You are on page 1of 4

ECO-02

Bachelor’s Degree Programme (BDP)

ASSIGNMENT 2012-13

Elective Course in Commerce ECO-02: ACCOUNTANCY–1

For July 2012 and January 2013 admission cycle

School of Management Studies Indira Gandhi National Open University Maidan Garhi, New Delhi-110 068

You have to submit the assignment of all the courses to The Coordinator of your Study Centre. Assignment is given 30% weightage in the final assessment. Those who are enrolled in July 2012. 2 . To be eligible to appear in the Term-end examination. you have to do one Tutor Marked Assignment in this Course.Elective Course in Commerce ECO-02: Accountancy–1 ASSIGNMENT – 2012-13 Dear Students. This assignment is valid for two admission cycles (July 2012 and January 2013). you can submit the assignment responses within one month after receiving the study material. you should carefully read the instructions given in the Programme Guide. The validity is given below: 1. 2. Before attempting the assignments. For appearing in June Term-end Examination. As explained in the Programme Guide. you must submit assignments to the Coordinator of your study centre latest by 15th September Note : In case you receive the study material and assignments late. it is valid upto June 2013. it is compulsory for you to submit the assignment as per the schedule. it is valid upto December 2013. Those who are enrolled in January 2013. you must submit assignment to the Coordinator of your study centre latest by 15th March Similarly for appearing in December Term-end Examination.

450.35.000. Briefly explain the accounting concepts which guide the accountant at the recording stage. At the end of the year.000.00. 40. 269.” Elaborate and explain why journal is necessary. (a) (b) (c) (d) (e) (f) The purchase of Rs. The accountant transferred the difference of Rs. 430 to Ramdas were credited in his account Rs. A of Surat consigns goods to B of Jaipur to be sold at or above invoice price. 340. 60. (20) 3. In the year 2010 goods consigned by A were invoiced at Rs. 100 were taken by the proprietor which was not recorded. 540 was credited to sales account as Rs. Sales of Rs. “Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. During the year. 2010. A had received from B Rs. 2. Rectify these errors by passing Journal entries and prepare Suspense Account. 2. 2.50. Balance of Sales Return Book Rs.270 in the suspense account on the debit side.. (10+10) 2. 1.000 (including freight). The following mistakes were found later on. Sales made by B during the year amounted to Rs. (20) 3 . Goods worth Rs. certain remittances being in transit on 31st Dec.TUTOR MARKED ASSIGNMENT Course Code Course Title Assignment Code Assignment Coverage : : : : ECO-02 Accountancy–1 ECO-02/TMA/2012-13 All Blocks Maximum Marks : 100 Attempt all the questions 1. goods unsold with B represented an invoice value of Rs.000. (a) (b) Define Accounting. 296 to Kishan were entered in sales book as Rs. These goods cost to A Rs. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price realized. Prepare necessary ledger accounts in the books of both the parties.000 by bank drafts. 210 was not included in the accounts. 400 from Saran was entered into sales book but Saran’s personal account was rightly credited. Also show how the consignment stock will appear in the Balance Sheet. B accepted a bill of exchange drawn by A amounting to 50% of the invoice price. Sales of old furniture of Rs. Sales of Rs. The book of Deven Verma could not be tallied.

500.500 5.500 The Balances on 31st Dec.2010 @ 6% interest p. Debtors Rs 5. 2.800 On 1st January. 600 2. 2010 were: Debtors Rs. How is the balance of the provisions for depreciation account shown in the Balance Sheet? (10+10) 4 .900 and Stock Rs.000. 1.a. 1. 1. Receipts from Debtors Additional Capital Introduced on 1-9-2010 Loan from C on 1-7 .4. A merchant keeps incomplete records. 2.300 and Creditors Rs. During 2010 the analysis of his cash book was as under: Rs.800. Creditors Rs 1.000 300 Bank overdraft (1-1-2010) Payments to Creditors General Expenses Salaries Drawings Bank Balance (31-12-2010) Rs. Allow 5% depreciation on Building. Provide interest on C’s loan for six months.600. Building Rs. (a) (b) What do you mean by Income & Expenditure Account? How does it differ from Receipts & Payments Account? Describe the methods of recording depreciation in books of accounts.700 900 300 400 900 5. 2.800 4. Profit and Loss Account and Balance Sheet on 31-12-2010.500. Prepare trading. 2010 the following balances were recorded: Building Rs. Stock Rs. (20) 5. 6.