BACHELOR'S DEGREE PROGRAMME Term-End Examination December, 2014 ELECTIVE COURSE : COMMERCE ECO-2 : ACCOUNTANCY-I

Size: px

Start display at page:

Download "BACHELOR'S DEGREE PROGRAMME Term-End Examination December, 2014 ELECTIVE COURSE : COMMERCE ECO-2 : ACCOUNTANCY-I"

Reginald Logan
5 years ago
Views:

1 No. of Printed Pages : 8 ECO-2 BACHELOR'S DEGREE PROGRAMME Term-End Examination December, 2014 ELECTIVE COURSE : COMMERCE ECO-2 : ACCOUNTANCY-I Time : 2 Hours Maximum Marks : 50 Weightage : 70% Note : Attempt any four questions, including question no. 1 which is compulsory. 1. Attempt any two questions from the following : 7+7 (a) Capital + other liabilities = Total Assets. Explain this Accounting equation with examples. (b) "Agreement of Trial Balance does not mean that there is no error in account books". Do you agree? Explain. (c) Write a clear note on Cash concept Vs Accrual concept of accounting. (d) Name the parties and their interests in financial statements of a company. ECO-2 1 P.T.O.

2 2. Prepare a three column Cash Book from the 12 following transaction : Date Transaction Amount 2012 Rs. Jan. 1 Opening Cash Balance, 5000 Balance with Bank 30,000 Jan. 2 Borrowing from SBI 50,000 Jan. 5 Cash purchases from Ram 10,000 Jan. 5 Credit purchases 8500 Jan. 10 Cash Sales 12,000 Jan. 15 Deposit in Bank 9000 Jan. 18 Issued cheque to Ram 8000 Jan. 20 Bad debt recovered 5000 Jan. 22 Received cash from A 750 Jan. 25 Withdrawal from Bank for 4500 business purpose Jan. 26 Withdrew cash for personal 2000 use... Jan. 27 Received cheque from Sham 5000 and deposited in bank Jan. 28 Paid monthly Rent by cheque 3000 Jan. 29 Received cash from Soni, in full settle of Jan. 30 Paid to Ram Rs in full 2000 settlement of his account of Jan. 30 Issue salary cheque 4500 Jan. 30 Paid Installment of loan by 5500 cheque ECO-2 2

3 3. (a) State the entries that are usually passed for 6+6 recording transactions in consignor's and consignee's books. (b) What steps are required to be taken to convert single entry into double entry system of book keeping? Explain. 4. What is an Accommodation Bill of Exchange? 4+8 Explain with an example. On 1st Jan. 2012, X draws a bill amounting to Rs for 3 months, on Y for mutual benefit. Y accepts the bill and return to X who discounted the same with his 12% per annum and remitted half of the proceeds to Y. On due date X sends the requisite amount to Y who met the bill on maturity. Pass the necessary entries in the books of X and Y. 5. (a) Where will you show the following items in 8+4 the Final Accounts of a sole proprietor. (i) Loss by fire (ii) Transfer of some profit to General Reserve (iii) Commission paid to agents (iv) Drawings by the proprietor (v) Outstanding Rent (vi) Sales returns (vii) Manufacturing expenses (viii) Samples distributed (b) List the errors which do not effect the agreement of Trial Balance. ECO-2 3 P.T.O.

4 6. (a) From the following Receipts and Payments 8+4 Account of a club, prepare Income and Expenditure Account for the year ended as on Dec. 31, Receipt and Payment Account for the year ending Dec. 31, 2011 Receipts Rs. Payments Rs. Balance b/d 3,500 General expenses 900 Subscription : Salary 16, ,800 Postage 1, ,000 Electricity bill 7, ,200 Furniture 26,500 Sale of old books (cost Rs. 2,000 Books 13,000 3,200) Rent from use of Hall 17,000 Newspapers 600 Sale of old News papers 400 Meeting expenses 7,200 Profit from entertainment programme 7,300 TV set 16,000 Balance c/d 15,900 1,05,200 1,05,200 Additional Information : (i) The club has 100 members each paying an annual subscription of Rs Subscription outstanding on Dec 31, 2010, were Rs (ii) On Dec. 31, 2011, salary outstanding accounted to Rs. 1000, salary paid included Rs for the year (b) How do professionals account for their outstanding professional fees? ECO-2 4

5 qgq : 2 37faTWUTT 3:50 fff : 70% : Ich-o. WIT 317# drh f/(941// WTrie 44-rw Trg. 3A-4re 1. F-P-ircirtgd rch-a drik ffft17 I 7+7 (a) + 31-P4 tzr-d-r = Rk f 4a-1- chtul dqlku! 7:117ff 011(S411 7I (b) " cl(14e. X114 -r 340 t Fcb c;(91r -gw-4-41 t " Tr3TTq rc2r9. (.14-1c1? otittsir (c) cs (11,4)1 T1-4-7 (-1.11C (Accrual) 41.) r-lil I ITT t, Tc17 ffft17 I (d) fdrit9 1r r fffft f7 tcrt 31f(f1:1 -Ztl (4=4 t ECO-2 5 P.T.O.

