Practice Questions
in Accounting Class XI
Q. Prepare Accounting
equation on the basis of the following information:
(1) Sohan
started business with cash =78,000
Machinery =12,600
And
stock =11,500
(2) Interest
on the above capital was allowed @ 6.5%
(3) Money
withdrew from the business for his personal use 13,750/-
(4) Interest
on drawings 500/-
(5) Depreciation
charged on machinery 2000/-
Q. How the assets liabilities and capital
will be affected under following cases:
(1) Purchase of land for cash
(2) Purchase of furniture on credit
(3) Receipt of commission
(4) Payment to creditors.
Q. Show the accounting
equation on the basis of the following and present a last balance sheet on the
basis of new equation:
Rs.
1.
Arjun started business with cash 50000
2.
Bought furniture 500
3.
Purchase goods on credit 4000
4.
Sold goods on cash costing Rs. 500 700
5.
Received rent 200
6.
Purchase goods for cash 1000
7.
Withdrew for personal use 700
8.
Paid to creditors 400
9.
Paid salaries 200
Q: Journalise the following transactions:
|
2014
Jan. 1
Jan. 3
Jan. 5
Jan. 9
Jan. 11
Jan. 15
Jan. 18
Jan. 22
Jan. 22
Jan. 30
Jan 31
|
Started
business with cash
Paid into
Bank
Sold
goods to mohan
Goods returned
by mohan
Goods
purchased from Shyam
Goods
returned to shyam
Bought
furniture for office use by cheque
Purchased
goods for cash
Paid
cartage
Paid
interest on loan
Sold goods for Rs. 80,000 to Diwan for cash
and charged 8% sales tax.
|
Rs.
50,000
40,000
22,000
2,000
31,500
1,500
9,000
1,000
50
500
|
Q: Enter the following
transactions in a single column cash book for the month of January, 2014 from
the following particulars: Rs.
1 Cash in hand 1,000
2 Goods sold 8,000
4 Paid salaries to employees 15,000
6 Payment made to a creditor A by cheque 5,000
8 Cash sales of Rs. 30,000 out of which Rs. 5,000 immediately
deposited into bank.
9 Cash sales of Rs. 28,000 out of which Rs. 10,000 was
deposited into bank on 12th January
15 Purchased goods from Hari Ram 7,000
18 Paid to transporter 1,000
19 Sold goods to Manik Chand 3,000
28 Paid electricity bill 500
30 Paid to Mr. Sharma Rs.140 and discount received Rs.10
Q: From the
following information, write up a Simple Petty Cash Book for the first week of Jan 2014 :
|
Date
|
Particulars
|
Rs.
|
|
2014
Jan 1
Jan 2
Jan 4
Jan 5
Jan 6
Jan 7
|
Received Rs. 8,000 from Chief Cashier for
Petty Cash
Bought Postage stamps
Paid bus fare
Purchased stationery for office use
Paid for milk and sugar for office tea
Paid to window cleaner
|
2000
1200
1000
600
800
|
Q: Enter the following
transactions in the Purchases Book of Rozer Electronics Delhi.
|
2010
|
Particulars
|
|
Jan 3
|
Bought from Bharat
Electric Co. Dwarka Delhi on credit (Invoice No. 1238))
100 Tube light @ Rs. 40
each
50 Table fans @ Rs. 415
each
30 Electric Iron -Bajaj @
Rs. 200 each
Trade Discount 10%
|
|
Jan 9
|
Purchased from Ashoka
Traders, Karol Bag, New Delhi on credit (Invoice No. 551)
30 Table fans – Polar @
600 each
20 Mix grinders – Usha @
Rs.500 each
Trade Discount 15%
|
|
Jan 16
|
Bought goods from Royal
Electric Co. Kashmiri Gate, Delhi on credit (Invoice No. 252)
20 Duson Bulbs @ Rs.100
per dozen
10 Table fans @ Rs. 500
each
Less : Trade Discount 15%
|
|
Jan 22
|
Bought from Prakash
Lamps, Delhi for cash (Memo No. 715)
10 Table fans – Orient @
Rs. 600 each
|
|
Jan.29
|
Bought from Laxmi
Furniture, Rohtak on credit (Invoice No. 4312)
2 Tables @ 2000 each
10 Chairs @ Rs. 400 each.
|
Q: Give two characteristics of business transactions.
Q: What is meant by the term noncurrent assets?
Q: Explain cash system of accounting with example.
Q: Distinguish between trade bill & accommodation
bill.
Q:
Distinguish between SLM & WDV.
Q: Enter the following
transactions in the Sales book of M/s Salim & Co. Hyderabad
2012
|
May 4
|
Sold to Gupta Bros. New
Delhi (Invoice No. 175)
10 dozen Pencils @ Rs. 20
per dozen
14 gross Rubbers Rs. 5
per dozen
|
|
May 14
|
Sold to M/s Fazal Mirza
& Co. Mumbai (Invoice No.200)
5 Dozen Gum Bottle @ Rs.
5 per bottle
70 dozens Rulers @ Rs. 15
per dozen
Less : 10% Trade Discount
|
|
May 17
|
Sold old Newspapers for
Rs. 200 (Invoice No. 215)
|
|
May 21
|
Sold to M/s Rajendra
& Co. Ghaziabad (Invoice No. 255)
10 reams of Papers @ Rs.
