DCM1103 FUNDAMENTALS OF ACCOUNTING I – MUJ ASSIGNMENT https://muj.assignmentsupport.in MUJ ASSIGNMENT SUPPORT Sat, 09 May 2026 21:55:57 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://i0.wp.com/muj.assignmentsupport.in/wp-content/uploads/2025/05/cropped-LOGO-JPG-1.jpg?fit=32%2C32&ssl=1 DCM1103 FUNDAMENTALS OF ACCOUNTING I – MUJ ASSIGNMENT https://muj.assignmentsupport.in 32 32 243817679 DCM1108 FUNDAMENTALS OF ACCOUNTING-1 JAN FEB 2026 https://muj.assignmentsupport.in/product/dcm1103-fundamentals-of-accounting-i/ Tue, 22 Apr 2025 08:13:38 +0000 https://muj.assignmentsupport.in/?post_type=product&p=1849 Match your questions with the sample provided in description Note: Students should make necessary changes before uploading to avoid similarity issues in Turnitin. If you need unique assignments Turnitin similarity between 0 to 20 percent Price is 700 per assignment Buy via WhatsApp at 8791514139]]>
SESSION JAN-FEB 2026
PROGRAM BACHELOR OF COMMERCE (B.COM)
SEMESTER I
COURSE CODE & NAME DCM1108 FUNDAMENTALS OF ACCOUNTING-1
   
   

 

 

Assignment Set – 1

 

Q.1. Explain the various current assets and current liabilities of a business organization. (5+5 = 10 Marks)

Ans 1.

Current Assets

These are the assets of a business organization that can be converted into cash or cash equivalents over the span of a few months, usually within one accounting year or operating cycle whichever is longer. These assets are liquid in way and they are crucial for satisfying the daily operational demands of the company. They appear on the assets side of the balance sheet and are listed according to the list of their liquidity beginning from the most liquid up to the most liquid.

Cash and cash equivalents are the most liquid form of cash assets. These include the physical

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Q.2. Explain the four main Accounting Conventions. (10 Marks)

Ans 2.

Accounting conventions are generally accepted practices and guidelines which accountants adhere to when preparing financial statements. They aren’t legally binding however, they have developed over time to ensure an uniformity, consistency, and comparability in financial reports. They assist in giving truthful and accurate information of a business’s financial performance.

 

 

Q.3. Prepare a double-column Cash Book with cash and bank columns from the following transactions for the Month of March 2026. (10 Marks)

Date                  (March 2026) Particulars Amount in Rs
1st Cash in hand 25,000
1st Cash in Bank 30,000
3rd Purchased goods for cash 6,000
5th Deposited cash in bank 10,000
8th Cash Sales 12,000
10th Paid to Chandni  by Cheque 4,500
15th Sold goods to Ashok Mehta on credit 4,000
16th Received cheque from Mahesh and deposited into bank the same day 7,000
18th Received cheque from Arun Kumar and deposited into bank 2,000
30th Purchased goods from Mr. Chopra on credit. 5,000
31st Bank charges for the month 400

 

Ans 3.

The Double Column Cash Book is an essential accounting record that records all transactions that are related to both cash and bank in a single book. It has two columns in each with one column for cash and another for bank making it easier to record receipts and payments efficiently. This type of cash book serves as both a journal and as a ledger. This reduces the

 

 

Assignment Set – 2

 

 

Ans 4.

  1. a) Straight Line Method (SLM)

The Straight Line Method, also known as”the Fixed Instalment Method or Original Cost Method is among the most frequently used methods for calculating depreciation on stationary assets. Under this method, the same amount of depreciation will be charged each year over the duration of the asset so that the asset is totally written off by the date of the estimated life. The formula

 

 

Q.5. From the following information, Prepare the Trading and Profit and Loss Account of Supreme Soul & Sons for the year ended 31st March 2025, in proper format, clearly mentioning the Gross profit and Net profit for the year ended 31st March 2025.  Closing stock was valued at Rs 200,000.

Particulars Amount Particulars Amount
Opening stock 100,000 Sales 7,20,000
General Expenses 20,000 Purchases Returns 5,000
Purchases 400,000 Creditors 50,000
Carriage outward 20,000 Capital 360,000
Wages 90,000 Carriage Inwards 5,000
Salaries 50,000 Drawings 40,000
Office Rent 50,000 Debtors 3,00,000
Sales returns 10,000 Advertising 20,000
Machinery 70,000 Cash 40,000

 

Ans 5.

The Trading and Profit and Loss Account is made to evaluate the financial performance of a business within a certain accounting period. It’s split in two sections of the trading Account as well as the Profit and Loss Account.

This Trading Account is prepared to determine the Gross Profit or Gross Loss. It covers all direct costs and revenues related to the principal business processes, such as purchase, opening stock of wages, transport inwards sales, closing inventory. Gross Profit can be defined as the amount of

 

 

Q.6. Explain the meaning and features of the Receipt and Payment account prepared by Not-for-Profit organisations and also explain how it is different from the Cash book. (6+4 = 10 Marks)

Ans 6.

Receipt and Payment Account

A Payment and Receipt Account is a summary of all cash and bank transactions of a Not-for-Profit Organisation for a specific accounting period. These organizations, such as clubs charitable trusts, hospitals, and educational institutions were established in order to supply services rather than making money. Thus, instead of making trading and Profit and Loss

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