Class 11 Accountancy Important QuestionsTarget 100 Question BankAHSEC Important Questions
Pattern of Question Paper
|
Questions
|
No of Questions
|
Marks Per
Questions
|
Total
|
|
Multiple Choice
Question
|
8
|
1
|
8
|
|
Short Answer Type
Question
|
5
|
2
|
10
|
|
Short Answer Type
Question
|
5
|
3
|
15
|
|
Long Answer Type
Question with practical problems
|
7
|
5
|
35
|
|
Long Answer Type
Question with practical problems
|
4
|
8
|
32
|
|
|
Total Marks
|
100
|
|
Expected
Practical Questions (52 Marks)
A) 4
PRACTICAL QUESTIONS OF 5 MARKS EACH
1.
Trading Account = 5 Marks
2.
Journal Entries for Bills of Exchange = 5 Marks
3.
Trial Balance/Rectification of errors = 5 Marks
4.
Single Entry/Depreciation/Treatment of Bad debt
Extra:
Opening Journal Entries, Day Books
B) 4
PRACTICAL QUESTIONS OF 8 MARKS EACH
1.
Profit and Loss Account and Balance Sheet = 8 Marks
2.
Single Entry System = Type 1: Statement of profit and loss;
Type 2: Conversion Method 8 Marks
3.
Cash book = 8 Marks
4.
Bank Reconciliation Statement = 8 Marks
5.
Depreciation = 8 Marks
Important Chapters
for Theoretical Questions
1. Multiple Choice Questions covering 8
Marks
2. Accounting Concepts and Conventions:
Money Measurement concepts, Dual aspect concept, Business entity concept, GAAP 3 to 5 Marks
3. Book Keeping and Accountancy Basic
Chapters: 6 Marks
4. Single Entry System: 5 Marks
5. Depreciation: 5 Marks
5. Bills of Exchange: 6 Marks
6. Computers and Computerised Accounting: 8
Marks
AHSEC – CLASS 11: QUESTION BANK
(THEORY, PRACTICAL AND MULTIPLE CHOICE QUESTIONS)
Unit – 1: Introduction to
Accounting (Expected
Marks: 10)
1)
What is accounting? What are its objectives?
Give two characteristics of Accounting.
2)
Explain five points of advantages and
limitations of accounting.
3)
What is Accounting Information? Mention any
two three of accounting information. Mention the qualitative characteristics of
accounting information.
4)
Mention three functions of Accounting.
5)
Define book-keeping. Give three differences
between Book-keeping and Accountancy.
6)
Mention the objectives and features of
book-keeping.
7)
Write name of the parties who are interested
in accounting information.
8)
What is source of document? Mention two
sources of document.
9)
Mention any four process of Accounting.
(Accounting Cycle)
10)
Define the following term in two lines: Capital,
Drawings, Assets, Liability, Expenses, Incomes, Debtors, Creditors, Voucher,
Revenue, Income, Debit note, Credit note, Proprietor, Deferred revenue
expenditure, Contra entry.
Unit – 2: Theory Base of
Accounting
Expected Marks: 8
1)
What is the Accounting standard? Mention its
objectives.
2)
Mention the advantages and limitations of
Accounting standard.
3)
What is GAAP? Mention its features.
4)
Mention three basic accounting assumptions.
5)
What are general considerations in selection
of accounting policies?
6)
What are three bases
of accounting? Define in one line.
7)
What is double entry
system? Mention its merits and limitations
8)
Explain any two basic principles of
Accounting.
9)
Write short notes on: Dual Aspect Concept,
Money Measurement Concept, Going Concern Concept, Accounting Period Concept,
Full Disclousure, Consistency, Conservatism, Cost Concept
10)
Mr. A. Baruah is the owner of a business. If
the capital of his business is Rs. 90,000 and the liabilities are Rs. 35,000,
ascertain his total assets.
11) Draw
an accounting equation from the following information.
a.
Amar started business with cash Rs. 50,000.
b.
Purchased goods from Bimal worth Rs. 7,000.
c.
Sold goods costing Rs. 10,000 are Rs. 11,000
for cash.
d.
Purchase Furniture for Rs.10,000.
e.
Rent paid Rs.500.
f.
Cash paid to Bimal Rs.5,000.
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Also Read:
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Unit – 3: RECORDING OF BUSINESS
TRANSACTIONS
Expected Marks: 30
1)
What is an Account? What are its various
types? Give a specimen form of Account.
2)
Define a Transaction. Mention its features.
Explain briefly the classification of transactions.
3)
What is Journal and What is Journalising? What
are various classes of journal?
4)
Where from the word “Journal” has been derived
and what does it mean?
5)
What is subsidiary books? Mention its
significance.
6)
Mention the transactions recorded in various
types of journal.
7)
Mention five distinction between Journal and
Ledger.
8)
Define account, debit and Credit.
9)
Define Ledger. State its importance. What do
you mean by “Balancing the Account”.
10)
Define Ledger. What are the Sub-divisions of a
Ledger?
11)
How are the rules of Debit and Credit applied
in recording transaction in different types of accounts?
12)
What is BRS? Mention its need. State and
explain briefly and five causes for differences between bank balance as per
cash book and bank balance as per pass book.
13)
What is Debit Voucher and credit voucher?
14)
Explain any four points of differences between
Cash Discount and Trade Discount.
15)
What is Journalising? Mention the steps from
journalising a transaction.
16)
What is a Cash Book? State different types of
Cash Book. Is Cash Book a ledger or a journal?
