NIOS Free Solved Assignments (2019 - 2020) | Accountancy 320 English Medium

NIOS SOLVED TUTOR MARKED ASSIGNMENTS – (2019 – 20)
Accountancy (320) - English Medium

(i) All questions are compulsory. The marks allotted for each question are given at same place.

(ii) Write your name enrollment numbers, AI name subject on the top of the first page of the answer sheet.


1. Answer any one out of the following questions in about 40-60 words:


a) Which account is debited in the following transactions: (i) Rent Paid (ii) Purchased goods from Nithin (Lesson-5)

Ans: (i) When rent is paid in cash, Rent account is debited because it is a nominal account and cash account is credited.

(ii) When goods are purchased on credit, purchases account is debited and Nithin (Creditors) account is credited.

b) What does the 'Convention of Full Disclosure' say? (Lesson-3)

Ans: According to this principle, all accounting statements should be honestly prepared and all information of material interest to proprietors, creditors, investors, etc. should be disclosed in the accounting statements. Moreover, books of accounts should be prepared in such a way that they become reliable, informative and transparent.

2. Answer any one out of the following questions in about 40 - 60 words.

a) If we start the preparation of Bank Reconciliation Statement with balance as per Cash Book, what
effect does the following have in it?

(i) Interest allowed by Bank

(ii) Dividends on share collected by Bank (Lesson 10)

Ans: (i) When bank reconciliation started with balance as per cash book, then interest allowed by bank is added with cash balance because it increases pass book balance.

(ii) When bank reconciliation started with balance as per cash book, then dividends on share collected by bank is added with cash balance because it increases pass book balance.

Also Read:

1. Accountancy 320 (NIOS Free Solved Assignments 2019 - 2020)

2. Accountancy 320 (NIOS Free Solved Assignments 2020 - 2021)

3. Accountancy 320 (NIOS Free Solved Assignments 2021 - 2022)

b) State the meaning of business transaction. How is Office Machine purchased for cash for Rs.13,500/- shown in Accounting Equation? (Lesson - 4)

Ans: Transaction: Transaction means the exchange of money or money’s worth from one account to another account. It is an economic activity of the business that causes a change in an organization’s financial position or net worth, resulting from normal business activity.

3. Answer any one out of the following questions in about 40 - 60 words.

a) How should Closing Balance of Furniture appear in Furniture A/c? (Lesson-6) 2 marks

Ans: Since Furniture is a real account and it is shown as an asset, its closing balance is shown on the credit side as By Balance C/d and is shown as an asset in the balance sheet.

b) Postage is paid by business organization. Explain the rule of Accounting in this transaction.

Ans: Postage paid is an expense and rule of nominal account is applicable on all types of expenses. According to Traditional rule of nominal account, all the expenses and losses are debited. Hence, here Postage account is debited and cash paid is credited.

4. Answer any one out of the following questions in about 100 to 150 words.

a) Prepare the Trial Balance of Mr. Yellow's business as at 31st December. (Lesson-9)

Capital 26,900, Bank 2,500 , Purchases 4,400, Sales 26,000, Akshay (Debtor) 1,700, Rent 2,200, Electricity 1,850, Motor Van 40,250.

Ans: 

Trial Balance

Particulars

Amount

Particulars

Amount

Bank

Purchases

Akshay (Debtors)

Rent 

Electricity 

Motor Van

2,500

4,400

1,700

2,200

1,850

40,250

Capital

Sales

26,900

26,000




52,900


52,900


b) Post the following transactions in the ledger. 2016

August 16 Purchased goods on credit from Biju Rs.25,000

August 18 returned goods to Biju Rs. 5,000. (Lesson 6)

Biju’s

Date

Particulars

L.F.

Amount

Date

Particulars

L.F.

Amount

2016

Aug 18


To Return Outward a/c



5,000

2016

Aug 16


By Purchases a/c



25,000









Purchases a/c

Date

Particulars

L.F.

Amount

Date

Particulars

L.F.

