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F&a Assignement

The document outlines an assignment for a Finance & Accounts course, consisting of various questions related to financial terms, double entry bookkeeping, account classification, and journalizing transactions. Students are required to define terms such as liability and assets, explain the double entry system, and apply accounting rules to specific transactions. Additionally, the assignment includes differentiating bookkeeping from accountancy and journalizing transactions for a hypothetical individual named Vijay.

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Park JIMIN
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30 views1 page

F&a Assignement

The document outlines an assignment for a Finance & Accounts course, consisting of various questions related to financial terms, double entry bookkeeping, account classification, and journalizing transactions. Students are required to define terms such as liability and assets, explain the double entry system, and apply accounting rules to specific transactions. Additionally, the assignment includes differentiating bookkeeping from accountancy and journalizing transactions for a hypothetical individual named Vijay.

Uploaded by

Park JIMIN
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assignment No.

1
Subject – Finance & Accounts (F&A)
(Solve any five)

Que.1 Define the following term. (Solve any five)


a) Liability b) Solvent c) Capital d) Drawing A/c e) Assets f) Trade discount
g) Cash discount

Que.2 Explain double entry book-keeping system & mention their advantages.

Que.3 Define the term account. Classify different type of account & mention
golden rule of debit & credit.

Que.4.Apply the golden rules of debit & credit for the following transaction.
Find out i) Two aspect/effect ii) Accounts involved iii) Classification of A/c.
iv) Rules applied v) Acct. to be debited vi) Acct. to be credited.
Transactions: -
i) Commenced business with cash Rs.40,000
ii) Advertisement paid Rs.10,000
iii) Deposited cash into SBI Rs.10,000
iv) Purchase goods from Mr. Sunil Rs.15,000
v) Sold goods for cash Rs.7000
Que.5 Explain the term Journal. List the steps involved in Journalising.

Que.6 Differentiate Book keeping & Accountancy.

Que.7 Journalise the following transactions in the books Vijay.


Transaction :
2023 October 5 Vijay Commenced business with cash Rs.50,000
7 Paid rent Rs.10,00
11 Paid Salary Rs.10,000
18 Purchase goods from Mr. Ajit Rs.15,000
23 Sold goods for cash Rs.5000

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