B.Com/Part-l (Sem-1)/2018 St. Xavier’s College, Ranchi (An Autonomous College of Ranchi University) Mid-Semester Exam MICRO ECONOMICS ‘Time: | Hour Answer any TWO questions 1, Ilustrate the Law of Demand with the help of table and diagram. Why does demand curve slope downward towards the right? 2. Explain Indifference curve Analysis. What are its properties? Revealed Preference Theory of Demand. 1s. Is it applicable in the field ofile Nee ea a ae B. Com. (GE —!) 2018 Time : 3 hours Full Marks ; 70 Candidates are required to give their answers in their own words as far as practicable. The questions are of equal value. Answer any five questions. Enumerate the Law of Demand. Why does Demand curve slope downward to the right ? 2. Explain concept of Revenue. Discuss relationships between T R, AR and MR under perfect competition. 3. Explain Indifference curve Analysis along with its properties. 4. Discuss the law of Diminishing Returns. Do you think it is applicable to agriculture ? HT -66/2 (Tum over)10. Explain the Law of variable proportions with the help of Schedule and diagram. which stage !S profitable to a producer ? Discuss Price determination under Perfect Competition. Explain Monopoly. Throw light on its features. What is Price discriminations ? What are its types and conditions ? Explain. Critically explain sales maximization model. Write short notes on any two of the following (a) Reveled Preference Theory (b) Price Leadership (c) Elasticity of Demand (d) Cost Curve ee Og Hr —e62(1:100) (2) SX/S-1/UG(C) — 7 came DSCOPYRIGHT RESERVED SX/S-1/UG(C) — B. Com. —1 2018 Time : 3 hours Full Marks : 50 Candidates are required to give their answers in their own words as far as practicable. The questions are of equal value. Answer any five questions. 1. Define Accounting. Discuss also its functions. 2. Discuss the various concepts and conventions in accounting. 3. What is accounting standard ? Explain two accounting standard. 4. What are causes for charging depreciation ? Explain any two important methods of charging depreciation. HT—36/3 % (Tum over)5. Amachinery was purchased for Rs. 30,000 on 01.01.2007. On 01. 01. 2008 another machinery was purchased for Rs. 50, 000. On 01.07.2009 one more machinery was purchased for Rs. 24,000 and expenses incurred on its erection Rs. 1,000. On this day, the machinery which was purchased on 01.01.2007 was sold for Rs. 12,000. On 01.04.2010 another machinery was purchased for Rs. 40,000. On 31.12.2010 the mechinery purchased in 2008 was disposed off for Rs. 45,000. "Show the machinery account upto 31.03.2011 changing depreciation @ 10% on diminishing balance method. The accounts are closed on 31st March each year. 6. From the following Receipt and Payments delt” om ts and Payments Alc Receip Receipts Rs. Payments Rs. ToBalance bid 250 By Salaries 1,200 « Subscriptions 4.450 « General expenses 300 » Sale of old furniture Electric charges 200 (costing Rs. 100) 60 " Book 100 » Rent from hall 740 » News papers 400 » Profit from canteen 400 « Postage 50 « Sale of newspapers 100 " Furniture 250 Balance cid 500 oe 3000 (a) The Club has 50 members each paying an annual subscription of Rs. 25. Subscriptions outstanding on 31st December, 2013 were Rs. 250; Subscription received in advance Rs. 200 in 2014. (b) On 31st December, 2014 salaries outstanding amounted to Rs. 100; salaries paid included Rs. 100 for the year 2013. (c) On 1st January 2014 the club had benelgnd Buildings valued at Rs. 10,000; : Rs. 600 and Books Rs. 500. HT~ IT ~36/3 (3).a1 ~a0e (4) cyacth kl Fe Ms Mahmood Mumtaz purchased from Ashok Ltd. three machines costing Rs. 50,000 each on the hire purchase system. Payment was to be made Rs. 30,000 down and the remainder on three equal instalments together with interest @ 9%. M/S Mahmood Mumtaz had written off depreciation @ 20% on diminishing balance. It paid the instalment due at the end of the first year but could not pay the next. Ashok Ltd. agreed to leave one machine with the purchaser, adjusting the value of the other two machines against the amount due. The machines taken back valued on the basis of 30% annually. Show the necessary account in the books of M/S Mahmood Mumtaz for two