Programme Code : BCA
Course Code : ECO-02
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Year : 2013 Views: 1639 Submitted By : BHAWNA On 23rd March, 2013

Do you have solution for this Question. If yes    I aslo want solution.

Q.


1. (a) Define Accounting. Briefly explain the accountingconcepts which guide the accountant at the recording stage.



     (b) "Ledger is said to be the principal book entry and the transactionscan even be directly entered into the ledger account". Elaborate and explain why journal is necesssary.



2. The book of Devan  Verma could not be tallied. The accountant transffered the difference of Rs.1,270 in the suspenseaccount on the debit side. The following mistakes were found later on. Rectify these errors by passing Journal entries and prepare Suspense Account.



(a) The purchase of rs.400 from Saran was entered into sales book but Saran's personal account was rightly credited.



(b) Sales of Rs.430 to Ramdas were credited in his account Rs.340



(c) Sales of old furniture of Rs.540 was credited to sales account as Rs.450



(d) Goods worth Rs.100 were taken by the propritor which was not recorded.



(e) Sales pf Rs.296 to Kishan wre entered in sales book as Rs.269.



(f) Balance of Sales Return Book Rs.210 was not included in the accounts.



3. A of Surat consigns goods to B of Jaipur to br sold or above invoice price. B is entitled to get a commisson of 8% on sales at invoice price plus 25% of any surplus price realized. Baccepted a bill of exchange drawn by A amounting to 50% of the invoice price.



    In the year 2010 goods consigned by A were invoiced at Rs. 2,50,000. these goods cost to A Rs. 2,00,000(including freight). Sales made by B during the year amounted to rs.2,35,000. At the end of the year, goods unsold with B represented invoice value of Rs. 60,000. During the year, A had received form B Rs. 40,000by bank drafts, certain remittances being in transit on 31st Dec.,2010. Prepare necessary ledger accounts in the books of both the parties. also show how the consignment stock will appear in the Balance sheet.


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