IGNOU| ACCOUNTANCY-I (ECO - 02)| QUESTION PAPER – (DEC - 2022)| (BDP)| ENGLISH MEDIUM
BACHELOR'S DEGREE PROGRAMME
(BDP)
Term-End Examination
December, 2022
(Elective Course: Commerce)
ECO-02
ACCOUNTANCY-I
Time: 2 Hours
Maximum Marks: 50
Note: Attempt any four questions including question
no. 1 which is compulsory.
हिंदी माध्यम: यहां क्लिक करें
1. From the following transactions, make accounting equation and prepare the Balance Sheet: 14
(i) Ram started
business with cash - 70,000
(ii) Purchased
goods for cash - 25,000
(iii) Purchased
goods on credit - 15,000
(iv) Purchased
furniture for cash - 5,000
(v) Paid rent -
4,000
(vi) Received
commission - 600
(vii) Withdrew
cash for personal use - 2,000
(viii) Sold
goods on credit (cost price 30,000) - 35,000
(ix) Paid to creditors
- 10,000
2. Explain the following concepts with suitable examples:
6, 6
(i) Consistency
concept
(ii) Full
disclosure concept
3. Under what circumstances would an accountant prepare
Bills Receivable Account and Bills Payable Account while preparing Final
Accounts from incomplete records? Clarify. 6, 6
4. Desai of Delhi consigns goods to Mukherjee of Kolkata to
be sold at or above invoice price. Mukherjee is entitled to a commission of 10%
on sales at invoice price and 30% of any surplus realized beyond invoice price.
Mukherjee accepted a bill of exchange drawn by Desai amounting to 60% of the
invoice price. During the year 2020 goods consigned by Desai were involved at
2,00,000 and the cost of such goods was ` 1,50,000 (including freight) to
Desai.
Sales made by Mukherjee during the year amounted to `
1,85,000. On 31st December, 2020, goods unsold with Mukherjee represented at
invoice value of ` 40,000. During the year Desai had received from Mukherjee `
35,000 by bank drafts, certain remittances being in transit on 31st December,
2020. Prepare necessary Ledger Accounts in the books of both the parties. 12
5. There was a difference of ` 725 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
` 375 has been posted in the debit side of commission account instead of ` 275.
(ii) Goods of `
200 purchased from Sohan Lal has been posted to his account as ` 250.
(iii) Total of
sales return book was overcast by ` 475.
(iv) A credit
amount of ` 50 was posted as ` 150 to the debit side of personal account.
(v) Goods of 300
were sold to Mahesh but it was recorded in Purchases Book.
(vi) Only ` 20
were recorded in Bills Receivable book instead of ` 200.
6. "Depreciation may be defined as the permanent and
continuing diminution in the quality, quantity or value of an asset."
Discuss critically. 12
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