11th Full Course With Ans
11th Full Course With Ans
11th Full Course With Ans
STD-11 ENG
Subject : ACCOUNTS
Date : 19-Mar-2018
Total Marks : Hours :
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Multiple Choice Questions: (1 marks each)
(1) In single entry system, to find profit or loss how many methods to be followed?
[A] 2 [B] 3 [C] 4 [D] 5
Ans : [A]
(2) Amount for bill sent for collection is collected by bank. This transaction is
recorded on ________ .
[A] Debit side of passbook [B] Debit side of cashbook
[C] Credit side of B.R.S. [D] Debit side of B.R.S.
Ans : [D]
(3) Based on concept, amount withdrawn for personal expense by owner of the
business debit it to the drawings account of owner.
Ans : [A]
(4) Based on which concept provision for doubtful dents is made?
Ans : [A]
(5) The difference between the credit side and the debit side of Sarvaiyun in Deshi
Nama is recorded on debit side as.....
Ans : [D]
(6) When an owner introduces capital in business,
[A] increase in capital - increase in liabilities
[B] increase in capital - increase in asset
[C] increase in liability - decrease in another liability
[D] increase in one assets - decrease in another assets
Ans : [B]
(7) What is the minimum amount one can transfer through RTGS ?
[A] 1 Lakh [B] 2 Lakh [C] 3 Lakh [D] 4Lakh
Ans : [C]
(8) Goods return-credit is recorded in ________ book.
[A] Sales return [B] Purchase return [C] Sales [D] Purchase
Ans : [A]
(9) An error arises because of debiting or crediting a wrong account with correct
amount on the correct side is known as ……
Ans : [C]
(10) Credit balance of Trading Account means ________ .
[A] Gross loss [B] Gross Profit [C] Net profit [D] Net loss
Ans : [B]
Answer in one or more sentence: (1 marks each)
(11) Describe different methods to record depreciation on asset from the view point of
accounting.
Ans : Ø To record depreciation on asset on asset from the view point of accounting
are of two type:
Ans : Ø Shri Gharkharch Khate Udhar to Shri Gharkharch na Vyaj Khate jama.
(13) Described whether following statements are true or false :Cheque received
from customer is debited to bank account.
Ans : Ø This statement is true.
(16) What do you mean by selling and Distribution expenses? Which expenses are
included in it?
Ans : Ø Expenses incurred for the sales and distribution of goods are called selling
and distribution exp.
(17) Other expenses paid at the time of purchasing an asset are debited to which
account ?
Ans : Ø Other expenses paid at the time of purchasing an asset is to be debited to
concern asset account only.
(18) Give illustration of cash transaction of service.
Ø (i) Profit on sale of fixed assets and investments. (ii) Profit on revaluation of fixed
assets. (iii) Profit prior to incorporation of the company. (iv) Premium received by
the company on issue of shares or debentures. (v) Balance of share forfeiture
account after reissue of shares forfeited by the company. (vi) Capital redemption
reserve for redeeming preference share. (vii) Profit made in purchasing a business
i.e. when the purchase price is less than the net assets acquired. (viii) Profit on
redemption of debentures at discount.
(22) Explain the following terms used in Deshi Nama System: Silak Vadhghat Khatu
Ans : Shri Silak Vadhghat Khatu : Closing balance (silk) as per Rojmel or Bethomel
should tally with the actual cash on hand. If they do not tally with the closing cash
balance, efforts are made to detect the error by due verification. If the error is not
detected inspite of such efforts and if the actual cash balance is more or less than
balance as per Rojmel or Bethomel, the differential amount is recorded to "Shri
Silak Vadhgat Khate".
If the actual cash balance is more than balance as per books of account, the
differential amount is credited to "Shri Silak Vadhghat Khate" and if the actual cash
balance is found less, it is debited to 'Shri Silak Vadhghat Khate'. When the reason
for such difference is traced, the reverse affect is given to "Shri Silak Vadhghat
Khate" and it is closed and correct effect is given to the concerned account. Thus
the correct balance is arrived at automatically.
(23) When is the concept of true and fair position of business realized?
Ans : Ø Practically, while preparing trial balance, total of debit balances and
total of credit balances tallies but still there may be error in the books of
accounts. In this situation, accounts prepared with the help of trial balance
never reveals true and fair position of business. In this situation once again
we have to go through the trial balance and we have to prepare corrected
trial balance. This is known as true and fair position of business.
Ans : Ø The acceptor of a bill cannot make provision of the money on the maturity
date, he has to dishonor the bill. Hence, in this situation acceptor of the bill
contacts the drawer of the bill before the maturity date of the bill and requests him
to draw a new bill against the old bill for a new period. If the drawer of the bill
agree to his request. the old bill is cancelled and a new bill comes into existence.
When a new bill for an extended period is given in exchange of an old bill, it is
known as change of bill period or renewal of a bill.
2) Calculate the interest on the additional period due to the extension of the
period of the bill and record its accounting effects.
3) Give the accounting entry for the acceptance of the new bill.
