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Ignou question papers 2020 -2021 | Important Questions || IGNOU Previous Year Question Paper | IGNOU announces the term-end exam date sheet before the IGNOU exam.
Students appearing in the IGNOU Term and Examination should complete their complete syllabus and start their exam practices as well.
It is important to work on the previous year questions in IGNOU. This increases the likelihood of students getting goods marks in the paper.
Here we are providing Previous Years solved papers For B.com First year ECO 14: Accounting II for IGNOU students.
These papers are helpful for upcoming exam.
Q1. Attempt any two of the following:
(a) How will you deal with ‘surplus in branch stock account’ under stock and debtors method?
(b) Distinguish between Hire-Purchase System and Installment Payment System.
(c) Why are assets and liabilities revalued at the time of admission of a new partner? Explain briefly.
(d) Briefly discuss the steps involved in the formation of a company.
Q2. Explain the accounting treatment of preparing accounts in the books of Head office under stock and debtors method with the help of an example. 12
Q3. On 1st January 2016, five trucks were purchased by Venus Transport Agencies from Brindawan Traders on hire purchase system. The cash price of each truck is Rs. 1,20,000. The payment was to be made as follow: 10% of cash price down, 25% of cash price annually on 31st December. Venus Transport has decided to write off 15% depreciation annually on straight line method. They could not make the payment due on 31st December 2017. Brindavan Traders took away two trucks at cost less 25% depreciation p. a. on diminishing balance method. Show Trucks Account and Vendor’s Account in the books of Venus Transport Agencies.
Q4. W, X, Y,Z are partners sharing profit and loss in the ratio of 4: 3: 2: 1. At the date of the dissolution of the firm, i.e., on 31st March 2017 their Balance Sheet was as follow:
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Capitals: W X Y Sundry Creditors |
30,000 20,000 3,000 10,000 |
Goodwill Fixed Assets Current Assets Z’s Overdrawn Capital |
10,000 40,000 12,000 1,000 |
|
Total |
63,000 |
Total |
63,000 |
Z had no separate assets and liabilities. The partners decided to dissolve the firm. Fixed assets realized Rs. 30,000 and the current assets realized Rs. 10,000. Goodwill had no value. Dissolution expenses amounted to Rs. 3,000. Y could contribute Rs. 500 only from his private estate.
Prepare necessary ledger accounts according to Garner vs. Murray, assuming that Y and Z became insolvent.
Q5. Discuss the uses and limitations of ratio analysis from the viewpoint of shareholders and investors.
Q6. What do you mean by share premium? Is there any limit on the amount of premium to be charged? Explain the legal provisions relating to the utilization of share premium.
