IST YEAR B.COM WITH LIFE SKILLS
ACCOUNTANCY- I
Time:-3Hours
Max. Marks: - 80
SECTION-A
I. Answer any Four Questions:
4 x 10=40
1. What is journal proper? What entries are usually recorded to journal
proper?
2. What is Bank Reconciliation statement? How it is prepared?
3. Define accounting and the scope of accounting.
4. Explain separate set of books methods maintaining joint venture
accounts.
5. What is secret reserve? Enumerate methods employed by a firm to create
secret reserve critically evaluate the practice from the view point of
general investors and share holders.
SECTION-B
II. Write short Notes on any Eight of the following:
8 x 5=40
1. Record the following transactions in the sales day book and post them
into the ledger 1992.
Jan.1
Sold to mukesh & Co
10 electric heaters @ Rs.20.
10 tables lamps @ Rs. 30.
Jan 10
sold to suresh & Brothers
10 table fans @ Rs.250.
20 Philips tubelights @ Rs.30.
Jan 25
Sold to Ramesh & Co.
10 Electric Kettles @ Rs.50.
20 E.C.E Tube lights @ Rs.30.
2. What do you understand by self balancing system? State its advantages?
3. A firm purchases a old truck for a sum of Rs. 2, 00,000 on 1st January,
2004. It charges 20% depreciation per annum according to the written
down value method. The truck was sold on 1st July, 2005 for a sum of
Rs.1, 60,000 you are required to prepare the truck account for 2004 &
2005.
4. Explain the suitability do various methods of depreciation for different
types of assets, what methods do you recommend?
5. “Consignment is the same thing as sales”.
6. Explain separate set of books method maintaining joint venture accounts.
7. Explain the concept of change of method depreciation.
8. What are the instruments of Credit?
9. What do you mean by single entry system? Explain it features and
limitations.
10.What is suspense account? What are its advantages?
********