ECO-02 Accountancy-1 in English Solved Assignment 2020-2021

ECO-02 Accountancy-1

Solved Assignment 2020-2021

COURSE CODE : ECO-02
COURSE TITLE : ACCOUNTANCY-I
ASSIGNMENT CODE : ECO-02/TMA/2020-21
COVERAGE : ALL BLOCKS

Attempt all the questions:
1. What is meant by Bank Reconciliation Statement? What are the main causes of
differences between the cash balance shown by Cash Book and Pass Book?
Explain the steps involved in preparation of a Bank Reconciliation Statement.
(20)
2. Give journal entries for the following adjustments and also explain the accounting
treatment of these adjustments while preparing the Final Accounts of an
Enterprise?
i. Interest received in advance Rs. 600
ii. Interest on drawings Rs. 1200
iii. Provision for discount on creditors Rs. 400
iv. Loss of goods by theft Rs. 9,000
v. Drawings of goods by the proprietor Rs. 800
(20)
3. a) What procedure is followed for valuation of closing stock when normal and
abnormal losses occur simultaneously. Explain with suitable examples.
b) Explain various methods of recording the joint venture transactions without
maintaining separate set of books.
(10+10)
4. What are the salient features of Single Entry System? Discuss the drawbacks of
Single Entry System of Accounting. Briefly explain the two methods of
ascertaining profit when accounting records are incomplete.
(20)
5. Explain the meaning of the following terms and show how will you treat them
while preparing the final accounts of a non-trading concern?
i. Legacy
ii. General Donation
iii. Life Membership Fees
iv. Receipts for Tournament Fund
v. Sale of used Sports Materials

ECO-02, ECO-2, ECO 02, ECO 2, ECO02, ECO