BACHELOR'S DEGREE PROGRAMME - IIS7 papers... · BACHELOR'S DEGREE PROGRAMME Term-End Examination December, 2009 14-) ELECTIVE COURSE : COMMERCE O ECO-2 : ACCOUNTANCY-I ... UA tf4E

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BACHELOR'S DEGREE PROGRAMME

Term-End Examination

December, 200914-) ELECTIVE COURSE : COMMERCE

O 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 questions from the following : 7+7

Explain in brief the conservatism conceptof accounting with example.

Describe the advantages of maintaining aPetty Cash Book.

Describe briefly the utility of debit note andcredit note.

State the transactions recorded in Bills

Receivable and Bills Payable Journals.

2. (a) How will you record the following inConsignment Account ?

6+6

Normal loss.

Abnormal loss.

(b) Differentiate between Joint Venture andConsignment.

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1 P.T.O.

3. (a) State the advantages of self-balancing

system.(b) Discuss the drawbacks of Single Entry

System of Accounting. 6+6

4. The book value of a Machine on 1.1.2005 was Rs. 122,00,000. New Machines for Rs. 10,000 werepurchased on 1.10.2005 and for Rs. 20,000 on

1.7.2006. On 1.4.2007, a Machine whose bookvalue had been Rs. 30,000 on 1.1.2005 was soldfor Rs. 16,000 and the entire amount was creditedto Machine Account. Depreciation had beencharged at 10% p.a. on straight-line mehtod.Show Machine Account from 1.1.2005 to31.12.2007.

5. There was a difference of Rs. 525 in a Trial 12Balance. It has been transferred to the credit sideof suspense A/c. Later on following errors werediscovered pass the rectifying entries and prepare

suspense A/c.

An amount of Rs. 375 has been posted onthe debit side of commission account instead

of Rs. 275.

Goods of Rs. 200 purchased from Y has been

posted to his account as Rs. 250.

(c) Total of Sales Returns Book was over castby Rs. 475.

(d) Goods of Rs. 300 sold to Mahesh wasrecorded in Purchase Book.

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6. Give Journal entries for the following 12

adjustments :

Loss of goods by theft Rs. 8500. TheInsurance company accepted the claim ofRs. 7000 only.

Drawing of goods by the Proprietor Rs. 750.

Provision for discount on crediters Rs. 200.

Interest received in advance Rs. 600.

Rent outstanding Rs. 700.

Prepaid insurance Rs. 600.

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