6 2. F-1 4--I1 irai c-r-1). 74 i c1.) c1-1 ccoi-r tr-*7-4e T. --i-dt- 1 SIitiii--*tEr tr-* *14 s ,000 --H-4.ft 2 - tz 8Tch t 1 Atui 50, # t -ic4 q 0,41 10,000 7T-dt bq 8500.q94-ft10 9 f4-*4 12, # 15 4-* -4 Asir f-* ft 18 7fq ;:ch rqt # 20 -T,sid /VI chl 71f7T fgr X22 A t ich 'YrRf v # 25 4-* t olcm11 t R.1 (IP( fichri ḏt 26 cqrch14 1c1 cql frit -iet) d Fri i--d-# t ;',:t) r1-10 I f-a74 4* 14,Tii- f fcnir ḏt 28 TrIf71-- f*-tp1t fqif ;4 gi,u # 29#9.1. t T. 2,910 ill f± 37:1* T. 3,000 -*1 -FON WE t tc # 30 3ti -Wf T. 2,000 WI t IT 2000 cf.a t RI T. 1,950 icbc t7 1 Wi-dft 30 a di -"f ;4 tift dt 30 Ieof -*-1- f-*77 AFT ict) gyf lititi 5500 ECO-2 6

7 3. (a) 44) i-7f0 14 A Fc-R q mrandtif wr (b) r -517T-A. t 37MT 'TT *ITT ct.) 4d' q-10 -th h 1 4rtarc~ci t rm (1: f \ii i ftmrartd44-1-wf wlf ict) f4914 qz(1t4 t? dqiui Trita. o4 4( 4+8 f I 1 79-qt, 2012 X Y*7 14 till -44t4 atqft.t 1 T. 12,000 ffftgit I Y TzftwrT fwzir AT d.t. X 114t4 T ikq (I X 7T4 37T4 4,1) -4 12% -5rFff (discount -WT) fff7t 31TRI thr 37%11. tcroi 47tItzitr4T1TX WkiPry -011-A-t*.71.4 riqd tfq ":17 dkichf littun Fq441 I X Y 3Tra-FTT Re.qi 5. (a) 1)' li-fro tslo ch4 -kgficrn? (i) 3Trri glt1 *-114-1V-1 ft--4 3f-dfm ch tif (iii) t (iv) 7zfri# gitf 31I M (v) 3-TTff.F*71z1T (vi) r -477:ft (vii) cqti (vui) fd-dtuf (b) F-47hcif 3w1.* fq -ori Tr{ 71TP' Lisoi I ECO-2 7 P.T.O.

8 6. (a).) choci (5c TTUTI t t f 2011."). 1:1771 ar4 frig 377--oqq (gior177 r : 311r -Tr 7-4TYR (g int 31 -ktl-lzi-t 2011-ef TFITETT trk 7r4 3rrr71-41 T. ii.7ti c 1i T. Ala b/d 3, ,4.4 0_ ciqi dn1 16, ,800 vc,f, c,../ q 1, wr 70,000 f ,41. 7, ,200 th--4-4-{ --f,, q 26,500 71t - f fawzr -Tre[-wr wq 13,000 ((Imo T. 3,200) 2, % 3crzifi-r 4 f-*--trza 17, ii-ciR TN co-ii 600 willit Tft 70 'WI ,200 fa-wzr NA-1 4)149h f4t 7,300 t. -. d -uft--r 16,000 ilti c/d 15,900 1,05,200 1,05,200 3TfafTWF T7911 (i) W-0-61 t 100 TITFzi A +1q-e4 T. 900 Tr-tiT t7t t I 31f ciqi T T1 I (ii) 31 tit1 R T W Trdri f*-4.4tff T t 7TTFIT I (b) (Professionals) (outstanding fees) 1 r T f*-tf W.{? ECO-2 8

BACHELOR'S DEGREE PROGRAMME H-1 Term-End Examination CD June, 2015 i1"-- f=) ELECTIVE COURSE : COMMERCE ECO-2 : ACCOUNTANCY-I

No. of Printed Pages : 11 ECO-2 BACHELOR'S DEGREE PROGRAMME H-1 Term-End Examination CD June, 2015 i1"-- f=) ELECTIVE COURSE : COMMERCE ECO-2 : ACCOUNTANCY-I Time : 2 Hours Maximum Marks : 50 Weightage