IGNOU BCOC-131 June 2022 Previous Year Question Paper

Q1.(a) Define Accounting. Describe the qualitative characteristics of accounting information. 347

(b) Distinguish between Indian Accounting Standards and International Accounting Standards.

Q2.Why is journal sub-divided ? Name the special journals and state the types of transactions entered in each of them.

Q3.Define Depreciation. Distinguish it from Depletion, Amortization and Obsolescence.

Q4.Describe the methods of recording depreciation in the books of accounts. (2+6+12)

Q5.(a) What is meant by Balance Sheet ? Give the format of vertical presentation of Final Accounts. 4+10

(b) Find out the Cost of Goods Sold from the following data extracted from the books of Allied Ltd. for the year ending on 31st March, 2020. 6 Particulars = Stock on 15t April, 2019 50,000 Purchases 10,00,000 Purchase Returns 50,000 Stock on 318t March, 2020 70,000 Direct Expenses 60,000 Indirect Expenses 1,00,0

(00)

Q6.(a) What is meant by Joint Venture ? Explain the salient features of Joint Venture. 347

(b) Distinguish between the following : 5+5 @ Joint Venture and Consignment Gi) Joint Venture and Partnership

Q7.What do you mean by Invoice Price ? Give reasons for consigning the goods at invoice price. Name the items which are recorded at invoice price in consignment account. Give journal entries passed for the adjustment of loading in respect of each item. 34+6 (43+8)

Q8.What are the main objectives of maintaining the branch accounts ? Explain how branch stock account helps in keeping effective control over the branch stock.

Q9.On 18t January, 2018, X Ltd. purchased 10 machines from Y Ltd. on hire-purchase system. Payment was to be made over a period of 3 years in equal half yearly instalments of = 7,385 payable on 30th June and 31st December each year. Cash price was = 4,000 per machine and the rate of interest was 8% p.a. payable on half yearly balances. X Ltd. depreciated the machines @ 20% p.a. On 1st January, 2019, after paying two instalments, X Ltd. transferred the machines to Z Ltd. for a consideration of = 10,000. Z Ltd. paid this amount on 10th January, 2019 and the next instalment to Y Ltd. on the due date. Prepare necessary accounts in the books of X Ltd. and Y Ltd.

Q10.What is meant by Computerized Accounting ?

Q11.Explain its merits and demerits. State the considerations to be kept in mind while choosing an Accounting Software. (24+6+6+6)