17)
Ascertain the class of the following accounts.
a)
Unexpired Insurance Account.
b)
Interest Received in Advance Account.
c)
Drawing Account
d)
Interest Account
e)
Prepaid insurance.
f)
Outstanding rent.
g)
Outstanding Salary Account.
h)
Reserve Account
i)
Purchase Return Account.
j)
Bills Receivable Account.
k)
Provision for discount
18)
From the following particulars prepare a
Purchase Journal of M/s Bhattacharya Bros.
Jan. 10 Purchased from Bose & Bose on account
30
shirts @ Rs. 100 each.
20 trousers @
Rs. 200 each case trade discount @ 10%.
Jan. 12 Purchased from Kakati Brothers on credit
2 typewriters
for office use for Rs. 16,000.
Jan. 15 Purchased by 50 shirts on credit from Gogoi & Co. at Rs. 80
each.
Jan. 22 Purchased for cash from Kalita Stores
10 shirts @ Rs.
75 each.
Jan. 28 Purchased on credit from Prasad & Co.
100 shirts @ Rs.
75 each less trade discount 10%.
19) From
the following particulars prepare Sales Book of M/s Ramesh Furniture House, deals in furniture:
March 6. Sold in Credit to Bimal
Stores
5 Almirah @ 650
5 Stools @ 50
Less 5% Trade
discount, VAT 10%, Carriage 100
March 12. Sold to Bora Furniture
house
100 Chairs @ Rs.
75.
40 Tables @ Rs.
60.
Less Trade
discount @ 10%
March
18. Sold in credit two old typewriters to Madan & Co. @ Rs. 800
March 28. Sold to Satya Brata
Baishya in Cash
1 Sofa set @ Rs.
750
1 Dining set @
Rs. 900
20) Make
out the Returns books from the following:
Nov.6 Returned goods to Bhaben Rs. 50
Nov. 11 Received goods returned by Naren. Rs.
100
Nov. 15 Prabir returned us goods worth Rs.
60
Nov. 20 Arup received goods returned Rs.
50
Nov. 24 Returned goods as damaged to Ram. Rs.
35
21) Pass
the opening journal entry on April, 1 1996 on the basis of the following
information taken from the business of Mr. Chetia:
(i) Cash in hand Rs. 2,000
(ii) Sundry Debtors Rs. 6,000
(iii) Stock of goods Rs. 4,000
(iv) Land & Buildings Rs.
10,000
(v) Sundry Creditors Rs. 10,000
22) Enter
the following transaction in a Three-Column Cash book:
Jan.
1: Started business with cash. Rs. 20,000
Jan.
2: Deposited cash into bank Rs. 8,000
Jan.
3: Bought goods by cheque Rs. 150
Jan.
4: Received cheque from Traun Rs. 200, Allowed him discount 10
Jan.
5: Sold goods for cash Rs. 40
Jan.7: Paid into Bank Rs. 230
Cash
Rs.30
Cheque
Rs. 200
Jan.
8: Paid Shankar by Cheque Rs. 345, Discount received Rs. 5
Jan.
9: Paid rent by cheque Rs. 180
Jan.
10: Drew from Bank cash for office use. Rs. 200
Jan.
30: Paid wages in cash Rs. 60
23) Prepare
on Analytical Petty Cash Book under Imprest System from the following particulars.
Jan. 16 Received from the head cashier Imprest money Rs. 300.
Jan. 16 Purchased Stationery goods Rs. 30
Bought
Stamps Rs. 25
Jan. 18 Bought Revenue Stamps Rs. 25
Jan. 19 Bought Carbon Papers Rs. 25
Jan. 20 Paid cartage on goods purchased Rs. 70
Paid
wages for unloading Rs. 20
Jan. 25 Paid for repairs of furniture Rs. 20
Jan. 30 Paid to Ram on account Rs. 55
24) Record
following transactions in the Sales Journal.
Jan.
10 Sold on credit to Pradeep Das Maligaon
30
Chairs @ 50 each,
20
Tables @ Rs. 50 each,
Less 5% Trade discount, VAT 10%,
Carriage 100
Jan.
15 Sold on Credit to Dilip Kalita, Tura
20
Chairs @ Rs. 55 each,
10
Tables @ Rs. 60 each
Less 5% Trade discount, VAT 10%,
Carriage 100
Jan.
20 Sold on cash to Arabinda Das
30
Chairs @ Rs. 55 each,
Trade
discount @ 10%
Jan.
30 Sold on credit to Ramkishore old
furniture for Rs. 200
25) Prepare
a Three-column Cash Book with following transactions:
March 1 Started business with cash Rs.
20,000
March. 2 Deposited cash into Bank Rs.
18,000
March. 3 Bought Goods by Cheque Rs.
15,000
March. 10 Drew from Bank for personal use Rs. 2,000
March. 15 Sold goods for cheque which was paid into Bank the same
day Rs. 8,000
March. 25 Drew from Cash for office use Rs. 5,000
March. 31 Received from Ram Krishna who owes us Rs. 300, cash Rs.
290 in full settlement of Account.
26) Enter
the following transactions in a simple Cash Book of Mr. Nayan Kalita :
March. 1 Cash in hand Rs.
11,200
March. 2 Paid into Bank Rs.
5,000
March. 4 Purchased goods from Naresh on credit. Rs.
2,500
March. 5 Received from Rahim Rs.
300
March. 7 Paid rent Rs.
30
March. 8 Sold goods Rs.
300
March. 10 Paid to Manoj Rs.
700
March. 27 Purchased furniture Rs.
200
March. 31 Paid Salaries Rs.
100
27) Enter
the following transactions in a Simple Cash Book :
March. 1 Cash in hand Rs.
11,200
March. 5 Received from Rahim Rs.
300
March. 7 Paid Rent Rs.
30
March. 8 Sold goods Rs.
300
March. 10 Paid to Manoj Rs.
700
March. 27 Purchased Furniture Rs.
200
March. 31 Paid Salaries Rs.
100
28) Prepare
a Double Column Cash Book from the following transactions of Sri K. Choudhury.
March. 1 Cash in Hand Rs.
8,000
March. 6 Cash purchases Rs.
4,000
March. 10 Wages paid Rs.
80
March. 11 Cash sales Rs.
12,000
March. 12 Cash received from Suraj Rs.
3,960
And
Allowed him discount Rs.
40
March. 19 Cash paid to Mohan Rs.
4,940
And
discount received Rs.
60
March. 27 Cash paid to Rejesh Rs.
800
March. 28 Purchased goods for cash Rs.
4,140
29) Prepare Purchase Returns Book from the following transactions
and post them into Ledger Accounts : March.
4 Returned to Roy & Co.
Calcutta
2
wooden chair @ Rs. 200 each.
March. 8 Returned to Mohan Furniture, Delhi
4
V.I.P chair @ Rs. 1,500 each
Less : 10% Trade Discount
March. 15 Returned to Rao & Co. Mumbai
1
Steel Almirah of Rs. 4,000
30) Write
up the following transactions in a Three –Column Cash Book.
Dec. 1 Cash in hand Rs.
2,000
Cash at Bank Rs. 18,000
Dec. 4 Received Cash from Ram Rs.
950
Allowed him
discount Rs.
50
Dec. 6 Purchased stationery for cash Rs. 200
Dec. 7 Paid Shyam by cheque Rs.3,300
Dec. 12 Rahim settled his account for 5,000 less 5% Discount by cheque.
Dec. 18 Paid sundry expenses in cash Rs. 300
Dec. 23 Paid Jadu in cash Rs.
1,900
Received
Discount Rs.
100
Dec. 24 Withdrew from Bank for office use Rs. 1,000
Dec. 28 Withdrew from Bank for personal use Rs.
1,500
Dec. 29 Bought goods by cheque Rs. 5,000
Dec. 31 Sold goods for cash Rs.
2,000
31) From
the following particulars prepare a Bank reconciliation statement of Sri B.K.
Das as at 31st March:
a)
The Cash book showed cash at Bank Rs. 12,840 on
31st March,’ 03.
b)
The following cheques were deposited on 30th
and 31st March, 03 but collected after 31st March, 2003.
c)
The following cheques were issued but not
chashed by 31st March, 03 (a) Rs. 439; (b) Rs. 581; (c) Rs. 1,000;
(d) Rs. 180;
d)
A customer paid a cheque for Rs. 500 directly to
Bank not written in cash book.
e)
Out of Rs. 20,500 paid in by Mr. X is cash and
by cheque on 31st March, cheques amounting Rs. 7,500 were collected
on 7 April.
f)
Out of cheques amounting Rs. 7,800 drawn by him
on 27 March, a cheque for Rs. 2,500 was encashed
on 3rd April.
32) Prepare
a Bank Reconciliation Statement Mr. Ghanshyam on 31,12.98 with the following
particulars.
a)
Cash Book showed debited Balance of Rs. 8,000 as
on 31.12.98.
b)
Cheques amounting Rs. 3,000 were issued to
creditors but were not presented to Bank
for payment up to 31.12.98.
c)
Cheques or Rs. 2,500 were deposited into Bank
but were not collected by Bank up to
31.12.98
d)
Interest on deposit credited by Bank but not
recorded in the Cash Book up to 31.12.98 Rs. 100.
e)
Bank charges debited by Bank but not credited in
Cash Book upto 31.12.98 Rs. 30.
f)
A customer directly deposited in our Bank
Account Rs. 500 on 28.12.98 but informed us of it on 2.1.99.
33) Prepare
a Bank Reconciliation Statement as on 31st Dec.’99 from the
following particulars.
a)
overdraft as per Cash Book as on 31-12-99 was
Rs. 7,500.
b)
Cheque amounting Rs. 2,000 were deposited into
Bank on 30-12-99 but were collected and credited by the Bank on 2nd
January next.
c)
A cheque of Rs. 2,000 was issued on 28th
Dec. but the same was presented to Bank after 31st Dec.
d)
Interest on Investment Rs. 1,500 was collected
by the Bank but it was not recorded in the Cash Book.
e)
Insurance Premium was paid and debited by the
Bank Rs. 500, but it was not recorded in the Cash Book.
f)
A cheque of Rs. 350 was deposited and credited
by the Bank but was omitted to be recorded in the Cash Book.
g)
A cheque of Rs. 200 received from Barua and
recorded in the bank column of Cash book was omitted to be deposited into Bank.
34) Prepare
a Bank Reconciliation Statement as on 31st Dec. 2006 from the following
particulars:
a)
Bank balance as on 31st Dec. 06 as
per pass book was Rs. 21,000
b)
Cheques paid into bank on 27th Dec.
Rs. 5,500 but not collected by the bank before 31st Dec.
c)
Cheques worth Rs. 7,500 issued prior to 31st
Dec. were not presented to the bank till 31st Dec .
d)
Interest on deposit credited in the Pass-book
Rs. 150 but not recorded in the Cash book.
e)
Bank Charges Rs. 280 recorded in the Pass book
only.
35)
Prepare a double column Cash book with the following.
Jan. 2 Balance of Cash in hand Rs.
25,000
Balance
at Bank Rs.
10,000
Jan. 3 Deposited cash into Bank Rs.
4,000
Jan. 4 Bought goods by cheque Rs.
1,000
Jan. 5 Sold goods for Cash Rs.
1,400
Jan. 7 Drew from bank Rs.
2,300
Jan. 8 Received a cheque from Anil Rs. 950
Allowed
him discount Rs.
50
Jan. 9 Anil’s cheque paid into Bank Rs. 950
Jan. 10 Paid wages in cash Rs.
400
36) Prepare
a Bank Reconciliation Statement as on 31st Dec. 2007 from the following particulars:
a)
Overdraft as on 31st Dec, 2007 as
per Cash Book was Rs. 27,000
b)
Cheques paid into bank on 25th Dec.
2007 Rs. 7,500 but not collected by the bank before 31st Dec, 2007
c)
Cheques worth Rs. 9,500 issued prior to 31st
Dec. were not presented to the bank till 31st Dec, 2007.
d)
Interest on deposit credited in the Pass Book
Rs. 250 but not recorded in the Cash Book.
e)
Bank charges Rs. 300 recorded in the Pass Book
only.
37) Enter
the following transactions in the Triple Column Cash Book and balance the same.
March. 1 Cash in hand Rs. 3,000
Bank
overdraft Rs. 36,000
March. 5 Cash sales Rs. 10,000
Discount
allowed Rs. 200
March. 8 Deposited into Bank Rs. 9,000
March. 9 Rent paid by cheque Rs. 3,000
March. 14 Received cheque from Mr. Dutta which is deposited into Bank. Rs. 8,000
March. 18 Paid by cheque to Mr. Das Rs. 6,900 in full settlement of a claim for Rs. 7,000
March. 22 Withdrew from Bank for office use Rs. 2,000
And
for personal use Rs.
1,100
March. 28 Salaries paid Rs.
4,000
38) Prepare
a petty cash book from the following transactions under imprest system.
Dec. 1 Received from cashier Rs.
300
Dec. 3 Paid Reshow charges Rs.
32
Paid
for postage Rs.
25
Dec. 4 Paid for stationery Rs.
62
Paid
for cartage Rs.
20
Paid
for repairs for typewriter Rs.
70
Dec. 5 Paid for bus fare Rs.
15
Paid
for postage Rs.
15
39) Prepare
a Bank Reconciliation statement as on 31st Dec, 2009 for the
following particulars.
a)
Bank balance as per Pass Book Rs. 5,240
b)
Cheque issued but not presented for payment
Rs. 4,050.
c)
Cheques deposited but not entered in the Pass
book Rs. 1,400
d)
Bank debited Rs. 80 as bank charges.
e)
Rs. 5,000 wrongly credited by the bank in our
pass book.
f)
Bank interest credited by the bank. Rs. 250
g)
Bill receivable Rs. 950 discounted but later
dishonoured and no entry has been made in the cash book for this.
Unit – 4: TRIAL BALANCE AND
RECTIFICATION OF ERRORS
Expected Marks: 12 to 15
1)
What is Suspense Account? Write its utility.
2)
What are various types of Errors? Explain them
with examples.
3)
Define one sided and two sided errors. Mention
the errors which are detected by Trial Balance.
4)
Is agreement of Trial Balance a proof of the
accuracy of the books of accounts? If not, what are the errors which remain
undetected in spite of its agreement?
5)
What is Trial Balance? Mention its objectives.
6)
Mention three advantages and disadvantages of
Trial Balance.
7)
Mention the various methods of preparing trial
balance.
8)
Pass Journal entries to rectify the following
errors:
a.
The total of purchases book was sort by Rs.
100.
b.
The total of purchases book overcast by Rs.
100.
c.
A Sale of Rs. 350 to Saha was entered in the
Sales Book as Rs. 530.
d.
A Sale of Rs. 350 to Saha was entered in the
Sales Book as Rs. 250.
e.
A Sale of Rs. 350 to Saha was posted in the
Sales account as Rs. 530.
f.
A Sale of Rs. 350 to Saha was posted in the
Sales account as Rs. 250.
g.
A sale of Rs. 480 to Gopal was entered in the
sales book as Rs. 840.
h.
Goods returned by Ram was entered in the day
book but not posted to Ram’s Account Rs. 500.
i.
While carrying forward total of one page in
Kalita’s Account, the Amount of Rs. 250 was written on the credit side instead
of the debit side.
j.
the total of one page of the sales book was
carried forward to the next pages as Rs. 2,785.
k.
Cash paid to D Rs. 100 was debited to C’s
Account.
l.
Cash paid to D Rs. 100 was credited to C’s
Account.
m.
Rs. 540 received from Sri P. Gogoi was posted
to the debit of Sri. G. Gogoi Account.
n.
Rs. 540 received from Sri P. Gogoi was posted
to the debit of his Account.
o.
Rs. 100 being purchase returns was posted to
the debit of Purchase Account.
p.
Rs. 100 being purchase returns was entered in
purchase book.
q.
Rs. 100 being sales returns was posted to the
credit of Sales Account.
r.
Rs. 100 being purchase was posted to the debit
of the sales account.
s.
Goods purchased from Gunin Kalita on credit
Rs. 4,000 was recorded in the purchase book as 400.
t.
Goods amounting Rs. 5,000 have been sold on
credit to Ram but no entry has been made in the books.
u.
Goods worth Rs. 300 taken by the proprietor
for his personal use but not recorded in the books of accounts.
v.
Cash sales to Sankar of Rs. 209 was recorded
as Rs. 909.
w.
Rs. 1,000 paid as rent to Rajat, the landlord
was debited to Rajat account.
x.
A amount of Rs. 6,000 spent for the erection
of machinery has been debited to wages account.
y.
Salary Paid to A Rs.5000 is debited to his
personal account.
z.
Furniture purchased from Mr. A Rs.5000 was
wrongly posted to the purchases account.
aa.
Rs. 850 received from Saurav was debited to
Gaurav Account.
bb. Goods of
Rs. 750 withdrawn for personal use was not recorded in the books.
cc.
Rs. 380 being Purchase return was posted to
the debit of Purchase Account.
9)
From the following particulars prepare a Trial
Balance:
|
Stock
Machinery
Capital
Cash in
hand
Cash at
Bank
Sundry
creditors
Wages
Purchases
(Adjusted)
Closing
Stock
Opening
Stock
Interest
to creditors
|
600
4,000
9,000
500
1,000
4,500
1,000
8,000
1,000
1,000
500
|
Bills receivable
Interest
received
Sundry
debtors
Rent
Sales
Commission
allowed
General
expenses
Salaries
Suspense
Account (Dr)
Interest
from debtors
Apprentice
premium
|
2,900
300
4,400
450
16,000
250
800
500
5,400
250
250
|
Unit – 5: DEPRECIATION,
PROVISION AND RESERVES
1)
What is depreciation? Mention important causes
of providing depreciation.
2)
Write five need or objects of providing
depreciation.
3)
Write any five differences between ‘Provision
and Reserves’.
4)
Explain the basic factors (basis) on which the
calculation of depreciation depends?
5)
State the different methods of providing
depreciation. Explain briefly any one of them. Also distinguish between SLM and
WDV method.
6)
Give three examples of provision.
7)
Define various reserves: capital reserve,
revenue reserve, general reserve, specific reserve and secret reserve.
8)
A firm purchases a plant for a sum of Rs.
10,000 on 1st January, 2002. Installation charges are Rs. 2,000.
Plant is estimated to have a scrap value of Rs. 1,000 at the end of its useful
life of five year. You are required to prepare the Plant Account for the first
three years charging depreciation according to straight line methods.
9)
On January, 1 1995 Machinery Account showed a
balance of Rs. 10,000. On 1st July, 1996, a new machine costing Rs.
6,000 was purchased. On June 30, 1998 machinery other than the machine
purchased on 1st July, 1996 was disposed off for Rs. 6,000. Prepare
Machinery Account and depreciation for 4 years, the accounting year ends of 31st
Dec, and depreciation is to be provided at 10% p.a. on written down value.
10)
On 1st January, 2004 a firm
purchases machinery worth Rs. 1,00,000. On 1st July, 2006 the firm
buys additional machinery worth Rs. 20,000 and spends Rs. 2000 on its erection.
The accounts are closed on 31st December each year. The firm used to
charge depreciation @ 10% per annum of Reducing Balance Method. Prepare
Machinery Account for the period from 1.1.2004 to 31.12.2007.
11)
On 1st April, 1991 a company
purchased a machinery for Rs. 10,000. It spent Rs. 2,000 on its erection. On 1st
October 1991, it purchased another machinery for Rs. 4,000. On 1st
April, 1993, the machinery purchased on 1st April 1991 was sold for
Rs. 4,600. The company written off depreciation at 10% p.a. on diminishing
balance method and straight line method. Accounts are closed on 31st
March, each year. Prepare Machinery Account for three year ending 31st
March, 1994. Show the Machinery Account for the period of above three year.
12)
Following are the extracts from the Trial
Balance of a firm.
Particulars Debit
(Rs.) Credit
(Rs.)
Sundry
Debtors 50,000 ---
Provision
for bad debts ---- 5,000
Provision
for discount ---- 2,000
Bad debts 3,000
Discount 1,000
Additional
Information:
a)
Additional Bad Debts Rs. 1,000
b)
Create a provision for bad debts @ 10% on
debtors.
c)
Create a provision for discount @ 5% on
debtors
Pass the
necessary Journal Entries, prepare necessary ledger account and show its
treatment in final accounts.
13)
Mr. Basu has given you the following details
to prepare an Income Statement, showing Revenue Expenses and Net Profit for the
year ending 31st March. 1997.
Sales Rs.
5,000
Cost of
goods sold Rs.
3,000
Administrative
Expenses Rs.
500
Selling
and Distributors expenses paid Rs.
200
Selling
and Distributions expenses prep aid
Rs. 50
Administrative
Expenses unpaid Rs.
100
Loss by
fire Rs.
150
Prepare
the Statement
Unit – 6: ACCOUNTING FOR BILLS
OF EXCHANGE TRANSACTIONS
Expected Marks: 10
1)
What is Promissory note? Mention its features.
Name various parties of promissory note.
2)
Mention two Advantages of Bill of Exchange.
3)
Mention the names of the parties to a bills of
exchange.
4)
What is bills of exchange? Mention four points
of special features of Bill of Exchange.
5)
Write five points of distinction between a
bill of exchange and a promissory note.
6)
What is accommodation bill? Mention its uses.
7)
What do you mean by ‘Due date’ of Bill of
Exchange?
8)
Find the due date of a bill drawn on 12th
May for period of three months, the 15th August being Monday.
9)
Define in two lines: Dishonor of bill, Renewal
of bill, Retiring of bill under discount, Endorsement of bill, negotiation and
noting charges.
10)
A bill of exchange is drawn on 9th
December 2004 for 45 days. Ascertain the due date of bill.
