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IGNOU ASSIGNMENT GURU (2017-2018)

E.C.O.-2
Accountancy-I
Disclaimer/Special Note: These are just the sample of the Answers/Solutions to some of the Questions given in the
Assignments. These Sample Answers/Solutions are prepared by Private Teacher/Tutors/Authors for the help and guidance
of the student to get an idea of how he/she can answer the Questions in given in the Assignments. We do not claim 100%
accuracy of these sample answers as these are based on the knowledge and capability of Private Teacher/Tutor. Sample
answers may be seen as the Guide/Help for the reference to prepare the answers of the Questions given in the Assignment.
As these Solutions And Answers are prepared by the Private Teacher/Tutor so the chances of error or mistake cannot be
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denied. Any Omission or Error is highly regretted though every care has been taken while preparing these Sample
Answers/Solutions. Please consult your own Teacher/Tutor before you prepare a Particular Answer and for up-to-date
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and exact information, data and solution. Student should must read and refer the official study material provided by the
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university.
Attempt all the questions.
stage.
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Q. 1. Define Accounting. Explain the accounting concepts which guide the accountant at the recoding
Ans. According to American Accounting Association “accounting is the process of identifying, measuring and
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communicating economic information to permit informed judgements and decisions by users of the information.”
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Thus it becomes the language of business by communicating relevant and reliable information to the internal and
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external user groups by developing financial reports/ statements and helps decision making easier.
The activities of accounting can be briefly enlisted as follows:
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1. Analysing transactions and events.
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2. Passing necessary journal entries if required.
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3. Classification in to various ledger books.
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4. Summarising first in trial balance and then in financial statements.
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5. Analysing and interpreting the results in order to make decisions.
Accounting relies on several underlying concepts that guide the accountant at the recording stage and have a
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significant impact on the practice of the same.
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Assumptions: The following are basic financial accounting assumptions:
• Separate Entity Assumption: The business is an entity that is separate and distinct from its owners, so
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that the finances of the firm are not co-mingled with the finances of the owners.
• Going Concern Assumption: The business is going to be operating for the foreseeable future.
• Stable Monetary Unit Assumption: e.g. the U.S. dollar.
• Fixed Time Period Assumption: Info prepared and reported periodically (quarterly, annually, etc.)
Principles: The basic assumptions of accounting result in the following accounting principles:
• Historical Cost Principle: Assets are reported and presented at their original cost and no adjustment is
made for changes in market value. One never writes up the cost of an asset. Accountants are very
conservative in this sense. Sometimes costs are written down, for example, for some short-term investments
and marketable securities, but costs never are written up.
• Matching Principle: Matching of revenues and expenses in the period earned and incurred.
• Revenue Recognition Principle: Revenue is realised (reported on the books as earned) when everything
that is necessary to earn the revenue has been completed.
• Full Disclosure Principle: All of the information about the business entity that is needed by users is
disclosed in understandable form.
Modifying Conventions: Due to practical constraints and industry practice, GAAP principles are not always
applied strictly but are modified as necessary. The following are some commonly observed modifying conventions:
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• Materiality Convention: A modifying convention that relaxes certain GAAP requirements if the impact
is not large enough to influence decisions. Users of the information should not be overburdened with
information overload.
• Cost-benefit Convention: A modifying convention that relaxes GAAP requirements if the expected cost
of reporting something exceeds the benefits of reporting it.
• Conservatism Convention: When there is a choice of equally acceptable accounting methods, the firm
should use the one that is least likely to overstate income or assets.
• Industry Practices Convention: Accepted industry practices should be followed even if they differ from
GAAP.
Q. 2. Distinguish between the following:
(a) ‘Cash Basis’ and ‘Accrual Basis’ of accounting.
Ans. The difference between the two types of accounting is when revenues and expenses are recorded. In cash
basis accounting, revenues are recorded when cash is actually received and expenses are recorded when they are
actually paid (no matter when they were actually invoiced). In accrual basis accounting, income is reported in the
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fiscal period it is earned, regardless of when it is received, and expenses are deducted in the fiscal period they are
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incurred, whether they are paid or not. In other words, using accrual basis accounting, you record both revenues and
expenses when they occur. Accrual basis accounting is the method of accounting most businesses and professionals
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are required to use by law. Thus for the following reasons we consider the accrual basis more rational.
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No. Cash Basis Accrual Basis
1.
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All financial transactions events are based oncash
basis. This applies to all incoming receipts or outgoing
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payments or outflows of an enterprise.
Unlike the cash basis accounting method,
accrual method is based on the matching
and prudence concept. It also considers the
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proper way of recognising revenue.
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2. Based on this accounting method, revenue of the Without this accrual accounting method, the
enterprise is not been properly taken up nor expenses entity is not able to reflect the true obligations
in relation to earning the revenue are accounted for.
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to its suppliers or the correct amount owing
In other words, we can say that Cash-basis
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by its customers.
accounting does not recognize promises to pay or
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expectations to receive money or service in the future,
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such as payables, receivables, and prepaid expenses
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3. Normally, cash basis accounting applies to very small
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Normally, accrual accounting is practiced
concern where the recordings of transaction are during the accounting close so as to take up
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simple and does not need to conform to any generally
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all expenses and revenue not yet taken in
acceptable accounting principles. Also, cash basis the books of accounts.This normally form
accounting applies when the accounting process is part of the accounting routine of the
very short for example, the supplier invoices needs accounting month end adjustments.
to be paid very early or billings and collections involves
a very short span of time.
(b) ‘Capital Expenditure’ and ‘Revenue Expenditure’.

