Some Important question for your half yearly exam : CLASS XI ACCOUNTS (THEORY) 1.What is the meaning of Accounting? 2. Give any two objective of accounting. 3. How is profit or loss of a particular period is ascertained? 4. How do we ascertain the financial position of the business? 5. Name the branch of commerce, which keeps a record of monetary transactions in a set of books. 6. Give one point of distinction between book-keeping and Accountancy. 7. Who are the internal users of accounting information? 8. Who are the external users of accounting information? 9. What are the information is needs of managements? 10. Mention two advantage of accounting. 11. What is Capital? 12. What are Drawing? 13. What is meant by Sales? 14. What is meant by Purchases? 15. What is Cash Discount? 16. Define Accrual Concept. 17. Define Going Concern Concept. 18. What is meant by qualitative information? 19. What is meant by window dressing in accounting? 20. Define Business Entity Principle. CLASS XI ACCOUNTS (A EQ./J) 1. Prepare Accounting Equation in the book of M, who carries on cloth business for the year ending on Dec. 31, 1997: (1) Capital of the business in cash 2,00,000 (2) Loan taken 50,000 (3) Building purchased for cash 1,00,000 (4) Good purchased for cash 1,20,000 (5) Goods sold on credit ( Cost of these goods Rs. 30,000) 40,000 (6) Goods purchased on credit 25,000 (7) Received from Debtors 15,000 (8) Paid to Creditors 5,000 (9) Salaries paid 12,000 (10) Rent Received 5,000 2. Pass necessary journal entries for the following transaction in the books of Ramesh Brothers: (1) Ramesh Started business with Rs. 7,000 in cash and Rs. 8,000 worth of goods (2) H ordered his supplier Dinesh to send Rs. 5,000 worth of goods to Mohan and inform him of the compliance (3) Purchased from Gainda singh Goods for the value of Rs. 9,000 (4) Purchased at 10% trade discount goods from Rana, their list Price being Rs. 2,000. (5) Paid Rs. 300 as wages for making furniture to be used in the office. (6) Sold at 5% trade discount to Madhav goods whose list price was Rs. 3,000 (7) Paid Salary Rs. 200, wages Rs. 100, rent rs. 150, office expenses Rs. 300 and insurance Rs. 280. (8) Theft of cash from office by a clerk Rs. 700. (9) Withdrew Rs. 100 for Repairs of his own house. (10) Paid advance salary Rs. 400 (11) Gave Rs. 300 as present to a friend on the occasion of his marriage. (12) Cash stolen by a thief from office Rs. 700. The thief was arrested but only Rs. 500 could be realized from him. (13) Sent an order to Mohan for goods worth Rs. 2,000 (14) Received goods worth Rs. 2,000 from Mohan as was ordered for. (15) Stock of Rs. 4,000 is destroyed by fire. It was not insured. (16) Stock of Rs. 4,000 is destroyed by fire. It was fully covered by insurance. (17) Mr. X, a debtor of Rs. 2,000 became insolvent and a dividend of 50% is declared by the official receiver. (18) Provision for doubtful debt @ 5% is created on debtors of Rs. 58,000. (19) Which accounting entry is to be made for Rs. 9,000 to K. Verma (20) Goods previously ordered from K. Verma were delivered and an invoice for Rs. 9,000 received. (21) If R. Bose, a debtor of Rs. 4,000 has become insolvent and a dividend of 50% is declared. (22) The sundry debtor of a firm includes a balance of Rs. 8,00,000 to the debt of Ram Traders in respect of which it has been negotiated and settled to receive from the party after allowing a discount of 2.5%. the settled amount was received by a cheque (23) Income tax liability of proprietor Rs. 1,700 was paid out of petty cash. (24) Purchase goods from Raghav for Rs. 40,000 and paid Central Sales Tax@8%. (25) Sold goods costing Rs. 60,000 to Dinesh for Cash at a profit of 40% on cost less 20% Trade discount and charged 8% Central Sales Tax and paid carriage Rs. 500 (not to be charged to customer). (26) Paid by Cheque Rs. 6,000 as fire insurance premium for a period of 12 months starting 1st july 2010. Financial year closes on 31st March every year. (27) Spent Rs. 300 for refreshment of a customer. (28) Purchased goods from Azad Ltd. For Rs. 40,000 less trade discount 15% plus VAT@10% (29) Sold goods costing Rs.9,000 for Rs. 12,000 and charged VAT@ 10%. Payment is received by cheque which is immediately deposited into bank. (30) Sold the balance goods to Vishal Ltd. For Rs. 30,000 plus VAT@10%. And Deposited the VAT into Government Account Through cheque. 