Friday, January 17, 2020

NIOS Free Solved Assignments (2019 - 2020): ACCOUNTANCY 320 ENGLISH MEDIUM


NIOS SOLVED TUTOR MARKED ASSIGNMENTS – (2019 – 20)
Accountancy (320)
(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.
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.

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.
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.
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.
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











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