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IGNOU BCOC 131 Solved Assignment 2022-23
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Important Note – IGNOU BCOC 131 Solved Assignment 2022-2023 Download Free You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.
Submission Date :
- 31st March 2033 (if enrolled in the July 2033 Session)
- 30th Sept, 2033 (if enrolled in the January 2033 session).
Answer all the questions
Attempt all the questions. Each question carries 10 marks. (5×10=50)
1. Define Computerized Accounting and distinguish between manual and computerized accounting system.
In accounting, the financial transactions are recorded, processed and presented to generate financial statements, that is useful to the readers, in making decisions. Traditionally, accounting is done manually, by a trained accountant, with the use of registers, account books, vouchers etc. But with the emerging technology, nowadays, computerized accounting is in vogue, due to its accuracy, convenience and speed.
Both manual and computerized system is based on the same principles, conventions and concept of accounting. However, they differ only in their mechanism, in the sense that manual accounting uses pen and paper, to record transactions, whereas computerized accounting makes use of computers and internet, to enter transactions electronically.
Content: Manual Accounting Vs Computerized Accounting
- Comparison Chart
- Key Differences
Definition of Manual Accounting
Manual Accounting, as the name signifies, is the paper-based accounting system, in which journal and ledger registers, vouchers, account books are used to store, classify and analyse financial transactions of an organization. It is often used by small businessmen, such as sole proprietors, shopkeepers, etc. to maintain the record of the business transactions, due to lower cost.
One of the advantages of the manual accounting system is its easy accessibility. It is also characterised by confidentiality, which makes the sensitive information hacking free. Nevertheless, manual accounts can only be prepared correctly if the accountant possesses good knowledge of bookkeeping and accounting.
Moreover, human error, such as incorrect recording of the transaction, the omission of the transaction, figure transposition and so forth, is likely to occur while the preparation of manual accounts which cannot be ignored.
Definition of Computerized Accounting
Computerized Accounting can be described as the accounting system that uses the computer system and pre-packaged, customised or tailored accounting software, to keep a record of financial transactions and generate financial statements, for analysis.
Computerized Accounting system relies on the concept of a database. The accounting database is systematically maintained, with active interface wherein accounting application programs and reporting system are used. The two primary essentials are:
- Accounting framework: The framework comprises of principles and grouping structure for maintaining records.
- Operating procedure: There is a proper procedure for operating the system so as to store and process the data.
Further, it requires front-end interface, back-end database, database processing and reporting system to store data in a database-oriented application.
The merits of computerized accounting rely on its speed, accuracy, reliability, legibility, up-to-date information and reports etc.
Key Differences Between Manual and Computerized Accounting
The difference between manual and computerized accounting is explained below in points:
- Manual Accounting refers to the accounting method in which physical registers for journal and ledger, vouchers and account books are used to keep a record of the financial transactions. On the other hand, computerized accounting implies the method of accounting, which uses an accounting software or package, to record the monetary transactions, which happen to an organization.
- In manual accounting, recording of the transaction can be done through the book of original entry, i.e. journal day book. Conversely, in computerized accounting, the transactions are recorded in the form of data, in the customised database.
2. Journalise the following transactions: 2018 Rs.
June 1 Cash sale of Ashok 18,000
June 2 Bought goods from Vinod 10,000
June 2 Paid cartage on the goods bought 200
June 3 Old newspapers sold 100
June 4 Paid Municipal taxes by cheque 900
June 4 Paid for repairs to machinery 600
June 8 Received commission by cheque 1,700
3. From the following transactions of M/s. Joshi & Sons, prepare Cash Book. 2018 Rs.
Aug. 1 Cash in hand 4,270
Aug. 5 Purchased and old typewriter for 1,500
Aug. 7 Received cash from Singh & Co. Rs. 1,980 and allowed discount of 20
Aug. 10 Cash Sales 5,500
Aug. 12 Paid to Ram Narain Rs. 2,970 and he allowed a discount of 30
Aug. 14 Sold old newspapers for Rs. 60.
Aug. 16 Received from Prasad Rs. 985 in full settlement of his account for 1,000
Aug. 18 Purchased goods worth from Sanjeev Bros. at a trade discount of 10% and paid cash. 2,000
Aug. 20 Sold goods worth for cash at a trade discount of 5%. 1,000
Aug. 24 Settled the account of Tiwari of by paying the necessary 5004 amount after deducting a discount of 3%.
