This document contains an exam for an elective accountancy course. It includes 6 questions testing various accounting concepts:
1. The first question asks students to explain the objectives of accounting and accounting concepts related to final accounts. It also asks about accounting for fees and the difference between debit and credit notes.
2. The second question asks students to rectify 6 accounting errors through journal entries.
3. The third question asks students to define single-entry accounting and calculate credit sales from financial information.
4. The fourth question asks students to define sectional balancing vs self-balancing and differentiate between provisions and reserves.
5. The fifth question provides financial statements for a club and asks students to
This document contains an exam for an elective accountancy course. It includes 6 questions testing various accounting concepts:
1. The first question asks students to explain the objectives of accounting and accounting concepts related to final accounts. It also asks about accounting for fees and the difference between debit and credit notes.
2. The second question asks students to rectify 6 accounting errors through journal entries.
3. The third question asks students to define single-entry accounting and calculate credit sales from financial information.
4. The fourth question asks students to define sectional balancing vs self-balancing and differentiate between provisions and reserves.
5. The fifth question provides financial statements for a club and asks students to
This document contains an exam for an elective accountancy course. It includes 6 questions testing various accounting concepts:
1. The first question asks students to explain the objectives of accounting and accounting concepts related to final accounts. It also asks about accounting for fees and the difference between debit and credit notes.
2. The second question asks students to rectify 6 accounting errors through journal entries.
3. The third question asks students to define single-entry accounting and calculate credit sales from financial information.
4. The fourth question asks students to define sectional balancing vs self-balancing and differentiate between provisions and reserves.
5. The fifth question provides financial statements for a club and asks students to
This document contains an exam for an elective accountancy course. It includes 6 questions testing various accounting concepts:
1. The first question asks students to explain the objectives of accounting and accounting concepts related to final accounts. It also asks about accounting for fees and the difference between debit and credit notes.
2. The second question asks students to rectify 6 accounting errors through journal entries.
3. The third question asks students to define single-entry accounting and calculate credit sales from financial information.
4. The fourth question asks students to define sectional balancing vs self-balancing and differentiate between provisions and reserves.
5. The fifth question provides financial statements for a club and asks students to
LO co BACHELOR'S DEGREE PROGRAMME CO Term-End Examination C.1 June, 2018 ELECTIVE COURSE : COMMERCE ECO-002 : 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) What is Accounting ? Explain its main objectives. (b) Enumerate the accounting concepts which relate to final accounts, and explain any one of these with its accounting implications. (c) How do professionals account for outstanding fees ? (d) How does debit note differ from credit note ? State the utility of these notes.
2. Rectify the following errors by journal entries 12
assuming that a suspense account had been opened : (a) 5,400 received from M. Mehta were posted to the debit side of his account.
ECO-002 1 P.T.O. (b) 1,000 being purchase returns were posted to the debit of Purchases Account. (c) 5,740 paid for repairs of a motor car were debited to the Motor Car Account as 1,740. (d) Purchase of a machine for 60,000 was recorded in the Purchases Book. (e) A sale of goods for 3,500 to Sethi was entered in the Sales Book at 5,300. (f) 5,000 paid towards wages for installing a machine was debited to Wages Account.
3. (a) What is Single Entry System ? State its 6+6
salient features. (b) From the following particulars relating to Bhasin Brothers for the year 2015-16 ascertain their credit sales for the year : Z Debtors as on 1-4-2015 1,20,000 Returns Inwards 50,000 Cash received from debtors 4,50,000 Discount allowed to debtors 30,000 Bills Receivable accepted by 1,70,000 debtors Bad Debts 15,000 Debtors as on 31-3-2016 1,00,000 Bills Receivable dishonoured 35,000
ECO 002 - 4. (a) What do you mean by Sectional Balancing ? 6+6 How does it differ from self-balancing ?
(b) Differentiate between provisions and
reserves.
5. From the following Receipts and Payments 12
Account and Balance Sheet of a Club prepare the Income and Expenditure Account for the year ending 31 December, 2015 and the Balance Sheet as on that date.
Receipts and Payments A/c
For the Year Ending Dec. 31, 2015 Z Z Balance b/d 10,00,000 Expenses
Subscriptions 2014 1,40,000
2014 38,000 2015 2,00,000 3,40,000 2015 2,10,000 Lease hold Land 4,00,000 2016 15,000 2,63,000 Interest Paid 40,000 Entrance Fees 80,000 Refreshment Exp. 2,00,000 Locker Rent 70,000 Balance c/d 8,33,000 Income From 4,00,000 Refreshments 18,13,000 18,13,000
ECO-002 3 P.T.O. Balance Sheet as on Dec. 31, 2014 (Opening for 2015)
ECO-002 4 6. (a) R and S entered into a contract for 8+4 constructing a building for 4,00,000. R and S contributed 2,00,000 and 1,50,000 respectively. They agreed to share profits and losses in the ratio of 4 : 3. It was decided that the work will be looked after by R who will be paid 5% commission on contract price in addition to his share of profits. R purchased the necessary materials for 3,20,000 and paid 9,000 for expenses. R also contributed building materials from his own stock worth 20,000. 5,000 remained to be paid for wages. S took over the stock of materials for an agreed value of 16,000. The building was completed and the contract money was duly received. Prepare Joint Venture A/c in the books of R. (b) Distinguish between Account Sales and Invoice.
