Assembly

An assembly is the gathering of large number of individuals. This note provides you with the introduction, and types of Assembly.

Summary

An assembly is the gathering of large number of individuals. This note provides you with the introduction, and types of Assembly.

Things to Remember

  • An assembly is the gathering of a large number of individuals.
  • Mass assembly, annual general assembly, conference, and extraordinary assembly are the types of assembly

MCQs

No MCQs found.

Subjective Questions

Q1:

What are the procedures of preparing trial balance?


Type: Short Difficulty: Easy

Show/Hide Answer
Answer: <p>The trial balance can be prepared on daily or monthly or yearly basis as per the requirement of the business. It is prepared on a given date in a separate sheet of paper. It is prepared either using total method or balance method or compound method. The following are the procedures of preparing trial balance:</p> <ol><li><strong>Total method<br></strong>Under the total method, the trial balance is prepared with the debit and credit totals of all the ledger accounts.</li> <li><strong>Balance method<br></strong>Under the balance method, the trial balance is prepared with the debit and credit balances of all the ledger accounts.</li> <li><strong>Compound method<br></strong>Under the compound method, the trial balance is prepared with the debit and credit totals and balances of all the ledger accounts. Hence, the compound method is the combination of total and balance methods, which is also known as total cum balance method.</li> </ol>

Q2:

The following balances are extracted from the books of Progressive Store as on 31st Ashadh:

Particulars

Amount

Particulars

Amount

Opening stock

10,000

Carriage

5,000

Furniture

15,000

Creditors

5,000

Purchases

30,000

Capital

20,000

Salary

15,000

Sales

50,000


Type: Short Difficulty: Easy

Show/Hide Answer
Answer: <table><tbody><tr><td width="49"> <p>S.N.</p> </td> <td width="330"> <p>Heads of Accounts</p> </td> <td width="36"> <p>L.F</p> </td> <td width="108"> <p>Debit Balance</p> </td> <td width="115"> <p>Credit Balance</p> </td> </tr><tr><td width="49"> <p>1. </p> </td> <td width="330"> <p>Opening stock</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p>10,000</p> </td> <td width="115"> <p></p> </td> </tr><tr><td width="49"> <p>2. </p> </td> <td width="330"> <p>Furniture</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p>15,000</p> </td> <td width="115"> <p></p> </td> </tr><tr><td width="49"> <p>3. </p> </td> <td width="330"> <p>Purchases</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p>30,000</p> </td> <td width="115"> <p></p> </td> </tr><tr><td width="49"> <p>4. </p> </td> <td width="330"> <p>Salary</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p>15,000</p> </td> <td width="115"> <p></p> </td> </tr><tr><td width="49"> <p>5. </p> </td> <td width="330"> <p>Carriage</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p>5,000</p> </td> <td width="115"> <p></p> </td> </tr><tr><td width="49"> <p>6. </p> </td> <td width="330"> <p>Creditors</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p></p> </td> <td width="115"> <p>5,000</p> </td> </tr><tr><td width="49"> <p>7. </p> </td> <td width="330"> <p>Capital</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p></p> </td> <td width="115"> <p>20,000</p> </td> </tr><tr><td width="49"> <p>8. </p> </td> <td width="330"> <p>Sales</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p></p> </td> <td width="115"> <p>50,000</p> </td> </tr><tr><td width="49"> <p></p> </td> <td width="330"> <p>Total</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p>75,000</p> </td> <td width="115"> <p>75,000</p> </td> </tr></tbody></table>

Q3:

The following balances are extracted from the books of Fuji Company as on 30the Chaitra:

Particulars                              

Amount

Particulars

Amount

Capital

50,000

Land and building

45,000

Bank

30,000

Reserve fund

25,000

Cash

15,000

Creditors

15,000

Bills payable

10,000

Debtors

10,000


Type: Short Difficulty: Easy

Show/Hide Answer
Answer: <table><tbody><tr><td width="49"> <p>S.N.</p> </td> <td width="330"> <p>Heads of Accounts</p> </td> <td width="36"> <p>L.F</p> </td> <td width="108"> <p>Debit Balance</p> </td> <td width="115"> <p>Credit Balance</p> </td> </tr><tr><td width="49"> <p>1. </p> </td> <td width="330"> <p>Capital</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p></p> </td> <td width="115"> <p>50,000</p> </td> </tr><tr><td width="49"> <p>2. </p> </td> <td width="330"> <p>Bank</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p>30,000</p> </td> <td width="115"> <p></p> </td> </tr><tr><td width="49"> <p>3. </p> </td> <td width="330"> <p>Cash</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p>15,000</p> </td> <td width="115"> <p></p> </td> </tr><tr><td width="49"> <p>4. </p> </td> <td width="330"> <p>Bills payable</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p></p> </td> <td width="115"> <p>10,000</p> </td> </tr><tr><td width="49"> <p>5. </p> </td> <td width="330"> <p>Land and building</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p>45,000</p> </td> <td width="115"> <p></p> </td> </tr><tr><td width="49"> <p>6. </p> </td> <td width="330"> <p>Reserve fund</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p></p> </td> <td width="115"> <p>25,000</p> </td> </tr><tr><td width="49"> <p>7. </p> </td> <td width="330"> <p>Creditors</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p></p> </td> <td width="115"> <p>15,000</p> </td> </tr><tr><td width="49"> <p>8. </p> </td> <td width="330"> <p>Debtors</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p>10,000</p> </td> <td width="115"> <p></p> </td> </tr><tr><td width="49"> <p></p> </td> <td width="330"> <p>Total</p> </td> <td width="36"> <p></p> </td> <td width="108"> <p>1,00,000</p> </td> <td width="115"> <p>1,00,000</p> </td> </tr></tbody></table>

Q4:

The following balances are extracted from the books of Samjhana Medical Hall as on 31st Ashadh:

Particulars

Amount

Particulars

Amount

Capital

2,80,000

Opening stock

50,000

Wages

15,000

Purchases

2,50,000

Bank loan

40,000

Salary

70,000

Cash

5,000

Sales

1,00,000

Interest paid

10,000

Sales return

5,000

Creditors

30,000

Reserve fund

35,000

Investment

1,00,000

Account payable

20,000

Required: Trial Balance of Samjhana Medical Hall




Type: Short Difficulty: Easy

Show/Hide Answer
Answer: <p></p> <p>Trial Balance of Samjhana Medical Hall</p> <p>As on 31<sup>st</sup> Ashadh</p> <table><tbody><tr><td width="46"> <p>S.No.</p> </td> <td width="288"> <p>Heads of Account</p> </td> <td width="27"> <p>LF</p> </td> <td width="128"> <p>Debit Balance</p> </td> <td width="109"> <p>Credit Balance</p> </td> </tr><tr><td width="46"> <p>1. </p> </td> <td width="288"> <p>Capital</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p></p> </td> <td width="109"> <p>2,80,000</p> </td> </tr><tr><td width="46"> <p>2. </p> </td> <td width="288"> <p>Wages</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p>15,000</p> </td> <td width="109"> <p></p> </td> </tr><tr><td width="46"> <p>3. </p> </td> <td width="288"> <p>Bank loan</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p></p> </td> <td width="109"> <p>40,000</p> </td> </tr><tr><td width="46"> <p>4. </p> </td> <td width="288"> <p>Cash</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p>5,000</p> </td> <td width="109"> <p></p> </td> </tr><tr><td width="46"> <p>5. </p> </td> <td width="288"> <p>Interest paid</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p>10,000</p> </td> <td width="109"> <p></p> </td> </tr><tr><td width="46"> <p>6. </p> </td> <td width="288"> <p>Creditors</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p></p> </td> <td width="109"> <p>30,000</p> </td> </tr><tr><td width="46"> <p>7. </p> </td> <td width="288"> <p>Investment</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p>1,00,000</p> </td> <td width="109"> <p></p> </td> </tr><tr><td width="46"> <p>8. </p> </td> <td width="288"> <p>Opening stock</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p>50,000</p> </td> <td width="109"> <p></p> </td> </tr><tr><td width="46"> <p>9. </p> </td> <td width="288"> <p>Purchases</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p>2,50,000</p> </td> <td width="109"> <p></p> </td> </tr><tr><td width="46"> <p>10. </p> </td> <td width="288"> <p>Salary</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p>70,000</p> </td> <td width="109"> <p></p> </td> </tr><tr><td width="46"> <p>11. </p> </td> <td width="288"> <p>Sales</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p></p> </td> <td width="109"> <p>1,00,000</p> </td> </tr><tr><td width="46"> <p>12. </p> </td> <td width="288"> <p>Sales return</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p>5,000</p> </td> <td width="109"> <p></p> </td> </tr><tr><td width="46"> <p>13. </p> </td> <td width="288"> <p>Reserve fund</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p></p> </td> <td width="109"> <p>35,000</p> </td> </tr><tr><td width="46"> <p>14. </p> </td> <td width="288"> <p>Account payable</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p></p> </td> <td width="109"> <p>20,000</p> </td> </tr><tr><td width="46"> <p></p> </td> <td width="288"> <p>Total</p> </td> <td width="27"> <p></p> </td> <td width="128"> <p>5,05,000</p> </td> <td width="109"> <p>5,05,000</p> </td> </tr></tbody></table>

