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- 1 IGNOU ECO 02 Solved Assignment 2022-23
- 2 1. (a) “Ledger is said to be the principal book of entry and the transactions can even be directly entered into the ledger account.” Elaborate on the statement and explain why Joumal is necessary.
- 3 (b) What is the purpose of noting on the bill? Is it necessary in case of a promissory note?
- 4 2. Why is distinction between capital and revenue important? Give examples to show, how wrong classification can affect the ascertainment of profit.
- 5 3. X of Bangalore consigned 100 bags of cement for sale to his agent Y. Cost price of each bag is Rs. 120. ‘X’ immediately drew a 4 months bill for Rs. 5,090 on the latter and discounted it with bank at 6% per annum. ‘X’ paid Rs. 800 on packing and Rs, 250 for carriage. ‘Y’ spent Rs. 300 as selling expenses. The consignee returned 5 bags. He realised 20 bags at Rs. 130 per bag and 50 bags on credit at Rs. 140 per bag and took the balance in his own stock at Rs. 135 per bag. Consignee is entitled to get commission of 3% and 2% del credre commission on credit sales. ‘Y’ recovered all money from debtors except Rs. 500. Prepare the necessary ledger accounts in the books of both parties.
- 6 4. What is Sectional Balancing? How does it differ from Self-balancing? Give proforma of a Total Debtors Account.
- 7 IGNOU ECO 02 Solved Assignment 2022-23
- 8 GET IGNOU Handwritten Hardcopy , WhatsApp – 8130208920
- 9 5 Differentiate between the following: (a) Trading Account and Manufacturing Account (b) Non-recurring and Recurring Expenses
- 10 Get IGNOU ECO 02 Solved Assignment 2022-23 Download Free Now here from this website.
- 12 GUIDELINES FOR IGNOU Assignments 2022-23
- 13 IGNOU Assignment Front Page
- 14 ECO 02 Handwritten Assignment 2022-23
IGNOU ECO 02 Solved Assignment 2022-23
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Important Note – IGNOU ECO 02 Solved Assignment 2022-2023 Download Free You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.
Submission Date :
- 31st March 2033 (if enrolled in the July 2033 Session)
- 30th Sept, 2033 (if enrolled in the January 2033 session).
All questions are compulsory.
1. (a) “Ledger is said to be the principal book of entry and the transactions can even be directly entered into the ledger account.” Elaborate on the statement and explain why Joumal is necessary.
A journal is a detailed account that records all the financial transactions of a business, to be used for the future reconciling of accounts and the transfer of information to other official accounting records, such as the general ledger. A journal states the date of a transaction, which accounts were affected, and the amounts, usually in a double-entry bookkeeping method.
Understanding a Journal
For accounting purposes, a journal is a physical record or digital document kept as a book, spreadsheet, or data within accounting software. When a business transaction is made, a bookkeeper enters the financial transaction as a journal entry. If the expense or income affects one or more business accounts, the journal entry will detail that as well.
Journaling is an essential part of objective record-keeping and allows for concise reviews and records-transfer later in the accounting process. Journals are often reviewed as part of a trade or audit process, along with the general ledger.
Typical information that is recorded in a journal includes sales, expenses, movements of cash, inventory, and debt. It is advised to record this information as it happens as opposed to later so that the information is recorded accurately without any guesswork at a later date.
Having an accurate journal is not only important for the success of a business, by spotting errors and budgeting correctly, but is also imperative when taxes are filed.Using Double-Entry Bookkeeping in Journals
Double-entry bookkeeping is the most common form of accounting. It directly affects the way journals are kept and how journal entries are recorded. Every business transaction is made up of an exchange between two accounts.
This means that each journal entry is recorded with two columns. For example, if a business owner purchases $1,000 worth of inventory with cash, the bookkeeper records two transactions in a journal entry. The cash account decreases by $1,000, and the inventory account, which is a current asset, increases by $1,000.
Using Single-Entry Bookkeeping in Journals
Single-entry bookkeeping is rarely used in accounting and business. It is the most basic form of accounting and is set up like a checkbook, in that there is only a single account used for each journal entry. It is a simple running total of cash inflows and cash outflows.
If, for example, a business owner purchases $1,000 worth of inventory with cash, the single-entry system records a $1,000 reduction in cash, with the total ending balance below it. It is possible to separate income and expenses into two columns so a business can track total income and total expenses, and not just the aggregate ending balance.
The Journal in Investing and Trading
A journal is also used in the investment finance sector. For an individual investor or professional manager, a journal is a comprehensive and detailed record of trades occurring in the investor’s own accounts, which is used for tax, evaluation, and auditing purposes.
