NIOS Free Solved Assignment 2022 – 2023
Accoutancy 224 Free Solved Assignment 2022 – 23
Tutor Marked Assignment
Senior Secondary
Max. Marks: 20
In this article, you will get Accoutancy 224 Free Solved Assignment 2022 – 23. You will solved assignment of other subjects in our page nios solved assignment 202-23.
Note:
(i) All questions are compulsory. The marks allotted for each question are given beside the questions.
(ii) Write your name, enrolment numbers, AI name and subject on the first page of the answer sheet.
1. Answer any one of the following questions in about 40-60 words: 2
(a) Give two examples of business and non-business transactions each. (See Lesson-1)
Ans: Transaction: Transaction means the exchange of money or money’s worth from one account to another account. Events like purchase and sale of goods, receipt and payment of cash for services or on personal accounts, loss or profit in dealings etc., are the transactions”. Transactions may be of two types:
1. Business transactions: Business transactions are those which are related to purchases or sales of goods. For example:
– Purchase of goods for cash
– Sold goods to Mr. B for Rs. 10,000
2. Non-business transactions: These transactions are not related with purchases or sales of goods. For example:
– Charity or donation of goods
– Goods withdrawn for personal use
(b) State the purposes for which capital reserves can be utilised. (See Lesson-13)
Ans: Answer any one question.
2. Answer any one of the following questions in about 40-60 words: 2
(a) Prepare a sales journal for one month on the basis of imaginary details. (See Lesson-9)
Ans: Answer any one question.
(b) State the purpose for which provision is created? (See Lesson-13)
Ans: Provisions: The term ‘provision’ means an amount, which is: written off, or retained, by way of providing for depreciation, renewals, diminution in the value of assets; or retained by way of providing for any unknown future liability of which the amount cannot be determined with reasonable accuracy. Provisions are created for specific purpose and it is utilised for specific purpose for which it is created.
Examples of provisions are: Provision for depreciation;Provision for bad and doubtful debts;Provision for taxation; Provision for discount on debtors; and Provision for repairs and renewals.
3. Answer any one of the following questions in about 40-60 words: 2
(a) Discuss with your friends and list the past month’s savings differentiating them into provisions and reserves giving proper reason. (See Lesson-13)
Ans: Answer any one question.
(b) “Whatever the business possess in the form of assets is financed by proprietor or by outsiders.” Justify the statement giving four appropriate examples. (See Lesson-10)
Ans: Assets: Any physical thing or right owned that has a money value is an asset. In other words, an asset is that expenditure which results in acquiring of some property or benefits of a lasting nature. Every business needs asset which is acquired by the amount invested by the proprietor. The amount invested by the proprietor is called capital. It is the amount (in terms of money or assets having money value) which the proprietor has invested in the firm or can claim from the firm. It is also known as owner’s equity, Proprietor’s claim or net worth. Owner’s equity means owner’s claim against the assets.
If capital is not sufficient to acquire the assets needed in business, then it is financed by outsider’s debt which is known as liabilities. Liabilities are the amount which the firm owes to outsiders except the proprietors. So we can say that “Whatever the business possess in the form of assets is financed by proprietor or by outsiders”.
4. Answer any one of the following questions in about 100-150 words: 4
(a) Assuming that you are an owner of a grocery shop. Prepare a list of items purchased and sold for one week. Record all transactions in appropriate books of accounts. (See Lesson-9)
Ans: Answer any one question.
(b) Discuss with two employees of different organizations, and explain how accounting is useful to them. (See Lesson-1)
Ans: I talk Mr. Rajiv who work as an accountant in M/s. Ashish Jewelers and Mr. Naveen who works as an accountant in M/s. Dynamic Electronics. Having experience of 16 years in accounting field, I have discussed with them about various advantages of accounting in their job. Some of the uses of accounting are given below:
a) Accounting information is used by the management in taking various menageries at decision.
b) It shows the financial position of business on a particular data.
c) Accounting data are accepted by the tax authorities as authentic and reliable. Hence they can be used as the basis for discharging tax liabilities.
d) Accounting supplies financial data which are accepted by the insurance company as reliable figure for settlement of insurance claim.
