IGNOU BCOC-131 December 2024 Previous Year Question Paper

Q1.(a) What is meant by double entry book- keeping system ? Explain its advantages. 5+5

(b) What are Accounting Standards ? Explain the steps involved in framing Accounting Standards in India.

Q2.(a) Explain the concepts and conventions of accounting with suitable examples. 10

(b) Define Journal. Why is journal called a book of original entry ?

Q3.Shriram Electronics purchased the following goods on credit during Feb. 2021. Enter them in the Purchases Book : 20 2021 Feb. 03 Bought from Krishna Electronics, 100 Radio sets @ € 150 per set. Trade discount @ 10%. VAT paid by us @ 12%. Feb.07 Purchased from Shiva Electronics, 30 pieces of Tape Recorders @ % 1,750. Trade discount 20%, Packing and forwarding charges = 300. VAT @ 8%. Feb. 15 Purchased from Radha Electronics, 20 MP3 Players @ % 1,350. Trade discount 10%. DVD players 50 pieces each costing % 3,000, Packing charges % 400, Transport charges = 5,000. All expenses to be borne by purchasing firm.

Q4.What do you mean by adjustment ? What are the various adjustments usually necessary at the time of preparing the Final Accounts ?

Q5.From the following balances of Krishna & Sons, prepare a Trading and Profit & Loss Account for the year ending 31st March, 2021 : 20 Particulars z Capital 75,000 Stock 3,000 Sales 90,000 Purchases 25,000 4 Returns 1,000 Purchases Returns 1,500 Cash in hand 2,500 Discount (Cr.) 160 Salaries 1,500 Creditors 15,000 Bills Payable 12,000 Commission (Cr.) 300 Discount (Dr.) 100 Insurance 120 Carriage 400 Carriage on Sales 350 Wages 2,000 Depreciation 100 General Expenses 600 Advertisement Expenses 250 Travelling Expenses 300 Building on lease 70,000 Stock at the end (31-03-2021) 5,000 Bad Debts

Q6.What do you mean by branch accounting ?

Q7.What are the ways of maintaining branch accounts ? 5,

(15)

Q8.(a) Define Hire-Purchase System. Mention the important constituents of a Hire-Purchase Agreement. 3,7

(b) What are the features of joint venture ? How will you differentiate it from consignment business ? 4,

(6)

Q9.Ram informed you of the following particulars of his transactions relating to goods consigned to Shyam for the year end 31-12-2021: 20 Goods sent (10,000 kgs) = 1,00,000 Ram’s expenses = 10,000 Shyam’s expenses : Freight and insurance = 2,000 Selling = 5,000 Sold (8,000 kgs) % 1,12,000 Loss due to natural wastage 100 kgs Commission @ 5% on gross sales. You are asked to prepare the Consignment Account only with the detailed calculation of unsold stock in the books of Ram.

Q10.Write notes on the following : 10x2=20

(a) Difference between stock item, stock group and stock category.

(b) Preparation of reports using Tally ERP. 2021 Be (Cr) 160 = i

Q11.7