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

Published on: 30/06/2021

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Std: 11th Standard - Accountancy

chapter: - Creative Questions

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Questions:

Generic 3

5 x 3 = 15

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

From the following particulars prepare a Balance sheet of Mr. X for the year ended 31^st 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.

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.

What is Credit balance?

Explain the concept of Matching Principle.

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Answers Key:

Generic 3

5 x 3 = 15

Adjusting Entries
Date	Particulars		Debit Rs.	Credit Rs.
(a)	Interest on loan A/c	Dr.	5,000
	To Interest on loan outstanding A/c (Interest on loan outstanding)			5,000
(b)	Depreciation A/c	Dr.	2,500
	To Furniture A/c (Depreciation on furniture 50,000 x 5/100)			2,500
(c)	Bad debts A/c	Dr.	3,000
	To Sundry debtors A/c (Being write off Bad debts)			3,000
(d)	Profit and Loss A/c	Dr.	20,000
	To Provision for bad and doubtful debts A/c (Provision for Bad and doubtful debts 49,000 x 5/100)			20,000
(e)	Provision for discount on creditor A/c	Dr.	7,000
	To Profit 'and loss A/c (Provision for discount on creditors 3,50,000 x 2/100)			7,000

In the books of Mr. X Balance Sheet as on 31-03-2015
Liabilities	Amount Rs.	Amount Rs.	Assets	Amount Rs.	Amount Rs.
Capital	2,00,000		Goodwill		60,000
Add:interest on Capital			.Land arid Building		50,000
@10%	20,000		Plant and Machinery	80,000
	2,20,000		Less: Depreciation @ 10%	8,000	72,000
Add: Net profit	96,000		Investment		20,000
	3,16,000		Closing stock		1,20,000
,Less : Drawings	40,000	2,76,000	Sundry debtors	80,000
Bank overdraft	20,000		Less: Bad debts	10,000
Add: Outstanding Interest	3,000	23,000		70,000
Bank loan	40,000		Less: Provision for bad
Add: Outstanding Interest	6,000	46,000	debts @ 10%	7,000	63,000
Sundry creditors		40,000	Bills receivable		10,000
Bills payable		20,000	Cash at Bank		25,000
Outstanding liabilities:			Cash in hand		15,000
Salaries	10,000
Wages	20,000	30,000
		4,35,000			4,35,000

Adjusting Entries
Date	Particulars		L.F.	Debit Rs.	Credit Rs.
2013 Mar 31	Capital A/c	Dr.		2,500
	To Interest on drawings Al/c (Interest on drawings charged)				2,500

Dr. Profit ana loss account for the year ended 31 st March 2013 Cr.
Particulars	Amount Rs.	Amount Rs.	Particulars	Amount Rs.	Amount Rs.
			By Interest on drawings		2,500
					2500

Balance Sheet as on 3st March 2013
Liabilities	Amount Rs.	Amount Rs.
Capital	6,00,000
Less: Drawings	50,000
	5,50,000
Less: Interest on drawings	2,500
		5,47,500

(i) The excess of credit total over the debit total is called the Credit balance.
(ii) When there is only Credit Entries in an Account, the amount itself is the balance of that Account, i.e., the Credit balance.

(i) Matching Principle demands that expenses incurred to earn the revenue should be properly matched.
(ii) The expenses and incomes for the current accounting period whether they have been paid or not received or not must be included.
(iii) Similarly, expenses and incomes which do not pertain to current accounting period must be excluded.