The document provides detailed instructions for MBA students regarding solved assignments in financial accounting, including multiple questions related to partnership balance sheets, cash books, goodwill treatment, and trading accounts. Students are required to prepare specific financial statements and accounts based on given data and adjustments. Additionally, students can seek assistance via email or phone for their assignments.

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ASSIGNMENT
Note: Answer all questions. Kindly note that answers for 10 marks questions should be
approximately of 400 words. Each question is followed by evaluation scheme.
Question1 - 1 X, Y & Z were partners sharing profits and losses as 3:2:1. Their
Balance Sheet as on 31.03.2015 were as under :
Liabilities Rs. Assets Rs.
Capital
A 1,00,000
B 70,000
C 40,000
1,80,000 Freehold
Premises
Building
Machinery
1,60,000
60,000
90,000
Reserves 90,000 Investments 20,000
Cash Credit 30,000 Inventories 30,000
Creditors 20,000 Receivables 30,000
Bill Payable 20,000 Cash 10,000
3,40,000 3,40,000
DRIVE WINTER 2015
PROGRAM BBA
SEMESTER II
SUBJECT CODE & NAME BBA 203 - FINANCIAL ACCOUNTING
BK ID B1520
CERDIT 4
MARKS 60

2. C expired on 1st April 2015. So, the assets are revalued and liabilities re-
assessed as follows :
i) Create a provision for doubtful debt Rs. 1,000. ii) Building is to be
depreciated by 5 %. iii) Machinery is to be depreciated by 10 %. iv) Goodwill
of the firm is to be valued at Rs. 30,000.
The balance due to C will be transferredto his executor’s loan account which
will carry an interest of 10 % p.a. Prepare Revaluation Account, Capital
Accounts and the Balance Sheet of new firm after adjustments.
Based on above, prepare :
a) Revaluation Account
b) Capital Accounts and
c) Balance Sheet as on 1st April 2015
Answer1-
Revaluation A/c
Dr
Particulars Amount
Cr
Particulars Amount
Question2- The Cash Book of Exception Ltd. furnishes the following balances
on 25th October 2015. Cash in hand 4,200; Cash at Bank 7,650; Discount
Allowed total 420 and Discount Received total Rs. 950.
The following transactions occurred during last week of October 2015 :
April 26 : General expenses Rs. 920 paid in cash
26 : Cash Sales Rs. 9,200
27 : A cheque Rs. 3,040 received from a debtor, K. Ball in full settlement of
Rs. 3,200.
27 : A cheque sent to supplier, Baker Ltd. in settlement of dues Rs. 14,000
less 5 % Discount.
28 : Bank notified that a cheque Rs. 2,210 received from Mc Dermot
returned dishonoured.

3. 30 : An old delivery van was sold for Rs. 71,000 and a cheque received.
30 : A cheque sent to a supplier, Ford Ltd. in immediate payment of an
invoice, list price Rs. 8,000, less 25 % Trade discount and 5 % Cash discount.
Prepare a Triple Column Cash Book in the books of Exception Ltd.
Answer2 –
Date Particular Disco
unt
Cash Bank Date Particular Discou
nt
Cash Bank
Question3 - What do you understand by goodwill? Explain the accounting
treatment of goodwill at the time of admission. Give journal entry for the
below problem: T and S are partners in a firm sharing profit in the ratio 5:3.
They admitted G as a new partner for 1/4th share in the profit. G brings
Rs.45,000 for her share of goodwill and Rs.1,20,000 for capital. They have
withdrawn the goodwill from the firm. Make journal entries in the books of
the firm after the admission of G. The new profit sharing ratio will be 2:1:1.
Answer3 –
Goodwill :-Goodwill is the present value of firms anticipated excess earning.
Treatment of Goodwill on the admission of new partners
1. Goodwill brought by new partner in cash –
I. Bank A/c Dr
To Goodwill
II. Goodwill A/c Dr
To old
Question4- Accounting refers to a systematic knowledge of accounting. It
explains ‘why to do’ and ‘how to do’ of various aspects of accounting. Explain
the objectives of accounting and explain the categories of users.
Answer4 –

4. Accountingoperateswithinabroadsocio-economicenvironment,andso,the knowledge requiredof
the accountant cannot be sharply compartmentalized.It is therefore, difficult to discuss one area
without relating to other areas of knowledge. We place a great emphasis on the conceptual
knowledge. The accountant should not only know but he should understand.
Objectives of Accounting
Question5 - Prepare Trading , Profit and Loss Account and Balance Sheet
from the following particulars as at 31st March 2015.
Particulars Dr (Rs.) Cr (Rs.)
Capital/Drawings 1400 10000
Cash in Hand 1500 -
Bank overdraft @ 5% - 2000
Purchase and Sales 12000 15000
Returns 1000 2000
Establishment Charges 2500 -
Taxes and Insurance 500 -
Provision for DoubtfulDebts - 1000
Bad Debts 500 -
Sundry Debtors & Creditors 5000 1850
Commission - 500
Investments 4000 -
Stock on 1st April 2014 3000 -
Furniture 600 -
Bill receivables & payable 3000 2500
Collected Sales Tax - 150
35000 35000
Further, you are required to take into consideration the following
information:
a) Salary Rs.100 and taxes Rs.400 are outstanding but insurance Rs.50
prepaid
b) Commission amounting to Rs.100 has been received in advance for work
to be done next year.
c) Interest accrued on investments Rs.210
d) Provision for doubtful Debts is to be maintained at 20%
e) Depreciation on furniture is to be charged at 10% p.a.
f) Stock on 31st March 2015 was valued at Rs.4,500

5. g) A fire occurred on 25th March 2015 in the godown and stock of the value
of Rs.1,000 was destroyed. It was fully insured and the insurance company
admitted the claim in full.
Answer5-
Trading and Profit and Loss A/c
Particular Amount Particular Amount
Question6- From the ledger balances as on 31st March 2015 show
treatments in Profit and Loss Account and in Balance Sheet.
Debtors : 50,000; Bad Debts : 3,000; Discount Allowed : 2,000; Creditors:
30,000; Provision for Discount on Creditors : 400; Discount Received 300.
Adjustments :
i) Create a provision for Bad Debts @ 10 % on Debtors
ii) Create a provision for Discount on Debtors @ 5 %
iii) Additional discount given to Debtors Rs. 1,000
iv) Create a provision for discount on Creditors @ 2 %.
Answer6 –
Profit and Loss A/c
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
DRIVE WINTER 2015
PROGRAM BBA
SEMESTER II
SUBJECT CODE & NAME BBA 203 - FINANCIAL ACCOUNTING
BK ID B1520
CERDIT 4
MARKS 60