Ans : Ø In Rojmel total eight folds, first four folds for Jama and remaining four
folds for Udhar. For cash transactions only one effect passed and for non-cash
transactions two effects are passed. From Rojmel, it is possible to find out closing
cash balance. While in Journal total five columns are there for every transactions
two or more than two effects passed for each and every transactions including
cash or credit transactions. From journal, it is not possible to find out closing cash
balance.
Ans : Ø
(29) From the given information prepare trial a balance of Pravin Patel as on 31-3-
2016:
Ans : Ø
(30) The following information has been obtained in respect of the petty cash
book maintained by imprest system for the month ending of 31-3-2016.
Write journal entry to be passed by chief cashier.
Carriage charges ` 200
Miscellaneous expense ` 100
Tea and refreshment expense ` 200
Stationary expense ` 350
Postage expense ` 150
Wages ` 600
Ans :
Date Particulars L.F. Debit Credit
(`) (`)
31-3- Carriage charges A/c Dr. 200
2016
Misc. exp. A/c Dr. 100
Tea and refreshment exp. A/c Dr. 200
Stationery exp. A/c Dr. 350
Postage exp. A/c Dr. 150
Wages A/c Dr. 600
To Petty cashier A/c (Being the 1,600
particulars exp. paid as per petty,
cash book)
1-4-2016 Petty cashier A/c Dr. 1,600
To cash A/c (Being cash given to 1,600
petty cashier on imprest system)
(31) What is the importance of Provision?
(i) Provision is made for probable expenses, loss and liability of respective year
and therefore it is appropriated out of the revenue of the same year and
hence true profit or loss of the business can be ascertained.
(ii) Provision is made to prevent impact of transactions made during the year on
the financial performance in future.
(iii) Known liability of future can be spread evenly over certain years by making
provision.
(v) If provision is not made against decrease in the value of assets in future the
capital of the business may be wiped off. Such risk can be avoided by
making provision.
(33) On 31-3-2016 Shri Bedharkar has tallied his trial balance by debiting a
difference of ` 1,000 to suspense account and there after he has prepared
final accounts. After preparation of final accounts the following errors are
detected.
(1) Goods of ` 3,500 returned by Jatin in posted on debit side of his account.
(3) Paid ` 600 for personal medical bill and the amount is debited to
miscellaneous as to rent account.
(4) ` 1,200 received from Divesh for rent is posted to the credit of her account as
well as to rent account.
(6) ` 6,000 paid to Deepak for repayment of loan is not posted to his account.
Ans : Ø
(5) Vinay's A/c Dr. 10,000, to Purchase A/c ` 5,000, to Sales A/c ` 5,000
(6) Deepak's A/c Dr. ` 6,000, to suspense A/c ` 6,000, ` 34,600 rectified profit.
(34) At the time of preparing final accounts of Parth Shah as on 31-3-2016, the
following errors are found out. Pass necessary rectification entries to rectify
the same.
(2) Paid ` 350 form stationary expense, as posted twice in stationary expenses
account.
(3) Opening balance of bills payable of ` 2,500 is written on the debit side.
(7) Balance of commission paid A/c ` 350 is recorded as credit balance by ` 530
in trial balance.
(8) Bank credited ` 250 of interest is recorded on payment side of cash book.
(9) Goods of ` 4,500 sold to Rajnikant which is recorded correctly in sales book.
But it is posted ` 450 in Rajnikant's account.
(10) ` 2,500 received from Mayur ism posted of the debit side of his account.
(11) Balance of discount reserve bank over draft in trial balance, is written as `
5,800 instead of ` 8,500
(14) ` 2,500 paid to Jayendra for advance salary is posted to salary account and
advance salary A/c as both side.
(15) ` 250 cash on hand, which is written in the column of credit side trial
balance.
(16) Balance of drawings account ` 1,500 is written in the column of credit side of
trial balance.
(17) Paid amt. ` 25 for sundry expenses, which is posted ` 250 in that account.
(18) Total of payment side of discount column of cash book is over cash by ` 100.
(20) Received ` 150 for interest is posted to the debit side of interest account.
(1) The error will be rectified by writing in sales return book ` 400 in the column of
amount on the credit side and in the column of particulars. 'Being total of sales
return book is over cast.
(2) The error will be rectified by writing in stationary expense account ` 350 in the
column of amount on the credit side and in the column of particulars. 'Being the
amount debited twice by mistake.
(3) The error will be rectified by writing in bills payable account ` 5,000 in the
column of amount on the credit - side and in the column of particulars 'Being
opening balance is recorded on wrong side'.
(4) The error will be rectified by writing in Anurag's account ` 1,500 in the column of
amount on the credit - side and in the column of particulars 'Being the wrong
amount is written on wrong side'.
(5) The error will be rectified by writing in credit side of discount account ` 280 in
the column of amount and in the column of particular 'Being amount is written
wrong side'.
(6) The error will be rectified by writing ` 6,000 a balance of Manish Vyas's account
in the debit column of the trial balance.
(7) The error will be rectified by instead of the written credit balance of ` 530 and the
debit column of the trial balance.
(8) The error will be rectified by writing in bank's account of debit side ` 500 in the
column of amount and in the column of particulars. 'Being the wrong side
written'.
