Free Nios Accountancy (320) Solved Tutor Mark Assignment (TMA) 2024-25

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Accountancy

(320)

Tutor Mark Assignment (TMA) 2024-25

 

Write your name, enrollment number, AI name and subject on the top of the first page of the answer sheet. 

1. Answer any one of the following questions in about 40 to 60 words.

Q. (b) ‘All business transactions must be in terms of money.’ In the light of this statement explain the meaning and significance of money measurement concept.

 

Ans. The statement “All business transactions must be in terms of money” highlights the money measurement concept in accounting. This concept asserts that only transactions expressible in monetary terms are recorded. It ensures standardization, clarity, and precision in financial reporting, allowing stakeholders to easily understand a business's financial position. By quantifying transactions, it aids management in decision-making, budgeting, and performance evaluation. Furthermore, it provides a historical record for future analysis and audits. Overall, the money measurement concept is essential for effective business management, as it allows for consistent documentation and evaluation of financial activities.

 

2. Answer any one of the following questions in about 40 to 60 words.

Q. (b) ‘Agreement of Trial Balance is not the conclusive proof of the accuracy of accounts’. Comment.

 

Ans. The statement “Agreement of Trial Balance is not the conclusive proof of the accuracy of accounts” highlights the limitations of a trial balance in accounting. While it ensures that total debits equal total credits, it does not guarantee accuracy. Errors of omission, commission, or principle may go undetected, as transactions not recorded or misclassified can still result in a balanced trial balance. Additionally, fraudulent activities can create a false sense of accuracy. Therefore, while a trial balance is useful for identifying certain errors, it is not definitive proof of account accuracy; thorough audits are necessary for a true financial assessment.

 

3. Answer any one of the following questions in about 40 to 60 words.

Q. (b) Explain the procedure of preparation of Reports using Pivot Table.

Ans. To prepare reports using a Pivot Table in Excel, follow these steps:

1.     Prepare Your Data: Ensure your data is organized in a tabular format with clear headers for each column.

2.     Select Your Data Range: Highlight the entire data range you wish to analyze.

3.     Insert Pivot Table: Go to the Insert tab, click on PivotTable, and select where to place the Pivot Table (new or existing worksheet). Click OK.

4.     Build Your Pivot Table: In the Pivot Table Field List, drag fields into the Rows, Columns, Values, and Filters areas according to your analysis needs.

5.     Format the Pivot Table: Use PivotTable Tools to format and adjust the layout for clarity.

6.     Analyze Data: Utilize interactive features to expand/collapse data, sort, filter, or group information.

7.     Update the Pivot Table: Refresh the table to reflect changes in the source data.

8.     Create Charts: Optionally, generate Pivot Charts for visual analysis.

These steps enable efficient data summarization and analysis

 

4. Answer any one of the following questions in about 100 to 150 words.

Q. (b) Make journal entries if 200, 9% debentures of ₹ 500 each have been issued as:  (i) Issued at ₹ 500, redeemable at ₹ 500 

(ii) Issue at ₹ 450; redeemable at ₹ 500 

(iii) Issued at ₹ 550; redeemable at ₹ 500 

(iv) Issued at ₹ 500; redeemable at ₹ 550 

(v) Issued at ₹ 450; redeemable at ₹ 550

Ans.  (i) Issued at ₹500, redeemable at ₹500

Particular	L.F	Dr.	Cr.
Bank Account       …..Dr.             To 9% Debentures Account (Being Issued 200 debentures at ₹500 each)		1,00,000	1,00,000

 

(ii) Issue at ₹ 450; redeemable at ₹ 500

 

Particular	L.F	Dr.	Cr.
Bank Account       …..Dr. Loss on Issue of Debentures …. Dr.                               To  9% Debentures Account (Being Issued 200 debentures at ₹450 each)		90,000 10,000	1,00,000

 

  

(iii) Issued at ₹ 550; redeemable at ₹ 500

 

Particular	L.F	Dr.	Cr.
Bank Account       …..Dr.                                                  To  9% Debentures Account                    To  Profit on Issue of Debentures (Being Issued 200 debentures at ₹550 each)		1,10,000	1,00,000    10,000

 

(iv) Issued at ₹500; redeemable at ₹550

 

Particular	L.F	Dr.	Cr.
Bank Account       …..Dr.                                                  To  9% Debentures Account                    (Being Issued 200 debentures at ₹500 each)		1,00,000	1,00,000

 

(v) Issued at ₹450; redeemable at ₹550

 

