Indira Gandhi National Open University (IGNOU) 2010-1st Year B.Com Accountancy - Question Paper
No. of Printed Pages : 7 ECO-2
BACHELOR'S DEGREE PROGRAMME Term-End Examination June, 2010 ELECTIVE COURSE : COMMERCE ECO-2 : ACCOUNTANCY-I
Time : 2 hours Maximum Marks : 50
07031
Note : Attempt any four questions, including question no.l which is compulsory.
1. Answer any two questions from the following : 7+7
(a) What do you understand by Dual Aspect Concept ? Explain its accounting implications.
(b) What do you understand by an opening entry ? How is an opening entry posted into the ledger ?
(c) State various causes of disagreement between the balances shown by the cash book and the pass book.
(d) What is Journal proper ? What kind of entries are usually recorded in the Journal proper ?
2. (a) Differentiate between a Bill of Exchange and 4
a Promissory Note.
(b) Explain the separate set of books method 8 for maintaining joint venture accounts.
3. Rectify the following errors through Journal assuming that a Suspense Account had been opened. 6x2=12
(a) An amount of Rs. 500 received from Mr. Roy was credited to Ray's A/c.
(b) A sale of Rs. 600 to Gopal was debited to his account as Rs. 6,000.
(c) Salaries paid amounting to Rs. 1,000 was wrongly debited to Wages Account.
(d) A credit sales of Rs. 250 to Rakesh was wrongly credited to his Account.
(e) A credit sales Rs. 520 to Madhu debited to him as Rs. 250
(f) A credit purchases from Kailash of Rs. 400 was debited to him.
4. On June 10, 2008, Raj & Co. of Jaipur consigned 12 100 cases of Red wine to Singham Bros, of
Sri Lanka. The cost of the consignment amounted to Rs. 7,500 but the goods were charged at proforma invoice price so as to show a profit of 25% on invoice price. On the same date, the consignors paid Rs.
600 for freight and insurance. On July 1 the consignees paid Rs. 1,000 for import duty. Rs. 200 for dock dues, and remitted a bank draft for Rs. 4,000 as an advance against the consignment. On July 15, they sold 80 cases for Rs. 10,500. Singham Bros, are entitled to a commission of 5% on gross proceeds of sales as their remuneration. Prepare the necessary accounts in the books of the consignor assuming that the consignee has remitted the balance due from them by draft.
5. (a) What are the merits and demerits of written 8
down value method of depreciation ? Distinguish it from the straight line method.
(b) Distinguish between Capital Reserve and 4 Revenue Reserves.
6. From the following details prepare Debtors 6, 6 Ledger (Total Debtors) and Creditors Ledger (Total Creditors) Adjustment Account as on 31st December 2008.
|
Rs. | |
|
Debtors (1-1-2008) Dr. |
17,425 |
|
Debtors (1-1-2008) Cr. |
320 |
|
Creditors (1-1-2008) Cr. |
27,408 |
|
Creditors (1-1-2008) Dr. |
204 |
|
Purchases |
25,200 |
|
Sales |
28,209 |
|
Purchases Returns |
714 |
|
Sales Returns |
208 |
|
Cash paid to creditors |
12,700 |
|
Bills received from Debtors |
9,300 |
|
Bills dishonoured |
200 |
|
Bills accepted |
7,400 |
|
Discount allowed by creditors |
1,020 |
|
Discount allowed to Debtor | |
|
but disallowed later |
100 |
|
Cash received from Debtors |
8,700 |
|
Cash paid to Debtors |
25 |
|
Transfer from Debtors to | |
|
Creditors Ledger |
1,242 |
|
Cash purchases |
4,320 |
|
Cash sales |
7,400 |
|
Bad Debts written off |
215 |
|
Discount allowed to Debtors |
215 |
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Rs.
(1-1-2008) tfe 17,425
R (1-1-2008) 320
(1-1-2008) 27,408
#TR (1-1-2008) tfe 204
25,200
fa?F*T 28,209
5F3 714
fraT cJFRft 208
IpfTRTT 12,700
R faeT STlfl 9,300
SRTfoT fT 200
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dH<RI fTT 1,020
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rff 3 grm fn 8,700
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3T?RTJT 1,242
W sFT 4,320
7,400
1pm 215
Rf fTT 215
ECO-2 7
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Attachment: |
| Earning: Approval pending. |
