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11th Standard English Medium Accountancy Subject Creative 5 Mark Questions with Solution Part - II updated Creative Questions

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Questions:

Generic 5

10 x 5 = 50

Prepare the analytical petty cash book of Mrs. Mala from the following:

2012,	December	Rs.
1.	Cash in hand Rs.435 and Received from cashier	1,065
4.	Bought postage stamps	75
7	Paid for stationery	135
8	Paid to Manimaran on account	475
13	Tea to sales agents	25
20	Bought ink & paper	43
21	Paid for carriage	45
24	Sent a telegram to Madurai	25
26	Paid for stationery	120
29	Paid for registered post	50

On 31^st December, 2013 the cash book of Ms. Vijayalakshmi showed an overdraft of Rs. 56,700. From the following particulars prepare the bank reconciliation statement and find out the balance as per pass book.
(a) Cheque drawn but not casbed before 31^st December, 2013 amounted to Rs. 39,460.
(b) Cheque paid into bank but not cleared before 31^st December, 2013 amounted to Rs. 48,910.
(c) A bill receivable for Rs. 5,200 previously discounted with bank bad been dishonoured and debited in the pass book.
(d) Debit is also made in the pass book for Rs. 1,200 on account of interest on overdues and Rs. 550 on account of charges for collecting the bills and cheques.
(e) Bank has collected interest on investment and credited Rs. 7,600 on the pass book.

Enter the following transactions in proper subsidiary books.

		Rs.
2013, March1	Purchased goods from Balaraman	2,000
2	Sold goods to Senthil	1,000
3	Goods purchased from Durai	1,000
5	Sold goods to Saravanan	700
8	Sold goods to Senthil	500
10	Purchased goods from Elangovan	600
14	Purchased goods from Parthiban	300
20	Sold goods to Sukumar	600

The following trial balance is extracted from the books of M/s. Ram, on 31^st March, 2016. You are required to prepare trading and profit and loss account and the balance sheet as on date.

Particulars	Rs.	Particulars	Rs.
Debtors	12,000	Premium	5,000
Purchases	50,000	Bills payable	10,000
Coal, Gas and Water	6,000	Bank overdraft	1,000
Factory Wages	11,000	Sales	80,000
Salaries	9,000	Creditors	13,000
Rent	4,000	Capital	20,000
Discount	3,000
Advertisement	500
Drawings	1,000
Loan	6,000
Petty Cash	500
Sales return	1,000
Machinery	5,000
Land and Building	10,000
Income Tax	100
Furniture	9,900

Michel & Co., purchased a Second hand Plant for Rs. 4,70,000 on 1^stJuly 2001. They spent Rs. 30,000 on the repairs and installed the Plant. Depreciation is written off at 10% p.a. on the Straight line method. On 30^th September 2003, the Plant was found to be unsuitable and sole for Rs. 3,50,000.
Prepare Plant account and Depreciation account for three years assuming that the accounts are closed on 31^st March every year.

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.

Differentiate manual accounting with computerised accounting system.

Kumar gives you the following expenses which were incurred in his business during the year 2003, classify them into capital, revenue or deferred revenue.
i) Rs.12,000 spent on purchasing a patent right.
ii) Freight charges paid on new plant amounts to Rs.700
iii) Repairs of Rs.600 for furniture.
iv) Rs.10,000 spent towards expenses connected with rainwater harvesting as per Government orders.
v) Rs.7,500 spent towards initial advertising expenses.

Rectify the following Journal Entries.

	Particulars		Rs	Rs
(i)	Purchases A/c	Dr.	5,000
	To Cash A/c			5,000
	(Purchase of furniture)
(ii)	Anbu A/c	Dr.	10,000
	To Cash A/c			10,000
	(Salary paid to Anbu)
(iii)	Raju A/c	Dr.	3,000
	To Cash A/c			3,000
	(Rent paid)
(iv)	Sales A/c	Dr.	10,000
	To Cash A/c			10,000
	(Credit sale to Naresh)
(v)	Cash A/c	Dr.	15,000
	To Babu A/c			15,000
	(Cash Sales)

10.

On 31^st December 2013 the pass book of Ms.Chandrika shows a credit balance of Rs. 3,357. The cheques sent to the bank but not collected and credited amounted to Rs. 790 and three cheques drawn for Rs. 300, Rs. 150 and Rs. 200 respectively were not presented for payment till 31^st January 2014.
Bank has paid a bill payable amounting to Rs. 1,000 but it has not been entered in the cash book and a bill receivable of Rs. 500 which was discounted with the bank was dishonored by the drawer on due date.
The Bank has charged Rs. 12 as its commission for collecting outstation cheques and has allowed interest Rs. 10 on the trader's balance.
Prepare a Bank Reconciliation statement and show the balance as per cash book.

