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Bachelor'S Degree Programme Term-End Examination December, 2012 Elective Course: Commerce Eco-2: Accountancy-I

This document contains an exam for an Accountancy course. It includes 6 questions testing various accounting concepts. Question 1 has 4 parts asking about the differences between income/expenditure accounts and receipts/payments accounts, the meaning of invoice price and reasons for consigning goods at invoice price, the cost concept and its accounting implications, and the uses of debit notes, credit notes and invoices. Question 2 asks about sectional balancing and how it differs from self-balancing, and the difference between provisions and reserves. Question 3 provides a consignment transaction case study and asks to prepare the ledger accounts. Question 4 gives a trial balance and asks to prepare trading and profit and loss accounts and a balance sheet. Question 5 gives machine

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Rohit Ghuse
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40 views6 pages

Bachelor'S Degree Programme Term-End Examination December, 2012 Elective Course: Commerce Eco-2: Accountancy-I

This document contains an exam for an Accountancy course. It includes 6 questions testing various accounting concepts. Question 1 has 4 parts asking about the differences between income/expenditure accounts and receipts/payments accounts, the meaning of invoice price and reasons for consigning goods at invoice price, the cost concept and its accounting implications, and the uses of debit notes, credit notes and invoices. Question 2 asks about sectional balancing and how it differs from self-balancing, and the difference between provisions and reserves. Question 3 provides a consignment transaction case study and asks to prepare the ledger accounts. Question 4 gives a trial balance and asks to prepare trading and profit and loss accounts and a balance sheet. Question 5 gives machine

Uploaded by

Rohit Ghuse
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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No.

of Printed Pages : 7 ECO-2

BACHELOR'S DEGREE PROGRAMME


Term-End Examination
December, 2012
ELECTIVE COURSE : COMMERCE
ECO-2 : ACCOUNTANCY-I
Time : 2 Hours Maximum Marks : 50
Note : Attempt any four questions, including question no. 1
which is compulsory.

1. Answer any two of the following : 7+7


(a) Distinguish between Income and
Expenditure Account and Receipts and
Payments Account.
(b) What do you mean by invoice price ? Give
reasons for consigning the goods at invoice
price.
(c) What is cost concept ? Explain its
accounting implications with examples.
(d) Discuss briefly the utility of debit note, credit
note and invoice.

2. (a) What do you mean by Sectional Balancing ? 6+6


How does it differ from self-balancing ?
(b) Differentiate between Provisions and
Reserves.

ECO-2 1 P.T.O.
3. Radha & Co., Bombay sent on consignment to 12
Krishna & Co., Chennai 100 Fans, invoiced at
Rs. 100 each on 5th June, 2009. Radha & Co.
paid Rs. 2000 for dispatch of goods to the
consignee. Consignee remitted Rs. 6000 as an
advance by bank draft on 20th June 2009. The
consignee is entitled to a commission of 10% on
the sale proceeds. On receipt of goods the
consignee paid Rs. 2000 for godown charges. On
30th June, 2009 Krishna & Co. sent an Account
sales showing that the fans have realised Rs. 250
each. He remits the amount due to Radha & Co.
Prepare ledger accounts in the books of the
consignor.
4. The Trial Balance of M/S Mohan Brothers shows 12
the following balances as on 31.12.2010 :
Rs. Rs.
Purchases 60,000 Capital 1,13,075
Sales Return 1,500 Sales 1,27,000
Machine 90,000 Purchase Returns 1,275
Opening Stock 40,000 Discount Received 800
Discount allowed 350 Creditors 20,000
Bank charges 100 Bills payable 5,000
Debtors 45,000
Salaries 7,000
Wages 10,000
Carriage inward 1,000
Carriage outward 1,200
Rent paid 2,000
Bad debts 2,000
Cash at Bank 7,000
2,67,150 2,67,150

ECO-2 2
Closing stock was valued at Rs. 35000. Prepare
trading account and Profit and Loss Account for
the year ended 31.12.2010 and a Balance Sheet
as on that date.

