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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - II Creative 3 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 3 Mark Questions with Solution Part - I

11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - II Creative 3 Mark Questions with Solution Part - I

11th Standard

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Accountancy

Time : 00:30:00 Hrs
Total Marks : 15
    5 x 3 = 15

  1. Explain the concept of Matching Principle.

  2. What is Credit balance?

  3. The Trial balance shows the followings:
    Capital as on 31-03-2013     Rs.6,00,000 .
    Drawings as on 31-03-2013  Rs.50,000
    Charge interest on drawings @ 5% pass adjusting entry. Show how this item appear in the final accounts.

  4. From the following particulars prepare a Balance sheet of Mr. X for the year ended 31st March, 2015.

    Capital Rs.2,00,000 Sundry debtors Rs.80,000
    Drawings Rs.40,000 Land and building Rs.50,000
    Cash in hand Rs.15,000 Plant and machinery Rs.80,000
    Loan from bank Rs.40,000 Investment Rs.20,000
    Sundry creditors Rs.40,000 Bills receivable Rs.10,000
    Bills payable Rs.20,0.00 Cash at bank Rs.25,000
    Goodwill Rs.60,000    

    The following adjustments are made at the time of preparing Final accounts.
    (i) Outstanding Liabilities for Salaries Rs.10,000; Wages Rs. 20,000; Interest on Bank overdraft Rs. 3,000; and Interest on bank loan Rs. 6,000.
    (ii) Provide Interest on capital @ 10% p.a
    (iii) Depreciation on plant and machinery by 10% p.a.
    (iv) Bad debts amounted to Rs. 10,000 and make a provision for Bad debts @ 10% on sundry debtors.
    (v) Closing stock amounted to Rs. 1,20,000.
    Net Profit for the year amounted to Rs. 96,000 after considering all the above adjustments.

  5. Pass necessary Adjusting entries for the following adjustments:
    a) Interest on loan outstanding Rs.5,000
    b) Depreciation @ 5% on furniture Rs.50,000
    c) Write off bad and doubtful debts Rs.3,000
    d) Provide provision for bad and doubtful debts @ 5% on sundry debtors Rs.4,00,000
    f) Provide provision for discount on creditors @ 2% on sundry creditors Rs.3,50,000

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