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IGNOU ECO 02 Important Questions Accountancy-1
It is advisable to complete at least 4 blocks and current year assignment.
BLOCK 1: Accounting Fundamentals
- 1 : Basic Concepts of Accounting
- 2 : The Accounting Process
- 3 : Cash Book and Bank Reconciliation
- 4 : Other Subsidiary Books
- 5 : Bills of Exchange
BLOCK 2: Final Accounts
- 6 : Concepts Relating to Final Accounts
- 7 : Final Accounts – I
- 8 : Final Accounts – II
- 9 : Errors and their Rectification
BLOCK 3: Consignment and Joint Ventures
- 10 : Consignments Accounts – I
- 11 : Consignments Accounts – II
- 12 : Consignments Accounts – III
- 13 : Joint Venture Accounts
BLOCK 4: Accounts from Incomplete Records
- 14 : Self Balancing System
- 15 : Accounting from Incomplete Records – I
- 16 : Accounting from Incomplete Records – II
- 17 : Accounting from Incomplete Records – III
BLOCK 5: Accounts of Non-trading Concerns, Depreciation, Provisions and Reserves
- 18 : Accounts of Non-trading Concerns – I
- 19 : Accounts of Non-trading Concerns – II
- 20 : Depreciation – I
- 21 : Depreciation – II
- 22 : Provisions and Reserves
Selected Questions for Block – 1: (Most Scoring Block)
- What is accounting? Mention its three objectives, advantages and limitations.
- Explain the following accounting concept:
- a)Money Measurement concept
- b)Cost Concept
- c)Business Entity concept
- d)Consistency Concepts
- e)Materiality
- Explain cash basis and accrual basis of accounting.
- What is BRS? What are the causes of disagreement between cash book and pass book? (Refer my solved assignment)
- What is Bills of exchange and promissory note? Distinguish between them. Give a specimen of both of them.
- Why is journal sub-divided? Name the special Journals generally maintained by business and state the type of transactions entered in each of them.
- Discuss briefly the utility of debit note, credit note and invoice.
- Learn Preparation of BRS carefully as given in my solved assignment.
Selected Questions for Block – 2:
- 1. How would you rectify the following errors in books of K and CO? 12
- a)The sales returns book has been undercast by Rs. 500.
- b)The Purchases returns book has been overcast by Rs. 500.
- c) Sales Book was undercast by Rs. 550.
- d)Purchases Book was undercast by Rs. 550.
- e)The total of the Bill Receivable Book amounting Rs. 4500 has been posted to the credit of Bill Receivable Account.
- f)While posting purchases book to be ledger the personal Account of Kumar has been credited with Rs. 221 instead of Rs. 212.
- g) 10,000 paid for the purchases of a T.V. set for the proprietors is debited to General exp. A/c
- h)Goods sold to Inder for Rs. 1,200 has been entered in the Purchases Book.
- i)Machine purchased for Rs. 10,000 has been debited to purchases account.
- j) 3,000 being the sale proceeds of old furniture has been credited to sales account.
- k)Goods purchased from Sanjay for Rs.4, 000 was recorded in purchase book as Rs. 400.
- l) 5,000 paid to Anil for salary was debited to his personal account.
- m) 1,000 paid for cartage for the newly purchased machine has been debited to cartage account.
- n) 5,000 received from ‘Ram’ has been credited to ‘Shyam’ account.
- o)Sameer had paid Rs. 1,000 but it was credited to Rahim’s account.
- p)Credit Sales of 720 recorded in Sales Journal as Rs. 270.
- q)Credit Sales of 1,500 rupees to Sameer was omitted from being recorded in books.
- r)Discount Allowed column of Cash Book was overcast by Rs. 75.
- s)Goods Rs. 4,000 sold on credit to B, no entry was made in books.
- t)No entry was made for purchases returns of Rs. 3,000.
- u)No entry was made for sales returns of Rs. 5,000.
- v)Goods purchased on credit from S Rs. 5,000, was recorded in purchase book as Rs. 500
- w)Sales of Rs. 6,000 to D were recorded as Rs. 600 in sales Book.