60 per ream
Less : Trade Discount @
10%
|
|
May 25
|
Sold to M/s Dhyanchand
& Co. Delhi for cash (Invoice No. 285)
10 dozen pens @ Rs. 120
per dozen for cash
|
|
May 30
|
Sold to Cheap Stores, New
Delhi (Invoice No. 299)
10 dozens Pencils @ Rs.
18 per dozen
Less: Trade Discount @
10%.
|
|
May 31
|
Sold old furniture to M/s
Kashyapel Co. on credit for Rs. 1700 (Invoice No.300)
|
Q: Prepare Sales Return Book
of Mohan Lal & Sons. Dehradun from the following transactions :
2010
April 4 Goods returned by Rama & co.
(Credit Note No. 121)
10 shirts @ 200 each
Less: Trade Discount 10%
April 11 Allowance allowed to Goel Agencies on
account of mistake in invoice No. 1203 for Rs. 600 (Credit Note No. 122)
April 18 Rohit & Co. returned goods being
defective for Rs. 3,200 (Credit Note
No. 123)
Q: From the following
information prepare Two Column Cash Book
July 2007 Rs.
|
1
1
3
6
9
12
14
16
20
22
24
26
28
30
30
|
Bank Balance
Cash Balance
Purchased goods by cheque
Goods sold for cash
Machinery purchased by
cheque
Cash sales immediately
deposited into bank
Purchased goods from
Vaidya for cash
Purchased stationery by
cheque
Cheque given to Ratnesh
Cash withdrawn from bank
Salary paid by cheque
Cash deposited in bank
Cash withdrawn from bank
for personal use
Paid rent
Received a cheque for
Commission
|
50,000
20,000
10,000
7,000
6,000
8,000
5,500
5,000
2,000
8,000
2,000
96,000
3,000
4,000
5,600
|
Q: Enter the following
transactions in the Purchases Return Book of Sh. Mukund.
2007
|
Jan.20
|
Returned goods to Arav
& Sons for Rs. 410,000
Trade Discount 10% (Debit
Note No.369).
|
|
Jan.24
|
Allowance Claimed from
Rakesh on account of mistake in the invoice Rs. 900 (Debut Note No. 2660)
|
|
Jan.29
|
Returned goods to Sweksha
Ltd. For Rs. 26,000 as the goods were defective (Debit Note No.3100).
|
Q: Prepare BRS as on 31st July 2011
(1) Balance as per Cash Book is Rs. 25,000 as on 31st July 2011.
(2)
Cheques for Rs. 15,000 were deposited into the Bank in the month
of July but only cheques for Rs. 11,000 were credited by the bank till 31st
July 2011.
(3)
Cheues issued for Rs. 13,000 in July, out of which a cheque for
Rs. 3,800 was presented for payment on 3rd
August.
(4)
Bank charged Rs. 50 as Bank charges and credited interest of Rs.
370.
(5)
A customer directly deposited Rs. 1,550 in firm’s bank A/c.
(6)
Bank paid the Insurance Premium of Rs. 1,200 as per standing
instructions on 25.07.2011.
Q: (1)
Overdraft as per Cash Book is Rs. 10,000 on 30th
June 2011.
(2)
Cheques deposited but not yet collected Rs. 3,000.
(3)
Chequs issued but not yet presented for payment of Rs. 3,000
(4)
Bank charges of Rs. 50 and Interest on overdraft of Rs. 250 are charged
by the bank.
(5)
A customer directly deposited Rs. 1,200 into the Bank.
(6)
Insurance Premium of Rs. 1,500 is paid by the bank as per
standing instructions.
Prepare Bank
Reconciliation Statement for the month of June 2011.
Q: Rohan Ltd. purchased Machinery on 1st
May, 2009 for Rs. 60,000. On 1st July, 2010 it purchased another
Machine for Rs. 20,000. On 31st March, 2011 it sold off the first
machine purchased in 2009 for Rs. 39,000. Depreciation is provided at 20% on
the original cost each year. Accounts are closed each year on 31st
December. Show the Machinery account from 2009 to 2011.
Q: Suyashi Ltd. purchased on 1st
January, 2009 a machinery for Rs. 36,000 and spent Rs. 4,000 on its
installation. On 1st July, 2009 another machine purchased for Rs.
20,000. On 1st July, 2011, machine bought on 1st January,
2009 was sold for Rs. 12,000 and a new machine purchased for Rs. 64,000 on the
same date. Depreciation is provided on 31st December @ 10% p.a. on
the written down value method. Prepare machinery A/c from 2009 to 2011.
Q: 5.X
sold goods to Y and drew a bill of Rs.
6,000 on Y which is accepted by the later.The bill is duly met on the due date
by Y. What entries will be passed in the books of both the parties in the
following cases:
1)
If he retains the bill till due date
2)
If he discounts it with
his banker for Rs.5,800
3)
If he endorses it to his
creditor Z .
