NIOS TMA Accountancy (320) Tutor Marked Assignment 2021PK Kapri & Co.
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Check Your Questions Papers and Instructions below: Accountancy (320) Tutor Marked Assignment Session 2020-21 (Accountancy -320) -12th Class
Note : (i) All questions are compulsory. The marks allotted for each question are given beside the questions.
(ii) Write your name enrollment numbers, AI name subject on the top of the first page of the answer sheet.
(1) Answer any one of the following questions in about 40-60 words.
(a) Which branch of Accounting is known as ‘social reporting’ or ‘social responsibility accounting’? Explain that branch.
(b) Which Accounting concept answers that all business transactions must be in terms of money? Explain the concept.
(2) Answer any one out of the following questions in about 40 to 60 words.
(a) On January 01, 2020 M/s Rajesh Tea Company paid Rs. 20,000 in cash and balance amount of Rs. 80,000 by cheque to Madhav Tea company, prepare Debit Voucher.
(b) Which Accounting Convention states that same accounting principles should be used for preparing financial statements year after year. Explain that convention.
(3) Answer any one out of the following questions in about 40 to 60 words.
(a) “The process of journalising involves certain steps”. Explain these steps with the help of examples.
(b) Suppose rent (payable) is outstanding for Rs. 10,000 for December 2019. Which type of expenses it is? What entry will be passed for it?
(4) Answer any one out of the following questions in about 100 to 150 words.
(a) Following are the transactions of X and Sons for the month of July 2019. Make journal entries, post them into ledger and balance the accounts.
July 1 Commenced business, with cash 1,00,000
5 Purchased furniture for cash 20,000
20 Purchased goods from Rahul 60,000
31 Paid salary by cheque 10,000
(b) Prepare Bank Column cash Book of M/S Young company from the following transactions for the month of September 2019
September 1 Cash in hand 45,000
Cash at Bank 70,000
September 2 Cash Sales 25,000
September 19 Furniture purchased by cheque 22,000
September 15 Received cheque from Rajesh and deposited 17,000
September 20 Withdrawn from Bank for personal use 16,000
September 25 Rent paid 12,000
September 28 Withdrawn from Bank for office use 14,000
September 29 Salary paid 8,000
September 31 Cash paid for telephone Bill 3,000
(5) Answer any one out of the following questions in about 100 to 150 words.
(a) Suppose you are an accountant in a firm. You are given options of ‘Manual Accounting’ and ‘Computerised Accounting’. Differentiate between the two.
(b) X sold goods worth Rs. 60,000 to Y taking bill at 3 months, therefare dated 1st July 2019. On 4th August, X discounted the bill at 5.5% p.a. with his bankers. At maturity the bill was dishonoured and on that date Y paid Rs. 15,000 with no charges and accepted another bill at 3 months for Rs. 45,000 at 6% annual interest, but before maturity Y had become insolvent and ultimately he paid his creditors 75 paise in the rupee. Make the entries in X’s journal recording the above transactions.
(6) Prepare any one project out of the following projects given below.
(a) You are an assistant accountant in a business unit, prepare the proforce of a journal and ledger with imagining entries.
(b) Suppose you are going to attend interview board for the post of an accountant in a company. Give the performa of special journals mentioning five specific items in it.