11th Public Exam March 2019 Important 5 Marks Questions

11th Standard

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Accountancy

Time : 02:30:00 Hrs
Total Marks : 200
    40 x 5 = 200
  1. Narrate the evolution of accounting

  2. What are the bases of accounting? and briefly explain it.

  3. Prepare accounting equation for the following transactions.
    (a)Murugan commenced business with cash Rs.80,000
    (b) Purchased goods for cash Rs.30,000
    (c) Paid salaries by cash Rs.5,000
    (d) Bought goods from Kumar for Rs.5,000 and deposited the money in CDM.
    (e) Introduced additional capital of Rs.10,000

  4. Create an accounting equation on the basis of the following transactions:
    (i) Started business with cash Rs 80,000 and goods Rs.75,000
    (ii) Sold goods to Shanmugam on credit for Rs.50,000
    (iii) Received cash from Shanmugam in full settlement Rs. 49,000
    (iv) Salary outstanding Rs.3,000
    (v) Goods costing Rs.1,000 given as charity
    (vi) Insurance premium paid Rs.3000
    (vii) Out of insurance premium paid, prepaid is Rs.500

  5. Karthick opened a provisions store on pt April, 2017. Journalise the following transactions in his books:

    2017 April   Rs
    1 Paid into bank for opening a current account 2,00,000
    3 Goods purchased by cheque 40,000
    5 Investments made in securities 40,000
    6 Goods sold to Radha for Rs.20,000 and cheque received and deposited into bank  
    7 Amount withdrawn from bank for office use 15,000
    10 Purchased goods from Kamala and cash deposited in CDM 10,000
    12 Sold goods to Vanitha who paid through debit card 10,000
    15 Interest on securities directly received by the bank 1,000
    20 Insurance paid by the bank as per standing instructions 2,000
    25 Sales made to Kunal who made payment through CDM 6,000
  6. Mohit has the following transactions, prepare accounting equation

        Rs
    i) Business started with Cash 1,75,000
    ii) Purchased goods from Rohit 50,000
    iii) Sold goods on credit to Manish (Costing Rs.17,500) 20,000
    iv) Purchased furniture for office use 10,000
    v) Cash paid to Rohit in full settlement 48,000
    vi) Cash received from Manish 20,000
    vii) Rent paid 1,000
    viii) Cash withdrew for personal use 3,000
  7. Journalise the following transactions of Mr. ManL

    2017 June    Rs
    3 Received cash from Ramkumar 60,000
    4 Purchased goods for cash 15,000
    11 Sold goods to Damodaran 22,000
    13 Paid to Ramkumar 40,000
    17 Received from Damodaran 20,000
    20 Bought furniture from Jagadeesan 5,000
    27 Paid rent 1,200
    30 Paid Salary 2,500
  8. Bragathish is a trader dealing in electronic goods who commenced his business in 2015. For the following transactions took place in the month of March 2018, pass journal entries.

    March Rs
    1. Purchased goods from Y and Co. on credit 60,000
    2. Sold goods to D and Co. on credit 30,000
    3. Paid Y and Co. through bank in full settlement 58,000
    4. D and Co. accepted a bill drawn by Bragathish 30,000
    5. Sold goods to L and credit 20,000
    6. Sold goods to M on credit 40,000
    7. Received a cheque from M in full settlement
    and deposited the same to the bank.
    39,000
    8. Goods returned to Y and Co. 4,000
    9. L became insolvent and only 90 paise per
    rupee is received by cash in final settlement.
     
    10. Goods returned by M 3,000
  9. The capital and liabilities of a trader were Rs.1,00,000 and Rs. 50,000 respectively. Calculate the value of assets.

  10. Journalise the following transactions in Mr. Ranganathan books. 2015, May 

    Date   Rs.
    1 Started business with 50,000
    5 Bought goods from Chandrasekar on credit for 15,000
    8 Sold goods to Nehru on credit for 25,000
    10 Goods returned to Chandrasekar 500
    15 Goods returned from Nehru 2,500
    20 Settled Chandrasekar's account  
    25 Nehru settled his account  
  11. Show the direct ledger postings for the following transactions:

    2016 July  
    1 Shankar commenced business with a cash Rs 1,00,000
    5 Sold goods for cash Rs 10,000
    9 Wages paid Rs 6,000
    19 Salaries paid Rs 8000
    20 Advertisement expenses paid Rs 4,000
  12. Journalise the following transactions of Mr. Ravi and post them in the ledger and balance the same.

