IGNOU| FINANCIAL ACCOUNTING (BCOC - 131)| QUESTION PAPER – (DEC - 2023)| (B.COM)| ENGLISH MEDIUM
BACHELOR OF COMMERCE
(GENERAL) (CBCS)
(BCOMG)
Term-End Examination
December - 2023
BCOC-131
FINANCIAL ACCOUNTING
Time: 3 Hours
Maximum Marks: 100
Note: Attempt any five questions. Each question carries 20 marks.
हिंदी माध्यम: यहां क्लिक करें
1. (a) State the objectives and significance of setting Accounting Standards. 10
(b)
Explain the steps involved in the Accounting process. 10
2. What are the different categories in which accounting
transactions can be classified? Also explain the ‘debit and credit rules’ in
this regard. 14+6
3. You are required to pass the necessary journal entries to
rectify the following errors: 20
(i) Rs. 200
withdrawn by the proprietor for his personal use has been debited to Trade
Expenses Account.
(ii) Rs. 300
purchase of goods from Shyam has been wrongly entered through the sales book.
(iii) Rs. 100
credit sales to Ram has been wrongly passed through purchases book.
(iv) Rs. 150
received from Mittal have been credited to Jindal.
(v) Rs. 375
paid on account of salary to the cashier Raju stands debited to his personal
account.
(vi) A
builder’s bill for extension of premises amounting to Rs. 2,750 has been
debited to Building Repairs Account.
(vii) On
25th June, goods worth Rs. 500 were returned by Krishna and were taken into
stock but the returns were entered is the books under date 3rd July i. e. after
the expiry of the financial year on 30th June.
(viii) Rs.
200 bill for old office furniture sold to Leela were entered in the sales day
books.
(ix) The
periodical total of the sales book was cash short by Rs. 100.
(x) Rs. 80
received on account of interest was credited to Commission Account.
4. (a) What is the difference between ‘Hire Purchase System’ and
‘Instalment Purchase System’? 10
(b)
Describe in detail the accounting procedures to be adopted with regard to Hire
Purchase System. 10
5. (a) Explain clearly about your understanding in respect to the
expression ‘Branch Adjustment Account’. 10
(b) State
the possible causes of difference between the balances shown by Head Office
Account and Branch Account. 10
6. Following is the Trial Balance of Sh. Man Mohan. You are
required to prepare Trading and Profit & Loss Account for the year ended
31st March, 2020 and Balance Sheet as at that date: 20
|
Particulars |
Dr. (Rs.) |
Cr. (Rs.) |
|
Purchases
and Sales Returns
inwards Returns
outwards Carriages
Wage and
Salaries Trade
Expenses Rent Insurance
Audit
Fees Debtors
and Creditors B/R and
B/P Printing
and Advertising Commission
Opening
Stock Cash in
hand Cash at
Bank Bank
Loan Interest
on Loan Capital Drawings
Fixed
Assets |
2,75,000 15,000 12,400 58,600 2,200 2,000 1,200 1,10,000 3,300 5,500 36,000 12,800 26,800 1,500 15,000 3,00,000 |
5,20,000 9,000 13,000 62,100 2,200 1,000 20,000 2,50,000 |
|
|
8,77,300 |
8,77,300 |
Adjustments:
(i) Stock
at the end ` 60,000.
(ii)
Depreciate fixed assets by 10%.
(iii)
Commission earned but not received amount to ` 400.
(iv) Rent
received in advance ` 1,000.
(v) Allow
8% interest on capital and charge ` 900 as interest on drawings.
7. (a) What is loading? How is it computed? Give examples. 2+3+3
(b) What
is ‘Del-Credere Commission’? Who pays this commission? State the reasons for
payment of this commission. 3+3+6
8. Ashok and Bharat formed joint venture contract for sharing
profit and losses in 60% and 40% ratio respectively. Ashok purchased goods of `
3,00,000 and dispatched to Bharat. Ashok paid ` 24,000 in this process. Bharat,
after some time, reported the sales of ` 3,20,000 of these goods and remaining
lying unsold. Later Ashok and Bharat decided to dispatch the goods on
consignment basis to M/s. Chandan & Co., who agreed to sell goods on their
behalf. Chandan will be paid all expenses plus 5% commission. After some time,
Chandan sent an Account sales along with cheque for ` 35,000 to Bharat (after
deducting ` 5,000 expenses and commission). The unsold goods were returned to
Bharat. Bharat purchased the goods for ` 20,000.
Bharat
prepared a statement of account to Ashok and informed that he spent ` 14,500 on
this joint venture. They agreed to settle their accounts. Prepare the necessary
ledger accounts in the books of Ashok and Bharat showing the final settlement
of accounts. 20
9. Write explanatory notes on the following: 10+10
(a)
Computerised Accounting
(b)
Creation of voucher and recording entries
***
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