11)
On 1-3-97 Sankar drew a bill for Rs. 12,000 at
three months of Apurba, who accepted the bill and returned it to Sankar on
4-4-97. Sankar discounts the bill with his banker at 6% p.a. On due date of the
new bill it is dishonoured and Sankar pays nothing charges Rs. 20. Pass Journal
entries is the books of Sankar and Prepare Sankar Account in the books of
Apurba from the above transactions.
12)
On 1st April, 2003 Ajoy drew a
three months bill for Rs. 10,000 on Bijoy, Who accepted the same and return it
to Ajoy. On 4th May 2003 Ajoy discounted the bill with his banker at
6% p.a. On due date the bill was dishonoured by Bijoy and the bank incurred a
nothing charge of Rs. 15. Pass Journal entries in the books of drawer Mr. Ajoy.
13)
On 1st January Amal drew a three
months bill on Bimal for Rs. 3,000 and Bimal accepted it. One the due date the
bill was dishonoured and Amal paid Rs. 30 as nothing charge. On 8th
April Bimal paid to Amal Rs. 1,070 including Rs. 40 being interest and accepted
another bill for the balance for further period of two months. Give Journal
entries in the books of Amal.
14)
A drew a bill on B for Rs. 5,000. B accepted
it and returned the same to A. On the due date the bill was dishonored. Pass
Journal entries in the Books of A under following situation.
a)
If the bill is honoured on due date
b)
If a keep the bill with him till maturity and
pays Rs. 30 as noting charges.
c)
If a discounting the bill with his banker for
Rs. 4,900 and the bank pays the noting charges of Rs. 30
d)
if a endorses the bill to C and C pay nothing
charge Rs. 30.
15)
On 1st January 2006 Sita sold goods
to Gita for Rs. 10,000 and on the same day drew upon her a bill at four months
for the amount. Gita accepted the bill and sent it to Sita. On 10th
January 2006 Sita discounted the bill with her bank Rs. 9,700. On due date the bill
was dishonoured and the bank incurred noting charge of Rs. 100. Give journal
entries in the books of Sita.
16)
Ananda drew a bill on Binanda for Rs. 8,000,
Binanda accepted it and returned the same to Ananda. On due date the bill was
dishonoured. Pass necessary Journal entries in the books of Ananda under the
following situation.
a)
If Ananda keep the bill with him till maturity
and pays Rs. 100 as noting charges.
b)
If Ananda discounting the bill with his banker
for Rs. 7,800 and Bank pays nothing change Rs. 100.
c)
If Ananda endorsed the bill to Sunanda and
Sunanda pays noting charge Rs. 100.
17)
On 1st April 2008, Suresh sold
goods to Sanjoy for Rs. 12,000 and on the same day drew upon him a bill at four
months for the same amount. Sanjoy accepted the bill and returned it to Suresh.
On 1st June 2008 Sanjoy retired the bill under rebate at 9% p.a.
Give Journal entries in the books of Suresh.
18)
Baruah owes choudhury Rs. 8,000. On 1st
March 2005 Choudhury draws on Baruah a bill at 30 days due date for this
amount. Baruah accepted the bill and returned to Choudhury. On 3rd
March Choudhury discounted the bill with his banker for Rs. 7,700. On due date
the bill is dishonoured and Choudhury pays Rs. 80 as noting charges. Pass
Journal entries in the books of both parties.
*****************************
Also Read:
*****************************
Unit – 7: FINAL ACCOUNTS
Expected Marks: 18
1. Define
in two lines: Trading Account, Profit
and loss account, Net Profit, Gross Profit, and Operating Profit.
2. Define
Balance Sheet. Give two characteristics of Balance Sheet. Why it is necessary?
3. What is
“Marshalling” of assets and liabilities?
4. What is
grouping of balance sheet?
4. What do
you mean by Adjustment entry in final account? Give two examples of Adjustment entry.
5. What
are financial statements? Mention its users.
6. Define
and distinguish between capital and revenue expenditure with examples.
7. What
are various assets and liabilities? Explain them briefly.
8. Prepare
trading, profit and loss account or Balance sheet. (5 marks)
9.
Following is the Trial Balance of Sri Bijay Barua as on 31.3.98. You are
required to prepare:
(i)
Trading Account (ii) Profit & Loss Account for the year ended 31.3.98 (iii) Balance Sheet as at that date.
|
Debit
|
Rs.
|
Credit
|
Rs.
|
|
Stock
on 1.4.97
Purchases
Carriage
Sales
Returns
Wages
& Salaries
Rent
Discount
Repairs
Sundry
Expenses
Cash
in hand
Furniture
Debtors
Drawings
Taxes
& Insurance
Accrued
Income
Life
insurance premium
|
3,000
42,000
300
500
5,000
1,800
1,000
300
1,000
3,000
6,000
12,000
7,000
500
250
250
|
Sales
Purchase
returns
Creditors
Capital
Bills
payable
Sundry
Receipts
Outstanding
expenses
|
57,000
900
11,000
9,000
5,000
500
500
|
|
|
83,900
|
|
83,900
|
The
following adjustments are to be made:
(i)
Closing Stock was Rs. 8,000. (Market price is Rs. 10000)
(ii)
Rent includes Rs. 300 paid in advance.
(iii)
Furniture is to be depreciated by 10% p.a.
(iv)
Bad debt Rs. 1000 and provision for bad debt @5% on debtors.
