IGNOU| ACCOUNTANCY-I (ECO - 02)| QUESTION PAPER – (DEC - 2023)| (BDP)| ENGLISH MEDIUM
BACHELOR'S DEGREE PROGRAMME
Term-End Examination
December - 2023
ELECTIVE COURSE: COMMERCE
ECO-02
ACCOUNTANCY-I
Time: 2 hours
Maximum Marks: 50
Note: Attempt any four questions. 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
(i) Sudhanshu
started business with cash Rs. 90,000
(ii) Purchased
goods for cash Rs. 30,000
(iii) Purchased
goods on credit Rs. 20,000
(iv) Purchased
furniture for cash Rs. 7,000
(v) Rent
Received Rs. 5,000
(vi) Commission
paid Rs. 900
(vii) Withdrew
cash for personal use Rs. 3,000
(viii) Sold
goods on credit (Cost price Rs. 15,000) Rs. 20,000
(ix) Paid to
Creditors Rs. 21,000
(x) Received
from Debtors Rs. 16,000
2. Explain the following concepts with suitable example:
6+6
(i) Accounting
Period Concept
(ii)
Conservation Concept
3. Why do some persons prefer to keep their accounts in the
form incomplete records? State the salient features of such records. 6+6
4. Durga of Ambala consigns goods to Sudheer of Panchakula
to be sold at or above invoice price. Sudheer is entitled to a commission of 8%
on sales at invoice price and 29% of any surplus realized beyond invoice price.
Sudheer accepted a bill of exchange drawn by Durga amounting to Rs. 50% of the
invoice price. During the year 2022 goods considgned by Durga were invoiced at Rs.
3,00,000 and the cost of such goods was Rs. 2,25,000 (including freight) to
Durga. Sales made by Sudheer during the year amounted to Rs. 2,00,000. On 31st
December 2022, goods unsold with Sudheer represented at invoice value of Rs.
35,000. During the year Durga had received from Sudheer Rs. 15,000 by bank
drafts, certain remittances being in transit on 31st December 2022. Prepare
necessary ledger accounts in the books of both the parties. 12
5. There was a difference of Rs. 625 in a Trial Balance.
It has been transferred to credit side of Suspense account. Later on, the
following errors were discovered. Pass the rectifying entries and prepare
Suspense A/c: 12
(i) An amount
of Rs. 475 has been posted in the debit side of commission account instead of Rs.
375.
(ii) Goods of Rs.
300 purchased from Rinu Mankand has been posted to his account as Rs. 350.
(iii) Total of
Sales Return Book was overcast by Rs. 775.
(iv) A credit
amount of Rs. 200 was posted as Rs. 350 to the debit side of personal account.
(v) Goods of Rs.
500 were sold to Ram but it was recorded in Purchases Book.
(vi) Only Rs.
300 were recorded in Bills receivable book instead of Rs. 700.
6. Explain the meaning of following terms and show how
you will deal with them while preparing the final accounts of non-trading
concern: 12
(i) Legacy
(ii) Donation
(iii) Life
membership fee
(iv) Receipt of
Tournament Fund
***
ACCOUNTANCY-I SOLVED PAPERS PAGE LINK - Click here
IGNOU PAGE LINK - CLICK HERE
Also Read: