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E.C.O – 02
ACCOUNTANCY-I ECO 02 Solved Assignment 2022-23
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Attempt
all the questions:
1. (a) “Ledger is said to be the principal book of entry and the
transactions can even be directly entered into the ledger account.” Elaborate
on the statement and explain why Joumal is necessary.
(b)
What is the purpose of noting on the bill? Is it necessary in case of a
promissory note?
2. Why
is distinction between capital and revenue important? Give examples to show ,
how wrong classification can affect the ascertainment of profit.
3. X of Bangalore consigned 100 bags of cement for sale to his
agent Y. Cost price of each bag is Rs. 120. 'X' immediately drew a 4 months
bill for Rs. 5,090 on the latter and discounted it with bank at 6% per annum.
'X' paid Rs. 800 on packing and Rs, 250 for carriage. 'Y' spent Rs. 300 as
selling expenses. The consignee returned 5 bags. He realised 20 bags at Rs. 130
per bag and 50 bags on credit at Rs. 140 per bag and took the balance in his
own stock at Rs. 135 per bag. Consignee is entitled to get commission of 3% and
2% del credre commission on credit sales. 'Y' recovered all money from debtors
except Rs. 500. Prepare the necessary ledger accounts in the books of both
parties.
4. What is Sectional Balancing? How does it differ from
Self-balancing? Give proforma of a Total Debtors Account.
5.
Differentiate between the following:
(a) Trading Account and Manufacturing Account
(b) Non-recurring and Recurring Expenses
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Assignment
2022-23.