10. The
following is the Trial Balance of Mr. Anil Kalita as on 31st March,
1999, you are required to prepare a Trading Account, a Profit & Loss
Account for the year ended 31st March, 1999 and Balance Sheet as on
that date.
|
Debit
|
Rs.
|
Credit
|
Rs.
|
|
Stock
on 1.4.98
Purchases
Carriage
Sales
Returns
Salaries
& Wages (10 Months)
Rent
Discount
Repairs
Sundry
expenses
Cash
in hand
Furniture
Debtors
Drawings
|
3,000
37,000
300
500
5,000
1,800
1,000
300
1,000
3,000
6,000
12,000
7,000
|
Sales
Purchase
Returns
Creditors
Capital
Bills
Payable
|
52,000
900
11,000
9,000
5,000
|
|
|
77,900
|
|
77,900
|
The
following adjustments are to be made:
(i)
Closing stock was Rs. 8,000. (Market price is Rs. 7000)
(ii)
Rent includes Rs. 300 paid in advance.
(iii)
Furniture is to be depreciated by 10% p.a.
(iv)
Provide manager’s commission @10% on net profit before charging such
commission.
(v)
Outstanding repairs Rs. 200
(vi)
Interest on Capital @10%.
11.
Following is the Trial Balance of Sri Arabinda Barua as on 31.3.2000. You are
required to prepare Trading Account; Profit & Loss Account for the year
ended 31.3.2000 ; A Balance Sheet as at the date.
|
Debit
|
Rs.
|
Credit
|
Rs.
|
|
Stock
on 1.4.99
Purchases
Carriage
Sales
Returns
Wages
& Salaries
Rent
Discount
Repairs
Sundry
Expenses
Cash
in Hand
Furniture
Debtors
Drawings
Taxes
& Insurance (expired on 30.6.00)
Demurrage
|
4,000
40,000
400
600
4,800
1,800
1,000
300
1000
3,000
8,000
15,000
6,000
1,500
600
|
Sales
Purchase
Returns
Creditors
Capital
Bills
Payable
Sundry
Receipts
Sales
tax payable
Cash
credit
|
58,000
1,900
14,000
8,300
5,000
400
400
1,000
|
|
|
88,000
|
|
88,000
|
The
following adjustments are to be made:
(i)
Closing stock on 31.3.2000 Rs. 7,000. (Market price is Rs. 7000)
(ii)
Rent includes Rs. 300 paid in advance
(iii)
Wages outstanding Rs. 500
(iv)
Furniture to be depreciated by 10% p.a.
(v)
Unexpired insurance Rs.500
(vi)
Provide manager’s commission @10% on net profit after charging such commission.
12. The
following is the Trial balance of Sri P. Das as on 31st March, 2001.
(i)
Trading Account for the year ended 31.3.2001.
(ii)
Profit & Loss Account for the year ended 31.3.2001 and Balance Sheet as
on that date.
|
Particulars
|
Debit (Rs.)
|
Credit (Rs.)
|
|
Building
Machinery
Capital
Debtors
Stock
(1.4.2000)
Purchase
Cash
in Hand
Returns
Inward
Sundry
Creditors
Wages
Advertisement
Rent
Paid
Bills
Payable
Drawings
Electric
Charges
Expenses
on purchase
Cash
at Bank
Salaries
Discount
Allowed
Sales
Returns
Outwards
10%
Loan
Interest
on loan
|
18,750
9,250
7,000
16,500
46.850
2,500
10,000
440
800
3,710
650
190
850
3,000
1,110
200
10,000
800
|
35,000
10,700
5,000
63,500
7,600
10,000
800
|
|
|
1,21,800
|
1,21,800
|
Adjustments
:
(i) Stock on 31.3.2001 Rs.
18,210.
(ii) Wages Outstanding Rs. 500
(iii) Depreciate Machinery @ 10%
per annum
(iv)
Bad debt Rs. 1000 and provision for bad debt @5% on debtors, provision for
discount @10%.
(v)
Write of 1/4 of advertisement
(vi)
Provide interest for full year.
13.
Following is the Trial Balance of Rahul a sole trader as on 31st
March, 2004. You are required to prepare:
(i)
Trading Account
(ii)
Profit & Loss Account for the year ending 31.3.2004 and a Balance Sheet as
on that date.
|
Debit
|
Rs.
|
Credit
|
Rs.
|
|
Buildings
Opening
Stock
Furniture
Sundry
Debtors
Plant
& Machinery
Purchases
Bills
Receivable
Octroi
and Custom duty
Carriage
outwards
Discount
allowed
Bad
debts
Return
inwards
Salaries
Wages
Cash
at Bank
|
1,60,000
64,000
50,000
80,000
1,50,000
2,80,000
45,000
2,400
2,100
1,400
1,900
3,600
48,000
46,000
20,500
|
Sundry
creditors
Bills
Payable
Returns
outwards
Provision
for Doubtful Debts
Capital
A/c
Sales
|
60,000
25,000
3,000
2,500
3,84,400
4,80,000
|
|
|
9,54,900
|
|
9,54,900
|
Adjustments
:
(i)
Closing Stock Rs. 75,000
(ii)
Outstanding salaries Rs. 6,000 and outstanding wages Rs. 5,000
(iii)
Provision for bad Debts is to be maintained @ 5% on Sundry Debtors.
(iv)
Depreciation is to be provided as follows : On Buildings @ 2½%, On Plant &
Machinery @ 15%, On Furniture @ 20%.
14.
