Exam Details
Subject | Elements Of Economics, Accounts And Finance | |
Paper | ||
Exam / Course | M.Sc. FOOTWEAR DESIGN AND PRODUCTION (MSCFDP) | |
Department | School of Engineering & Technology (SOET) | |
Organization | indira gandhi national open university | |
Position | ||
Exam Date | December, 2016 | |
City, State | new delhi, |
Question Paper
1. Explain the fundamental rules of Accounts and classify the following into Real; Personal; and Nominal A/cs.
Building
Ram's capital A/c
Rent
Goodwill
Salary
Loan of Mr. Amit
Machinery
Outstanding wages
Drawing
Bank
What is Rectification of Errors? How many types of errors are there? Explain all with practical examples.
Differentiate between Trial Balance and Balance sheet.
3. Pass necessary Journal Entries in the Book's of Ravi for the month of April, 2014 and prepare Ledger Account for cash sales A/c and capital A/c.
April 1 Ravi started business with RS 4,50,000 of which 1,00,000 were borrowed at 15% P.A. from Bank.
April 2 Purchased Goods of RS 40,000 from Anant at trade discount.
April 3 Cash sale's to Madan RS 10,200.
April 6 Credit sale's to Prakash RS 20,000 less trade discount 2%.
April 9 Paid cash RS 19,500 to Anant.
April 12 Received RS 19,500 from Prakash in full settlement of his due.
April 14 Returned goods of RS 1,000 to Anant.
April 16 Paid into Bank RS 50,000.
April 22 Sold goods costing RS 10,000 at 25% profit to Ratan.
April 24 Ratan Returned goods worth RS 1,000.
April 25 Paid interest on loan of RS 500.
April 30 Paid salaries of RS 20,000 out of which RS 12,000 paid by cheque.
April 30 Received commission of RS 8,000.
4. Calculate value of opening stock from the following:
Cash sales -RS 40,000
Sales Return (out of cr. sale) -RS 5,000
Purchase Return -RS 4,000
Closing stock -RS 36,000
Credit sale -RS 1,65,000
Purchase -RS 1,24,000
Carriage inward -RS 8,000
Rate of gross profit on sales
Cost of Goods sold RS 1,00,000, Stock Turnover Ratio 4 times; closing stock was RS 10,000 in excess of opening stock. Calculate opening and closing stock.
Calculate:
Current Ratio
Quick Ratio
Operating Ratio
Gross Profit Ratio
From the following information
Current Assets RS 70,000 creditors RS 5,000; other current liabilities RS 30,000 stock RS 30,000 sales RS 1,20,000, operating expenses RS 40,000 cost of Goods Sold RS 60,000 carriage inward RS 1,000.
6. Rectify the following error
A credit sale to S of RS 250 recorded twice in his A/c.
Purchase book was found overcast by RS 1,000.
RS 500 paid to wages but not debited to wages A/c.
Goods of RS 3,000 paid to charity but not recorded anywhere.
RS 3,740 paid to Repairs to motor car were debited to motor car A/c.
B/R of RS 350 was posted as RS 503 on credit of Acceptor A/c.
Cash Received from Ram of RS 1,000 but posted in his A/c as RS 100.
Sales Return was undercast by RS 300.
Charged Depreciation on machine RS 400 but not Recorded in machine A/c.
Salary paid RS 5,000 but not recorded in salary A/c.
7. Show the Accounting Equation on the basis of 10 following:
Y started business with cash RS 90,000.
Purchased goods on credit for RS 10,000.
Purchased furniture for cash RS 5,000.
Sold goods costing RS 20,000 for RS 40,000.
Drawn for personal use RS 10,000.
Paid for creditor's RS 3,000.
Paid Rent RS 300.
Outstanding wages of RS 1,000.
Commission Received of RS 500.
8. Write short notes on any two of the following:
Money measurement concept.
Difference between cash discount and trade discount.
Difference between single entry and double entry system.
Difference between Gross Profit Ratio and Net Profit Ratio with formula.
Building
Ram's capital A/c
Rent
Goodwill
Salary
Loan of Mr. Amit
Machinery
Outstanding wages
Drawing
Bank
What is Rectification of Errors? How many types of errors are there? Explain all with practical examples.
Differentiate between Trial Balance and Balance sheet.
3. Pass necessary Journal Entries in the Book's of Ravi for the month of April, 2014 and prepare Ledger Account for cash sales A/c and capital A/c.
April 1 Ravi started business with RS 4,50,000 of which 1,00,000 were borrowed at 15% P.A. from Bank.
April 2 Purchased Goods of RS 40,000 from Anant at trade discount.
April 3 Cash sale's to Madan RS 10,200.
April 6 Credit sale's to Prakash RS 20,000 less trade discount 2%.
April 9 Paid cash RS 19,500 to Anant.
