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PARUL UNIVERSITY – MBA – Accounting for Manager Solved Assignments

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.

Q. 2 “Managers need to have an understanding to accounting.” Discuss the statement concerning users to accounting information.

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.

BuildingCapital
PurchasesDrawings
SalesPersonal income-tax account.
RentInterest Receivable account
CashDividend received
Trade receivablesDiscount 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.

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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