Following is the Trial Balance of Sri Pradip Barua as on 31st March,
1997. You are required to prepare:
(a)
Trading and (b) Profit & Loss Account for the year ended on 31st
March, 1997. And
(c)
Balance Sheet as at that date:
|
Debit
|
Rs.
|
Credit
|
Rs.
|
|
Purchases
Carriage
Inwards
Carriage
outward
Wages
Coal
and gas
Salaries
Manufacturing
expenses
Factory
expenses
Office
expenses
Discount
Sundry
Debtors
Bad
Debts
Lease
of warehouse (10 years from 1.4.96)
Cash
in hand and at Bank
|
60,000
2,000
1,000
5,000
1,000
6,000
500
500
500
500
24,000
1,000
10,000
2,500
|
Sales
Sales
tax payable
Sundry
Creditors
Sundry
Receipts
Bad
Debts recovered
Bank
Interest received
Capital
|
70,000
7,000
20,000
500
500
100
16,400
|
|
|
1,14,500
|
|
1,14,500
|
Adjustments:
(i)
Closing stock Rs. 15,000.
(ii) Goods
worth Rs. 500 were taken for personal use of the proprietor.
(iii)
Goods valued Rs. 3,000 were destroyed by fire (Insurance Rs.2000).
Unit – 8: Accounts from
incomplete records
Expected Marks: 12
1)
What is single entry system? Mention its
merits and demerits.
2)
What are various types of single entry system?
3)
Distinguish between single entry system and
double entry system.
4)
Distinguish between statement of affairs and a
balance sheet.
5)
How profit is determined under single entry
system?
6)
From the following incomplete records of Mr.
Bhuban, a trader, ascertain the profit or loss of his business for the year
ended on 31.3.14. On 31st March, 2014, his position was follows:
|
Plant
& Machinery
Furniture
& Fixtures
Bills
Receivable
Sundry
Debtors
Sundry
Creditors
Closing
Stock
Cash
in hand
Cash
at bank
|
50,000
22,000
7,900
27,500
14,700
32,000
1,200
6,700
|
During the
year, Mr. Bhuban introduced Rs. 12,000 as additional capital and withdrew Rs.
9,700 for personal use. His capital as on 1st April, 2013 was Rs.
99,750.
7)
From the following incomplete records of Mr.
Bhuban, a trader, ascertain the profit or loss of his business for the year
ended on 31.3.14. On 31st March, 2014, his position was follows:
|
Plant
& Machinery
Furniture
& Fixtures
Bills
Receivable
Sundry
Debtors
Sundry
Creditors
Closing
Stock
Cash
in hand
Cash
at bank
|
50,000
22,000
7,900
27,500
14,700
32,000
1,200
6,700
|
On 1-4-2013,
he purchases a car worth Rs.80,000 and borrowed from his brother Rs.50,000. During
the year, Mr. Bhuban introduced Rs. 12,000 as additional capital and withdrew
Rs. 9,700 for personal use. His capital as on 1st April, 2013 was
Rs. 99,750. Depreciation @10% p.a. is
provided on plant and machinery and car. Salaries outstanding Rs.5000 and prepaid
rent Rs.500.
8)
From the following incomplete records of Mr.
Bhuban, a trader, ascertain the profit or loss of his business for the year
ended on 31.3.14. On 31st March, 2014, his position was follows:
|
Plant
& Machinery
Furniture
& Fixtures
Bills
Receivable
Sundry
Debtors
Sundry
Creditors
Closing
Stock
Cash
in hand
Cash
at bank
|
50,000
22,000
7,900
27,500
14,700
32,000
1,200
6,700
|
On 1-4-2013,
he purchases a car worth Rs.80,000 and borrowed from his brother Rs.50,000. During
the year, Mr. Bhuban introduced a bike worth Rs. 12,000 as additional capital
and withdrew Rs. 9,700 for personal use. His capital as on 1st
April, 2013 was Rs. 99,750. Depreciation @10% p.a. is provided on plant and machinery and car.
Salaries outstanding Rs.5000 and prepaid rent Rs.500. provision for bad debt is
10% and bad debts amounted to Rs.700.
9)From the following
information, prepare necessary accounts to ascertain the amount of total sales.
|
Balance of Debtor on 1-1-2014
Balance of Bills Receivable 1-1-2014
Cash received from debtors during the year 2014
Cash received against Bills Receivable
Bad debts
Return Inward
Discount Allowed to Debtors
Balance of Debtors on 31.12.2014
Balance of Bill Receivable on 31.12.2014
Cash Sales during the year
|
Rs.
1,20,000
30,000
3,00,000
80,000
10,000
30,000
3,000
1,00,000
24,000
1,30,000
|
10)
From the following information, prepare
necessary accounts to ascertain the amount of total purchases.
|
Balance of Creditors on 1-1-2014
Balance of Bills payable 1-1-2014
Cash paid to creditors during the year 2014
Cash paid against bills payable
Bills payable dishonoured
Return outward
Discount received from creditors
Balance of creditors on 31.12.2014
Balance of Bill payable on 31.12.2014
Cash Sales during the year
|
Rs.
1,20,000
30,000
3,00,000
80,000
10,000
30,000
3,000
1,00,000
24,000
1,30,000
|
Unit – 9 and 10: Computers in
Accounting
Expected Marks: 10
1) What is
Accounting Information System (AIS)? Mention its characteristics and functions.
2) Mention various components of
computer.
3)
What is Computer? Mention its features.
4)
What
are various advantages and disadvantages of computers?
5)
Mention five
features of computerized accounting system.
6)
Mention various advantages and disadvantages
of computerized accounting system. Or write a brief note on application of
computers in accounting.
7)
What is database and
database management system? Mention its components, advantages and
disadvantages.
8)
Define in two lines: Hardware, software, SQL.
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