Particular	L.F	Dr.	Cr.
Bank Account       …..Dr. Loss on Issue of Debentures ….. Dr.                                                  To  9% Debentures Account (Being Issued 200 debentures at ₹450 each)		90,000 10,000	1,00,000

5. Answer any one of the following questions in about 100 to 150 words.

Q. (a) Naman and Asmeta started business with capital of ₹ 1,00,000 each on January 1,2023. their drawings during the year were ₹ 1,000 and ₹ 500 per month respectively. The interest on drawing was ₹ 200 and ₹ 100 respectively. They are allowed interest on capital at 8% p.a. Naman is allowed a salary of ₹ 2,000 per month. They earned a profit of ₹ 94,000 before interest and salary. They share profit is the ratio of 2.1. Prepare Profit and Loss Appropriation Account for the year ended March 31, 2013 and Capital accounts of partners.

 

Ans.

6.  Prepare any one project out of the following.

(b) You know that businessman generally visit their banks to get updated position regarding their bank account. Visit any bank and enquire from the bank officer what discrepencies generally they notice in the items. They have recorded or not recorded the items or not recorded by their customers. Make a list of the discrepencies and show the effect on the bank balance.

 

 

Ans.                                                   

   Project Work

 

When businessmen visit banks to check their account balances, discrepancies can arise due to various reasons. Here’s a list of common discrepancies noticed by bank officers, along with their effects on bank balances:

Common Discrepancies and Their Effects on Bank Balances

1. Outstanding Cheques
• Description: Cheques issued by the customer that have not yet been cleared by the bank.
• Effect: The bank balance may appear higher than the actual available balance because these amounts have been deducted from the customer’s records but not yet from the bank’s records.
2. Deposits in Transit
• Description: Money deposited by the customer that the bank has not yet processed or recorded.
• Effect: The bank balance may appear lower than the actual balance as these amounts are included in the customer's records but not yet in the bank's.
3. Bank Fees and Charges
• Description: Service fees, overdraft charges, or other deductions that the bank has made but the customer has not recorded.
• Effect: The bank balance may be lower than the customer’s records due to unaccounted deductions.
4. Interest Payments
• Description: Interest earned on the account that has not been recorded by the customer.
• Effect: The bank balance may appear lower since the interest adds to the actual available balance but may not be reflected in the customer's records.
5. Errors in Recording Transactions
• Description: Mistakes made by the bank in recording deposits, withdrawals, or other transactions.
• Effect: These errors can either inflate or deflate the bank balance, depending on the nature of the error.
6. Direct Debits or Automatic Payments
• Description: Payments that have been automatically deducted by the bank but not recorded by the customer.
• Effect: This can cause the bank balance to be lower than expected since these deductions are not accounted for in the customer’s records.
7. Unrecorded Transactions by Customers
• Description: Transactions made by the customer (like deposits or withdrawals) that are not reflected in their own accounting records.
• Effect: This leads to discrepancies where the bank balance may seem accurate while the customer's records do not match.
8. Currency Conversion Differences
• Description: For accounts that deal with foreign currencies, fluctuations in exchange rates can lead to differences in recorded amounts.
• Effect: This can lead to discrepancies in the perceived bank balance depending on how conversions are recorded.

Summary of Effects

• Inflated Bank Balance: Due to outstanding cheques, unrecorded direct debits, and recording errors by the bank.
• Deflated Bank Balance: Due to deposits in transit, unaccounted bank fees, and unrecorded transactions by the customer.

These discrepancies highlight the importance of regular reconciliation between bank statements and personal or business accounting records to maintain accurate financial information.

Discrepancies and Their Effects on Bank Balance

S.No.	Reason of discrepency/actual Effect on account difference in the bank balance and the balance expected by the customer.	Effect on account
		Plus	Minus
1	Outstanding Cheques		Minus (-)
2	Deposits in Transit	Plus (+)
3	Bank Fees and Charges		Minus (-)
4	Interest Payments	Plus (+)
5	Errors in Recording Transactions	Could be Plus (+) or Minus (-) (depends on the nature of the error)	Could be Plus (+) or Minus (-) (depends on the nature of the error)
6	Direct Debits or Automatic Payments		Minus (-)
7	Unrecorded Transactions by Customers		Minus (-)
8	Any Conversion Differences	Could be Plus (+) or Minus (-) (depends on the exchange rate movement)	Could be Plus (+) or Minus (-) (depends on the exchange rate movement)

·  Plus (+) indicates an increase in the account balance. ·  Minus (-) indicates a decrease in the account balance.

 

 

 

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