IGNOU| ACCOUNTANCY - I (ECO - 02)| QUESTION PAPER – (JUNE - 2023)| (BDP)| ENGLISH MEDIUM
BACHELOR'S DEGREE PROGRAMME
(BDP)
Term-End Examination
June - 2023
(Elective Course: Commerce)
ECO-02
ACCOUNTANCY-I
Time: 2 Hours
Maximum Marks: 50
Note: Attempt four questions in all. Question No. 1
is Compulsory.
हिंदी माध्यम: यहां क्लिक करें
1. From the following transactions, make accounting equation and prepare the Balance Sheet from the balances of new equation: 14
|
Particulars |
Amount (Rs.) |
|
(i) Rahul
started business with cash (ii)
Purchased goods for cash (iii)
Purchased goods on credit (iv)
Purchased furniture for cash (v) Rent
received (vi)
Commission paid (vii)
Withdrew cash for personal use (viii) Sold
goods on credit (Cost Price 40,000) (ix) Paid to
creditors (x) Received
from Debtors |
1,00,000 30,000 15,000 5,000 3,000 1,000 5,000 50,000 10,000 8,000 |
2. Differentiate between a Bill of Exchange and a Promissory
Note. State the transactions recorded in Bills Receivable (BR) and Bills
Payable (BP) book. 12
3. Discuss the drawbacks of Single-Entry System of
Accounting. Explain the methods of ascertaining profit when accounting records
are incomplete. 4, 8
4. On 1st January 2022, 'Anil' of Karnal consigned to
'Shyam' of Madras goods for sale at invoice price. 'Shyam' is entitled to
commission of 5% on invoice price and 18% of any price realized beyond invoice
price. Goods costing 14,000 were consigned to 'Shyam' at the invoice price of
16,400. The expenses on sending the goods amounted to 2,000. On 31st March, 2022
an account sale was received from 'Shyam' showing that he had sold goods worth
10,000 in respect of 3/4th of the quantity of goods consigned to him. His
actual expenses amounted to 500. 'Shyam' accepted the bill drawn by 'Anil' for
4,000 and remitted the balance due from him in cash. Prepare Consignment
Account and 'Shyam' account in the books of ‘Anil'. 12
5. Give the journal entries to rectify the following
errors: 12
(i) A sum of 500
written off as depreciation on plant was not posted to Depreciation A/c.
(ii) Purchases
returns book was overcast by 700.
(iii) 515 stolen
by ex-employee stood debited to Suspense A/c.
(iv) 2,500
received from a customer as advanced was credited to Sales A/c.
(v) Purchase of
a Motor Bike was debited to Conveyance A/c 60,000. Firm charges depreciation @
15% on vehicles.
(vi) Payment of
400 to Dhar and 500 to Saran was made, but Saran was debited with 400 and Dhar
with ₹300.
6. What are the merits and demerits of written down value
method of depreciation? Distinguish it from the straight-line method. 12
***
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