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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - II Book Back 5 Mark Questions with Solution Part - II updated Book back Questions Question Bank Software May-13 , 2022

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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - II Book Back 5 Mark Questions with Solution Part - II updated Book back Questions

11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - II Book Back 5 Mark Questions with Solution Part - II

11th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 25

    Part I

    5 x 5 = 25

  1. Abstracts from the trial balance as on 31st March, 2016:

    Particulars Debit Rs.
    Sundry debtors 52,000
    Bad debts 1,000

    Adjustments:
    (i) Additional bad debts Rs. 2,000
    (ii) Create 5% provision for bad and doubtful debts
    You are required to pass necessary adjusting entries and show how these items will appear in final accounts.

  2. Abstracts from the trial balance as on 31st December, 2016:

     Particulars   Debit Rs.   Credit Rs. 
      Sundry debtors       1,04,000  
      Bad debts 5,000  
      Provision for bad and doubtful debts      2,000

    Adjustments:
    (i) Additional bad debts amounted to Rs. 4,000.
    (ii) Create a provision for bad and doubtful debts @ 5% on sundry debtors.
    Pass necessary adjusting entries and show how the different items appear in final accounts.

  3. Prepare trading account from the following ledger balances presented by P. Sen as on 31st March 2016.

     Particulars   Rs.   Particulars   Rs. 
      Stock (1-4-2015)       10,000   Sales     3,00,000
      Purchases   1,60,000   Returns inward    16,000
      Wages 30,000   Returns outward    10,000
      Carriage inwards    10,000   Gas and Fuel 8,000
      Freight inwards 8,000    

    Additional information:
    (a) Stock on 31st March, 2016 Rs. 20,000
    (b) Outstanding wages amounted to Rs. 4,000
    (c) Gas and fuel was paid in advance for Rs. 1,000.

  4. From the following balances as on 31st December, 2017, prepare profit and loss account.

     Particulars   Rs   Particulars   Rs 
      Gross profit       50,000   Rent received       2,000
      Salaries 18,000   Discount received    3,000
      Office rent paid    12,000   Carriage outwards 2,500
      Advertisement 8,000   Fire insurance premium   6,500

    Adjustments:
    (a) Rent accrued but not yet received Rs. 500
    (b) Fire insurance premium prepaid to the extent of Rs. 1,500
    (c) Provide manager’s commission at 10% on profits before charging such commission.

  5. The following balances were extracted from the books of Thomas as on 31st March, 2018

    Particulars Rs. Particulars Rs.
    Purchases 75,000 Capital 60,000
    Returns inward 2,000 Creditors 30,000
    Opening stock 10,000 Sales 1,20,000
    Freight inwards 4,000 Returns outward 1,000
    Wages 2,000    
    Investments 10,000    
    Bank charges 1,000    
    Land 30,000    
    Machinery 30,000    
    Building 25,000    
    Cash at bank 18,000    
    Cash in hand 4,000    
      2,11,000   2,11,000

    Additional information:
    (a) Closing stock Rs. 9,000
    (b) Provide depreciation @ 10% on machinery
    (c) Interest accrued on investment Rs. 2,000
    Prepare trading account, profit and loss account and balance sheet.

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