    2016 June Rs
    1 Ravi invested Rs 5,00,000 cash in the business.
    3 Paid into Bank Rs 80,000
    5 Purchased building for Rs 3,00,00
    10 Sold goods for Rs 80,000
    15 Withdrew cash from bank Rs 10,000
    30 Paid Salary Rs 15,000
  13. Prepare a Sales account from the following transactions.

    2018 Jan.   Rs
    1 Sold goods to Sam 4,000
    4 Sold goods to Suresh 2,500
    11 Sold goods to Joy 8,000
    17 Sold goods to Rajan 3,000
  14. Give journal entries from the following transactions and post them to ledger.

    2016 Sep   Rs.
    1 Commenced business with cash 80,000
    7 Bought goods for cash from Roopan 10,000
    10 Purchased goods from Hema on credit 42,000
    22 Goods returned to Hema 2,000
    23 Cash paid to Hema 10,000
  15. Journalise the following transactions and prepare ledger accounts.

    2015 Feb.   Rs.
    1 Sold goods for cash 5,000
    2 Purchased goods from Kumar on credit 4,000
    5 Sold goods to Prabu on credit 8,000
    12 Received cash from Prabu 1,200
    20 Paid to Kumar 2,000
    25 Paid salary 3,000
  16. Pass journal entries for the following transactions and post them in the ledger accounts.

     2017
    June   1
       
       Commenced business with cash Rs. 50,000  
    4    Purchased furniture by paying cash for Rs. 6,000   
    7    Purchased machinery on credit from Harish Rs. 10,000   
    10    Bought goods for cash Rs 4,000
    18    Paid insurance premium Rs 100
  17. Bharathi is a sole trader dealing in oil products for the past five years. The books of accounts showed the following balances on 1st April 2018: Cash in hand Rs 25,000; Cash at bank Rs 3,00,000. The following transactions took place for the month of April 2018.

     April 1   Goods bought by giving cheque Rs 30,000 
    5   Goods sold to Naveen and payment received through NEFT Rs 40,000  
    6   Goods sold to Xavier for cash Rs 20,000
    9   Goods sold on credit to Abdul for Rs 25,000
    18   Cash received from Abdul Rs 10,000

    Pass Journal entries for the above transactions and prepare ledger accounts.

  18. Journalise the following transactions in the Journal of Mr. Shanmugam, post them in the ledger and balance them

    2013, Aug. 1 Started business with Rs 4,50,000
      3 Goods purchased Rs 70,000
      5 Goods sold Rs 51,000
      10 Goods purchased from Rangasamy Rs 2,00,000
      16 Goods returned to Rangasamy Rs 5,000
      27 Settled Rangasamy's account  
  19. Prepare the trial balance with the following information:

    Name of the account Rs Name of the account Rs
    Bank Loan  2,00,000 Purchases  1,80,000
    Bills Payable 1,00,000 Sales 3,00,000
    Stock 70,000 Debtors 4,00,00
    Capital 2,50,000 Bank 2,00,000
  20. Balan who has a car driving school gives you the following ledger balances. Prepare trial balance as on 31st December 2016.

      Rs   Rs
    Computer 26,000 Freehold land 30,000
    Salaries to drivers 4,000 Bank loan 15,000
    Taxes and insurance 16,500 Fees received 18,150
    Fuel and Power 2,000 Capital 53,850
    Rent and rates 1,500 Advertisement 7,000
  21. From the following balances extracted from the books of Chitra, prepare trial balance as on 31st March, 2017.

    Particulars Rs Particulars Rs
    Adjusted purchases 60,000 Advertisement 4,000
    Rent paid 2,000 General expenses 700
    Discount received 1,000 Commission paid 1,500
    Carriage inward 2,700 Capital 40,000
    Closing stock 18,600 Sales 48,500
  22. Prepare trial balance as on 31.03.2013 from the following balances of Mrs. Sujatha.

