Exam Details

Subject Accountancy-I
Paper
Exam / Course Bachelor Degree in Commerce
Department School of Management Studies (SOMS)
Organization indira gandhi national open university
Position
Exam Date June, 2016
City, State new delhi,


Question Paper

1. Attempt any two questions from the following:
State the essential features of Receipts and Payments Account. Discuss the drawbacks of Single Entry System of accounting. Distinguish between 'consignment' and 'Joint Venture'. Describe briefly the procedure for locating errors.

2. On 1st April, 2010, Gama Ltd. purchased a 12 machine for Rs 3,90,000 and spent Rs 10,000 for its installation. On 1st November, 2011, company purchased another machine for Rs 1,00,000 and spent RS 20,000 on its overhauling. On
30th -September, 2012, the machine purchased in 2010 was sold at a loss of Rs 1,27,800. The company charges depreciation 10% p.a. on written down value basis. Accounts are closed on 31st March every year. Prepare machine account up to 31st March 2013.

3.(a) Why is provision for doubtful debts created? How is it shown in the Balance Sheet if it is given in Adjustments and in trial balance?
Explain the role of Suspense Account in rectifying one sided errors with suitable examples.

4. On 1st September, 2013 Shri Gupta of Delhi sent 500 cases of goods Rs 150 each to Shri Jha of Ranchi to be sold on his account at his risk for 7.5% commission and 2.5% del-credere commission and incurred Rs 5,500 as expenses.
Rs 20,000 advance has been received on 31st December, 2013. Shri Jha sent an account sales disclosing that 300 cases have been sold for Rs 230 each for cash and another 100 cases at Rs 220 each on credit. He incurred Rs 1,750 as selling
expenses. He sends a bank draft for the net amount due. Prepare Consignment Account and Consignee Account in the books of Shri Gupta.

5. Siyaram keeps incomplete records from the following, calculate total sales made during the period from 1st January, 2013 to 31st December 2013
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6.(a) What is Trial Balance? Explain how is it prepared.
State any six reasons of disagreement between the balances shown by Cash Book and Pass Book.


Departments

  • Centre for Corporate Education, Training & Consultancy (CCETC)
  • Centre for Corporate Education, Training & Consultancy (CCETC)
  • National Centre for Disability Studies (NCDS)
  • School of Agriculture (SOA)
  • School of Computer and Information Sciences (SOCIS)
  • School of Continuing Education (SOCE)
  • School of Education (SOE)
  • School of Engineering & Technology (SOET)
  • School of Extension and Development Studies (SOEDS)
  • School of Foreign Languages (SOFL)
  • School of Gender Development Studies(SOGDS)
  • School of Health Science (SOHS)
  • School of Humanities (SOH)
  • School of Interdisciplinary and Trans-Disciplinary Studies (SOITDS)
  • School of Journalism and New Media Studies (SOJNMS)
  • School of Law (SOL)
  • School of Management Studies (SOMS)
  • School of Performing Arts and Visual Arts (SOPVA)
  • School of Performing Arts and Visual Arts(SOPVA)
  • School of Sciences (SOS)
  • School of Social Sciences (SOSS)
  • School of Social Work (SOSW)
  • School of Tourism & Hospitality Service Sectoral SOMS (SOTHSM)
  • School of Tourism &Hospitality Service Sectoral SOMS (SOTHSSM)
  • School of Translation Studies and Training (SOTST)
  • School of Vocational Education and Training (SOVET)
  • Staff Training & Research in Distance Education (STRIDE)

Subjects

  • Accountancy-I
  • Accountancy-II
  • Business Environment
  • Business Organisation
  • Company Law
  • Economic Theory
  • Elements of Auditing
  • Elements of Costing
  • Elements of Income Tax
  • Elements of Statistics
  • Management Theory
  • Mercantile Law
  • Money, Banking & Financial Institutions