Aug. 30 Paid rent 500
Aug. 30 Deposited in the bank the cash in excess of 1,490
4. Easy Payment Ltd. Sells goods on hire purchase basis at a profit of 50% on cost, The
following particulars are given for the year ending December 31, 2018. Prepare the Hire Purchase Trading Account. Rs. Hire purchase Stock (opening) 18,000 Instalments due, customers paying (opening) 10,000 Goods sold on hire purchase during the year (at hire purchase price) 1,74,000
Cash received from customers 1,20,000 Goods repossessed valued at (instalments due Rs. 6,000) 3,000 Hire Purchase Stock at the end 60,000 Instalments due (at the end), customers paying 16,000 Expenses 19,000
5. On January 1, 2018 Universal Sports, Delhi consigned 180 cases of sports goods costing Rs. 360 each to Gemini Sports, Mumbai. They paid Rs 360 for insurance and Rs. 1,800 for freight. Gemini Sports are entitled to a commission of 10% on gross sales. Gemini Sports received the consignment on January 15 and sent a 60 days bill for Rs 10,000 to Universal Sport. The Bill was discounted for Rs. 9,000.
On opening the cases, the Consignee found 10 cases of wrong description and returned
them, paying return freight of Rs. 400. Gemini Sports sold 120 cases @ Rs 600 each for
cash and 20 cases @ Rs. 700 each on credit. Gemini Sports spent Rs. 720 on clearing
charges and Rs. 600 on carriage outwards. They incurred bad debts amounting to Rs 400. The accounts were settled on June 30, and the balance remitted by cheque. Show
necessary ledger accounts in the books of both the parties.
Attempt all the questions. Each question carries 5 marks. (6×5=30)
6. Briefly discuss the functions of accounting.
7. Write about the Business Entity Concept.
8. What do you mean by double entry system?
9. What is a compound journal entry? Give examples.
10. What are the characteristics of a hire purchase agreement?
11. What are post-dated vouchers? Explain its use.
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IGNOU BCOC 131 Solved Assignment 2022-2023 We provide handwritten PDF and Hardcopy to our IGNOU and other university students. There are several types of handwritten assignment we provide all Over India. BCOC 131 FINANCIAL ACCOUNTING Solved Assignment 2022-23 Download Free We are genuinely work in this field for so many time. You can get your assignment done – 8130208920
IGNOU BCOC 131 Solved Assignment 2022-23
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Attempt all the questions. Each question carries 10 marks. (2×10=20)
12. What are the qualitative characteristics of accounting information?
13. State the salient features of joint venture. Distinguish it from consignment.
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IGNOU BCOC 131 Solved Assignment 2022-2023 Download Free Before attempting the assignment, please read the following instructions carefully.
- Read the detailed instructions about the assignment given in the Handbook and Programme Guide.
- Write your enrolment number, name, full address and date on the top right corner of the first page of your response sheet(s).
- Write the course title, assignment number and the name of the study centre you are attached to in the centre of the first page of your response sheet(s).
- Use only foolscap size paperfor your response and tag all the pages carefully
- Write the relevant question number with each answer.
- You should write in your own handwriting.
GUIDELINES FOR IGNOU Assignments 2022-23
IGNOU BCOC 131 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:
- Planning: Read the questions carefully. IGNOU BCOC 131 Assignment 2022-23 Download Free Download PDF Go through the units on which they are based. Make some points regarding each question and then rearrange these in a logical order. And please write the answers in your own words. Do not reproduce passages from the units.
- Organisation: Be a little more selective and analytic before drawing up a rough outline of your answer. In an essay-type question, give adequate attention to your introduction and conclusion. IGNOU BCOC 131 Solved Assignment 2022-2023 Download Free Download PDF The introduction must offer your brief interpretation of the question and how you propose to develop it. The conclusion must summarise your response to the question. In the course of your answer, you may like to make references to other texts or critics as this will add some depth to your analysis.
- Presentation: IGNOU BCOC 131 Solved Assignment 2022-2023 Download Free Download PDF Once you are satisfied with your answers, you can write down the final version for submission, writing each answer neatly and underlining the points you wish to emphasize.
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