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Summer 2011-May drive MBA-I semester MB0041-Financial & Management Accounting – 4 Credits Book ID-( B1130 ) Assignment Set 1-(60 Marks) Note: Answer all the questions. 1. Accounting Principles are the rules based on which accounting takes place and these rules are universally accepted. Explain the principles of materiality and principles of full disclosure. Explain why these two principles are contradicting each other. Your answer should be substantiated with relevant examples. (10 Marks) 2. Journalize the below transactions, prepare relevant ledger accounts and finally trial balance. . ( 6+6+3 = 15 Marks) M/s Ventak Enterprise Pvt Ltd. 01.01.2009 Started business with cash Rs. 2,00,000 Goods Rs. 1,00,000 Furniture Rs. 50,000 01.01.2009 Opened Current Account with Rs. 1,00,000 02.01.2009 Placed an order with Ritik for the supply of goods of the list price of Rs. 1, 00, 00.In this connection, we paid 9% of the list price as an advance by cheque. 03.01.2009 Ritik supplied goods of the list price of Rs. 1, 00,000 less 12% trade discount. Packing and delivery charges Rs. 1,000. 04.01.2009 Purchased goods from Murali of the list price of Rs. 1,00,000 less 12% trade discount and paid him by cheque under a cash discount of 5% 05.01.2009 Received an order from Shyam for supply of goods of the list price of Rs. 1, 00,000 with an advance of 10% of list price. 06.01.2009 Supplied the above goods at 10% trade discount. Packing and delivery charges Rs. 1000. 07.01.2009 Goods costing Rs. 80,000 sold to Mr X at a profit of 20% on sales less 10% trade discount and 2% cash discount 08.01.2009 Goods (cost Rs. 3,000, Sales Price Rs. 4,000) taken away by the proprietor for his personal use. 09.01.2009 Shyam became insolvent and paid 80 paise in a rupee in full and final settlement 10.01.2009 Paid Ritik 80% on account. 11.01.2009 Goods (Cost Rs. 3,000 , Sales Price Rs. 4,000) stolen 12.01.2009 Paid Life Insurance Premium Rs. 1,000. 13.01.2009 Cash embezzled by an employee Rs. 1,000. 3....