ECO-14 Accountancy-II in English Solved Assignment 2018-2019

ECO-14 Solved Assignment 2018-19

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Course Code : ECO – 14
Course Title : Accountancy – II
Assignment Code : ECO – 14/TMA/2018-19
Coverage : All Blocks

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Attempt all the questions.
1. Explain how is goodwill treated in the books of accounts when the incoming partner does
not bring his share of goodwill in cash. What journal entries are to be passed when asset and
liabilities are revaluated at the time of admission of a new partner? (20)
2. The Delhi Cloth Mills LTD. Invited applications for 10,000 Shares of Rs. 100 each at a
premium of Rs. 10 each payable as below:
Rs. 50 on Application
Rs. 35 on Allotment (including premium) and
Rs. 25 on Call
Application for 15,000 shares were received. Application for 2,500 shares did not get any
allotment and their money was returned. Allotment was made pro-data to the remaining
applicants.
Mr. A was allotted 400 shares. He failed to pay the amount due on allotment and call
money. The company forfeited his shares and subsequently re-issued at Rs.105 per share.
Show the journal and Cash Book entries in the books of the company and also prepare the
Balance sheet. (20)
3. A Calcutta Head Office charges out goods supplied to its branch at cost plus 20 per cent.
From the following particulars, prepare the Branch Account and Branch Debtors Account in
the Head Office books:
Rs.
Goods sent to Branch 2, 11,872
Total Sales 2.06,400
Cash Sales 1, 10,400
Cash received from Branch Debtors 88,000
Branch Debtors at commencement 44,000
Branch Stock at commencement 7,680
Branch Stock at close of the period 13,440
(20)
4. A company sells goods of small value on hire-purchaser at cost plus 50%. From the
following particulars, prepare Hire-Purchase Trading A/c in the books of the Company:-
2017 RS
Jan. 1 Stock out with hire-purchase customers (at selling price) 9,000
Jan. 1 Stock at shop (at cost) 18,000
Jan. 1 Installment due 5,000
Dec. 31Cash received from customers 60,000
Dec. 31Goods repossessed (installment due Rs.2,000) valued 500
Dec. 31 Installment due, customers still paying 9,000
Dec. 31 Stock at shop at cost (including repossessed goods) 20,500
Dec. 31 Goods purchased during the year 60,000
(20)
5. What are those various ratios that are likely to help the management in forming the opinion
about the solvency position of the firm. Explain them with suitable examples.

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