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

Published on: 13/05/2022

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Questions:

Generic 3

5 x 3 = 15

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.

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

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

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 31^st March, 2016

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

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Answers Key:

Generic 3

5 x 3 = 15

Dr Profit and loss account Cr
Particulars	Amount Rs	Amount Rs	Particulars	Amount Rs	Amount Rs
			By Discount received A/c		1,000

Dr Profit and loss account Cr
Liabilities	Amount Rs	Amount Rs	Assets	Amount Rs	Amount Rs
Sundry creditors		30,000

**Interest on capital**
Particulars		Debit Rs	Credit Rs
Iriterest on capital A/c	Dr	xxxxxx
To Capital A/c			xxxxxx
(Interest on capital due)

**Interest on drawings**
Particulars		Debit Rs	Credit Rs
capital A/c	Dr	xxxxxx
To Interest on drawings A/c			xxxxxx
(Interest on drawings)

(i) Provision for bad and doubtful debts refers to amount set aside as a charge against profit to meet any loss arising due to bad debt in future. At the end of the accounting period, there may be certain debts which are doubtful, i.e, the amount to be received from debtors mayor may not be received.
(ii) Since the amount of loss is impossible to ascertain until it is proved bad, doubtful debts are charged against profit and loss account in the form of provision.
(iii) A provision for doubtful debts is created and is charged to profit and loss account. When bad debts occur, it is transferred to provision for doubtful debts account and not to profit and loss account.

Adjusting entry
Date	Particulars	Debit Rs	Credit Rs
2016	Bad debst A/c Dr.	2,500
March 31	To Sundry debtors A/c		2,500
	(Bad debts written off)

Dr. Proft loss account for the year ended 31st March, 2016 Cr.

Particulars	Rs	Rs	Particulars	Rs	Rs
To Bad debts	1,000
Add: Additional bad debts	2,500	3,500

Balance Sheet as on 31st March, 2016
Assets	Rs	RS
Sundry debtors	26,000
Less: Additional
Bad debts	2,500	23,500

Adjusting entry
Date	Particulars	Debit Rs	Credit Rs
2018	Capital A/c Dr.	50
March 31	To Interest on drawings A/c		50
	(Interest on drawings provided)
March 31	Bad debts A/c Dr .	500
	To Sundry debtors A/c		500
	(Bad debts written off)
March 31	Depreciation A/c Dr.	1,000
	To Furniture A/c		1,000
	(Depreciation provided on furniture)