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IGNOU ECO – 02: Accountancy – I Assignment
Course Code : ECO - 02
Course Title : Accountancy – I
Assignment Code : ECO – 02/TMA/2015-16
Coverage : All Blocks

Attempt all the questions.
1. Define Accounting. Explain the accounting concepts which guide the accountant at the
recording stage. (20)

2. (a) Name items which are recorded at the invoice price in the Consignment Account. Give
reasons for consigning the goods at the invoice price.
(b) Explain the separate set of books method for maintaining joint venture accounts.
(10+10)

3. What is meant by single entry system? Distinguish it from Double Entry System. Explain the two methods of ascertaining profit when accounting records are incomplete.
(20)
4. Distinguish between the following:
a) Income and Expenditure Account & Receipts and Payments Account.
b) Straight line method and diminishing balance method of depreciation.
(10+10)

5. From the following Trial Balance prepare Trading and Profit & Loss Account for the year
ended 31st Dec., 2014 and Balance Sheet as on that date:

Dr. (Rs.) Cr. (Rs.)
Stock 1st Jan., 2014 22,300
Purchases and Purchases
Return 2,30,000 5,200
Freehold Premises 1,00,000
Incidental Trade Exp. 11,200
Insurance 1,850
Audit Fees 800
Commission Received 2,700
Interest 1,400
Debtors and Creditors 32,400 24,830
Wages 30,200
Salaries 15,200
Capital 1,50,000
Drawings 12,000
Income- Tax 3,600
Investments 8,000
Discount Allowed & received 7,500 4,200
Sales Return & Sales 6,400 3,17,400
B/R 5,200
Office Furniture 9,000
Rent 2,600

To download attachment of Assignment of IGNOU University B.Com Course ()
IGNOU ECO – 02: Accountancy – I Assignment