Nios Accountancy (224) Free Solved TMA Assignment 2021-22

Accountancy  224 Free Solved TMA Nios | Nios Kaksha
INTRODUCTION

You can make this TMA if you have to appear in the exam in April 2022 or October 2022, the TMA for both sessions is exactly the same. This TMA we made for you by a good Accountant/teacher, if you write it well you will get 95+%

Question And Answer

1. Answer any one of the following questions in about 40-60 words.
(b) What do you understand by External Liabilities. Give two examples of External Liabilities. (See Lesson 3)

Ans: External Liabilities: All obligations which a business has to pay back to external parties i.e lenders, vendors, etc. are termed as external liabilities.
Example - Borrowings, Creditors, Taxes, Overdraft.

2. Answer any one of the following questions in about 40-60 words.
(a) Explain the Dual aspect concept with the help of an example. ( See Lesson 2)

Ans: According to this Principle every business transaction has two aspects Debit or Credit" of the equal amount the system of recording transactions on the basis of the principle is known as the Double entry system.
Due to this principle, the two sides of the balance sheet are always equal and the following accounting equation always hold good
"Assets = Liabilities + Capital"

3. Answer any one of the following questions in about 40-60 words.
(a) Write short notes on tangible and intangible assets. (See Lesson 3)

Ans: (i) Tangible Assets: Tangible assets are those assets that have a physical body and can be seen and touched e.g furniture, machinery

(ii) Intangible Assets: Intangible assets are those assets that have no physical body & can be felt by operation e.g goodwill, Patient, Trade Mark, etc. 

4. Answer any one of the following questions in about 100 to 150 words.
(b) Explain the meaning and significance of Convention of Conservatism. (See Lesson 2)

Ans: Conservatism Principle: According to this principle, potential profits should not be recorded, but all potential losses should be recorded immediately. The objective of this principle is in no case to exaggerate the profits of the enterprise and this concept ensures that the true picture of the company is presented.

It takes into account all possible losses but not potential gains. This principle prescribe that anticipated expenses and losses should be accounted. Thus as a result liabilities may be overstated. This is a draw back it can be used to build a secret reserve.

The concept of conservatism needs to be applied with care and caution so that the reported results are not distorted.

5.Answer any one of the following questions in about 100 to 150 words.
(a) Prepare Accounting Equation on the basis of the following:

(i) Ankit started business with cash Rs. 1,80,000.
(ii) He purchased furniture for cash Rs. 20,000.
(iii) He purchased goods on credit Rs. 25,000.
(iv) He sold goods costing Rs. 18,000 for Rs. 40,000 for cash.

Ans

S. No.

Transaction

Assets

Cash + Furniture + Stock = Creditor

(i)

Ankit started business with cash

1,80,000 +  0         + 0           = 0         + 1,80,000

(ii)

Purchased Furniture

(20,000) + 20,000 + 0           = 0          + 0

(iii)

Neio Equation Purchased Good On Credit

1,60,000 + 20,000 + 0           = 0          + 1,80,000

0             + 0          + 25,000  = 25,000 + 0

(iv)

New Equation Sold Goods For Cash

1,60,000 + 20,000 + 25,000  = 25,000 + 1,80,000

40,000                       (18,000)              + 22,000


New Equation 

2,00,000+20,000   +7,000    = 25,000  + 2,02,000

(*Enable Desktop Mode For Read Table*)

6. Prepare any one project out of the given below:
(a) Prepare Credit Vouchers from the source vouchers of M/s G. K. Computers, South Ex,
New Delhi based on the following transactions:

April 4 Sold pen drives for cash vide Cash Memo No. 10 –Rs. 55,000
April 15 Sold old Computer Monitor for cash vide cash Memo No. 39–Rs. 19,000
April 30 Withdrawn cash from Bank for office use vide cheque No. 500417 –Rs. 15,000

Ans: (i) April 4 Sold pen drives for cash vide Cash Memo No. 10 –Rs. 55,000

M/s G.K Computer

Ex. New Delhi

Voucher No-1 

Dated: 4-4-2020

Amount ₹

Credit: Sales A/C

            (Being the sold pen drives for cash vide Cash Memo No. 10 -Rs. 55,000)

55,000



55,000

Sd

Manager

Sd

Accountant



(ii) April 15 Sold old Computer Monitor for cash vide cash Memo No. 39–Rs. 19,000

M/s G.K Computer

Ex. New Delhi

Voucher No 2 

Dated: 15-4-2020

Amount ₹

Credit: Sales A/C

            (Being the sold old Computer Monitor for cash vide. cash Memo No. 397)

19,000



19,000

Sd

Manager

Sd

Accountant



(iii) April 30 Withdrawn cash from Bank for office use vide cheque No. 500417 –Rs. 15,000

M/s G.K Computer

Voucher No 3 

Dated: 30-4-2020

Amount ₹

Credit: Bank A/C

            (Being the withdrawal cash from the Bank for office use vide. Cheque No. 500417)

15,000



15,000

Sd

Manager

Sd

Accountant


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