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IGNOU B.COM ECO-02 Solved Assignments 2010


Course Code : ECO-02
Course Title : Accountancy-1
Assignment Code : ECO-02/TMA/2010 -11
Maximum Marks : 100

Attempt all the questions.

1. (a) What do you understand by classification of accounts? Explain the different types
of accounts. (b) Explain the reasons on account of which the balance shown by the Pass
Book does not agree with the balance shown by the bank column of the Cash Book.
(10+10)

SolutionR  
              R

1 Asset
2. Expense
3. Revenue
4. Liability
5. Capital
m
                  R

1. Personal Accounts:                 


                      
 R

         R             


      !    "! #    "!   $  "        
     

%         R               
    ! !    !    &  ' 
( )  # $ '  ( * 
'             

+ #        R              


,               -          
        !      !        
      

.               ,           


                 .       
          /0   1    /!  2  3 
  

2. Real Accounts                


    !        !  !     ! 
        
m

0                       


      !            !     
     

3. Nominal Accounts:                !  


,      ! #  !    !   ! !    !      
             !       
                       
        

#   &   '       

     R &      ! '       

% #   R &     ! '     

+    R &  ,     ! '      !

The reasons on account of which the balance shown by the Pass


Book does not agree with the balance shown by the bank column of the Cash Book.

 ' 4              5     -   6&    


        4           -   6 .    

% ' 4              5     -   6 3     
      4      -   6   

+ 3       -            -     -   6 . 


5     -   6 3  

7 3    5,   '     -            -    


-   6 .  5     -   6 &   

8 3          -            -    


-   6 .  5     -   6 3  

9 &                   -     -   6 . 


5     -   6    

: &                        -    


-   6 .  5     -   6 3  

; &                   -    


-   6 .  5     -   6    

< -                           - 


   -   6 .  5     -   6 3  

= 5       '  -     -


m

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2. (a) What is Suspense Account? Why is it opened and how is it closed? (b) What are the
objectives of preparing a Balance Sheet? Distinguish between a Balance Sheet and a
Trial Balance. (10+10)

Solution: m /  /               


,   "  !        !        
      ,        -   !      
                    4     
              >   !      
                      
                   $  

Why is it opened and how is it closed


               2 &  .  ?  #  
 &  .  ?  #                 " 
 !      !   !              
                     
        ,2   ! 2    
  @ 

                  ! &  . 


-     ,                    
                          
         

1                   !     


                        
     3&      1  >             
                        
          2     2     
            2     2      
                   
     

The main objectives of preparing a Balance Sheet             
        0         !     
     R

A    B     R               ! 


                            
      '  ,   !     
A    ,             R C  !       
                          
         3                  
!       ,          
A .     R 3    ,              
   *       !           1      ! 
    ,    !           
m

A 1 2     2  R 3       ,    2 ' ! - ! 3    !


&   !            !    2   >
     !            1      !
 2     ,  4          !      


Distinguish between a Balance Sheet and a Trial Balance.


                           
                  ,           
         !   !              
 @ D  !    !    D   D 4       E
,   !       +=! %==<             
    4                  D 4 

                          3   


                       4  
         R             
    !                   !   
                         
                    
     

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3. A of Ahmedabad consigned goods to B of Mumbai for sale at performa invoice price or


over. B is entitled to have commission on sale at 5% on performa invoice price and 25%
of any surplus realized. Goods consigned by A to B during the year 2008, costs A
Rs. 20, 900 and invoiced at Rs. 28, 400. A paid Rs. 1,045 as freight and received
Rs. 15, 000 as advanced from B. 80% of the goods were sold by B for Rs. 26, 000.
B remitted the balance of proceeds after deducting the commission. Prepare necessary
ledger accounts in the books of A. (20)

Solution: Coming soon «

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4. (a) What is meant by incomplete records? What are their limitations?


(b) What do you understand by self-balancing system? How are ledgers made
self-balancing under it? State the advantages of this system. (10+10)

Solution: Incomplete records                


                     ! 
     !            4  1   
      4 !               
3       4        ,         
       D      

There are two major disadvantages to such incomplete 2      
 R               3        
m

            !           


         '                  
                    %       
               

                    > ! 


                  >  !  
                           
 !     ,    3    !    !       
                ,   3      
                          
               ' 4  !   
                          
   

                        


            3            
          !      ,          
 !     4      -  !          
    !                    
 

 4                       


F     !                 
                         >
,   !               !      
  !      '               !      
                    .    
            ,             
       1   4              
         

                   


             4       1!
   4                          
     '  !    4               
  

What do you understand by self-balancing system? How are ledgers made


self-balancing under it? State the advantages of this system

3                            


,        3                  
                         
   >                  
$    !  !       !     ! G!      
                       

===================================================================
m

5 (a) Laxmi Limited purchased a machine for Rs. 400000 on 1st July, 2005.
Depreciation is provided @ 10% p.a. on the Diminishing Balance Method.
on 1st October, 2007, one fourth of the machine was found unsuitable and
disposed off for Rs. 60, 000. On the same date a new machine at a cost of
Rs. 1,50, 000 was purchased. Prepare machine account from 2005 to 2008.
The accounts are closed on 31st December each year.
(b) What are the different types of Reserves? Explain. (10+10)

Solution: What are the different types of Reserves


              3  ,        R2

 1     
1                          5   
                     
                        
            

 '      
'                  3           
                          
        R2

        


%               
+           
7                    
8             
9 .              

 #      
#                           3 
          3             
               R2

 5,    
% .       
+ ?                 
7            
                 

        
  .      6 .          4 @     !    
       !       3          ! ,     
      

% .  #   
.                            
 
                    
                          
             3               
m

      !                       
      R
A         
A .              
A .         
A .            
A .    ,       ,  
A *            
A '          

-             !        

+ 1   #   
 >         
                          
  0            !          
         $                
    3           

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