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MB0041- Financial & Management Accounting - November Drive 2010(spring 2011)

MBA- I semester MB0041- Financial & Management Accounting – 4 Credits
Book ID- ( B1130 )
Assignment Set 1- (60 Marks)
Note: Answer all the questions.
All Answers comming soon in future post.
1. Accounting Principles are the rules based on which accounting takes place and these rules are universally accepted. Explain the principles of materiality and principles of full disclosure. Explain why these two principles are contradicting each other. Your answer should be substantiated with relevant examples. (10 Marks)
2. Journalize the below transactions, prepare relevant ledger accounts and finally trial balance. . ( 6+6+3 = 15 Marks)


M/s Ventak Enterprise Pvt Ltd. 01.01.2009

Started business with cash Rs. 2,00,000 Goods Rs. 1,00,000 Furniture Rs. 50,000

01.01.2009

Opened Current Account with Rs. 1,00,000

02.01.2009

Placed an order with Ritik for the supply of goods of the list price of Rs. 1, 00, 00.In this connection, we paid 9% of the list price as an advance by cheque.

03.01.2009

Ritik supplied goods of the list price of Rs. 1, 00,000 less 12% trade discount. Packing and delivery charges Rs. 1,000.

04.01.2009

Purchased goods from Murali of the list price of Rs. 1,00,000 less 12% trade discount and paid him by cheque under a cash discount of 5%

05.01.2009

Received an order from Shyam for supply of goods of the list price of Rs. 1, 00,000 with an advance of 10% of list price.

06.01.2009

Supplied the above goods at 10% trade discount. Packing and delivery charges Rs. 1000.

07.01.2009

Goods costing Rs. 80,000 sold to Mr X at a profit of 20% on sales less 10% trade discount and 2% cash discount

08.01.2009

Goods (cost Rs. 3,000, Sales Price Rs. 4,000) taken away by the proprietor for his personal use.

09.01.2009

Shyam became insolvent and paid 80 paise in a rupee in full and final settlement

10.01.2009

Paid Ritik 80% on account.

11.01.2009

Goods (Cost Rs. 3,000 , Sales Price Rs. 4,000) stolen

12.01.2009

Paid Life Insurance Premium Rs. 1,000.

13.01.2009

Cash embezzled by an employee Rs. 1,000.

Nov 2010

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