Traders use journals to keep a quantifiable chronicle of their trading performance over time in order to learn from past successes and failures. Although past performance is not a predictor of future performance, a trader can use a journal to learn as much as possible from their trading history, including the emotional elements as to why a trader may have gone against their chosen strategy.
(b) What is the purpose of noting on the bill? Is it necessary in case of a promissory note?
What Is a Promissory Note?
A promissory note is a debt instrument that contains a written promise by one party (the note’s issuer or maker) to pay another party (the note’s payee) a definite sum of money, either on-demand or at a specified future date. A promissory note typically contains all the terms pertaining to the indebtedness, such as the principal amount, interest rate, maturity date, date and place of issuance, and issuer’s signature.
Although financial institutions may issue them—for instance, you might be required to sign a promissory note in order to take out a small personal loan—promissory notes usually allow companies and individuals to get financing from a source other than a bank. This source can be an individual or a company willing to carry the note (and provide the financing) under the agreed-upon terms. In effect, promissory notes can enable anyone to be a lender.
Promissory notes, as well as bills of exchange, are governed by the 1930 Geneva Convention of Uniform Law on Bills of Exchange and Promissory Notes.1 Its rules also stipulate that the term “promissory note” should be inserted in the body of the instrument and should contain an unconditional promise to pay.
In terms of their legal enforceability, promissory notes lie somewhere between the informality of an IOU and the rigidity of a loan contract. A promissory note includes a specific promise to pay, and the steps required to do so (like the repayment schedule), while an IOU merely acknowledges that a debt exists, and the amount one party owes another.
A loan contract, on the other hand, usually states the lender’s right to recourse—such as foreclosure—in the event of default by the borrower; such provisions are generally absent in a promissory note. While the paper might make note of the consequences of non-payment or untimely payments (such as late fees), it does not usually explain methods of recourse if the issuer does not pay on time.
Promissory notes that are unconditional and saleable become negotiable instruments that are extensively used in business transactions in numerous countries.
Student Loan Promissory Notes
Many people sign their first promissory notes as part of the process of getting a student loan. Private lenders typically require students to sign promissory notes for each separate loan that they take out. Some schools, however, allow federal student loan borrowers to sign a one-time, master promissory note. After that, the student borrower can receive multiple federal student loans as long as the school certifies the student’s continued eligibility.
Student loan promissory notes outline the rights and responsibilities of student borrowers as well as the conditions and terms of the loan. By signing a master promissory note for federal student loans, for instance, the student promises to repay the loan amounts plus interest and fees to the U.S. Department of Education.2
The master promissory note also includes the student’s personal contact and employment information as well as the names and contact info for the student’s personal references.
A Brief History of Promissory Notes
Promissory notes have had an interesting history. At times, they have circulated as a form of alternate currency, free of government control. In some places, the official currency is in fact a form of promissory note called a demand note (one with no stated maturity date or fixed-term, allowing the lender to decide when to demand payment).
In the United States, however, promissory notes are usually issued only to corporate clients and sophisticated investors. Recently, however, promissory notes have also been also seeing increasing use when it comes to selling homes and securing mortgages.
2. Why is distinction between capital and revenue important? Give examples to show, how wrong classification can affect the ascertainment of profit.
Each and every business needs to have its Final accounts settled. These Final accounts consist of mainly two things: Balance Sheet and Income statement. To ascertain the results of business transactions for an accounting year, an Income statement is produced, and to determine the financial position, a balance sheet is produced. When the capital and revenue Items are not classified accordingly, it will affect the profits, fair performance, and financial position of the Business. From a taxation point of view, the capital and revenue item profits are taxed differently. So, it is important to classify the capital and revenue Items.
What are Capital and Revenue Items?
Transactions in business are classified into two types, mainly:
- Capital, and
- Revenue items.
When the items have long term effects on business for more than one year they are called capital items and when the items have short term effects on the business they are called revenue items in the business
How are Capital and Revenue Goods Different?
Capital goods are real assets that a company uses in the process of production to manufacture goods and services that consumers use in their life. Capital goods include buildings, machinery, equipment, vehicles, and tools. Capital goods are used to make finished products for a company. These are not finished goods but they serve as input for producing finished goods in a firm.
Revenue items are items that have short-term effects on business, (normally less than one year). For example, repairs of machinery and equipment, wages of employed and workers, salaries for staff, fuel, etc., are revenue items.
Is there a need to differentiate between Capital and Revenue Items?
The distinction between capital items and revenue items is important because capital items are mentioned while entering the entry in the Balance Sheet and revenue items are transferred into the Trading and Profit and Loss Account.
