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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - II Creative 2 Mark Questions with Solution Part - II updated Creative Questions

Published on: 13/05/2022

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Std: 11th Standard - Accountancy

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

If unearned income is credited to the profit and loss account would it be correct?

Accrued income is credited to the profit and loss account and shown in the balance sheet a current asset. Why

Goods worth Rs.3,00,000 were burnt by fire and claim of Rs.1,80,000 has been accepted by the insurance company. How It will be recorded in final accounts

How will the following adjustment appear in the balance sheet as on 31-12-2010?
Sundry Debtors Rs.21,000
Bad debts to be written off Rs.1,000
Provide 5% provision for bad and doubtful debts and 2% provision for discount on debtors.

Give adjusting entry for depreciation at 10% p.a. on machinery of Rs.25,000.

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Answers Key:

Generic 2

5 x 2 = 10

No, because unearned income represents the amount that has been received against which goods or services will be sold in the next year.

Under the accrual concept of accounting income is recognised when goods or services have been sold, whether the amount has been received or not. Since it is income, it is credited to, the profit and loss amount. And since the amount is due to the enterprise, it is shown as a current asset in the balance sheet.

Rs.3,00,000 will be deducted from purchases on the debit die of trading account, Rs.1,20,000 will be shown on the debit side of profit and loss account and Rs.1,80,000 will be shown on the assets side of the balance sheets.

Balance Sheet as on 3pt December 2010
Assets	Amount Rs	Amount Rs
Sundry debtors	21,000
Less: Bad debts written off	1,000
	20,000

Less: Provision for bad and doubtful debts	1,000

[20,000 x 5 / 100]	19,000
Less: Provision for Discount on debtors	380

[19,000 x 2/100]		18,620