    Name of the account Rs   Name of the account Rs
    Drawings 43,000   Purchases 2,98,000
    Capital 2,12,000   Sales 3,64,000
    Sundry creditors 61,500   Salaries 44,950
    Bills Payable 22,000   Sales return 500
    Sundry Debtors 55,000   Purchases return 2,550
    Bills Receivable 72,600   Travelling expenses 12,300
    Loan-from Shameem 2,50,000   Commission paid 250
    Furniture & Fittings 12,250   Discount earned 2,000
    Opening stock 2,23,500   Cash in hand 65,040
    Cash at bank 86,250      
  23. Enter the following transactions in the Sales book of Kamala Stores, a furniture shop.

     2017 May 2   Sold to Naveen Stores, Trichy on credit 5 computer tables @ Rs 1,750 per table 
    May 9   Sold to Deepa & Co., Madurai on credit 6 dining tables @ Rs 1,900 per dining table
    May 15   Sold to Rajesh 10 dressing tables @ Rs 2,750 each on credit
    May 24   Sold to Anil 5 wooden tables @ Rs 1,250 per table on credit
    May 27   Sold to Gopi 3 old computers @ Rs 3,500 each
    May 29   Sold 50 chairs to Anil @ Rs 275 each for cash
  24. Enter the following transactions in the purchases returns book of Hari who is dealing in automobiles and post them into the ledger.

     2017   
     Jan 5   Returned to Anand 5 clutch plates @ Rs 200 each, not in accordance with order. 
     Jan 14   Returned to Chandran 4 brake shoes @ Rs 200 each and 10rear view mirrors @ Rs 350 each, due to inferior quality.
  25. Enter the following transactions in a single column cash book of Pandeeswari for the month of June, 2017.

        Rs
    June 2 Started business with cash 50,000
    8 Paid rent in cash 4,000
    10 Purchased printer for cash 7,500
    11 Cash purchases 15,000
    14 Cash sales 10,000
    17 Commission received in cash 6,000
    19 Interest paid for loan in cash 2,000
    20 Cash withdrawn for personal use 3,000
    21 Paid speed post charges in cash 3,500
  26. Prepare analytical petty cash bok fom the following particulars under imprest system:

        Rs
    2017 July 1 Received advance form cashier 2,000
    7 Paid for writing pads and registers  100
    8 Purchased white paepers 50
    10 Paid auto charges 200
    15 Paid wages 300
    18 Postal charges 100
    21 Purchased stationery 450
    23 Tea expenses 60
    25 Paid for speed post 150
    27 Refreshment expenses 250
    31 Paid for carriage 150
  27. From the following information, prepare bank reconciliation statement to find out the bank statement balance as on 31st December, 2017.

    Particulars Rs
    1. Balance as per cash book 15,000
    2. Cheques deposited but not yet credited 1,000
    3. Cheques issued and entered in the cash book before 31st December 2017 but not presented for payment until that date 1,500
    4. Dividend directly received by bank 200
    5. Direct payment made by bank for rent 1,000
    6. Locker rent charged by the bank not recorded in cash book 1,200
    7. Wrong debit given by the bank on 30th December 2017 500
    8. A payment made through net banking has been entered twice in the cash book 300
  28. Prepare bank reconciliation statement from the following data and find out the balance as per
    cash book as on 31st March,2018.

    Particulars Rs
    (i) Bank balance as per bank statement 15,000
    (ii) Cheques issued but not yet presented for payment 2,500
    (iii) Bank charges not recorded in the cash book 250
    (iv) Interest charged by bank not recorded in the cash book 500
    (v) Bank paid insurance premium as per standing instruction but not recorded in the cash book  300
    (vi) Cheques deposited but not yet credited 900
  29. Prepare bank reconciliation statement from the following data.

    Particulars Rs
    Bank overdraft as per bank statement 6,500
    Cheques issued, but not yet presented for payment 8,750
    Cheques deposited but not yet credited by the bank 500
    Business customer directly deposited into cash deposit machine 3,500
    Bank charges not entered in the cash book 200
    Bank paid rent as per standing instruction 1,980
  30. The following errors were located after the preparation of the trial balance. Assume that there exists a suspense account. Pass journal entries to rectify them.
    (a) The total of purchases book was undercast by Rs 100.
    (b) The total of the discount column on the debit side of cash book Rs 575 were not posted.
    (c) The total of one page of the sales book for Rs 5,975 were carried forward to the next page as Rs 5,795.
    (d) Salaries Rs 1,800 were posted as Rs 18,000.
    (e) Purchase of goods on credit from Mukilan for Rs 150 have been posted to his account as Rs 1,500.