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Answers Key:

Generic 5

10 x 5 = 50

Dr. Analytical Petty Cash Book of Mrs. Mala Analysis of Payments Cr.
Receipts	C. B. F. N.	Date	Particulars	V. N.	Total Payment	Postage and Telegrams	Printing & Stationary	Office Expenses	Carriage & Travelling	Sundries	Personal Accounts	Repairs & Services	L. F.
Rs	C. B. F. N.	Date	Particulars	V. N.	Rs	Rs	Rs	Rs	Rs	Rs	Rs	Rs	L. F.
435		1.12.12	To Balance b/d
1065		1.12.12	To cash A/c
		4.12.12	By Postage stamps		75	75
		7.12.12	By Stationery		135		135
		8.12.12	By Manimaran		475						475
		13.12.12	By Tea		25					25
		20.12.12	By Ink and Paper		43		43
		21.12.12	By Carriage		45				45
		24.12.12	By Telegram		25	25
		26.12.12	By Stationery		120		120
		29.12.12	By Registered post		50	50
		31.12.12	Total Expenses		993	150	298		45	25	475
		31.12.12	By Balance c/d		507
1,500					1,500
507		1.1.13	To Balance b/d
993		1.1.13	To cash A/c

Bank Reconciliation Statement of Ms. Vijayalakshmi as on 31.12.2013
Particulars	Amount (Rs)	Amount (Rs)
Overdraft balance as per cash book		56,700
Add: (All credit items)
Cheques paid into bank but not cleared	48,910
Bills receivable dishonoured	5,200
Interest on overdraft	1,200
Bank charges	550	55,680
		1,12,560
Less: (All debit items)
(a) Cheques issued but not presented	39,460
(b) Interest on investment	7,600	47,060
Overdraft balance as per pass book		65,500

In the books of .................. Purchases Book
Date	Particulars	Invoice No.	L.F.	Amount Rs
Date	Particulars	Invoice No.	L.F.	Details	Total
1.3.13	Balaraman				2,000
3.3.13	Durai				1,000
10.3.13	Elangovan				600
14.3.13	Parthiban				300
31.3.13	Purchases A/c Dr.				3,900

Sales Book
Date	Particulars	Invoice No.	L.F.	Amount Rs
Date	Particulars	Invoice No.	L.F.	Details	Total
2.3.13	Senthil				1,000
5.3.13	Saravanan				700
8.3.13	Senthil				500
20.3.13	Sukumar				600
31.3.13	Sales A/c Cr.				2,800

Dr. Trading and profit and loss account for the year ended 31^st March 2016 Cr
Particulars	Rs.	Particulars	Rs.	Rs.
To Purchases	50,000	By Sales	80,000
To Coal, Gas and Water	6,000	Less: Sales returns	1,000	79,000
To Factory Wages	11,000
To Gross profit c/d	12,000
	79,000			79,000
To Salaries	9,000	By Gross profit c/d		12,000
To Rent	4,000	By Premium		5,000
To Discount	3,000
To Advertisement	500
To Net profit	500
(Transferred to capital A/c)
	17,000			17,000

Balance sheet as at 3st March 2016
Liabilities	Rs.	Rs.	Assets	Rs.
Capital	20,000		Machinery	5,000
Add: Net profit	500		Land and Buildings	10,000
	20,500		Furniture	9,900
Less: Drawings	1,000		Loan and Advances	6,000
	19,500		Debtors	12,000
Less : Income Tax	100	19,400	Petty cash	500
Creditors		13,000
Bills payable		10,000
Bank overdraft		1,000
		43,400		43,400

**Calculation of Profit or Loss on Sale of plant**
Date	Particulars	Amount
2001 July 01	Cost of the Plant	4,70,000
	Add : Repair Charges	30,000
		5,00,000
2002 Mar 31	Less : Depreciation \(\left[ 5,00,000\times \frac { 10 }{ 100 } \times \frac { 9 }{ 12 } \right] \)	37,500
		4,62,500
2003 Mar 31	Less : Depreciation \(\left[ 5,00,000\times \frac { 10 }{ 100 } \right] \)	50,000
		4,12,500
2003 Sep 31	Less : Depreciation \(\left[ 5,00,000\frac { 10 }{ 100 } \times \frac { 6 }{ 12 } \right] \)	25,000
	Book Value	3,87,500
	Sales Vale	3,50,000
	Loss	37,500

Plant Account
Date	Particular	Amount Rs	Date	Particular	Amount Rs
2001 July 01	To Bank A/c	4,70,000	2002 Mar 31	By Depreciation A/c	37,500
''	To Bank A/c	30,000	''	By Balance c/d	4,62,500
		5,00,000			5,00,000
2002 Apr 01	To Balance b/d	4,62,500	2003 Mar 31	By Depreciation A/c	50,000
			''	By Balances c/d	4,12,500
		4,62,500			4,62,500
2003 Apr 01	To Balance b/d	4,12,500	2003 Sep 31	BY Depreciation A/c	25,000
			''	By Bank A/c	3,50,000
			''	By Profit & Loss A/c	37,500
		4,12,500			4,12,500

Depreciation Account
Date	Particular	Amount Rs	Date	Particulars	Amount Rs
2002 Mar 31	To Plant A/c	37,500	2002 Mar 31	By Profit & loss A/c	37,500
		37,500			37,500
2003 Mar 31	To Plant A/c	50,000	2003 Mar 31	By Profit & loss A/c	50,000
		50,000			50,000
2004 Mar 31	To Plant A/c	25,000	2004 Mar 31	By Profit & loss A/c	25,000
		25,000			25,000