3. Enter the following transaction in a Cash Book with Cash and Bank Column:- (May 1) Balance of Cash-in-Hand Rs.15,600; Overdraft at Bank Rs. 7,400. (May2) Further Capital introduced Rs. 30,000, out of which Rs. 25,000 deposited into Bank. (May3) Purchased goods on credit from Mohan of the list price of Rs. 15,000.Out of this amount he allowed us a trade discount of 20%. (May6) Settled the account of Mohan by Paying cash Rs. 11,600. (May8) An amount of Rs. 2,500 due from Chaturvedi & Sons written off as bad-debt in the previous year, now recovered. (May10) Cashed a cheque for Rs. 7,500. Drew from bank for household expense Rs. 3,000 and for Income tax Rs. 800. (May14) Receive Rs. 500 from the sale of old chairs .(May15) Received from X on behalf of Y Rs. 2,200. Discount allowed Rs. 100. (May20) Received a cheque from Naresh Rs. 4,210 in full settlement if his account of Rs. 4,400.(May22) Cheque received from naresh sent to bank.(May25) Sagar Chand, who owed us Rs. 10,000 became bankrupt and paid us 40 paise in a rupee. (May26) Received repayment of loan of Rs. 3,600 and deposited out of it Rs. 2,000 into the bank. (May28) Cheque received from Naresh dishonoured, Bank debits Rs. 20 in respect of this cheque for bank charges. (May31) Interest debited by bank Rs. 650. Deposited with the bank the entire balance after retaining Rs. 5,000 at office. CLASS XI ACCOUNTS (B.O.E.) 1. On 1st jan. 1980, Satish drew on Harish three bills of exchange in full settlement of claims, the first for Rs. 1,400 at one month; the second for Rs. 1,600 at two months and third for Rs. 1,800 at three months. The bills were duly accepted by Harish. The first bill was endorsed by Satish to his creditor Rajnish on 3rd Jan. 1980. The second bill was discounted on 15th Jan. for Rs. 1,590 and the third bill was sent to bank for collection on 4th Feb. All the bills were met on maturity except the second bill which was dishonoured, noting charge being paid Rs. 24. Satish chargd Rs. 30 for interest from Harish and drew on him a fourth bill for two months for Rs. 1,624. The fourth bill was duly met on maturity. Give Journal entries in the books of Satish and Harish. 2. A sells goods for Rs. 8,000 to B on Jan. 1, 2004 and on the same date draws a bills for 3 months on the later for the amount, B accepts it and return it to A, who discounts it with his banker for Rs. 7,850. On the due date the bill is dishonored. Noting charge of Rs. 150 were paid by bank. B then pays Rs. 3,000 in cash and accepts a new bill at three months for Rs. 5,350. Before maturity, B became insolvent and a final dividend of 50 paise in the rupee was received. Give journal entries to record these transactions in the books of A and B. 3. A sold goods for Rs. 40,000 to B on Jan. 01, 2006. He drew upon B a bill of exchange for the same amount payable after one month. B accepted the bill and sent it back to A. A discounted the bill immediately with his bank @ 9% p.a. On the due date B dishonoured the bill of exchange and the bank paid Rs. 200 as noting charges. B requested A to draw a new bill upon him with interest @ 12% p.a. which he agreed. The new bill was payable after 1 month. One week before the maturity of the second bill B requested A to cancel the second bill. He further requested to accept Rs. 15,000 in cash immediately and draw a third bill upon him including interest of Rs. 1,000. A agreed to B’s request. The third bill was payable after one month. B met the third bill on its maturity. Record the necessary journal entry in the books of A and B. 4. On 1st July, 2008, X sold goods to Y valued Rs. 40,000, taking therefore a bill at three month. On 1st August, 2008, X Discounted this bill at the rate 15% p.a. with his banker. At maturity the bill was return by the banker dishonoured with Rs. 300 as expenses. Y paid Rs. 10,000 and expenses in cash and gave to X another bill at 2 months for Rs. 30,000 plus 18% p.a. interest, but before maturity Y becomes bankrupt and his creditor 75 paise. In the rupee. Make necessary in X and Y. 5. Sumeet draws a bills of exchange on Manmeet for Rs. 50,000 for three month on 1st January 2008 which is duly accepted by the later. This was for the amount which owed to sumeet. On 1st Fabruary, Sumeet discount the bills which his banker at 16% p.a. on the date of maturity, manmeet not being able to meet the bill, offers Sumeet Rs. 20,000 and ask him to draw another bill for three month for the balance plus interest at 18% p.a. Sumeet agrees to arrangement but before the second bill becomes due Manmeet become bankrupt. Manmeet’s estate pays 30 paise in the rupee. Give Journal entry in the books of Manmeet. All the Best By Gopal Sir
Posted on: Mon, 23 Sep 2013 14:09:02 +0000
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