years. A Head Office in Mumbai has a branch in Ahmedabad to which, goods are invoiced by the Head ofice at cost price plus 25%, Al cash recelved by he branch 6 remindHT - 36/3 (5) All expenses are paid from Mumbai. From the following particulars, show the Branch Account and Profit and Loss Account to be prepared in the books of the Head Office. Stock on 1st July, 2017 Debtors on ist July, 2017 Goods invoiced from Mumbai Remittances to Mumbai : Cash sales Collection from Debtors _Credit Sales Cheque received from Mumbai : Wages and Salary Rent, Rates etc Sundry expenses Good returned to Head Office Stock at 31st December, 2017 ( Debtors on 31st December, 2017 Rs. 12,500 12,000 40,000 16,000 29,080 40,000 11,000 3,000 2,400 15,000R, S and K sharing profits in the proportion of pon dissolution of their partnership © 3:2: 1 agreed u on 31st March, 2018 on which date their Balance Sheet was as under. Belances Sheet (as on 31st March, ate) Capital Accounts R 40,000 7,550 s 20,80 Mrs. R's Loan Alc 44,000 Creditors The Life Policy is surrendered for Rs. 12,000. The Investments are taken over by R for Rs. 17.500R agrees to discharge his wife's loan. S takes over all the stock at Rs. 7,000 and debtors amounting fo Rs, 5,000 at Rs. 4,000 Machinery was sold for Rs, 55,000. The remaining debtors realise 50% HT- i ey (6) SVMondht aeof book value. The expenses of realisation amount to Rs. 600. Itis found that an investment not recorded in the books is worth Rs. 3,000. The same is taken over by one of the creditors at this value. Show the necessary ledger accounts including the final accounts of the partners on completion of the dissolution of the firm. 40. Rama and Shiva were equal partners and their Balance Sheet as on 31st December, 2017 was as follows : fOn 1st January, 201 8 the two partners sold their siness as a going concern to Tirupathi Ltd. for 0 in cash ; bu: Rs. 1,30,000 payable as to Rs. 30,00 ares; Rs. 40,000 in Debenture Rs. 50,000 in preference sh equity shares and the balance in 10% of Rs. 100 each. The company had an authorised capital of Rs. 2,00,000 divided equally into 10% preference shares of Rs. 100 each and equity shares of Rs. 10 each. The remaining preference shares at par and equity shares at 25% premium payable as fully paid were issued. All the shares applied were allotted and all the money due thereon were received. Open necessary accounts in the books of firm and draft journal entries in the Company's books to record the above transactions and prepare a Balance Sheet of the Company on completion. ° HT — 36/3 (1,100) (8) SX/S-1/UG(C) —TIME: THOUR FULL MARI MID-SEM EXAMINATION - 2018 SEM-I CIAL ACCOUNTING ANSWER ANY TWO QUESTIONS Define Accounting principles and write their signification? n What do you understand by Trial Balance? Why is it prepared? Explain briefly the different methods at preparing the Trial Balance? Journalize the following transactions: «Jan. I-A commenced business with Rs. 50,000 . * Jan. 2- Bought goods of the price listof Rs: 10,000 from Ram, less 10% trade discount and 5% cash discount for cash. « Jan 5~ Bough goods from Hari, worth Rs.8, 000 less 5% Trade Discount, «Jon. 6 Withdrew goods worth Rs, 1,200 and Rs. 1,300 in cash for Personal Use. © Jan. 7- Returned goods to Hari worth Rs. 1,000. © Jan. 10- Sold goods worth Rs, 2,000 less 10% trade discount and 2% cash discount to Shyam for cash «Jun |5-Sold goods worth Rs, 3,000 less 5% Trade Discount to Rahim. . worth Rs, 200. 5 . n full settlement of his account. — ia tin) : c oe" . , z pt i 4. A Lid. purchased a machinery on 7 2016 Jor Rs. 30,000. On 1° July 2017, it another machine for Rs, 20,000. bay ‘April 2018, it sold the machine 2016 for Rs. 23, 500 and on m », purchased a new machinery for machinery account charging 10% p.a. depreciation by Original Cost ‘Accounts are closed on 31" December each year.y B.Com (Sem 1) Mid - Sem - Sept, 2018 : Times é Business Law ae : Answer any ton qweskous, the escentiod 4. Dafre Contract + Explam Phenents of contrac . PMs us am Offer? Whak ene Hh alias Megara ar otter ) 3 What alo pou mean by A ceoplmer 7 Par sul the wules wagering aceaptance , Aecatinn Whar orn Hy *uleg Me lerahton ? Ane ctham