Indira Gandhi National Open University (IGNOU) 2010-1st Year B.Com Accountancy-2 Theory - Question Paper
No. of Printed Pages : 11 ECO-4
BACHELOR'S DEGREE PROGRAMME Term-End Examination 5 June, 2010 J ELECTIVE COURSE : COMMERCE ECO-4 : ACCOUNTANCY-II
Time : 3 hours Maximum Marks : 100
No. of Printed Pages : 11 ECO-4
(Weightage : 70%)
Note : Attempt any four questions from Section-A including question No. 1 which is compulsory and do both the questions from Section-B.
SECTION - A
1. Attempt any three questions from the following :
5+5+5=15
(a) State any four points which must be incorporated in a partnership deed.
(b) Explain in brief any five conditions which a Company must satisfy for issuing shares at a discount.
(c) What is a debenture ? Briefly explain any two types of debentures.
(d) Write a short note on Branch Adjustment Account.
(e) Differentiate between Hire-Purchase System and Instalment Payment System.
2. The Face value of a debenture is Rs. 100. What journal entries will be made in the following cases: 4+4+4+4+4=20
(a) Issued Rs. 40,000, 12% debentures at par, redeemable at par.
(b) Issued Rs. 40,000, 12% debentures at a discount of 10% redeemable at par.
(c) Issued Rs. 40,000, 12% debentures at 5% premium redeemable at par.
(d) Issued Rs. 40,000, 12% debentures at par redeemable at 10% premium.
(e) Issued Rs. 40,000, 12% debentures at 5% discount and redeemable at 5% premium.
3. A and B Shared profits and losses in a firm in the ratio of 3 : 2. Its Balance Sheet as on 31-12-2008 was as follow. 8+2+5+5+-20
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Creditors |
20,000 |
Cash at Bank |
8,000 |
|
Loan from A |
16,000 |
Debtors 40,000 | |
|
General Reserve |
25,000 |
Provision 1,800 |
38,200 |
|
Capitals : |
Stock |
54,800 | |
|
A: 1,20,000 |
Investments |
20,000 | |
|
B: 80,000 |
Machine |
40,000 | |
|
2,00,000 |
Building |
1,00,000 | |
|
2,61,000 |
2,61,000 |
Partners decided to dissolve the firm on the above date. Assets realized as follow :
Stock Rs. 45,000; Machine 20% less than book value, Debtors Rs. 35,000. Building Rs. 30,000 more than the book value. A took over investments at an agreed value of Rs. 15,000. Creditors agreed to accept 5% less in final settlement of their dues. Expenses of realization of assets : Rs. 1,200. There was a typewriter which was not shown in the . books of the firm. It is sold for Rs. 5,000.
Prepare Realization A/c, A's loan A/c, Capital Accounts and Bank Account.
4. X Ltd. invited application for 20,000 shares of
Rs. 10 each payable as under : 12+8=20
On application Rs. 3 Per share, on allotment Rs. 3 per share, on Ist call Rs. 2 per share and Rs. 2 per share on final call. Final call has not yet been made by the company. An applicant who was allotted 100 shares failed to pay allotment and Ist call money. His shares were forfeited after the Ist call and were immediately re-issued at Rs. 8.5 per share. Make necessary journal entries and prepare the opening Balance Sheet of a company
5. On Ist January, 2007 A Ltd. purchased a Machine 20 from B Ltd. on hire purchase system. The cash price of the machine was Rs. 34,500. The payment was to be made Rs. 10,000 on signing the agreement and the balance in three equal instalments of Rs. 10,000 each at the end of each
year. B Ltd. charges interest at the rate of 12% p.a. A Ltd. writes off 10% p.a. as depreciation on the reducing instalment system. A Ltd. could not pay the instalment due on 31-12-2008 and the seller took possession of the machine. Open ledger accounts in the books of Hire-purchaser.
6. Write notes on the following :
(a) Goods in Transit 5+5+5h
(b) Cash in Transit
(c) Branch Adjustment Account
(d) Rules for issue of shares at a premium
7. Differentiate between : 7+8=15
(a) Auditing and Book-Keeping
(b) Auditing and Investigation
OR
What is Internal Check ? Explain its merits and
demerits.
What do you mean by valuation of Assets ?
Discuss its objectives.
OR
How are the vouchers examined ? Discuss the duties of an Auditor in connection with vouching.
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|
. |
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|
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20,000 16,000 25,000 2,00,000 |
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8,000 38,200 54,800 20,000 40,000 1,00,000 |
|
2,61,000 |
2,61,000 |
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ECO-4 11
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Attachment: |
| Earning: Approval pending. |
