IGNOU BCOC-131 Solved Assignments PDF Download 2025-26
Assignment carries 30% weightage in the final assessment. To be eligible for the Term-End Examination, submission of assignments as per schedule is compulsory. Carefully read instructions in the Programme Guide before attempting.
These assignments are valid for two admission cycles: 1 July 2025 and 30 June 2026.
- Enrolled in 1 July 2025 – Valid up to December 2025
- Enrolled in January 2026 – Valid up to June 2026
Here is the IGNOU Solved Assignments Free PDF Download 2025 for BCOC 131 Financial Accounting. These answers are prepared for students submitting assignments in October 2025 and March 2026. Students can also refer to the official IGNOU eGyankosh for study material.
University Details
- University: IGNOU
- Assignment Title: Financial Accounting
- Course Code: BCOC-131
- Program Code: BCOMG
- Session: 1 July 2025 – 30 June 2026
Section A (10 Marks Each)
Q1. Name items recorded at invoice price in Consignment Account. Give journal entries for loading adjustment.
Answer:
Items sent on consignment such as goods are recorded in the Consignment Account at invoice price because this is the cost price charged by the consignor to the consignee. This price often excludes additional expenses like freight, insurance, and cartage, which are added later as loading to calculate the true cost.
Loading adjustment includes these extra costs which are borne by the consignor or consignee to ensure the cost reflects all expenses related to sending goods.
Journal entries for loading:
- When loading expenses occur, debit the Consignment Expense Account (part of consignment costing), and credit Cash or Supplier Account depending on payment nature.
- Example:
- Debit Consignment Expense A/c
- Credit Cash/Bank A/c
- This entry records the added costs to the consignment value, ensuring profitability is accurately measured.
Q2. Why is the journal subdivided? Name the special journals and transactions entered in them.
Answer:
The journal is subdivided to ease the bookkeeping process. Recording all transactions in a single journal becomes time-consuming, confusing, and prone to errors. By creating special journals, accountants can group similar types of transactions, speeding up recording, and simplifying ledger posting.
Common special journals and transactions:
- Sales Journal: Records all credit sales.
- Purchase Journal: Contains all credit purchases.
- Cash Receipts Journal: Used for all cash inflows.
- Cash Payments Journal: Records all cash outflows such as bills paid or expenses.
This division prevents duplication, helps maintain clear records, and reduces the work needed to post individual transactions to the ledger.
Q3. How are branch balances incorporated in Head Office books at year-end?
Answer:
Branches often maintain separate books for local operations. At the financial year’s end, branch balances — such as debtors, stock, and cash — are consolidated into the Head Office books. This is done by:
- Recording amounts due from the branch (assets) in the Head Office books.
- Recording amounts payable to the branch as liabilities.
It ensures the Head Office has a true financial picture by including the performance and position of all branches. For branches maintaining full accounting records, the net profit or loss is also transferred accordingly to the Head Office.
Q4. What are accounting concepts? Explain concepts guiding the recording stage.
Answer:
Accounting concepts are fundamental assumptions and rules guiding the preparation of financial statements. They help ensure uniformity, clarity, and reliability of financial information.
Key concepts at the recording stage:
- Going Concern: Assumes business will continue indefinitely, so assets are recorded at cost rather than liquidation value.
- Matching: Expenses are matched with revenues they help generate, ensuring accurate profit calculation.
- Consistency: The same accounting methods are used from one period to another to ensure comparability.
By following these concepts, accounting records remain meaningful and comparable.
Q5. Explain the need and significance of depreciation. What factors determine the amount of depreciation?
Answer:
Depreciation accounts for the reduction in value of fixed assets over time due to wear and tear or technological obsolescence. It helps in:
- Spreading the cost of asset over its useful life.
- Reflecting true asset value on the balance sheet.
- Charging expenses fairly against revenue earned during the period.
Factors determining depreciation include:
- Cost: Initial purchase price plus all costs needed to prepare asset for use.
- Useful life: Estimated time the asset will be productive.
- Salvage value: Expected residual value when asset is no longer useful.
- Usage: Intensity or amount of use can affect depreciation.
Proper depreciation ensures accurate profit calculation and financial reporting.
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