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    Assignment - DCM1203 - Fundamentals of Accounting II

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    YashTag
    This document provides information about an assignment for a Bachelor of Commerce course. It includes: 1) Details about the course such as name, semester, credits, number of assignments, and marks. 2) Two assignment sets with 5 questions each worth a total of 30 marks. The questions cover topics like accounting for partnerships, consignment accounting, and joint ventures. 3) Instructions for students to answer all questions, with answers for 10-mark questions being approximately 400-450 words.

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    Assignment - DCM1203 - Fundamentals of Accounting II

    Uploaded by

    YashTag
    120 views3 pages
    This document provides information about an assignment for a Bachelor of Commerce course. It includes: 1) Details about the course such as name, semester, credits, number of assignments, and marks. 2) Two assignment sets with 5 questions each worth a total of 30 marks. The questions cover topics like accounting for partnerships, consignment accounting, and joint ventures. 3) Instructions for students to answer all questions, with answers for 10-mark questions being approximately 400-450 words.

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    Assignment_DCM1203_Fundamentals of Accounting II

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    This document provides information about an assignment for a Bachelor of Commerce course. It includes: 1) Details about the course such as name, semester, credits, number of assignments, and marks. 2) Two assignment sets with 5 questions each worth a total of 30 marks. The questions cover topics like accounting for partnerships, consignment accounting, and joint ventures. 3) Instructions for students to answer all questions, with answers for 10-mark questions being approximately 400-450 words.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    120 views3 pages

    Assignment - DCM1203 - Fundamentals of Accounting II

    Uploaded by

    YashTag
    This document provides information about an assignment for a Bachelor of Commerce course. It includes: 1) Details about the course such as name, semester, credits, number of assignments, and marks. 2) Two assignment sets with 5 questions each worth a total of 30 marks. The questions cover topics like accounting for partnerships, consignment accounting, and joint ventures. 3) Instructions for students to answer all questions, with answers for 10-mark questions being approximately 400-450 words.

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    Directorate of Online Education

    ASSIGNMENT

    SESSION APRIL 2023


    PROGRAM BACHELOR OF COMMERCE (BCOM)
    SEMESTER I
    COURSE CODE & NAME DCM1203 – FUNDAMENTALS OF ACCOUNTING II
    CREDITS 4
    NUMBER OF ASSIGNMENTS & 02
    MARKS 30 Marks each
    Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 - 450 words.

    Assignment Set – 1 Marks Total


    Q.No
    Questions Marks
    A. J, K and P are partners sharing profits and losses in the ratio of 3:3:1 respectively. Mr. J died on 31st 5 10
    December 2021. Final amount due to her showed a credit balance of ₹ 1,00,000. Pass journal entries if,
    (a) The amount due is paid off immediately.
    1.
    (b) The amount due is not paid immediately.
    (c) ₹50, 000 is paid and the balance in future.
    C. Discuss the objectives of Partnership Firm. 5
    2. Sameer and Yasmin are partners with capitals of ₹ 15,00,000 and ₹ 10,00,000 respectively. They agreed to 5 +5 10
    share profits in the ratio of 3:2. The books are closed on March 31, every year. Show how the following
    transactions will be recorded in the capital accounts of the partners in case:
    (i) the capitals are fixed, and (ii) the capitals are fluctuating.

    Particulars Sameer Yasmin


    ₹ ₹
    Capital contributed on 1st Oct 2019 3,00,000 2,00,000
    Interest on capital 5 % P. a. 5 % P. a.
    Directorate of Online Education
    Drawings (during 2019-20) 30,000 20,000
    Interest on drawings 1,800 1,200
    Salary 20,000
    Commission 10,000 7,000
    Share in Profit for the year 19-20 60,000 40,000
    A. Describe the distinction between dissolution of a firm and dissolution of a partnership 5 10
    3. B. P, Q, and R are business partners who split profits in a 3:2:1 ratio. When Q retired, his portion was split 5
    evenly between P and R. Calculate P and R's new profit-sharing ratio

    Q.No Assignment Set – 2 Marks Total


    Questions Marks
    4. A. Explain the differences between Departments and Branches 5 10
    B. Pass the journal entries in books of Lessee for the following cases. 5
    1. When the royalty is payable
    2. For payment to landlord
    3. Transferring royalty to P/L A/C
    4. When short working is recouped
    5. Transfer irrecoverable short working transfer to P/L A/c
    5. Sree Traders of Gujrat purchased 10,000 sarees @ ₹ 100 per saree. Out of these, 6000 sarees were sent on 5+5 10
    consignment to Nirmala Traders of Kolkata at the selling price of ₹ 120 per saree. The consignors paid ₹
    3,000 for packing and freight.
    Nirmala Traders sold 5,000 sarees @ ₹ 125 per saree and incurred ₹ 1,000 for selling expenses and
    remitted ₹ 5,00,000 to Sree Gujrat on account. They are entitled to a commission of 5% on total sales plus
    a further of 25% commission on any surplus price realized over ₹ 120 per saree.
    3,000 sarees were sold at Gujrat @ ₹ 110 per saree.
    Directorate of Online Education
    Owing to fall in market price, the value of stock of saree in hand is to be reduced by 5%. You are required
    to prepare (i) Consignment Account, and ii) Nirmala Traders Account in the book of consignor.
    6. Explain the Features of Joint Ventures 10 10

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