Dr. Trading and profit ad loss account of Anuradha agencies for the year ended 31^st March 2012 Cr.
Particulars	Amount Rs.	Amount Rs.	Particulars	Amount Rs.
To Opening stock		25,000	By Sales	1,00,000
To Purchases		75,000	By Closing stock	32,000
To Freight inward		2,000
To Gross profit c/d		30,000
(Transferred to profit and loss account)
		1,32,000		1,32,000
To Interest on loan		900	By Gross profit b/d	30,000
To General expenses		15,000	(Transferred from trading account)
To Freight outward		1,000
To Provision for bad and doubtful debt @ 5%			By Commission received	7,500
		1,400	By Interest on Drawings	108
To Provision for discount on debtors 2%		532	[1800 x \(\frac{6}{100}\)]
To Interest on Capital		6,400
[80,000 x \(\frac{8}{100}\)]
To Depreciation on
Computer [25,000 x \(\frac{10}{100}\)]	2,500
Building [15,000 x \(\frac{5}{100}\)]	750
Furniture and fittings [75,000 x \(\frac{10}{100}\)]	750	4,000
To Net profit (To be transferred to capital account)
		37,608		37,608

Balance Sheet of Ms. Anuradha agencies as on 31st March 2012
Liabilities	Amount Rs.	Amount Rs.	Assets	Amount Rs.	Amount Rs.
Capital	80,000		Cash at Bank		20,200
Add: Net profit	8,376		Sundry debtors	28,000
	88,376		Less: Provision for bad and
Add: Interest on Capital			doubtful debts @ 5%	1,400
@ 8%	6,400			26,600
	94,776		Less.: Provision for discount
Less: Drawings	1,800		on debtors @ 2%	532	26,068
	92,976		Buildings	15,000
Less: Interest on drawings			Less: Depreciation @ 5%	750	14,250
@ 6%	108	92,868	Furniture and fittings	7,500
Sundry creditors		10,000	Less: Depreciation @ 10%	750	6,750
Loan from Hari @ 6%		15,000	Computer	25,000
General reserve		20,000	Less: Depreciation @ 10%	2,500	22,500
			Loose Tools		6,100
			Goodwill		10,000
			Closing stock		32,000
		1,37,868			1,37,868

The differences between manual accounting and cornputerised accounting are given below:

Basis	Manual accounting	Computerised accounting
i) Recording of transactions	Transactions are recorded manually.	Transactions are recorded using computers.
ii) Storage	Transactions are stored in volumes of books.	Transactions are stored in well-designed databases.
iii) Preparation of report	Analysis of financial statements and preparation of report are to be done manually.	Financial statement analysis such as ratio analysis, preparation of cash flow statement,etc. is automatically done.
iv) Cost involved	The cost is high in manual accounting as several books of account I are to be maintained.	The cost is less compared to manual accounting as all the records are kept in soft copy.
v) Retrieval of data	It becomes difficult and time consuming to retrieve data as several books have to be gone through.	Retrieval of data is easier as the records are kept in soft copy in data base. By giving instructions, data can be retrieved quickly.

S.No.	Transactions	Classification
i)	Rs.12,000 spent on purchasing a patent right.	Capital expenditure
ii)	Freight charges paid on new plant amounts to Rs.700	Capital expenditure
iii)	Repairs of Rs.600 for furniture.	Revenue expenditure
iv)	Rs.10,000 spent towards expenses connected with rainwater harvesting as per Government orders.	Capital expenditure
v)	Rs.7,500 spent towards initial advertising expenses.	Deferred revenue expenditure

Rectification of errors
S.No.	Particulars		Debit Rs	Credit Rs
(i)	Furniture A/c	Dr.	5,000
	To Purchases A/c			5,000
	(Correction of wrong debit to Purchases A/c for purchase of furniture)
(ii)	Salary A/c	Dr.	10,000
	To Anbu's A/c			10,000
	(Correction of wrong debit to Anbu's A/c for salary paid)
(iii)	Rent A/c	Dr.	3,000
	To Raju's A/c			3,000
	(Correction of wrong debit to Raju's A/c for rent paid)
(iv)	Cash A/c	Dr.	10,000
	Naresh A/c	Dr.	10,000
	To Sales A/c			20,000
	(Correction of wrong debit to sales account and Wrong credit of cash account for credit sales to Naresh)
(v)	Babu's A/c	Dr.	15,000
	To Sales A/c			15,000
	(Correction of wrong credit to Babu's A/c for cash sales)

10.

**In the books of Ms. Chandrika Bank Reconciliation Statement as on 31.12.2013**
Particulars	Amount Rs	Amount Rs
Balance as per pass book Add: Cheque sent but not collected and credited Bills payable paid by bank but not entered on Cashbook Discounted bills receivable dishonoured Bank charged for Commission	790 1,000 500 12	3,357 2,302
Less: Cheque issued but not presented (Rs. 300 + Rs. 150 + Rs. 200) Interest allowed by bank	650 10	5,659
Balance as per cash bank		4,999