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ACCOUNTANCY-I

BACHELOR'S DEGREE PROGRAMME


Term-End Examination


June, 2010


ELECTIVE COURSE: COMMERCE


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



  • What do you understand by Dual Aspect Concept? Explain its accounting implications.



  • What do you understand by an opening entry? How is an opening entry posted into the ledger?



  • State various causes of disagreement between the balances are shown by the cash book and the pass-book.



  • What is Journal proper? What kind of entries are used usually recorded in the Journal proper ?



  1. (a) Differentiate between a Bill of Exchange and a Promissory Note.                            4



  • Explain the separate set of books method for maintaining  joint venture accounts.         8



  1. Rectify the following errors through Journal assuming that a Suspense Account had been opened. 6x2=12



  • An amount of Rs. 500 received from Mr. Roy was credited to Ray's A/c.

  • A sale of Rs. 600 to Gopal was debited to his account as Rs. 6,000.

  • Salaries paid amounting to Rs. 1,000 was wrongly debited to Wages Account.

  • A credit sales of Rs. 250 to Rakesh was wrongly credited to his Account.

  • A credit salesRs. 520 to Madhu debited to him as Rs.

  • A credit purchases from Kailash of Rs. 400 was debited to him.



  1. On June 10, 2008, Raj & Co. of Jaipur consigned 12 100 cases of Red wine to Singham Bros. of Sri Lanka. The cost of the consignment amounted to Rs. 7,500 but the goods were charged at proforma invoice price so as to show a profit of 25% on the invoice price. On the same date, the consignors paid Rs. 600 for freight and insurance. On July 1 the consignees paid Rs. 1,000 for import duty. Rs. 200 for dock dues, and remitted a bank draft for Rs. 4,000 as an advance against the consignment. On July 15, they sold 80 cases for Rs. 10,500. Singham Bros. are entitled to a commission of 5% on gross proceeds of sales as their remuneration. Prepare the necessary accounts in the books of the consignor assuming that the consignee has remitted the balance due from them by a draft.

  2. (a) What are the merits and demerits of written 8 down value method of depreciation? Distinguish it from the straight line method.



  • Distinguish between Capital Reserve and 4 Revenue Reserves.



  1. From the following details prepare Debtors Ledger (Total


Debtors) and Creditors Ledger (Total Creditors) Adjustment

Account as on 31st December 2008.   6,6

                                                                            Rs.

Debtors (1-1-2008) Dr.                                         17,425

Debtors (1-1-2008) Cr.                                          320

Creditors (1-1-2008) Cr.                                       27,408

Creditors (1-1-2008) Dr.                                       204

Purchases                                                                25,200

Sales                                                                       28,209

Purchases Returns                                                 714

Sales Returns                                                         208

Cash paid to creditors                                         12,700

Bills received from Debtors                                9,300

Bills dishonoured                                                  200

Bills accepted                                                        7,400

Discount allowed by creditors                              1,020

Discount allowed to Debtor                                   100

but disallowed later

Cash received from Debtors                                 8,700

Cash paid to Debtors                                             25

Transfer from Debtors to                                     1,242

Creditors Ledger

Cash purchases                                                     4,320

Cash sales                                                               7,400


Bad Debts written off                                           215


Discount allowed to Debtors                                215

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