Ans. Distinction Between Capital And Revenue Capital Expenditure: Capital expenditure consists of
expenditure, the benefit of which is not fully enjoyed in one accounting period but spread over several accounting
periods. It includes assets acquired for the purpose of earning income or increasing the earning capacity of the
business or effecting economy in the operation of an asset. These are not meant for sale. Expenditure incurred for
improving assets and extending an existing asset is also capital expenditure.
The sum of invoice price, freight and insurance charges, installation and erection cost and custom duty etc. will
be capitalised in the books of a firm. These capital items appear on the assets side of Balance Sheet.
Examples
(a) Interest on capital paid during the period of construction of Company (u/s 208 of Indian Companies Act.).
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(b) Expenditure in connection with or incidental to the purchase or installation of an asset.

(c) Acquisition of new assets.
(d) Expenditure incurred for putting the old asset purchased, into working condition.
(e) Additions and extensions to existing assets.
(f) Interest and financing charges paid, brokerage and commission paid.
(g) Betterment of fixed assets or improvement of an asset to produce more, to improve its earning capacity or
to reduce its operating expenses or to increase the life of asset.
The cost of assets will be written off by way of depreciation over a period of its life. The amount of depreciation
is revenue expenditure and is debited to profit and loss account. The reason for charging depreciation to revenue i.e.
profit and loss account is that the asset is used for earning revenue. Hence the depreciation is charged to profit and
loss account. Thus, the benefit of capital expenditure does not exhaust in one year but extends over a number of
years of its use or life of the asset.
Revenue Expenditure
Revenue expenditure consists of expenditure incurred in one period of the accounting, the full benefit of which
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is enjoyed in that period only. This does not increase the earning capacity of the business but it is incurred in order to
maintain the existing earning capacity of the business. It includes all expenses which arise in normal course of
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business. The benefit of such expenditure is for a short period, say one year only and it is not to be carried forward
Examples
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to the next year. The expenditure is of a recurring nature i.e. incurred every year.
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(a) Purchase of raw materials for conversion into finished goods.
(b) Selling and distribution expenses incurred for sale of finished goods e.g. sales office expenses, delivery
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expenses, advertisement charges, etc.
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(c) Establishment expenses like salaries, wages, rent, rates, taxes, insurance, and depreciation on office equipment.
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(d) Depreciation of plant, machinery and equipment.
(e) Expenses incurred in order to maintain the existing fixed assets in an efficient and workable state such as
repairs to building, repairs to plant, white-washing and painting of building.
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All these items appear on the debit side of trading and profit and loss account, in case of trading concerns or
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income and expenditure account, in case of non-trading concerns.
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We have no hard and fast rule for distinguishing capital expenditure from revenue expenditure because the same
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item of expenditure may be treated as capital, revenue or deferred revenue depending upon the circumstances e.g.,
to a machinery dealer purchase of machinery is a revenue expenditure, while machinery purchased for manufacturing
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goods is a capital expenditure. In the same way, wage is generally revenue expenditure, but wage paid for the
installation and erection of machinery is a capital expenditure.
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Following principles are followed to make a distinction between capital expenditure and revenue expenditure:
Any expenditure that benefits the business for several accounting years is regarded as a capital expenditure;
while any expenditure which is incurred again and again is revenue expenditure. Any expenditure which is
not incurred repeatedly and regularly is a capital expenditure, while any expenditure which is incurred again
and again is revenue expenditure.
● Any expenditure incurred to improve the concern or increases the profit-earning capacity of the concern is
a capital expenditure. On the other hand, expenditure incurred to keep the activities of a concern going, is
revenue expenditure. Expenditure incurred after buying second-hand asset to bring into proper working
order is a capital expenditure. Expenditure incurred on the purchase and installation of a new asset is
regarded as capital expenditure.
Accounting fraud occurs because management chooses to classify revenue expenditure as capital expenditure.
The revenue expenditure should be taken up into the Income Statement but instead now being suspended or deferred
into the Balance Sheet. In the process, lesser expenses are being charge into the Income Statement, hence profit are
overstated to impress the investors or outsiders.
Strong GAAP and Accounting standards have classified what should be assets, what should be deferred in the
balance sheet so that there should be a clearer demarcation between Capital and Revenue expenditure
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We need to note that certain expenses are recognised as being of a capital nature, although no tangible property
