ECO-02 Accountancy-1 in English Solved Assignment 2019-2020

ECO-02 Accountancy-1 Solved Assignment 2019-2020


Course Code : ECO-02
Course Title : Accountancy – 1
Assignment Code : ECO-02TMA/2019-20
Coverage : All Blocks

Title Name

ECO-02 Accountancy-1 Solved Assignment 2019-20

University IGNOU
Service Type Solved Assignment (Soft copy/PDF)
Course BCOM
Language ENGLISH
Semester 2019-2020 Course: BCOM
Session 2019-20
Short Name ECO-02 (ENGLISH)
Assignment Code ECO-02TMA/2019-20
Product Assignment of BCOM 2019-2020 (IGNOU)
Submission Date 1. Those who are enrolled in July 2019, it is valid up to June 2020.
2. Those who are enrolled in January 2020, it is valid up to December 2020.



Attempt all the questions
1. Define Accounting. What are its objectives? Briefly explain the accounting concepts
which guide the accountant at the recording stage. (3+5+12)
2. What are the various types of errors that are usually committed in the process of
accounting? Explain with the help of examples. (20)
3. Ram Das of Hyderabad consigned goods costing Rs. 72,000 to Prakash of Cochin at a
pro-forma invoice price which is cost plus a profit of 1/6th on invoice price. The
consignor paid Rs. 1,800 as insurance and other charges. Prakash received the goods and
paid Rs. 3,000 for freight and other charges. He was allowed 3% commission on gross
sales. 3/4th of the goods were sold at 33.33% profit on cost, half of which were credit
sales. Half of the balance was stolen, but the stock being insured, a claim was lodged for
Rs. 8,000 and was settled for Rs. 7,000. Balance of stock was valued at proforma invoice
price. Write up the Consignment and the Abnormal Loss Accounts. (20)
4. (a) Under what circumstances would you prepare Bills Receivable Account and Bills
Payable Account while preparing final accounts from incomplete records? Explain
(b) “Credit Sales can be ascertained either by preparing the total Debtors Account or with
the help of Memorandum Trading Account.” Discuss. (10+10)
5. (a) Describe the methods of recording depreciation in the books of account. How is the
balance of the provisions for depreciation account shown in the Balance Sheet?
(b) What is a secret reserve? Enumerate the method employed by a firm to create secret
reserves. Critically evaluate the practice from the viewpoint of general investors and
shareholders. (10+10)


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


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