Proforma Invoice Price
Course Code
Course Title
Assignment Code
Coverage
:
:
:
:
ECO - 02
Accountancy I
ECO 02/TMA/2013-14
All Blocks
Maximum Marks: 100
Attempt all the questions.
1.
2.
What do you mean by accounting concepts? What are their characteristics? Explain these concepts with examples.
(20)
(a) There was a difference of Rs. 525 in a Trial Balance. It has been transferred to credit side
of Suspense A/c. Later on following errors were discovered. Pass the rectifying entries and prepare Suspense A/c:i. ii. iii. iv. An amount of Rs. 375 has been posted on the debit side of commission account instead of Rs. 275.
Goods of Rs. 200 purchased from Sohan Lal has been posted to his account as Rs.
250.
Total of Sales Returns Book was overcast by Rs. 475.
Goods of Rs. 300 were sold to Mahesh, but it was recorded in Purchase Book.
(b) Prepare a trading and Profit Loss A/C and a Balance Sheet with the help of imaginary figures. (10+10)
3.
(a) A of Ahmedabad consigned goods to B of Mumbai for sale at proforma invoice price or above. B is entitled to a commission on sale at 5% on proforma invoice price and 25% of any surplus price realized. Goods consigned by A to B during the year 2012, costs A Rs.
20,900 and invoiced at Rs. 28,400. A paid Rs. 1,045 as freight and received Rs. 15,000 as advance from B. 80 per cent of the goods were sold by B for Rs. 26,000. B remitted the balance of proceeds after deducting his commission.
Pass journal entries and prepare necessary ledger accounts in the books of A.
(b) What is joint venture? Distinguish between joint venture and consignment.
4.
is unscientific, incomplete, this statement.
5.
(10+10)
(20)
(a) Laxmi Limited purchased a machine for Rs. 40,000 on Ist july, 2009. Depreciation is provided @10% p.a. on the Diminishing Balance Method. On 1st October, 2011, one fourth of Machine was found unsuitable and disposed off for Rs. 6,000. On the same date a new
Machine at a
Course Title
Assignment Code
Coverage
:
:
:
:
ECO - 02
Accountancy I
ECO 02/TMA/2013-14
All Blocks
Maximum Marks: 100
Attempt all the questions.
1.
2.
What do you mean by accounting concepts? What are their characteristics? Explain these concepts with examples.
(20)
(a) There was a difference of Rs. 525 in a Trial Balance. It has been transferred to credit side
of Suspense A/c. Later on following errors were discovered. Pass the rectifying entries and prepare Suspense A/c:i. ii. iii. iv. An amount of Rs. 375 has been posted on the debit side of commission account instead of Rs. 275.
Goods of Rs. 200 purchased from Sohan Lal has been posted to his account as Rs.
250.
Total of Sales Returns Book was overcast by Rs. 475.
Goods of Rs. 300 were sold to Mahesh, but it was recorded in Purchase Book.
(b) Prepare a trading and Profit Loss A/C and a Balance Sheet with the help of imaginary figures. (10+10)
3.
(a) A of Ahmedabad consigned goods to B of Mumbai for sale at proforma invoice price or above. B is entitled to a commission on sale at 5% on proforma invoice price and 25% of any surplus price realized. Goods consigned by A to B during the year 2012, costs A Rs.
20,900 and invoiced at Rs. 28,400. A paid Rs. 1,045 as freight and received Rs. 15,000 as advance from B. 80 per cent of the goods were sold by B for Rs. 26,000. B remitted the balance of proceeds after deducting his commission.
Pass journal entries and prepare necessary ledger accounts in the books of A.
(b) What is joint venture? Distinguish between joint venture and consignment.
4.
is unscientific, incomplete, this statement.
5.
(10+10)
(20)
(a) Laxmi Limited purchased a machine for Rs. 40,000 on Ist july, 2009. Depreciation is provided @10% p.a. on the Diminishing Balance Method. On 1st October, 2011, one fourth of Machine was found unsuitable and disposed off for Rs. 6,000. On the same date a new
Machine at a