may have been acquired as a result. Examples are research and development expenditure, pre-incorporation and
preliminary expenses, interest on borrowings for building, legal expenses to acquire property, additional renovations
to properties and others.
The classification of what is capital expenditure of a company might not be applicable to another company that
is not in the same industry. Say in a property based company, most land and buildings are revenue expenditure as they
are purchase with the intent for re-sale.
As we learned from the above, when the purpose of expenditure is to maintain the business it is revenue and if
it is to improve the business it is capital. However, at times in a company, the classification of pure capital or revenue
expenditure in a company is not so straightforward especially when there is a mixture of both capital and revenue
expenditure in nature.
(c) ‘Bill of Exchange’ and Promissory Note’
Ans. There are three parties, namely drawer, drawee and payee for a bill of exchange. In case of a Bill of
Exchange the drawer and payee may be the same person. There is an unconditional order to drawee to pay according
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to the drawer’s direction and it is payable after sight must be accepted by the drawee or someone else on his behalf
before it can be presented for payment. The liability of the drawer is secondary and conditional. While in case of a
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Promissory Note there are only two parties namely the maker and payee. In a Promissory Note the maker cannot be
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the payee and it contains an unconditional promise by the maker to pay to the payee or to his order. It can be
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presented for payment without any prior acceptance by the maker and the liability of a maker of promissory note is
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primary and absolute. A bill of exchange is a bill receivable for the drawer or the payee and a bill payable for the
drawee. Similarly a promissory note is a bill receivable for the payee and bill payable for the maker. Bill Receivables
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are assets for the business whereas bills payable are liability. For accounting purposes there is no distinction made
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between bill of exchange and the promissory note.
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(d) ‘Trading Account’ and ‘Manufacturing Account’
Ans. Trading Account and Manufacturing Account
Manufacturing account is an accounting statement that is an integral part of the final accounts of a
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manufacturing organization. For any particular period, it indicates among other things, prime cost of manufacturing,
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manufacturing overhead, the total manufacturing cost, and the manufacturing costs of finished goods. Some
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concerns like to ascertain the cost of goods manufactured by them during the year distinctly before they prepare
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the trading account and as certain the gross profit. This account is called the manufacturing account and is
prepared in addition to the trading account. It has the under mentioned characteristics:
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(i) Since the purpose of preparation of this account is to as certain the cost of goods produced during the year,
the opening and closing stocks of finished goods are not entered in it; they will figure in trading account.
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(ii) In respect of materials, it is the figure of materials consumed which is debited to the account. This figure is
obtained by adjusting the purchase of materials for the opening and closing stocks of materials e.g., opening
stock of raw materials Add: purchases of raw materials during the year Less: closing stock of raw materials
and cost of materials consumed.
(iii) In the manufacturing concern there will always be some unfinished goods or work-in-progress. The cost of
work-in-progress at the end of the year is credited to this account, shown in the balance sheet and debited
to the manufacturing account of next year as on opening balance.
(iv) All expenses in factory- wages, power and fuel, repairs and maintenance, factory salaries, factory rent and
rates are debited to this account. Depreciation on machinery is also debited to this account and not to the
profit and loss account as is usually done.
(v) Amounts raised by sale of waste or scrap materials are deducted from raw material purchases.
(vi) Now the difference is two sides of this account will be the cost of goods manufactured during the year. This
cost will be credited to manufacturing account and debited to trading account.
The trading account will now comprise only the opening and closing stock of finished goods, the cost of goods
manufactured as transferred from manufacturing account and sales of finished goods. The gross profit will be transferred
to profit loss account. The profit and loss account and the balance sheet will be prepared as already explained.
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Q. 3. What do you understand by invoice price? Name the items which are recorded at the invoice
price in the consignment account. Give journal entries passed for the adjustment of loading the respect of
each item.
Ans. Invoice price is the amount in excess of the cost price of the goods consigned. Thus it is the amount of
profit margin above the cost price. The consignor can transfer goods to the consignee at an inflated price instead of
cost of these goods. The reasons behind such practice could be manifold:
tems which usually involve loading are: 1. Opening stock, 2. Goods sent on consignment
Items: When goods are invoiced at invoice price

