NIOS Class 12th Accountancy English Medium Solve Assignment (TMA) 2021

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

(b) Which Accounting concept answers that all business transactions must be in terms of money? Explain the concept.

Ans- Money Measurement Concept: The concept of money measurement associates to such transactions of a business which can be recorded in the term of money on the books of Account the records are to be kept in monetary units alone and not on physical All the assets are consequently shown in monetary terms for accounting purpose. 

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

(a) On January 01,2020 M/s Rajesh Tea Company paid Rs. 20,000 in cash and a balanced amount of Rs. 80,000 by cheque to Madhav Tea company, prepare Debit Voucher.

Ans- 

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

(b) Suppose rent (payable) is outstanding for Rs. 10,000 December 2019. Which type of expenses it is? What entry will be passed for it?

Ans- Outstanding Rent are those expense which is due but not paid but services are already provided for this is actually a liability of the business against the services taken in such case, respective expense A/c to deistical and O/S expense liability Account to be credited 

Entry:

2019                                            …24 10,000

DEC RENT/AC

       To outstanding Rent A/C            10,000

       (For Rent outstanding)

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

(a) Following are the transactions of X and Sons for the month of July 2019. Make journal entries, post them into the ledger and balance the accounts.

2019 July Rs.

1 Commenced business, with cash = 1,00,000

5 Purchased furniture for cash = 20,000

20 Purchased goods from Rahul = 60,000

31 Paid salary by cheque = 10,000

Ans- 

Journal Entries

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

(b) X solid goods worth Rs. 60,000 to Y taking the bill at 3 months, their fare dated 1st July 2019. On 4th August, X discounted the bill at 5.5% p.a. with his bankers. At maturity, the bill was dishonored and on that date, Y paid Rs. 15,000 with no charges and accepted another bill at 3 months For Rs. 45,000 at 6% annual interest, but before maturity Y had become insolvent and ultimately he paid his creditors 75 paise in the rupee. Make the entries in X’s journal recording the above transactions.

Ans- 

6. Prepare any one project of the given below:

(a) You are an assistant accountant in a business unit, prepare the force of a journal and ledger with imagining entries.

Ans-