- From the following Ledger balances and adjoining information, you are required to prepare a Trading and Profit and Loss Account for the year ended on 31st March 2012 and the Balance Sheet as on that date. 12
| Particulars | Dr. | Cr. |
| Opening Stock Purchases Sales Purchases Returns Sales Returns Carriage Inward Carriage outward Bank Overdraft Cash Capital Sundry Creditors Loans Investments Accrued Incomes Machinery Drawings Wages Salaries Outstanding Expenses Prepaid Expenses Postage Discount Received Discount Allowed Bad debts Debtors Interest Paid Interest Received Provision for Bad debts Furniture and Fixtures | 40,000 4,10,000 2,500 1,500 2,500 4,000 10,000 600 47,500 10,000 11,000 7,300 750 900 1,000 750 1,00,000 3,500 7500 | 4,29,000 1,250 21,000 1,27,750 37,500 41,375 1,000 375 300 1,750 |
| 6,61,300 | 6,61,300 |
Other Information :
(a) Unsold Stock 1,10,000
(b) Depreciate Machinery by 10%
(c) Tax Payable 7,500
(d) Accrued Interest on Investment 1,200
(e) Interest on Capital @5%
- What is trial Balance? Mention various types of errors. What types of errors not disclosed by trial balance?
- List the errors which affect and do not affect the trial balance.
Selected Questions for Block – 3:
- What is Joint Venture? What are its features? Distinguish between Joint venture and consignment.
- Distinguish between
- Consignment and Sale
- Normal and abnormal loss
- How Stocks are valued in case of normal and abnormal loss in consignment accounts?
- 3. Radha & Co., Bombay sent on consignment to 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 realized Rs. 250 each. He remits the amount due to Radha & Co. Pass Journal Entries and Prepare ledger accounts in the books of the consignor and consignee.
- What is invoice price? Give reasons for sending consignments at invoice price.
Selected Questions for Block – 4:
- What is single entry system? Distinguish between single entry and double entry.
- What are the drawbacks of single entry? How double entry system overcome such drawbacks?
- What is self balancing and sectional balancing? Distinguish between them.
- What are the advantages and limitations of self balancing?
Selected Questions for Block – 5:
- What is depreciation? What are various causes for providing depreciation? Mention the factors which affects the amount of depreciation.
- Distinguish between:
- a)Provisions and Reserves
- b)Provision for discount on debtors and provision for discount on creditors
- c)Income and expenditure account and receipts and payments accounts
- What are secret reserves? How it is created?
- Write short notes on: Provision for Bad debts.
- The following information is extracted from the books of businessman.
Debtors as on 31.12.09 Rs.25000
Bad debts during 2009 Rs. 1,000
Provision for Bad debts is to be maintained at 5% of debtors. A provision for discount on debtors is also to be made at 2% you are required to calculate the amount to be set aside in respect of provision for bad debts and provision for discount on debtors respectively, and give the journal entries thereof.
- Prepare Machinery Account for the years 2007 to 2011.
On 30th June 2007, a business man purchased machinery for Rs. 10,000 and spent on its installation Rs. 1000. It charged depreciation @ 10% annually according to Fixed Installment method of charging depreciation. On 30-6-2009, he added another machinery costing Rs. 8,000. On 30-6-2011, the machinery purchased on 30-6-2007 was sold for Rs. 5,000.
- Give Five examples of provisions and reserves.
- Receipts and payment Account of a sports club showed that Rs 50,000 were received by way of subscription for the year ended 31.12.2010. The additional information was as follows:
(i) Subscription outstanding on 31.12.2009 was Rs. 5000.
(ii) Subscription received in advance on 31.12.2009 was Rs. 3000.
(iii) Subscription outstanding on 31.12.2010 was Rs. 10,000.
(iv) Subscription received in advance on 31.12.2010 was Rs. 6,000.
Show how above information would appear in the final accounts for the year ended 31st December 2010 of Sports Club.
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