5. Answer any one of the following questions in about 100-150 words: (See Lesson-4)
(a) Prepare Accounting Equation on the basis of the following:
(i) Shivani started business with cash Rs. 16,00,000.
(ii) She purchased furniture for cash Rs. 1,60,000.
(iii) She paid rent Rs. 16,000.
(iv) She purchased goods on credit Rs. 2,40,000.
(v) She sold goods costing Rs. 1,60,000 for Rs. 4,00,000 for cash.
|
Particulars |
Assets |
Liabilities + Capital |
|
|
Cash + Furniture + Stock |
Creditors |
Capital |
|
|
(i) Shivani started business with cash Rs. 16,00,000. (ii) She purchased furniture for cash Rs. 1,60,000. (iii) She paid rent Rs. 16,000. (iv) She purchased goods on credit Rs. 2,40,000. (v) She sold goods costing Rs. 1,60,000 for Rs. 4,00,000 for cash. |
16,00,000 + 0 + 0
– 1,60,000 + 1,60,000 + 0 – 16,000 + 0 + 0
0 + 0 + 2,40,000
+ 4,00,000 + 0 – 1,60,000 |
0 0 0 +2,40,000 0 |
16,00,000 0 – 16,000 0 +2,40,000 |
|
|
18,24,000 + 1,60,000 + 80,000 |
2,40,000 |
18,24,000 |
(b) Mr. Robert commenced business on 1st January, 2011 with a capital of Rs. 1,00,000 in cash. On the same date he opened the bank account in ABC, and deposited Rs. 20,000. During the month of January 2011 the following transaction book place:
Jan. 1. Bought goods for cash Rs. 70,000.
2. Sold goods to Steve Co. (Credit) Rs. 38,000.
15. Sold goods for cash Rs. 9,000.
21. Steve Co. paid by cheque Rs. 35,000.
22. Stationery bill paid by cheque Rs. 2,000.
22. Telephone bill by cash Rs. 500.
31. Paid rent by cash Rs. 2,000.
Paid salaries by cash Rs. 3,000.
Withdrew cash personal use Rs. 5,000.
Record Journal Entries and post them into ledger. (See Lesson-10)
Ans: Answer any one question.
6. Prepare any one project out of the given below:
(a) The cash book shows a balance of Rs. 7,800. On comparing the cash book with pass book, the following discrepancies were noted. (See Lesson-8)
(i) Cheque deposited in bank not credited, Rs. 3,000.
(ii) Cheque issued but not yet presented for payment, Rs. 1,500.
(iii) Insurance Premium paid by the bank, Rs. 2,000.
(iv) Bank interest credited by the bank, Rs. 400.
(v) Bank charges, Rs. 100.
(vi) Directly deposited by customer, Rs. 4,000.
Ans: Bank Reconciliation statement:
|
Particulars |
Amount |
Amount |
|
Balance as per cash book (Dr.) Add: 1. Cheque issued but not presented for payment 2.Bank Interest Credited by the Bank 3. Directly deposited by customer |
|
7,800
1,500 400 4,000 |
|
Less: 1. Cheque deposited in bank but not credited 2. Insurance premium paid by bank 3. Bank charges debited in pass book |
|
13,700
3,000 2,000 100 |
|
Balance as per pass book (Cr.) |
|
8,600 |
(b) Discuss with your friend write the hardware requirement and important steps to open a Tally software. Create a company on Tally ERP 9.0, and attach printouts of the screen shots of the Company created. (See Lesson-17)
Or
State the purpose for which provision is created? (See Lesson-13)
Ans: Answer any one question.
So, Finally you reached the end of the post. Hope you like Accoutancy 224 Free Solved Assignment 2022 – 23. You will solved assignment of other subjects in our page nios solved assignment 202-23. Visit Official website of NIOS for details about assignment.
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