1. For goods sent on consignment Consignment A/c Dr.
To Goods sent on consignment A/c
(With the invoice price of goods)
Goods sent on consignment A/c Dr.
To Consignment A/c
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(With the amount of loading)
2. For goods returned by the consignee. Goods sent on consignment A/c Dr.
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To Consignment A/c
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(With the invoice price of goods)
Consignment A/c Dr.
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To Goods sent on consignment A/c
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3. For opening stock Consignment A/c Dr.
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To Stock on consignment A/c.
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(with the invoice price of opening stock)
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Stock Reserve A/c. Dr.
To Consignment A/c
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4. For closing stock.
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To Consignment A/c
(With the invoice price of closing stock)
Dr.
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Consignment A/c. Dr.
To Stock Reserve A/c
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Q. 4. (a) Discuss the drawbacks of single entry system of accounting. Briefly explain the two methods
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of ascertaining profit when accounting records are incomplete.
Ans. Following are the drawbacks of single entry system:
1. No checking of Arithmetical Accuracy: Arithmetical accuracy of the accounts can not be checked because
no agreed trial balance can be prepared.
2. No True Financial Performance: True financial performance can not be ascertained because trading and
Profit & Loss Account cannot be prepared.
3. No True Financial Position: True financial position cannot be ascertained because Balance Sheet cannot
be prepared.
4. No Recognition under Laws: such records are not recognised by the Courts, Sales Tax and Income Tax
Authorities.
5. It is difficult to conduct the audit of such records.
6. It is difficult to operate internal control system.
7. It is difficult to operate internal check system.
8. It is difficult to exercise control over assets.
9. It is difficult to detect fraud.
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Net Worth Method