Q: Justin sold good to Deeksha on April 1, 2013 for Rs. 10,000 on credit
and drew upon him a bill for the same amount payable after 3 months. Deeksha accepted
the bill and returned into to Justin. On the due date bill was dishonoured.
Pass Journal entries in the books of Justin and Deeksha if
Case I : Bill is retained by
Justin till the date of maturity.,
Case
II : Bill is discounted by Justin from his
bank on 4th April, 2013 @ 6% per
annum.
Case
III : Bill is endorsed in favour of Khushi
on April, 4th, 2013.
Case IV : Bill is sent to bank for collection on
July 1, 2013.
Q:
A sold goods to to B on May 1st, 2013 for ` 30,00 on
credit and drew upon him a bill for the same amount payable after 2 months. B
accepted the bill and returned it to A. On date of maturity, B fails to make
payment of bill. Noting charges amounted to ` 10.
Pan Journal Entries in the books of A and B if.
|
Case
|
1 :
|
A retains the bill till the date of
maturity and also paid the noting charges.
|
|
Case
|
2 :
|
A discounts the bill from his bank on 4th
June @ 12% per annum. Noting
|
|
charges has been paid by
bank.
|
||
|
Case
|
3 :
|
A endorses the bill n favour of C on June
1. C paid the noting charges.
|
|
Case
|
4 :
|
A sents the bill to his bank for collection
on July 1. Bank paid the noting
|
charges.
Q: What is meant by the term accounting?.
Q: Explain
accounting concepts.
Q: What is meant by the term journal?
Q: Distinguish between general journal & special
journal.
Q: Distinguish between sales & purchase book.
Q: What is meant by the term reserves? How is different
from provisions?
Q: Whai is meant by the term accommodation bill?
Q: What is meant by BRS? What are the causes in
difference of pass book balance & cash book balance?
Q: Show the effect of the following business
transactions on assets, liabilities and
Capital with the help of accounting equation:
1.
Commenced business with cash 31,200
2.
Interest on Capital 1,560
3.
Machinery Purchased 4,680
4.
Cash withdrawn from the business for personal use of proprietor 6,240
5.
Goods purchased on credit 3,120
6.
Paid to creditors 2,340
7.
Creditors accepted a bill for 1,560
8.
Allotted shares to creditors 1,560
9.
Transfer from capital to loan 7,800
Q: Prepare cash book from
the following details:
(i)
Balance
of cash in hand Rs 245000/-
(ii)
Balance
of cash at bank (DR) 7000/-
(iii)
Goods
purchased worth Rs 6000/-
(iv)
Dividend
collected by bank Rs 1000/-
(v)
Paid
salary by cheque Rs 2000/-
(vi)
Honored
own acceptance by cheque Rs 4000/-
(vii)
Cash
withdraw for office use Rs 1000/-
(viii)
Goods
sold to Ram Rs 2000/-
(ix)
Cash
withdraw for personal use Rs 1000/-
(x)
An
amount of Rs. 2000/- due from Mohan Chand which had been written off as bad
debts in previous year was unexpectedly recovered & has been posted to the
personal account of Mohan Chand.
Prepare Bank
Reconciliation Statement from the following information:
1) Overdraft as
per Cash Book is Rs. 10,000 on 30th June 2011.
(2) Cheques deposited
but not yet collected Rs. 3,000.
(3) Chequs issued but
not yet presented for payment of Rs. 3,000
(4) Bank charges of
Rs. 50 and Interest on overdraft of Rs. 250 are charged by the bank.
(5) A customer
directly deposited Rs. 1,200 into the Bank.
(6) Insurance
Premium of Rs. 1,500 is paid by the bank as per standing instructions.
Prepare Bank
Reconciliation Statement for the month of June 2011.
Q: What is meant by the term Depreciation?
Q: Explain methods of calculating
depreciation
Q: Difference between straight line method and written
down value method.
Q: Soham purchased a
machinery for Rs. 1,00,000 on 1st July, 2009. Another machine
was purchased for Rs. 50,000 on 1st January, 2011. Depreciation
is charged at 10% p.a. by straight line method. Accounts are closed on 31st December
each year. Pass the necessary Journal entries, show machinery A/c and
Depreciation A/c for the year 2009, 2010, 2011.
(a) When Provision for
depreciation a/c is not maintained.
(b) When
Provision for depreciation a/c is maintained.
Q: On 1st April, 2008, Jasmeet Ltd. purchased a
machine for Rs. 12,00,000. On 1st October, 2010, a part of
machine purchased on 1st April, 2008 for Rs. 80,000 was sold
for Rs. 45,000 and a new machine was purchased for Rs. 1,58,000 on the same
date. Company provides depreciation @10% p.a. on written down value method.
Prepare necessary ledger accounts.
Q:Definition of a bill of exchange.
Q:Advantages of bill of exchange.
Q: Justin sold good
to Deeksha on April 1, 2013 for Rs. 10,000 on credit and drew upon
him a bill for the same amount payable after 3 months. Deeksha accepted the
bill and returned into to Justin. On the due date bill was dishonoured.
