ECO-02 - Bank Reconciliation Statement and Accountancy - Economics Assignment Help

Assignment Task

1. What is meant by Bank Reconciliation Statement? What are the main causes of differences between the cash balance shown by Cash Book and Pass Book? Explain the steps involved in preparation of a Bank Reconciliation Statement.

2. Give journal entries for the following adjustments and also explain the accounting treatment of these adjustments while preparing the Final Accounts of an Enterprise?
i. Interest received in advance Rs. 600
ii. Interest on drawings Rs. 1200
iii. Provision for discount on creditors Rs. 400
iv. Loss of goods by theft Rs. 9,000
v. Drawings of goods by the proprietor Rs. 800

3. a) What procedure is followed for valuation of closing stock when normal and abnormal losses occur simultaneously. Explain with suitable examples.
b) Explain various methods of recording the joint venture transactions without maintaining separate set of books.

4. What are the salient features of Single Entry System? Discuss the drawbacks of Single Entry System of Accounting. Briefly explain the two methods of ascertaining profit when accounting records are incomplete.

5. Explain the meaning of the following terms and show how will you treat them while preparing the final accounts of a non-trading concern?
i. Legacy
ii. General Donation
iii. Life Membership Fees
iv. Receipts for Tournament Fund
v. Sale of used Sports Materials

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