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IGNOU PCO 01 Solved Assignment 2022-23
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Important Note – IGNOU PCO 01 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).
All questions are compulsory.
Q1. Discuss the forms of business organisation.
Business organization is the single-most important choice you’ll make regarding your company. What form your business adopts will affect a multitude of factors, many of which will decide your company’s future. Aligning your goals to your business organization type is an important step, so understanding the pros and cons of each type is crucial.
Your company’s form will affect:
- How you are taxed
- Your legal liability
- Costs of formation
- Operational costs
There are 4 main types of business organization: sole proprietorship, partnership, corporation, and Limited Liability Company, or LLC. Below, we give an explanation of each of these and how they are used in the scope of business law.
The simplest and most common form of business ownership, sole proprietorship is a business owned and run by someone for their own benefit. The business’ existence is entirely dependent on the owner’s decisions, so when the owner dies, so does the business.
Advantages of sole proprietorship:
- All profits are subject to the owner
- There is very little regulation for proprietorships
- Owners have total flexibility when running the business
- Very few requirements for starting—often only a business license
- Owner is 100% liable for business debts
- Equity is limited to the owner’s personal resources
- Ownership of proprietorship is difficult to transfer
- No distinction between personal and business income
These come in two types: general and limited. In general partnerships, both owners invest their money, property, labor, etc. to the business and are both 100% liable for business debts. In other words, even if you invest a little into a general partnership, you are still potentially responsible for all its debt. General partnerships do not require a formal agreement—partnerships can be verbal or even implied between the two business owners.
Limited partnerships require a formal agreement between the partners. They must also file a certificate of partnership with the state. Limited partnerships allow partners to limit their own liability for business debts according to their portion of ownership or investment.
Advantages of partnerships:
- Shared resources provides more capital for the business
- Each partner shares the total profits of the company
- Similar flexibility and simple design of a proprietorship
- Inexpensive to establish a business partnership, formal or informal
- Each partner is 100% responsible for debts and losses
- Selling the business is difficult—requires finding new partner
- Partnership ends when any partner decides to end it
Corporations are, for tax purposes, separate entities and are considered a legal person. This means, among other things, that the profits generated by a corporation are taxed as the “personal income” of the company. Then, any income distributed to the shareholders as dividends or profits are taxed again as the personal income of the owners.
Advantages of a corporation:
- Limits liability of the owner to debts or losses
- Profits and losses belong to the corporation
- Can be transferred to new owners fairly easily
- Personal assets cannot be seized to pay for business debts
- Corporate operations are costly
- Establishing a corporation is costly
- Start a corporate business requires complex paperwork
- With some exceptions, corporate income is taxed twice
Limited Liability Company (LLC)
Similar to a limited partnership, an LLC provides owners with limited liability while providing some of the income advantages of a partnership. Essentially, the advantages of partnerships and corporations are combined in an LLC, mitigating some of the disadvantages of each.
Advantages of an LLC:
- Limits liability to the company owners for debts or losses
- The profits of the LLC are shared by the owners without double-taxation
- Ownership is limited by certain state laws
- Agreements must be comprehensive and complex
- Beginning an LLC has high costs due to legal and filing fees
Q2. Define Accounting. Discuss the need of accounting.
Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash flows.
Accounting is one of the key functions of almost any business. It may be handled by a bookkeeper or an accountant at a small firm, or by sizable finance departments with dozens of employees at larger companies. The reports generated by various streams of accounting, such as cost accounting and managerial accounting, are invaluable in helping management make informed business decisions.
The financial statements that summarize a large company’s operations, financial position, and cash flows over a particular period are concise and consolidated reports based on thousands of individual financial transactions. As a result, all professional accounting designations are the culmination of years of study and rigorous examinations combined with a minimum number of years of practical accounting experience.
History of Accounting
The history of accounting has been around almost as long as money itself. Accounting history dates back to ancient civilizations in Mesopotamia, Egypt, and Babylon. For example, during the Roman Empire, the government had detailed records of its finances. However, modern accounting as a profession has only been around since the early 19th century.
Luca Pacioli is considered “The Father of Accounting and Bookkeeping” due to his contributions to the development of accounting as a profession. An Italian mathematician and friend of Leonardo da Vinci, Pacioli published a book on the double-entry system of bookkeeping in 1494.
By 1880, the modern profession of accounting was fully formed and recognized by the Institute of Chartered Accountants in England and Wales.4 This institute created many of the systems by which accountants practice today. The formation of the institute occurred in large part due to the Industrial Revolution. Merchants not only needed to track their records but sought to avoid bankruptcy as well.
Accountants may be tasked with recording specific transactions or working with specific sets of information. For this reason, there are several broad groups that most accountants can be grouped into.
Financial accounting refers to the processes used to generate interim and annual financial statements. The results of all financial transactions that occur during an accounting period are summarized in the balance sheet, income statement, and cash flow statement. The financial statements of most companies are audited annually by an external CPA firm.
For some, such as publicly-traded companies, audits are a legal requirement.6 However, lenders also typically require the results of an external audit annually as part of their debt covenants. Therefore, most companies will have annual audits for one reason or another.
Managerial accounting uses much of the same data as financial accounting, but it organizes and utilizes information in different ways. Namely, in managerial accounting, an accountant generates monthly or quarterly reports that a business’s management team can use to make decisions about how the business operates. Managerial accounting also encompasses many other facets of accounting, including budgeting, forecasting, and various financial analysis tools. Essentially, any information that may be useful to management falls underneath this umbrella.
Just as managerial accounting helps businesses make decisions about management, cost accounting helps businesses make decisions about costing. Essentially, cost accounting considers all of the costs related to producing a product. Analysts, managers, business owners, and accountants use this information to determine what their products should cost. In cost accounting, money is cast as an economic factor in production, whereas in financial accounting, money is considered to be a measure of a company’s economic performance.
Q3. Mr. Mukesh Rana carries on ready made garments business. A few transactions are given below. Identify the transactions to be recorded in the books of his business.
a) Purchased a typewriter for Rs. 6,000 for ofice use.
b) Sold old domestic furniture for Rs. 500.
c) Purchased cloth for garments for Rs. 10,000.
d) A shirt worth Rs. 250 is taken home for his son.
e) Appointed Satish as an assistant in the shop.
Q4. Differentiate between double entry system and single entry system
Q5. Discuss the classification of accounts with example.
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IGNOU PCO 01 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. PCO 01 PREPARATORY COURSE IN COMMERCE Solved Assignment 2022-23 Download Free We are genuinely work in this field for so many time. You can get your assignment done – 8130208920
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Q6. Journalise the following transactions, post them into ledger and balance the
1 st April 2022 Ashok commenced business with cash Rs. 1,20,000
3 rd April 2022 Purchased furniture for cash Rs. 24,000
4 th April 2022 Purhased goods from Vijay Rs. 36,000
5 th April 2022 Sold goods Rs. 4,800
7 th April 2022 Paid rent Rs. 3,000
Q7. What is a Bank Reconciliation Statement? Discuss the various causes of disagreement between the balances shown by the cash book and the pass book.
Q8. (a) Distinguish between the following:
(i) capital receipts and revenue receipts,
(ii) capital profits and revenue profits, and
(iii) capital losses and revenue losses.
(b) What is suspense account? When it is opened?
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IGNOU Instructions for the PCO 01 PREPARATORY COURSE IN COMMERCE Solved Assignment 2022-23
IGNOU PCO 01 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 PCO 01 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:
- Planning: Read the questions carefully. IGNOU PCO 01 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 PCO 01 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 PCO 01 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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