No.

of Printed Pages : 4 ECO-002

BACHELOR'S DEGREE PROGRAMME

Term-End Examination
ELECTIVE COURSE : COMMERCE

ECO-002 : ACCOUNTANCY-I

Time : 2 Hours] (Maximum Marks : 50

(Weightage : 70%)

Note: Attempt any four questions. Question No. 1 is

compulsory.

1: Attempt any two questions from the following: 7+7

(a) Explain the limitations of Accounting.
(b) What are the different concepts of accounting?
Explain the 'Dual Concept' of Accounting.
(c) How one sided errors are rectified? Explain
with the help of suitable example.
(d) Differentiate between 'Sale' and 'Consignment'.
Megha Ltd. consigned 5000 kg. of Vanaspati Ghee
to Ashoka Dealers, Chandigarh @ Rs. 8 per kg.
Megha Ltd. paid Rs. 50 for carriage, Rs. 250 for
packing and Rs. 200 for insurance. After 3 months
from the date of consignment of goods Ashoka
dealers reported that 3500 kg of ghee was sold @
Rs. 9.5 per kg and expenses were Rs. 500 on

ECO-002 / 3560
 godown rent and Rs. 750 on salesman salary.
Ashoka dealers are entitled to a commission of
5% on sales. 500 kg ghee was destroyed in the
godown. Insurance claim of Rs. 3500 was
admitted. Prepare necessary ledger accounts in
the books of Megha Ltd. 12
3. What is Bank Reconciliation Statement? Discuss
the causes of disagreement between the balances
shown by Cash Book and Pass Book. 4+8
4. Distinguish between: 4+4+4
(a) Outstanding expenses and unexpired expenses
(b) Normal loss and Abnormal loss
(c) Provision for discount on debtors and
. provision for discount on creditors.
5. What is Sectional Balancing? How does it differ
from self-balancing? Give proforma of a Total
Debtcir Account. 3+3+6
6. Sharat & Sons purchased a car for Rs. 1,00,000
on 1st January, 2014. The car was depreciated at
10% under written down value method. On 1st
January, 2017, they wanted to change the method
of depreciation from W.D.V. method to straight
line method without changing the rate. Show the
asset amount from 2014 to 2017. 12
- X -

(2) ECO-002
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ECO-002
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(4) ECO-002 / 3560