  31. A manufacturing company purchased on 1 April, 2010, a plant and machinery for Rs 4,50,000 and spent Rs 50,000 on its installation. After having used it for three years, it was sold for Rs 3,85,000. Depreciation is to be provided every year at the rate of 15% per annum on the fixed instalment method. Accounts are closed on 31st March every year. Calculate profit or loss on sale of machinery.

  32. Anand bought a machinery for Rs.1,00,000 on 1-1-2015. On 1-6-2016, he bought another machine for Rs.50,000. On 1-10-2017, he purchased another machine for Rs.20,000. Provide depreciation at 10% p.a. on straight line method. Prepare machinery account for the years 2015 to 2017 by using accounts by assuming accounts are closed on 31st December every year.

  33. Classify the following items into capital and revenue.
    i) Registration expenses incurred for the purchase of land.
    ii) Repairing charges paid for remodelling the old building purchased.
    iii) Carriage paid on goods purchased.
    iv) Legal expenses paid for raising of loans

  34. From the following particulars, prepare profit and loss account for the year ended 31st December 2017.

     Particulars   Rs   Particulars   Rs 
      Gross profit          21,05,000   Discount allowed      30,000
      Trade expenses    20,000   Office lighting 19,800
      Carriage on sales     1,00,000   Commission received    14,400
      Office salaries 2,38,000   Interest on loan 22,000
      Postage (office) 2,200   Stationery (office) 14,000
      Legal charges 4,000   Export duty (on sales)    23,000
      Audit fees 16,000   Miscellaneous receipts     5,000
      Donation given 11,000   Travelling expenses related to sales    66,000
      Sundry expenses 3,600   Selling expenses 53,200
  35. Abstracts from trial balance as on 31st December 2016 are as follows:

     Particulars   Debit Rs.   Credit Rs. 
      Bad debts written off     1,800  
      Discount allowed 600  
      Sundry debtors  20,000  
      Provision for bad and doubtful debts      1,500
      Provision for discount on debtors   500

    A provision for doubtful debts @ 5% and a provision for discount @ 2% on sundry debtors are to be maintained by the trader. Show how these items would appear in the final accounts.

  36. 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.

  37. Pass adjusting entries for the following:
    (a) The closing stock was valued at Rs. 5,000
    (b) Outstanding salaries Rs. 150
    (c) Insurance prepaid Rs. 450
    (d) Rs. 20,000 was received in advance for commission.
    (e) Accrued interest on investments is Rs. 1,000.

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

     Particulars   Debit Rs.   Credit Rs. 
      Sundry debtors      50,000  
      Provision for doubtful debts         5,000
      Bad debts 3,000  

    Additional information:
    (a) Additional bad debts Rs. 3,000.
    (b) Keep a provision for bad and doubtful debts @ 10% on sundry debtors.
    You are required to pass necessary adjusting entries and show how these items will appear in profit and loss account and balance sheet.

  39. From the following information, prepare trading and profit and loss account and balance sheet in the books of Sangeetha for the year ending 31st March, 2018.

    Debit balance Rs Credit balance Rs
    Capital 20,000 Salaries 6,600
    Bills receivable 8,000 Establishment expenses 4,500
    Bills payable 10,500 Advertisement 2,300
    Purchases 75,000 Furniture 10,000
    Sales 95,000 Cash at bank 3,200
    Opening stock 12,000 Miscellaneous receipts 600
    Drawings 4,500    

    Adjustments:
    a) Stock on 31st March, 2018 Rs 14,200
    b) Income tax of Sangeetha paid Rs 800
    c) Charge interest on drawings @ 12% p.a.
    d) Provide managerial remuneration @ 10% of net profit before charging such commission.

  40. Calculate depreciation under Straight Line Method using Spreadsheet based on the details given below.

    A B C D E F
    Asset Cost of
    purchase
    Installation
    charge
    Transportation
    charge
    Salvage value Life in
    years
    1. Machinery 200000 20000 5000 25000 10
    2. Furniture 50000 4000 2000 5000 8

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