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Posted By: priya Member Level: Gold Posted Date: 13 Jun 2008
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2006 Indira Gandhi National Open University (IGNOU) B.Com accountancy1 Question paper
Note : Attempt any four questions including question no. 1 which is compulsory.
1 . Answer any two questions of the following : 7, 7
(a) Explain the Business Entity concept and Cost concept and state their accountancy implications.
(b) What is a Bill of Exchange ? How does it differ from Promissory Note?
(c) What do you understand by abnormal loss ? What steps do you follow for the valuation of Closing Stock when normal loss and abnormal loss occur simultaneously?
(d) Explain the Annuity Method of depreciation. How does it differ from Depreciation Fund Method?
2. From the following Trial Balance and additional information, you are required to prepare Trading and Profit and Loss Account for the year ending 31 December, 2004 and a Balance Sheet on that date : 12
Debit Balances Rs. Credit Balances Rs.
Sundry debtors 5,400 Capital 20,000
Drawings 1,800 Sundry creditors 2,800
Machinery 7,000 Commission 500
Wages 10,000 Sales 29,000
Purchases 19,000
Stock (1-1-2004) 4,000
Bank balance 3,000
Carriage inwards 300
Salaries 400
Bad debts 300
Discount 200
Rent and Rates 900
52,300 52,300
Additional information
(i) Stock on 31-12-2004 Rs. 1,200.
(ii) Outstanding Rent and Rates Rs. 100.
(iii) Charge depreciation on machinery at 10%.
(iv) Wages prepaid Rs. 400.
(v) Provide for reserve for bad debts at 5% on sundry debtors.
3. X draws a bill of exchange for the amount due from Y, Rs. 2,000 for three months on Y on January 1, 2005 which is duly accepted by the latter. On February 1 , one month after acceptance, X discounts the bill with his bankers at 6 percent p.a. On the date of maturity, Y, not being able to meet the bill, offers X Rs. 900 and asks him to draw another bill for three months for the balance plus interest at 6 percent p.a. X agrees to the arrangement, but before the second bill becomes due Y becomes bankrupt. Y's estate pays fifty paise in a rupee.
Give journal entries and Y's account in the books of X.
4. Following is the Receipts and Payments Account for the Bengal Club for the year ended 31.3.2005 : 12
Receipts Rs. Payments Rs.
To Balance b/d 2,050 By Salaries 1,200
To Subscriptions : By General Expenses 160
2003-04 80 By Entertainment Expenses 900
2004-05 4,100 By Newspapers 300
2005 - 06 120 By Muncipal taxes 80
To Donations 1,080 By Charity 720
To Proceeds from Entertainment 1,900 By Investment
(Government Bonds) 4,000
To Sale of waste paper 90 By Electricity charges 280
Balance c/d 1,780
9,420 9,420
Prepare the Club's Income and Expenditure Account for the year ended 31 March, 2005 and the Balance Sheet as on that date, after takingthe following into account
(a) There are 1000 members each paying an annual subscription of Rs. 5 and Rs. 100 is still in arrears for 2003-04.
(b) Municipal taxes amounting to Rs. 80 per annum have been paid upto 30th June, 2005 and Rs. 100 for salaries is outstanding.
(c) Buildings stand in the books at Rs. 10,000 and it is required to write off depreciation @ 5% per annum.
(d) Six per cent per annum interest is accrued on Government Bonds for 5 months. 5. What is a Bank Reconciliation Statement ? From the following particulars ascertain the balance as would appear in the Bank Pass Book of Mr. X as on December 31, 2004. The Cash Book showed a credit balance of Rs. 16,400. 12
(a) Cheques issued but not cashed by January 31, 2005 Rs.4,600
(b) Cheques paid into bank but not cleared by December 31, 2004 Rs.6,000
(c) Interest charged on overdraft in the Pass Book only Rs.240
(d) Bank charges debited in Pass Book only Rs.100
(e) Interest on investments collected by bank but not recorded in Cash Book Rs.1,200
(f) A customer paid into the firm's Bank Account directly Rs.2,000
6. Differentiate between any two of the following (6, 6)
(a) Joint Venture and Partnership
(b) Capital expenditure and Revenue expenditure
(c) Provision and Reserve
(d) Cash basis of accounting and Accrual basis of accounting
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