Difference between Capital Expenditure and Revenue Expenditure
A business organization has expenditures for various purposes during its existence. Some of these expenditures are meant to bring in more profits for the organization in the long term, while some expenditures are for the short term.
The important thing for incurring expenditure is to improve the efficiency of the business and drive it to get higher returns from it. Based on the nature of the expenditure, they are categorized as capital expenditure and revenue expenditure.
- Capital goods are termed as the fixed or tangible assets that are purchased by a corporation in order to produce finished products or consumer goods. Capital goods are not convertible into cash very easily. They serve as investments for a company or enterprise. They are durable in nature and do not deplete quickly.
- The most common examples of capital goods are items that are all-important for starting a firm. For example, it can be equipment or machinery.
- There are four essential factors to produce goods, which are capital goods, land, labor, and entrepreneurship. These four factors are collectively known as the primary factors of production. Without these factors, no company can exist.
- Capital goods are used to increase production. The most common types of capital goods are referred to as plant, property, and equipment. For purchasing capital goods, the founder must make a considerable amount of investment.
- Capital goods incur some loss as they are used. They undergo depreciation or wear year-like repairs or replacements.
- Capital goods play a very vital role in increasing the production of goods in the long termiod, as they increase the production of a firm for producing goods and services.
The consumption will become low if there is an excess of capital goods in an economy. Hence it is very crucial that an economy must maintain the balance between consumer goods and capital goods.
Hence capital goods are not only important for a firm but also play an important role in the growth and development of an economy.
Classification of Capital and Revenue Items
It is defined as the expenditure when the benefit is available for a longer period of time (more than a year). It includes expenditures in many forms. Some of it is through a building, machinery, land, office equipment, and so on. Fixed assets of the company are acquired to incur the expenditure. There can be a capital addition to the fixed assets which can increase the efficiency of the assets.
The results of any expenditure incurred on the fixed assets are an increase in its life sustainability and revenue earning capacities in the form of an increase in its production. It reduces the production cost and increases the sales of the firm. For the cost of the results of the experiment in the acquisition of the patent rights, if the experiments are not successful, it is treated as a deferred revenue expense.
Capital Receipt is the amount received as fixed assets, investments, loans, issues of shares, and compensations from the accidents of assets. These are also called incoming cash flow. These increased the assets and reduced the liability of the company. These kinds of receipts won’t affect the overall profit or loss of an organization/company.
Capital Profit and Loss:
The profits that are earned through capital items are called the capital profit and the loss that is incurred on the capital items is called a capital loss. Examples of capital profits are an increase in the values of assets through revaluation and the profit from the sale of debentures, sales on premium.
Some examples of capital loss are Loss on the sale of the fixed assets, the losses incurred on the debentures, and sales issued at a discount. These are shown as fictitious assets in balance sheets.
It is defined as the expenditure benefits available for a short period of time- less than a year. The overall expenditure that is incurred during the business is referred to as revenue expenditure. It includes the expenditures incurred in business such as rent, insurance, electricity, salary, insurance, and so on. The expense that occurs from buying the goods and raw material, renewal of buildings. Legal charges are incurred in defending a suit for damage.
3. X of Bangalore consigned 100 bags of cement for sale to his agent Y. Cost price of each bag is Rs. 120. ‘X’ immediately drew a 4 months bill for Rs. 5,090 on the latter and discounted it with bank at 6% per annum. ‘X’ paid Rs. 800 on packing and Rs, 250 for carriage. ‘Y’ spent Rs. 300 as selling expenses. The consignee returned 5 bags. He realised 20 bags at Rs. 130 per bag and 50 bags on credit at Rs. 140 per bag and took the balance in his own stock at Rs. 135 per bag. Consignee is entitled to get commission of 3% and 2% del credre commission on credit sales. ‘Y’ recovered all money from debtors except Rs. 500. Prepare the necessary ledger accounts in the books of both parties.
4. What is Sectional Balancing? How does it differ from Self-balancing? Give proforma of a Total Debtors Account.
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IGNOU ECO 02 Solved Assignment 2022-2023 We provide handwritten PDF and Hardcopy to our IGNOU and other university students. There are several types of handwritten assignment we provide all Over India. ECO 02 ACCOUNTANCY-I Solved Assignment 2022-23 Download Free We are genuinely work in this field for so many time. You can get your assignment done – 8130208920
IGNOU ECO 02 Solved Assignment 2022-23
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5 Differentiate between the following:
(a) Trading Account and Manufacturing Account
(b) Non-recurring and Recurring Expenses
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IGNOU ECO 02 Solved Assignment 2022-2023 Download Free Before attempting the assignment, please read the following instructions carefully.
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GUIDELINES FOR IGNOU Assignments 2022-23
IGNOU ECO 02 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:
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