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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - II Creative 5 Mark Questions with Solution Part - I Question Bank Software Jun-29 , 2021

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

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

11th Standard

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Accountancy

Time : 00:30:00 Hrs
Total Marks : 25
    5 x 5 = 25

  1. The Trial balance shows on 31-03-2012 Sundry debtors 1,25,000.
    Adjustments:
    (i) Bad debts to.be written off Rs. 5,000
    (it) Provide @ 5% provision for bad and doubtful debts and
    (iii) Provide @ 2% provision for Discount on debtors.
    Pass entries and show how these items will appear in the Final accounts.

  2. The following is the Trial balance extracted from the books of Mr. Mohan as on 31-12-2017. Prepare Trading and Profit and loss account and Balance sheet on 31-12-2017.

    Debit balances Amount Rs. Credit balances Amount Rs.
    Buildings 30,000 Capital 40,000
    Machinery 31,400 Purchase return 2,000
    Furniture 2,000 Sales 2,80,000
    Motor Car 16,000 Sundry creditors 9,600
    Purchases 1,88,000 Discount received 1,000
    Sales returns 1,000 Provision for bad and  
    Sundry debtors 30,000' and doubtful debts 600
    General expenses 1,600    
    Cash at bank 9,400    
    Rates and Taxes 1,200    
    Bad debts 400    
    Insurance premium 800    
    Discount allowed 1,400    
    Opening stock 20,000    
      3,33,200   3,33,200

     Adjustments:
    (i) Outstanding rates and taxes Rs.1,600
    (ii) Insurance premium prepaid Rs.200
    (iii) Maintain provision for bad and doubtful debts at 5% on debtors,
    (iv) Depreciate Motor Car by 10%. Furniture by 4% and Buildings by 3%.
    (v) Stock on 31-12-2017 Rs.20,000.

  3. From the under mentioned trial balance of Mr. Saleem as on 31-03-2018. Prepare trading and profit and loss account and balance sheet as on the date.

    Trial Balance
    Debit balances Amount Rs. Credit balances Amount Rs.
    Cash in hand 1,500 Capital 80,000
    Purchases 1,20,000 Bank loan @ 4% 20,000
    Opening stock 40,000 Bills payable 25,000
    Sundry debtors 60,000 Sundry creditors 25,000
    Plant and Machinery 50,000 Sales 2,00,000
    Furniture 20,000 Provision for bad and  
    Bills receivable 15,000 doubtful debts 1,500
    Rent and taxes 10,000 Interest 1,000
    Wages 16,000    
    Salaries 20,000    
      3,52,500   3,52,500

    Additional Information Supplied :
    (i) Closing stock Rs.50,000
    (ii) Provide for outstanding liabilities
    Rent and taxes Rs.2,000
    Wages Rs.3,000
    Salaries Rs.4,000
    (iii) Depreciation on plant and machinery @ 5% and on furniture @ 10%.
    (iv) Provide 4% interest on bank loan.
    (v) Write off bad debts Rs.2,000

  4. Trial balance of Anuradha agencies as on 31-03-2012.

    Debit balances Amount Rs. Credit balances Amount Rs.
    Drawings 1,800 Capital 80,000
    Buildings 15,000 General reserve 20,000
    Furniture & Fittings 7,500 Loan from Hari @ 6% 15,000
    Computer 25,000 Sales 1,00,000
    Interest on loan 900 Commission received 7,500
    Loose tools 6,100 Sundry creditors 10,000
    Purchases 75,000    
    Stock on 1-4-2011 25,000    
    General expenses 15,000    
    Freight inward 2,000    
    Freight outward 1,000    
    Sundry debtors 28,000    
    Bank 20,200    
    Goodwill 10,000    
      2,32,500   2,32,500

    Adjustments:
    (i) Closing stock is Rs.32,000
    (ii) Depreciate computer @ 10%; buildings @5%; furniture and fittings @ 10%
    (iii) Provide for bad and doubtful debts @ 5% and for-discount on debtors @ 2%
    (iv) Provide interest on drawings @ 6% and on capital @ 8% 
    Prepare final accounts for the said period after giving effect to the adjustments.

  5. The Balance sheet of Thapar on 1st January 2011 was as follows:

    Liabilities Amount Rs. Assets Amount Rs.
    Trade payables 15,000 Plant & Machinery 30,000
    Expenses payable 1,500 Furniture & Fixture 3,000
    Capital 50,000 Inventories 13,000
        Trade receivables 14,000
        Cash at Bank 6,500
      66,500   66,500

    During 2011, his Profit and loss account revealed a net profit of Rs.15,300. This was after allowing for the following:
    (a) Interest on Capital @ 6% p.a.
    (b) Depreciation on Plant and Machinery @ 10% and on Furniture and Fixtures @ 5%.
    (c) A provision for doubtful debts @ 5% of the trade receivables as at 3pt December 2011.
    But while preparing the Profit and loss account he had forgotten to provide for
    (1) outstanding expenses totalling Rs.1,800 and
    (2) Prepaid insurance to the extent of Rs.200.
    His current assets and liabilities on 31st December, 2011 were; Inventories Rs.14,500; Trade receivables Rs.20,000; cash at Bank Rs.10,530 and Trade payable Rs.11,400.
    During the year he withdrew Rs.6,000 for domestic use, Draw up his balance sheet at the end of the year.

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