IGNOU BCOC-131 June 2025 Previous Year Question Paper

Q1.(a) Explain the concepts and conventions of financial accounting. 10

(b) Describe the steps involved in framing Accounting Standards in India.

Q2.From the following transactions of M/s. Shriram & Sons, prepare cash book : 20 2018 z Aug. 01 | Cash in hand 4,270 Aug. 05 | Purchased an old typewriter for 1,500 Aug. 07 | Received cash from Shyam & Co. = 1,980 and allowed discount of 20 Aug. 10 | Cash sales 5,500 Aug. 12 | Paid to Ramnarain = 2,970 and he allowed a discount of 30 e 14 | Sold old newspapers for 60 Aug. 16 | Received from Prasad = 985 in full settlement of his account for 1,000 Aug. 18 | Purchased goods worth from Sanjeev Bros. at a trade discount of 10% and paid cash 2,000 Aug. 20 | Sold goods worth for cash at a trade discount of 5% 1,000 Aug. 24 | Settled the account of Tiwari of by paying the necessary amount after deducting a discount of 3% 500 Aug. 30 | Paid rent 500 Aug. 30 | Deposited in the bank the cash in excess of 1,4

(90)

Q3.What do you mean by Depreciation ? Write the advantages and disadvantages of Fixed Instament Method.

Q4.(a) Explain the concept of Hire Purchase Agreement. 10

(b) Name the three methods for keeping accounts of a dependent branch and explain how each method determines profit.

Q5.Krishna Tractors Ltd., Prayagraj, has a branch at Hissar. From the following particulars relating to the branch for the year ending December 31, 2020, prepare the Branch Account in the head office books : 20 Balances as on 1-1-2020: z Branch Debtors 4,000 Petty Cash 500 Furniture 2,000 Prepaid Insurance 150 Salaries Outstanding 1,00,000 Goods sent to Branch 80,000 Cash Sales 30,000 Credit Sales 40,000 Cash received from Debtors (direct to H.O.) 35,000 Cash paid by Debtors 2,000 Provide depreciation on furniture @ 10% p.a. Discount allowed to Debtors 100 Cash sent to Branch : Rent 2,000 Salaries 2,400 Petty Cash 1,000 Good returned by Branch 1,000 Good returned by Debtors 2,000 Stock at Branch on 31-12-2020 5,000 Petty Expenses paid by Branch 850 Insurance (upto 31-3-2021)

Q6.Explain various methods of recording the joint venture transactions without maintaining separate set of books.

Q7.Gita of Delhi and Sita of Calcutta entered into a joint venture for the purchase and sale of goods. The profits and losses are to be shared in the ratio of 2 : 1. Gita purchased goods for = 40,000 and sent them to Sita paying = 3,000 for freight and insurance. Gita also incurred sundry expenses amounting to = 400. Sita sold goods for % 55,000 and incurred = 6,000 as expenses. Unsold stock valued at % 7,000 was taken over by Sita. Sita remitted the balance due to Gita by a bank draft. Each party’s ledger contains a record of his own transactions in the Joint Venture Account. 20 Prepare :

(a) Memorandum Joint Venture Account,

(b) Joint Venture with Sita’s Account in Gita’s Ledger, and

(c) Joint Venture with Gita’s Account in Sita’s Ledger.

Q8.Write notes on any two of the following : 2x10=20

(a) Computerised Accounting system and Manual Accounting Systems

(b) Different types of vouchers

(c) Petty Cash Book 2018 z 71-2000 Ba z 2x10=

(20)