Under this method profits are calculated by comparing the net worth at the beginning of the accounting period
with the net worth at the end of the accounting period. This method does not involve the preparation of trading and
profit and loss account. It is considered most suitable when the information available is too limited.
Computation of Net Worth
Net worth is the value of all of your assets, minus the total of all of your liabilities. Put another way, it is what you
own minus what you owe. If you owe more than you own, you have a negative net worth. If you own more than you
owe you will have a positive net worth. This calculator helps you determine your net worth. It also estimates how your
net worth could grow over years.
Conversion Method: There are two ways of preparing the final accounts i.e., by converting single entry
records in to complete double entry records including preparation of Trial Balance or by preparation of final accounts
simply by ascertaining certain missing items. The former method is called Full Conversion Method and the latter is
called Abridged Conversion Method.
Conversion methods are of two types:
1. Full Conversion Method: Preparation of final accounts after converting the single entry records after
converting the single entry records into complete double entry records including the preparation of Trail balance.
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Prepare the statement of affairs at the beginning and open all those real and personal accounts which do not appear
in the ledger maintained under single entry system. This may involve the opening of all real accounts (other than cash
and bank) and the personal accounts such as capital, drawings, loan outstanding expenses, outstanding incomes,
prepaid expenses etc. It can be done by passing an opening journal entry. From the cash book, complete postings into
all real and personal accounts opened above. Go through the debit side of the cash book and open all the incomes
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accounts in the ledger and make postings therein. Go through the credit side of the cash book and open all the
expenses accounts in the ledger and make postings therein. Make complete analysis of the customer’s accounts and
complete double entry in accounts like sales, sales return, bad debts, bills receivable etc. Make complete analysis of
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the supplier’s accounts and complete double entry in accounts of purchases, purchase returns, bad debts, bills
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payable etc. Go through all vouchers and documents and note whether certain other items require entry in books.
e.g. Old furniture sold which may involve some profit or loss. Prepare a trail and balance and ensure that double
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entry is complete in every respect. Then Profit and loss Account and Balance sheet can be prepared.
2. Abridged Conversion Method: In this conversion method a summary of all cash transactions are prepared
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for the entire period. This is known as receipt and payments account’. In this account the opening cash and bank
balances and enter all receipts during the year under various head of accounts and the closing balances of cash and
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bank are shown on its credit side. This enables us to identify the amounts of various incomes earned and expenses
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incurred. Total debtors and total creditors account to find out the amounts of credit sales and credit purchases
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respectively. This enables us to work out most of the figures required for preparing the final accounts.
(b) What is Sectioal Balacing? How does it differ from Self-Balancing?
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Ans. Under sectional balancing system the entries involving debtors and creditors are posted to two ledgers
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namely one aspect is there in the main ledger and the other aspect is there in the debtor/ creditor ledger. The name
is obvious because it balances a section of the total ledger System comprising of main, debtor and creditor ledger.
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Hence, the end- product of application of ‘Sectional Balancing system’ is a balanced main ledger and unbalanced
debtor and creditor ledger. It is rather difficult to conceive of a trial balance which is unbalanced. Hence when the
purpose is to balance both debtor and creditor ledger along with the main ledger, the system adopted is called Self-
Balancing System.
Difference between Sectional Balancing and Self-balancings:
Basis of Self-balancing System Sectional Balancing System
Distinction
Trial balance Separate trial balance is prepared in each ledger. Trial balance is prepared in G. L. only.
Double entry Double entry is completed in each ledger. Double entry is completed in G. L. only.
Control Control accounts are opened in all the ledgers. Control accounts are opened in G. L. only.
accounts
Volume of It involves more accounting work. It involves less accounting work.
accounting
Detection of It is easier to detect the error in this system, It is difficult to detect the errors in this system
errors because a separate trail balance is prepared because a separate trial balance cannot
for all the ledgers be prepared for each ledger.
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Format of Total Debtors Account:

Total Debtors Account
Date Particulars Amount Rs. Date Particulars Amount Rs.
To Balance b /d xx By Return inwards xx
To Credit sales xx By Discount Allowed xx
To Discount disallowed xx By Cash A/c xx
To Bank A/ c xx By Bank A/c xx
(Cheque dishonoured) By Bad debts xx
To B / R A/c xx By B / R A/c xx
(B/R dishonoured) By Balance c /d xx
To Total creditors A/c xx
(Endorsed Bill dishonoured)
To Interest on overdue A/c xx
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Q. 5. (a) State the steps involved in the preparation of receipts and payments account from the income
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and expenditure account. Give example.
Ans. For the preparation of Receipts & Payments Account from Income & Expenditure account all items
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appearing in income and expenditure account should be analysed one by one to find out their effect on the flow of
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cash. Income and expenditure account records all incomes & expenses of current period on accrual basis and so the
information appearing in the income and expenditure account is to be adjusted in the light of additional information
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given to find out inflow and outflow of cash on account of incomes and expenses respectively. Then, the information
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about capital receipt and capital payment included in additional information is analysed and recorded in the receipt and
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payment account. After recording all receipts and payments and opening balance of cash and bank the account is
balanced which reveals the closing balance of cash and bank. In some case the closing balance of cash and bank is
given and the opening balance is to be found out and in such case closing balance is to be carried forward along with
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all receipts and payments and the balancing figure reveals balance of cash and bank in the beginning of the period.
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Preparation of Receipts & Payments Account From Income & Expenditure Account:
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The preparation of Receipts and Payments Account from Income and Expenditure Account includes the following
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steps:
1. The capital items and receipts and payments relating to preceding or following year are to be excluded.
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2. Outstanding incomes and outstanding expenses are also to be excluded.
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3. Necessary adjustment relating to the receipts and payments on the basis income and expenditure given in
the income and expenditure account has to be made.
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4. In case of calculating the amount of subscription received we make adjustments in the income from
subscriptions which are just the reverse of what we would do while calculating the income from subscription
with the help of the data given in the receipts and payments account.
(b) Describe the methods of recording depreciation in the books of account. How is the balance of
the provision for depreciation account shown in the Balance Sheet?
Ans. Methods of Providing Depreciation: There are numerous methods of providing depreciation. Some of
the important methods are:
1. Straight-line method
2. Written-down value method
3. Sinking fund method
4. Depreciation fund method
5. Insurance policy method
6. Annuity method
7. Sum-of the- years’ digit’s method
8. Depletion method
9. Revaluation method.
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10. Machine-hour rate method

11. Production unit method
12. Renewals method.
Straight-Line
This method is the simplest of the three. It takes the original cost of the asset less its expected salvage value and
divides it by the number of years in its expected useful life. In the above example of the truck, if you purchased
it for Rs. 27,000, the depreciable value would be Rs. 27,000 – 7,500, or $19,500. This amount would be
divided by the useful life of five years to come to an annual depreciation amount of Rs. 3,900. Every year, you would
take a Rs.3,900 expense on your income statement to reflect the depreciation on the truck.
Declining Balance
This method, as well as the sum-of-the-years-digits, is called an accelerated depreciation method because by
nature of its calculation, it allows more depreciation in earlier years and less in later years.
The declining balance method (sometimes called the double declining balance method, but meaning the same
thing) applies a constant percentage to the declining book value of the asset.
Let’s go back to the truck example. If your depreciation rate is 20 percent, the depreciation over the five years
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that you own the truck would look like this:
Year
1
Percentage
20%
Book value
27,000
Depreciation
5,400
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2 20% 21,600 4,320
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3
4
20%
20%
17,280
13,824
3,456
2,765
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5 20% 11,059 2,212
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The book value at the end of the five years is Rs. 8,847. If you sell the vehicle for Rs. 7,500 at the end of the five
years, you have a loss on sale because the book value is higher than the sale price. Remember that book value has
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no relationship to market value. If you sold the vehicle for Rs. 9,500 you would have taken too much depreciation
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over the years and would have a gain on sale.
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There are two methods for recording depreciation in the books of accounts namely method 1and method 2.
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Method 1: Under this method the asset shows unexpired cost to be charged in the subsequent accounting
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periods. Unexpired cost is recorded on assets side of balance sheet. The entry will be:
Depreciation Account Dr.
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To Asset A/c
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Method 2: Under this method , asset account shows the original cost and accumulated depreciation account
shows depreciation charged to date. In Balance sheet original cost of the asset less accumulated depreciation is
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recorded on the asset side to show unexpired cost of the asset in the balance sheet. Alternatively, asset account
could be shown at original cost and accumulated depreciation account on the liability side. It must be recalled that
accumulated depreciation account is a valuation account.
The entry would be:
Depreciation A/c Dr.
To Accumulated Depreciation A/c
Provision for depriciation is shown alongwith assets as negative assets in the balance sheet. This is needed to
show the value of assets at correct value.
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IGNOU ASSIGNMENT GURU (2017-2018)

(b) ‘Capital Expenditure’ and ‘Revenue Expenditure’.

(b) Expenditure in connection with or incidental to the purchase or installation of an asset.

Items: When goods are invoiced at invoice price

R U Stock on consignment A/c.

Net Worth Method

Format of Total Debtors Account:

10. Machine-hour rate method

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