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Eco 02

[1] The document is a past exam paper for the subject ECO-02 Accountancy-I. It contains 6 questions testing various accounting concepts. [2] Question 1 has three parts asking about the purpose of noting on a bill, the entries recorded in a journal proper, and how a bank reconciliation statement is prepared. [3] Question 2 has two parts asking about the distinction between cash and accrual basis of accounting and showing depreciation entries in final accounts.

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50 views6 pages

Eco 02

[1] The document is a past exam paper for the subject ECO-02 Accountancy-I. It contains 6 questions testing various accounting concepts. [2] Question 1 has three parts asking about the purpose of noting on a bill, the entries recorded in a journal proper, and how a bank reconciliation statement is prepared. [3] Question 2 has two parts asking about the distinction between cash and accrual basis of accounting and showing depreciation entries in final accounts.

Uploaded by

ryka
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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[2] ECO-02

(d) What is the purpose of noting on the bill ?


No. of Printed Pages : 11 ECO-02
Is it necessary in case of a Promissory
BACHELOR’S DEGREE PROGRAMME Note ?
(BDP)
2. (a) Distinguish between cash basis and
Term-End Examination
accrual basis of accounting. Why do you
December, 2021
consider accrual basis more rational ?
(Elective Course : Commerce)
ECO-02 : ACCOUNTANCY–I Discuss. 6

Time : 2 Hours Maximum Marks : 50 (b) The following were the balances of assets
Note : Attempt any four questions including as on January 1, 2017 :
question no. 1 which is compulsory.
Plant and Machinery ` 12,00,000
1. Attempt any two of the following questions :
Furniture ` 1,80,000
7×2=14
(a) Define accounting and explain its scope. A new machinery costing ` 3,00,000 was

acquired on July 1, 2017. Depreciation is to


(b) What is Journal Proper ? What entries are
be provided on plant and machinery at 10%
usually recorded in the Journal Proper ?
and on furniture at 5% p. a. Show how
(c) What is Bank Reconciliation Statement ? depreciation will be shown in the final
How is it prepared ? accounts. 6

P. T. O.
[3] ECO-02 [4] ECO-02

3. Vanaspati Ltd. consigned 5000 kg of Vanaspati 4. (a) Explain briefly how debtors ledger is made

self-balancing. How do you deal with a


Ghee to Ashoka Dealers, Chandigarh. Each kg
transfer entry from one personal ledger to
of ghee costs ` 80. Vanaspati Ltd. paid ` 500 for
another ? 6
carriage, ` 2,500 for packing and ` 2,000 for
(b) What is a Single Entry System ?
insurance in transit. After 3 months from the
Distinguish it from Double Entry System.

date of consignment of goods, Ashoka Dealers 6

reported that 3500 kg of ghee was sold @ ` 95.


5. (a) Explain the meaning and accounting

per kg and expenses were ` 5,000 on godown treatment of the terms ‘Life Membership

Fees’ and ‘Tournament Fund’ while


rent and ` 7,500 on salesman salary. Ashoka
preparing the final accounts of non-trading
Dealers are entitled to a commission of 5 per
concern. 4
cent on sales. 500 kg of ghee was accidently
(b) Shiv Shankar & Sons purchased a car for

destroyed in the godown. Insurance claim of ` 50,00,000 on April 1, 2013. The car was

` 35,000 was admitted. Prepare the necessary depreciated at 10 per cent under the

written down value method. On April 1,


ledger accounts in the books of both parties. 12

P. T. O.
[5] ECO-02 [6] ECO-02

2016, they changed the method of ECO-02


depreciation from written down value

method to straight line method without

changing the rate. Show the Car Account


2021
from April 1, 2013 to March 31, 2017. 8

6. Write short notes on any three of the following : 02 I

4×3=12

(a) Salient features of joint venture

(b) Materiality concept

(c) Ascertainment of credit sales in single

entry system 7×2=14

(d) Reserve and Provision

(e) Rectification of one-sided errors


(journal proper)

P. T. O.
[7] ECO-02 [8] ECO-02

] ` ] ]

10% 5%

(Promissory Note)

(accrual)
]

` ` ]

` ] ` ]

`
` ] ]
` ] ` ]
` ] ]

P. T. O.
[9] ECO-02 [ 10 ] ECO-02

5%

` ]

` ] ]

(self-balancing) ]

] ]

4×3=12

P. T. O.
[ 11 ] ECO-02

ECO–02

P. T. O.

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