ECO-14 Accountancy-II Solved Assignment. Assignment Solution For July 2018 and January 2019
Course Code : ECO-14
Course Title : Accountancy-II
Assignment Code : ECO-14/TMA/2018-19
Coverage : All Blocks
Maximum Marks: 100
Attempt all the questions
- 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?
- 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.
- 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
- 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. 31 Cash received from customers 60,000 Dec. 31 Goods 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
- 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.