ECO-02 Solved Assignment 2023-24

Course Code	ECO-02
Course Title	Accountancy-1
Assignment Number	BCA (II)/02/Assignment/2023-24
Maximum Marks	100
Weightage	25%
Last Dates for Submission	31 st October, 2023 (For July Session) 30 th April, 2024 (For January Session

Note: There are six questions in this assignment which carried 100 marks. Answer all the questions. Please go through the guidelines regarding assignments given in the Program Guide for the format of presentation.

Attempt all the questions:

Q1. Define accounting and explain its scope, objectives advantages and limitations.

Q2. Write about the Bank Reconciniation Statement, what are the main causes of difference.

Q3. Write notes on the following concepts:

a) Going Concern Concept

b) Conservatism

c) Consistency

d) Materiality

Q4. Sohan drew on Mohan a bill for Rs. 1,500 for 3 months on June 1, 2023. The bill was endorsed to Rohan. On July 15, Mohan approaches Sohan to renew the bill for a period of tree months and charges Rs. As interest. Sohan agress to renew the bill. Mohan pays the amount of interest in cash and accepts a new bill for Rs. 1,500. The bill is honoured on the due date. Record these transactions in the books of various parties.

Q5. From the following figures prepare Trading and Profit and Loss Account of Lakshmi & Co. for the year ended December 31, 1987.

	Rs.
Stock on January 1, 1987	40,000
Purchases	98,000
Commission Received	650
Rent, Rates and Taxes	8,600
Salaries & Wages	12,000
Sales	1,62,100
Returns Inwards	2,400
Returns Outwards	3,000
Sunday Expenses	2,500
Bank Charges	50
Discount Received	750
Carriage on Purchases	2,000
Discount Allowed	530
Carriage on Sales	1,700
Lighting and Heating	2,200
Postage	300
Income from Investments	500
Commission Paid	1,000
Interest paid on a bank loan	550

The stock on December 31, 1987 was valued at Rs. 26,000