Final Accounts of Sole Proprietors - II Three Marks Questions

11th Standard

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Accountancy

Time : 00:45:00 Hrs
Total Marks : 30
    10 x 3 = 30
  1. Show necessary entries to adjust the following on 31st December, 2017.
    (i) Outstanding salaries Rs 1,200
    (ii) Outstanding rent Rs 300
    (iii) Prepaid insurance premium Rs 450
    (iv) Interest on investments accrued Rs 400
    (v) Bad debts written off Rs 200

  2. Pass adjusting entries for the following on 31st March, 2018.
    (i) Charge interest on drawings at Rs 50
    (ii) Write off bad debts by Rs 500
    (iii) Depreciate furniture by Rs 1,000

  3. Sundry debtors as per trial balance as on 31st March, 2016 is Rs 10,000.
    Adjustment: Write off bad debts amounting to Rs 300.
    Give adjusting entry and show how these appear in the final accounts as on 31st March, 2016.

  4. Sundry debtors as per trial balance Rs 26,000
    Bad debts as per trial balance Rs 1,000
    Adjustment: Additional bad debts amounted to Rs 2,500
    Give adjusting entry and show how these appear in the final accounts on 31st March, 2016

  5. What is the need for preparing final accounts?

  6. What is meant by provision for doubtful debts? Why is it created?

  7. Explain how closing stock is treated in final accounts.

  8. Give the adjusting entries for interest on capital and interest on drawings.

  9. Explain the accounting treatment of bad debts, provision for doubtful debts and provision for discount on debtors.

  10. The following are the extracts from the trial balance.

     Particulars   Debit Rs.   Credit Rs. 
      Sundry Creditors      30,000
      Discount received       1,000

    You are required to show how these items will appear in the profit and loss account and balance sheet.

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