Past Question Paper

Topics: Invoice, Promissory note, Trigraph Pages: 15 (707 words) Published: November 28, 2013
ECO-2

No. of Printed Pages : 7

BACHELOR'S DEGREE PROGRAMME
Term-End Examination
December, 2012
ELECTIVE COURSE : COMMERCE
ECO-2 : ACCOUNTANCY-I
Maximum Marks : 50

Time : 2 Hours

Note : Attempt any four questions, including question no. 1
which is compulsory.
1.

Answer any two of the following :
(a)

7+7

Distinguish between Income and
Expenditure Account and Receipts and
Payments Account.

(b)

What do you mean by invoice price ? Give
reasons for consigning the goods at invoice
price.

(c)

What is cost concept ? Explain its
accounting implications with examples.

(d)

Discuss briefly the utility of debit note, credit
note and invoice.

2.

(a) What do you mean by Sectional Balancing ? 6+6
How does it differ from self-balancing ?
(b) Differentiate between Provisions and
Reserves.

ECO-2

1

P.T.O.

3.

Radha & Co., Bombay sent on consignment to 12
Krishna & Co., Chennai 100 Fans, invoiced at
Rs. 100 each on 5th June, 2009. Radha & Co.
paid Rs. 2000 for dispatch of goods to the
consignee. Consignee remitted Rs. 6000 as an
advance by bank draft on 20th June 2009. The
consignee is entitled to a commission of 10% on
the sale proceeds. On receipt of goods the
consignee paid Rs. 2000 for godown charges. On
30th June, 2009 Krishna & Co. sent an Account
sales showing that the fans have realised Rs. 250
each. He remits the amount due to Radha & Co.
Prepare ledger accounts in the books of the
consignor.

4.

The Trial Balance of M/S Mohan Brothers shows 12
the following balances as on 31.12.2010 :
Purchases
Sales Return
Machine
Opening Stock
Discount allowed
Bank charges
Debtors
Salaries
Wages
Carriage inward
Carriage outward
Rent paid
Bad debts
Cash at Bank

ECO-2

Rs.
60,000
1,500
90,000
40,000
350
100
45,000
7,000
10,000
1,000
1,200
2,000
2,000
7,000
2,67,150

2

Rs.
Capital
1,13,075
Sales
1,27,000
Purchase Returns
1,275
Discount Received
800
Creditors
20,000
Bills payable
5,000

2,67,150

Closing stock was valued at Rs. 35000. Prepare
trading account and Profit and Loss Account for
the year ended 31.12.2010 and a Balance Sheet
as on that date.
5.

Birla Cotton Mill purchased a machine on 12
1st May 2006 for Rs. 90,000. On 1st July, 2007 it
purchased another machine for Rs. 40,000. On
31.3.2008 it sold off the first machine purchased
in 2006 for Rs. 58000 and on the same date
purchased a new machine for Rs. 1,00,000.
Depreciation is provided at 20% p.a. on the
original cost each year. Accounts are closed on
31st December each year.
Show Machine Account for three years.

6.

Write short note on the following :
(a)

Single Entry System,

(b)

Ledger,

(c)

4+4+4

Promissory Note

ECO-2

3

P.T.O.

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