Dbb1202 - Financial Accounting

SESSION NOV 2023
PROGRAM BACHEOR OF BUSINESS ADMINISTRATION

(BBA)
SEMESTER II
COURSE CODE & NAME DBB1202 – FINANCIAL ACCOUNTING
Assignment Set – 1
Q1. Journalize the following transactions in the books of JL ltd for the month of Jan
2023:
1. Started business with cash Rs.1,00,000
2. Sold goods to R Rs.2,000
3. Bought office furniture Rs.30,000
4. Paid cash to M Rs.2,000
5. Salary Paid Rs.10,000
6. Rent received Rs.3,000
7. Purchased goods from H for cash Rs.9,000
8. Goods returned by R Rs.200
9. Interest on capital paid to owner Rs.800
10. Returned goods to H Rs.300
Ans 1.
To journalize the transactions for JL Ltd for the month of January 2023, we will create a
journal entry for each transaction. Each journal entry will include the date, a brief description
of the transaction, and the debit and credit amounts for the accounts affected by the
transaction. Below is a table Its Half solved only
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2. Elaborate the following accounting concepts:
a.Money measurement concept
b.Cost concept
c. Dual aspect concept
d. Accrual concept
Ans 2.
Accounting, a vital component of the business world, operates on several fundamental
concepts. These concepts not only provide a foundation for accounting practices but also
ensure consistency and clarity in financial reporting.
a. Money Measurement
3. The clerk of a firm has incorrectly drafted the following Trial balance. Draft the
correct trial balance from the details:
S.no Particulars Dr Cr
1 Capital 60,000
2 Opening stock 5,000
3 Discount allowed 500
4 Commission received 700
5 Fixed assets 60,000
6 Sales 85,000
7 Purchases 45,000
8 Return outward 1,000
9 Return inward 2,000
10 Carriage Inward 600
11 Carriage outward 700
12 Wages & Salary 25,000
13 Bills receivable 7,000
14 Debtors 9,000
15 Bills payable 7,000
16 Rent 3,000
17 Interest paid 2,000
18 Cash 800
19 Creditors 6,900
20 Closing Stock 33,800
1,77,500 1,77,500
Ans 3.
To correct the trial balance provided by the firm's clerk, we need to ensure that the total of the
debit (Dr) side equals the total of the credit (Cr) side. Let's analyze the given trial balance and
make the necessary adjustments.
Here is the incorrect trial
Assignment Set – 2
4. Discuss the meaning, features, and advantages of a Bill of exchange. Highlight the
meaning and process of acceptance of a bill of exchange.
Ans 4.
A bill of exchange is a vital financial instrument used in international and domestic trade,
ensuring a secure and efficient method of payment. Its features and advantages, along with
the meaning and process of acceptance, are key to understanding its role in the commercial
worl
5. State the meaning of Depreciation. Also highlight the causes and need of charging
depreciation.
Ans 5.
Meaning of Depreciation
Depreciation is a fundamental accounting concept representing the systematic allocation of

the cost of a tangible asset over its useful life. It accounts for the decrease in the value of an
asset over time due to factors such as wear and tear, technological obsolescence, or
environmental changes. This concept is integral to financial reporting, as it ensures that the
cost of an asset is
6. Narrate the various types of debentures.
Ans 6.
Debentures, a critical instrument in the financial market, offer a reliable way for corporations
to raise capital. These debt instruments, unsecured by collateral, hinge on the
creditworthiness and reputation of the issuer. Broadly, debentures fall into various categories,
each with unique characteristics and applications.
Convertible Debentures
Convertible debentures stand out for their flexibility. These instruments allow investors to
convert their debt into

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SESSION NOV 2023

PROGRAM BACHEOR OF BUSINESS ADMINISTRATION

1. Started business with cash Rs.1,00,000

2. Sold goods to R Rs.2,000

3. Bought office furniture Rs.30,000

4. Paid cash to M Rs.2,000

5. Salary Paid Rs.10,000

6. Rent received Rs.3,000

7. Purchased goods from H for cash Rs.9,000

8. Goods returned by R Rs.200

9. Interest on capital paid to owner Rs.800

10. Returned goods to H Rs.300

MUJ Fully solved assignment available for session SEPT

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Our website www.smuassignment.in

2. Elaborate the following accounting concepts:

a.Money measurement concept

c. Dual aspect concept

2 Opening stock 5,000

3 Discount allowed 500

4 Commission received 700

5 Fixed assets 60,000

8 Return outward 1,000

9 Return inward 2,000

10 Carriage Inward 600

11 Carriage outward 700

12 Wages & Salary 25,000

13 Bills receivable 7,000

15 Bills payable 7,000

17 Interest paid 2,000

20 Closing Stock 33,800

Here is the incorrect trial

Depreciation is a fundamental accounting concept representing the systematic allocation of

6. Narrate the various types of debentures.

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