April 12 Received RS 19,500 from Prakash in full settlement of his due.
April 14 Returned goods of RS 1,000 to Anant.
April 16 Paid into Bank RS 50,000.
April 22 Sold goods costing RS 10,000 at 25% profit to Ratan.
April 24 Ratan Returned goods worth RS 1,000.
April 25 Paid interest on loan of RS 500.
April 30 Paid salaries of RS 20,000 out of which RS 12,000 paid by cheque.
April 30 Received commission of RS 8,000.
4. Calculate value of opening stock from the following:
Cash sales -RS 40,000
Sales Return (out of cr. sale) -RS 5,000
Purchase Return -RS 4,000
Closing stock -RS 36,000
Credit sale -RS 1,65,000
Purchase -RS 1,24,000
Carriage inward -RS 8,000
Rate of gross profit on sales
Cost of Goods sold RS 1,00,000, Stock Turnover Ratio 4 times; closing stock was RS 10,000 in excess of opening stock. Calculate opening and closing stock.
Calculate:
Current Ratio
Quick Ratio
Operating Ratio
Gross Profit Ratio
From the following information
Current Assets RS 70,000 creditors RS 5,000; other current liabilities RS 30,000 stock RS 30,000 sales RS 1,20,000, operating expenses RS 40,000 cost of Goods Sold RS 60,000 carriage inward RS 1,000.
6. Rectify the following error
A credit sale to S of RS 250 recorded twice in his A/c.
Purchase book was found overcast by RS 1,000.
RS 500 paid to wages but not debited to wages A/c.
Goods of RS 3,000 paid to charity but not recorded anywhere.
RS 3,740 paid to Repairs to motor car were debited to motor car A/c.
B/R of RS 350 was posted as RS 503 on credit of Acceptor A/c.
Cash Received from Ram of RS 1,000 but posted in his A/c as RS 100.
Sales Return was undercast by RS 300.
Charged Depreciation on machine RS 400 but not Recorded in machine A/c.
Salary paid RS 5,000 but not recorded in salary A/c.
7. Show the Accounting Equation on the basis of 10 following:
Y started business with cash RS 90,000.
Purchased goods on credit for RS 10,000.
Purchased furniture for cash RS 5,000.
Sold goods costing RS 20,000 for RS 40,000.
Drawn for personal use RS 10,000.
Paid for creditor's RS 3,000.
Paid Rent RS 300.
Outstanding wages of RS 1,000.
Commission Received of RS 500.
8. Write short notes on any two of the following:
Money measurement concept.
Difference between cash discount and trade discount.
Difference between single entry and double entry system.
Difference between Gross Profit Ratio and Net Profit Ratio with formula.
Other Question Papers
Departments
- Centre for Corporate Education, Training & Consultancy (CCETC)
- Centre for Corporate Education, Training & Consultancy (CCETC)
- National Centre for Disability Studies (NCDS)
- School of Agriculture (SOA)
- School of Computer and Information Sciences (SOCIS)
- School of Continuing Education (SOCE)
- School of Education (SOE)
- School of Engineering & Technology (SOET)
- School of Extension and Development Studies (SOEDS)
- School of Foreign Languages (SOFL)
- School of Gender Development Studies(SOGDS)
- School of Health Science (SOHS)
- School of Humanities (SOH)
- School of Interdisciplinary and Trans-Disciplinary Studies (SOITDS)
- School of Journalism and New Media Studies (SOJNMS)
- School of Law (SOL)
- School of Management Studies (SOMS)
- School of Performing Arts and Visual Arts (SOPVA)
- School of Performing Arts and Visual Arts(SOPVA)
- School of Sciences (SOS)
- School of Social Sciences (SOSS)
- School of Social Work (SOSW)
- School of Tourism & Hospitality Service Sectoral SOMS (SOTHSM)
- School of Tourism &Hospitality Service Sectoral SOMS (SOTHSSM)
- School of Translation Studies and Training (SOTST)
- School of Vocational Education and Training (SOVET)
- Staff Training & Research in Distance Education (STRIDE)
Subjects
- Advanced Manufacturing Technique
- Basic Of Cad
- Communication Skills
- Computer Basics
- Corporate Skills
- Design Foundation
- Elements Of Economics, Accounts And Finance
- Footwear Lasting & Making
- Functions Of Merchandising
- Fundamentals Of Sales Management
- Introduction To Footwear Manufacturing
- Introduction To Retail
- Managing Retail Supply Chain
- Market Research, Travels And Statistical Techniques
- Marketing Management And Market Research
- Organisational Behaviour And Human Resources Development
- Principles And Practices Of Management
- Principles Of Retail Merchandising
- Product Design Process
- Product Design Process (A) Component Making (B) Making And Finishing
- Product Knowledge And Material Foundation
- Retail Communication
- Retail Consumer Behaviour
- Retail Marketing
- Site Selection