PARUL – MBA – Accounting Managers Solved Assignment
Accounting Managers
Q. 1 Mr. X wanted to prepare the book of prime entry. As an expert in accounting, you advised to guide Mr. X to the classification of accounts and the rules of debit and credit for those respective accounts. This is where an Accounting Managers Solved Assignment could be particularly useful.
Q. 2 “Managers need to have an understanding to accounting.” Discuss the statement concerning users to accounting information, with reference to the Accounting Managers Solved Assignment materials.
Q. 3 What is the treatment of trade and cash discounts while journalizing the transactions in the accounting book?
Q. 4 Classify the following accounts under the traditional approach.
| Building | Capital |
| Purchases | Drawings |
| Sales | Personal income-tax account. |
| Rent | Interest Receivable account |
| Cash | Dividend received |
| Trade receivables | Discount allowed |
Q. 5 Identify and mention Accounting Concepts and Conventions for the below statements.
1. There is neither the intention nor the necessity to liquidate the particular business venture in the foreseeable future.
2. The personal assets of the owners or shareholders are not considered while recording and reporting the assets of the business entity.
3. The fixed asset will be recorded at cost at the time of its purchase but may systematically reduce its value by charging depreciation.
4. The principle of valuing the stock at cost or market price whichever is lower should be followed year after year to get comparable results.
5. The accountant should not anticipate income and should provide for all possible losses.
6. The decision of whether the transaction is material or not should be made by the accountant on the basis of professional experience and judgment, considering guidelines from the Accounting Managers Solved Assignment.
Q. 6 Journalize the following transactions:
i. Closing stock is Rs. 50,000
ii. Depreciation is to be charged at 10% on the furniture, which is valued at Rs. 80,000
iii. Interest on capital is to be provided at 15% on the opening balance of Rs. 1,00,000
iv. There is a bad debt amounting to Rs. 2000
v. Interest received in advance Rs. 1500
vi. The proprietor withdrew goods of Rs. 10,000 for personal use
vii. Interest on drawings is to be charged Rs. 1000
viii. Prepaid telephone charges Rs. 8000
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