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IGNOU ECO-02 Exam Most Questions Free For 2022-23 Session
Students may easily know eco-02 about their Assignment Topics by clicking on the official link of IGNOU. All-important eco-02 links will be shared on the web Panel.
IGNOU ECO-02 Exam Most Questions
(1). Capital + other liabilities = Total Assets. Explain
this Accounting equation with examples.
(2).Write a clear note on Cash concept Vs Accrual concept of
accounting.Prepare
a three
column
Cash Book from the
(3)following transaction :
Date Transaction Amount 2012 Rs.
Jan. 1 Opening Cash Balance, 5000
Balance with Bank 30,000
Jan. 2 Borrowing from SBI 50,000
Jan. 5 Cash purchases from Ram
10,000
Jan. 5 Credit purchases 8500
Jan. 10 Cash Sales 12,000
Jan. 15 Deposit in Bank 9000
Jan. 18 Issued cheque to Ram 8000
Jan. 20 Bad debt recovered 5000
Jan. 22 Received cash from A 750
Jan. 25 Withdrawal from Bank for
4500
business purpose Jan. 26 Withdrew
cash for personal 2000 use.....
Jan. 27 Received cheque from Sham
5000 and deposited in bank
Jan. 28 Paid monthly Rent by
cheque 3000
Jan. 29 Received cash from Soni,
2910 3000
in full settle of
Jan. 30 Paid to Ram Rs. 1950 in
full 2000 settlement of his account of
Jan. 30 Issue salary cheque 4500
Jan. 30 Paid Installment of loan
by 5500 cheque
(4). State the
entries that are usually passed for recording
transactions in consignor's and
consignee's books
(5). What is an Accommodation
Bill of Exchange ?
Explain with an example.
On 1st Jan. 2012, X draws a bill
amounting
to Rs. 12000 for 3 months, on Y
for mutual benefit.
Y accepts the bill and return to
X who discounted
the same with his banker @ 12%
per annum and
remitted half of the proceeds to
Y. On due date X
sends the requisite amount to Y
who met the bill
on maturity.
Pass the necessary entries in the
books of X and Y.
(6). Write short notes on the any two
of the following :
(a) Accrued Income
(b) Capital Expenditure
(c) Bank Reconciliation Statement
(d) Contingent Liabilities
(8)Receipts and payment Account
of a sports club showed that Rs 50,000 were received
by way of subscription for the
year ended 31.12.2010. The additional information was
as follows :
(i) Subscription outstanding on 31.12.2009
were Rs. 5000.
(ii) Subscription received in
advance on 31.12.2009 were Rs. 3000.
(iii) Subscription outstanding on
31.12.2010 were Rs. 10,000.
(iv) Subscription received in
advance on 31.12.2010 were Rs. 6,000. Show how above information would appear
in the final accounts for the year ended 31st December 2010 of Sports Club.
(9). What is Business
Entity Concept ? Explain its accounting implications with examples
(10). What is Bank
Reconciliation Statement ? State any five causes that lead to disagreement in
the balances of cash book and pass book
(11). What is a Joint Venture ?
Explain the essentials features of a joint venture
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