and E) – Semester-I (2020)

st

-Internal Assessment – Business Accounting

Research Paper Submission

Topic

NAME: Vansh Jain

DIVISION: B

PRN: 20010126808

COURSE: BBA LL.B. (H)

BATCH: 2020-

SYMBIOSIS LAW SCHOOL, PUNE

I Year BBA. LLB (Div-A, B and C) – Semester-I (2020)

st

-Internal Assessment – Business Accounting-I

Q1. Section A Give the correct answers and B -Explain it by giving suitable examples

  1. The Double entry is based on Dual concept. Eg. Issue an invoice to a customer
  2. Conservatism follow play safe. Eg If a company that expects to win litigation is obliged to meet all the requirements of revenue recognition before it reports the gains.
  3. Solvent Is a person whose assets are more than liabilities. Eg A person who has assets in excess than liability, is able to pay the debt If Vansh is able to pay his debts then he is declared as a solvent
  4. Cost concept of an asset is recorded in books of accounts, is related to historical cost concept.
  5. Amount invested capital amount withdrawn by the proprietor from the business for personal is Drawings. Eg If a person takes some money from his own capital which he had invested in the business organization for his personal use
  6. Bookkeeping is Science& art. Bookkeeping is an art because it requires creative skills and judgements Bookkeeping is also considered as an science because it is a body of knowledge, but the rules keep on changing that why it is similar to science.
  7. Expenditure incurred on purchase of fixed asset is capital expenditure, not exhausted within one year. Eg Capital expenditure-Fixed assets like new building equipment’s Deferred revenue expenditure-Rent on office space
  8. Different Branches of Accounting financial, managerial &. Cost Eg Financial-cost of goods sold Managerial-product costing and valuation

Q2. From the following table, Analysis the transactions by applying rules of Debit and Credit. ( Modern Approach) S. No . Transactio ns Two aspects Accounts involved Categorie s Rules applied Account to be debited Accoun t to be credite d

  1. Commence d business with cash Rs. 2, 00,000. Cash comes in Capital given by the proprieto r. Cash a/c Capital a/c Asset Capital Increase in asset Increase in capital Cash a/c Capital a/c
  2. Purchased goods Rs. 12, from Deepak on cash. Purchase is an expense Cash goes out Purchase a/c Cash a/c Expense asset Increase in expense Decreas e in assets Purchase a/c Cash a/c
  3. Paid Telephone bill (Office) Rs. 12, Telephon e bill is an expense Cash goes out Telephon e charges a/c Cash a/c Expense Assets Increase in expense Decreas e in assets Telephon e charge a/c Cash a/c
  4. Purchased Machinery from Rahul on credit Rs. 7,000. Machiner y comes in Rahul is a creditor Rahul a/c Machiner y a/c Liability Asset Increase in liability Increase in asset Machiner y a/c Rahul a/c
  5. Withdrew cash for Personal use Rs. 1, proprieto r Cash Drawings a/c Cash a/c Liability Asset Drawings a/c Cash a/c Tick the appropriate one and explain

Items Curren t Assets Non-Current Assets Current Liabilities Non-Current Liabilities Sundry Creditors Sundry creditors Sundry creditors is the amounts payable to suppliers for the goods Bills Payable Bills payable Bills payable is any type of bills which are not paid Loan from Bank Loan from bank Patents Patents Patent provides a long term value to the company Air- Conditioners Total Marks: 15. Font: Times New Roman , Size: 12 , Alignment: **Justified Criteria for Evaluation

  1. Correct answers and for explanation by giving suitable example** – **1marks
  2. Analysis the transactions by applying rules of Debit and Credit – ½ marks
  3. Tick the appropriate one and explain – ½ marks**