Q5:

The following are the balances of ledger accounts extracted on 31st Ashadh from the books Imange Emporium:

Particulars

Amount

Particulars

Amount

Opening Stock

10,000

Sales return

500

Purchases

20,000

Purchase return

1,000

Sales

36,000

Capital

20,000

Sundry debtors

5,000

Drawing

1,500

Sundry creditors

6,000

Cash balance

26,000

Required: Trial Balance of Image Emporium


Type: Short Difficulty: Easy

Show/Hide Answer
Answer: <p>Trial Balance of Image Emporium</p> <p>As on 31<sup>st</sup> Ashadh</p> <table><tbody><tr><td width="46"> <p>S.No.</p> </td> <td width="234"> <p>Heads of Account</p> </td> <td width="27"> <p>LF</p> </td> <td width="114"> <p>Debit Balance</p> </td> <td width="120"> <p>Credit Balance</p> </td> </tr><tr><td width="46"> <p>1. </p> </td> <td width="234"> <p>Opening Stock</p> </td> <td width="27"> <p></p> </td> <td width="114"> <p>10,000</p> </td> <td width="120"> <p></p> </td> </tr><tr><td width="46"> <p>2. </p> </td> <td width="234"> <p>Purchases</p> </td> <td width="27"> <p></p> </td> <td width="114"> <p>20,000</p> </td> <td width="120"> <p></p> </td> </tr><tr><td width="46"> <p>3. </p> </td> <td width="234"> <p>Sales</p> </td> <td width="27"> <p></p> </td> <td width="114"> <p></p> </td> <td width="120"> <p>36,000</p> </td> </tr><tr><td width="46"> <p>4. </p> </td> <td width="234"> <p>Sundry debtors</p> </td> <td width="27"> <p></p> </td> <td width="114"> <p>5,000</p> </td> <td width="120"> <p></p> </td> </tr><tr><td width="46"> <p>5. </p> </td> <td width="234"> <p>Sundry creditors</p> </td> <td width="27"> <p></p> </td> <td width="114"> <p></p> </td> <td width="120"> <p>6,000</p> </td> </tr><tr><td width="46"> <p>6. </p> </td> <td width="234"> <p>Sales return</p> </td> <td width="27"> <p></p> </td> <td width="114"> <p>500</p> </td> <td width="120"> <p></p> </td> </tr><tr><td width="46"> <p>7. </p> </td> <td width="234"> <p>Purchase return</p> </td> <td width="27"> <p></p> </td> <td width="114"> <p></p> </td> <td width="120"> <p>1,000</p> </td> </tr><tr><td width="46"> <p>8. </p> </td> <td width="234"> <p>Capital</p> </td> <td width="27"> <p></p> </td> <td width="114"> <p></p> </td> <td width="120"> <p>20,000</p> </td> </tr><tr><td width="46"> <p>9. </p> </td> <td width="234"> <p>Drawing</p> </td> <td width="27"> <p></p> </td> <td width="114"> <p>1,500</p> </td> <td width="120"> <p></p> </td> </tr><tr><td width="46"> <p>10. </p> </td> <td width="234"> <p>Cash balance</p> </td> <td width="27"> <p></p> </td> <td width="114"> <p>26,000</p> </td> <td width="120"> <p></p> </td> </tr><tr><td width="46"> <p></p> </td> <td width="234"> <p>Total</p> </td> <td width="27"> <p></p> </td> <td width="114"> <p>63,000</p> </td> <td width="120"> <p>63,000</p> </td> </tr></tbody></table>