(9) The error will be rectified by writing in Rajnikant's account ` 4,050 in the column
of amount on the debit side and the column of particular 'Being less amount is
posted'.
(10) The error will be rectified by writing in Mayur's account ` 5,000 in the column of
amount on the credit side and in the column of particulars. 'Being the wrong side
written.
(11) The error will be rectified by instead of the credit balance of ` 5,800 and write
correct balance of ` 8,500 in trial balance.
(12) The error will be rectified by instead of the written credit balance of ` 145 and
write correct balance of ` 1,450 on the debit side of the trial balance.
(13) The error will be rectified by writing in bills receivable account ` 1,500 in the
column of amount on the credit side and in the column of particulars 'Being total
of bills receivables book is over cast.
(14) The error will be rectified by writing in wages account ` 2,500 in the column of
amount on the credit side and in the column of particulars. 'Being total of bills
receivables book is over cast.'
(15) The error will be rectified by writing ` 250 as the credit balance of trial balance is
shown as debit balance.
(16) The error will be rectified by writing ` 1,500 as the credit balance of trial balance
is shown as debit balance.
(17) The error will be rectified by writing in general expenses ` 225 on the credit side
in the column of amount and in the column of particulars. 'Being wrong amount is
posted'.
(18) The error will be rectified by writing in discount account ` 100 on the debit side
in the column of amount and in the column of particulars 'Being total of discount
account is over cast.'
(19) The error will be rectified by writing in bills of payable account ` 450 on the
credit side in the column of amount and in the column of particulars 'Being total
of bills payable account is under - cast.'
(20) The error will be rectified by writing in interest account ` 300 on the credit side in
the column of amount and in the column of particulars 'Being posted as wrong
side'.
(35) On 1-4-2015 Pratiksha Limited has purchased new machine for 1,38,000, its
installation is ` 12,000. Company provides depreciation at 10 % every year under
reducing balance method. Company records depreciation by creating depreciation
provision. Pass necessary journal entries in the book of company year ending 31-
3-16.
Ans : Ø [Ans: (1) Machine A/c. Dr. ` 1,50,000 to Bank A/c. ` 1,38,000, cash A/c.
` 12,000. (2) Depreciation A/c. Dr. 15,000. (3) Profit & loss A/c. Dr. ` 15,000 to
depreciation A/c. ` 15,000]
(36) From the given receipt - payment account and additional information, prepare the
income - expenditure account for the year ending 31 - 3 - 2016 and balance sheet
as on same day of Modern Club.
Modern Club.
Dr.
Cr.
(37) Heet Mehta has accounts in two banks. (1) Dena bank and (2) Bank of
Baroda (BOB).
From the following information prepare B.R.S. of BOB as on 31-3-2015.
Bank balance as per passbook of BOB ` 5,000.
(1) A cheque of ` 5,000 deposited into BOB, by mistake it is recorded in Dena
bank column.
(2) A cheque of BOB of ` 2,500 is issued to Amitbhai which is not presented for
payment till date.
(3) A customer Vipul Directly deposited ` 3,000 and ` 6,000 in Dena bank and in
BOB, for which Heet is unware.
(4) A cheque of ` 2,800 issued from BOB is still not paid by bank.
(5) A cheque of ` 6,000 deposited into BOB, which is not credited by bank.
(6) Dena bank credited ` 300 for interest and BOB debited ` 200 for commission.
Both of these transacions are not recorded in cash book.
(7) ` 5,000 cash deposited into BOB, is not recorded in cashbook.
(8) Cheques of ` 10,800 are deposited into Dena bank, out of which bank credits
` 4,800 cheques. By mistake this ` 4,800 is recorded in BOB column in
cashbook.
(9) Payment side of Dena bank column is overcasted by ` 500.
(10) Cash ` 5,000 is withdrawn from Dena bank. By mistake it recorded in BOB
column.
Ans : Ø Transactions No. 7 and 9 wil not be recorded as B.R.S. Total of B.R.S. =
` 21,000, Bank balance as per cashbook = ` 4700, In debit Column = ` 5,000,
` 2,500, ` 6,000, ` 200, ` 4,800, ` 5,000.
(39) Prepare Final Accounts of Shreshthi from the following Trial Balance and
Adjustments:
(1) Closing stock is ` 20,000, in which Market Value of 50% goods is 50% less.
(2) Out total sales 20% is export sales in which 10% subsidy is to be
received. (3) Debtors of ` 10,000 declared insolvent a final dividend of 80
paisa in a rupee could be recorded on building to 10%. (4) Increase the rate of
depreciation on building to 10%. (5) Goods of ` 4,000 has been stolen away
from Railway. Railway Company has accepted a claim of ` 2,500.
Ans : Ø Gross profit ` 32,000, Net profit ` 15,180, Total of B/s ` 1,76,680,
Closing Capital ` 1,00,180, Govt. Subsidy ` 3,100
(40) Prepare final account from the Trial Balance and adjustment of Baldev as on
31 - 03 - 2015:
Ans : Ø
Dr.
Cr.
Dr.
Cr.