ECO-14 Accountancy-II in English SOLVED ASSIGNMENT 2019-2020

ECO-14 Accountancy-II SOLVED ASSIGNMENT 2019-2020

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Course Code : ECO – 14
Course Title : Accountancy – II
Assignment Code : ECO-14/TMA/2019-20
Coverage : All Blocks

Title Name

ECO-14 Company Law 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-14 (ENGLISH)
Assignment Code ECO – 14/TMA/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.

 

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Attempt all the questions.
1. What are the three systems of maintaining the accounts of a dependent branch and describe
how is profit ascertained under each system? Explain how branch stock account helps in
keeping effective control over the branch stock? (20)
2. Jalani Distributors sold three light commercial vans to Jain Enterprises on January 1, 2017
on hire purchase system. The price of each van was Rs. 90, 000 payment of which was to be
made as follows:
(i) Rs. 30, 000 as down payment for each van
(ii) Remaining amount in 3 equal installment along with interest @15%
Jain Enterprises were charging depreciation @ 20% each year on written down value
method. After payment of the first installment as on December 31, 2017, they could not pay
further installments. It was agreed between the parties for repossession of two van adjusting
their values against the amount due. For the purpose of repossession, depreciation @ 30%
p.a. was charged.
Repossessed goods were repaired at a cost Rs. 2,000 and were then sold for Rs. 92,000.
Calculate the value of repossessed stock and show the necessary accounts in the books of
both the parties. (20)
3. (a) Explain how is goodwill treated when the incoming partner does not bring his share of
goodwill in cash?
(b) How will you work out the new capital of each partner if the capital is to be adjusted in
the new profit sharing ratio? Give Examples. (10+10)
4. XYZ Ltd. issued 1, 50,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share
payable Rs. 3 on application, Rs. 5 on allotment (including premium) and balance in two
calls of equals amount.
Applications were received for Rs. 2, 00,000 shares and pro rata allotment was made to all
the applicants. The excess application money was adjusted towards allotment. Mahesh, who
was allotted 400 shares failed to pay 1st and 2nd call and his shares were forfeited after the
second call. Pass the necessary journal entries in the books of XYZ Ltd. and also show the
Balance sheet. (20)
5. “Return on investment is considered to be the master ratio which reflects the overall
performance of the firm” Elucidate. (20)

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