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Procedures of Preparation to Trial Balance
Assembly

Assembly

Introduction

An assembly is the gathering of a large number of individuals. Such assembly is organizing to express the views, opinions and provide information on specific issues which affect the interest of a large number of people. It is organized formally by determining the subject of issues, date, place and time of assembly. In such assembly, few numbers of selected individuals give a speech on the issues and others to listen to them. There is no interaction between the speaker and listener. It is organized to address on important organizational, political, social, economical and cultural issues. It draws the attention of the large people to the current burning problems of the society. Since, the assembly is organized on important issues, the opinions; views and information are communicated to the general people through radio, television, newspaper, etc. Assembly of shareholders of a company, assembly of a political party, assembly of a house of representatives, constitutional assembly, etc. are some of the examples of assembly.

Types of Assembly

The following are the main types of assembly:

  1. Mass Assembly: A mass assembly is one in which participation is open to all. It is a very large size organization in which interested person can take participation. It is organized to make people aware of present political, social, economical and religious issues. As stated earlier, such assembly is organized formally in which few selected person speak and others listen to them. The subject of the mass assembly is of national importance due to which opinions and decisions of such assembly are equally important both to people and government. A mass assembly takes the participation from all regions, group, sector and professions.
  2. Annual general assembly: The assembly which is held once a year is called an annual general assembly. It is the assembly of shareholders. All the shareholders can participate in this assembly. This is a compulsory assembly. According to Nepal Act, 2053, to call this assembly, a pre- notice of 21 days should be issued to all the shareholders. Such notice should include the information regarding date, place, time and agenda of the assembly. Further, a copy of auditor's report and board report is attached with the notice and sent to the shareholders. These reports fully reflect the performance and position of the company. An annual general assembly is called to elect new directors, declare a dividend, and appoint the auditor and to fix his remuneration. These types of the assembly are also called a discussion and pass the audited final accounts of the company and evaluate the report of Board of Directors and Auditors.
  3. Conference: Conference is a type of assembly which is commonly organized by political parties. It is assembly; only selected members of the political party take active participation. It is organized to elect the leaders of the party, and constitution of the party, form policies, change policies and give direction for the smooth and efficient operation of the activities of the party. It makes a discussion on the present political issues and systems and takes a decision. In such conference, papers and reports are presented discussed and approved by the majority of the participants. A conference is a strong means for evaluating the overall performance of a political party.
  4. Extraordinary assembly: Sometimes, due to some pressing need of the time, the shareholders have to meet urgently for making urgent decisions. An assembly which is held to meet urgently and without any pre- plan is called an extra- ordinary assembly. It is organized under some pressure due to some unexpected crisis. A company may not be in condition to wait up to the annual general assembly to discuss and decide something that has to be promptly responded. An extraordinary assembly is held between two annual general assemblies. This type of assembly is also called Special Assembly.

Lesson

Assembly, Meeting and Seminar

Subject

Accountancy

Grade

Grade 9

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