5. Birla Cotton Mill purchased a machine on 12


1st May 2006 for Rs. 90,000. On 1st July, 2007 it
purchased another machine for Rs. 40,000. On
31.3.2008 it sold off the first machine purchased
in 2006 for Rs. 58000 and on the same date
purchased a new machine for Rs. 1,00,000.
Depreciation is provided at 20% p.a. on the
original cost each year. Accounts are closed on
31st December each year.
Show Machine Account for three years.

6. Write short note on the following : 4+4+4


(a) Single Entry System,
(b) Ledger,
(c) Promissory Note

ECO-2 3 P.T.O.
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1. r-o-.1 cifigd -4 4 drIt -r -ft17 I 7+7


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c)icii* I
(b) t 71 ITT ciic:17ft? ch) Tr r
tft-F-97 TT-4 t chRur
(c) 4,,b(-,-1-ir cV-1 I c f t? tl I 11
r-kc11241 c4 TIfTd 1FA7 I
(d) kr-qz f 2if t"-A-T T1. d'-lq 11(11 Tr
*-1Ei fq—d-q-ff

2. (a) 3:1TITTNT 3.11TT A. 37E1 T4T 0--1 6+6


-9-0-rr -474 mcb l t fiT?r ?
(b) i Tfqzi 'ThcfNT9' W1f—A7

ECO-2 5 P.T.O.
3. Trq-r *9-t, 11
-174 ITT -tcrt chl. 100 12
ItTa 100 T. 51 Cd r ch1 T. 4 5 ,311, 2009 Ohl -01-ff
-MTT .rfErdl- ch-1 TR 2000 T.
r?:f --fEct 4 20 V, 2009 cil) 6000 T. -417- ch.1
vclz -g71 3TF-TR Trt (c,4 I -4-F-Ect f-a-wzr
10% *41 -5nia 614 -cr-{ -, f-tsOr .42000
T. Itrql-R &Ft 11
-7-FTi f-*-71 30 1,1, 2009 ITT
5 tilt fq-Wzi
250 T. -5ffd fe=n-q fq-U-zT 41if I
.1-)1 Trfvr 9a-rr-d-R -kzir I ,icb 1->1
4 31-m-q--- tzi-R -w1-r--
A7 I

4. i drit-Id -4 31.12.2010 ki
4Rt: 12

T. T.
91,q 60,000 TM 1,13,075
fq-wq qFR:11 1,500 f--4wq 1,27,000
1:171t9t 90,000 5/1 4 qicRt 1,275
-51RfT tz1q, 40,000 31-RT 800
lv-il 7 350 -iqi( 20,000
r tk sril-R 100 tT1 fq-9- 5,000
.-1R 45,000
d-i 7,000
0 10,000
3117ff Hid 1T7T 1,000
F.-Hid- HIM 41T--T 1,200
fwuzrr -kzur 2,000
icf - TrT 2,000
tk tEf 7,000
2,67,150 2,67,150

ECO-2 6
341cW t-dIch Tr:f 35000 T. WTI 31.12.2010 11
TriTrFr 04i141( 7Tra-r
3q rdrzt 1;1 cff--- 7

5. *-0.1 fi10 -4 1 2006 ail90,000 T. c4) -) 12


711-i -Uftt I 1 101i, 2007 4
1 is 34I 11-71-17
40,000 T. 4 -M-It I 31.3.2008 4 Tq4 at 2006
c 1T1-7117 58000 T. -4 t rofil
3* 1,00,000 T. (411 tc ri1 It1
TR 20% mrcr a m1 A ate t 1:17 er
r
WT[ t I 1:4 31 fez .n1 cl * f--*7
t
cil-r gal -k Fri

6. F-14-1FORVI 'TT 41k-icTr re.wrolqi fift : 4+4+4

(a)T*--6t 3171-01.
(b) -Urdi
i T -97 (Promissory Note)
(c) Ta

ECO-2 7

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