Amount

2016

Aug 16


To Biju’s



25,000

2016












Return Outward a/c

Date

Particulars

L.F.

Amount

Date

Particulars

L.F.

Amount

2016





2016

Aug 18


By Biju’s



5,000









5. Answer any one out of the following questions in about 100 - 150 words.

a) What is a 'Contra Entry'? Show a 'Contra Entry' in the 'Bank Column in Cash Book'. (Lesson 7)

Ans: Contra entry: When both the debit and credit aspects of a transaction are recorded simultaneously in the same book but in different columns, each entry on the debit side and on the credit side is called a contra entry. The question of contra entry arises only when cash book is prepared with cash and bank column.

Example of contra entry: a) Cash deposited into bank Rs. 10,000

b) Cash withdrawn from bank for office use: Rs. 5,000

Cash book with Cash and Bank Column

Date

Particulars

L.F.

Cash

Bank

Date

Particulars

L.F.

Cash

Bank


To Cash a/c

(For cash deposited)

To Bank a/c

(for cash withdrawn)




5,000

10,000




By Bank a/c

(For cash deposited)

By Cash a/c

(for cash withdrawn)


10,000





5,0000











b) How do the entries relating to insolvency apear in the books of the drawer? (Lesson11)

Ans: When a bills of exchange is dishonoured due to insolvency the drawee, two entries are passed in the books of the drawer:

(i) For dishonour of a bill when the drawee is declared insolvent:

Drawee’s account Dr

To Bills receivable a/c/Bank a/c/Endorsee a/c/Bill for collection a/c

(ii) For final dividend received from drawee’s estate:

Cash account Dr

Bad debts account Dr

To Drawee’s account

6. Prepare any one project out of the following projects given below.

a) Go to any shop. Prepare a Purchases Book on the basis of transactions of that organization. (Minimum details of 3 suppliers are needed). (Lesson 8)

Ans: Credit purchases are given below:

a) Purchases from dynamic 10 books @ Rs. 200, trade discount @ 10%.

b) Purchases from Suhani store 200 note books @ Rs. 50, trade discount @10%.

c) Purchases from Navin 200pcs pen @ Rs. 20 , trade discount @ 5%.

Purchase day book

Date

Particulars

Inward

invoice no.

L.F.

Details

Amount

a) 




b)




c) 

Dynamic

10 books @ Rs. 200 each

Less: Trade discount @ 10%


Suhani Store

200 note books @ Rs. 50 each

Less: Trade discount @ 10%


Navin

200 pcs pen @ Rs. 20 each

Less: Trade discount @ 5%





2,000

200



1,800




9,000




3,800



10,000

1,000



4,000

200


Total of purchases day book




14,600


b) Visit any nearby business establishment and prepare a Simple Cash Book from the transactions of that business organization with minimum of four items each on the receipt side and on the payment side. (Lesson 7)

Ans: I have visited a nearby shop “Suhani Store” and got the following transactions:

2019


Rs.

Dec. 1

Dec. 2

Dec. 3

Dec. 4

Dec. 5

Dec. 6

Dec. 7

Dec. 8

Started business with cash

Bought goods 

Received cash from Raja

Sold goods for cash

Paid to Hari

Paid rent

Drew from bank for office use

Paid wages in cash

25,000

10,000

2,000

500

1,500

500

200

400

Simple Cash Book

Date

Particulars


Cash

Date

Particulars


Cash

2019

Dec. 1

Dec. 3

Dec. 4

Dec. 7


To Capital a/c

To Raja

To Sales a/c

To Bank a/c



25,000

2,000

500

200

2019

Dec. 2

Dec. 5

Dec. 6

Dec. 8

Dec. 8


By Purchases a/c

By Hari

By Rent a/c

By Wages a/c

By Balance c/d



10,000

1,500

500

400

15,300




27,700




27,700

Dec. 9

To Balance b/d


15,300





0/Post a Comment/Comments

Kindly give your valuable feedback to improve this website.

{ads}