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Accountancy, XI

1) What do you mean by capital?

2) Name the term when any expenditure which is incurred in acquiring fixed assets.

3) State the concept which requires that the same accounting convention should be used from one accounting period to next.

4) What is journalising?

5) Give one example of contra entry.

6) How can the one sided errors be rectified?

7) What is Scrap value of an asset?

8) Give an example by which secret reserve can be created.

9) State the methods of providing depreciation..

10) What are various financial statements prepared by a business?

11) Give two examples of source documents.

12) What is asset? State different type of assets?

13) Discuss the convention based on the premise ‘do not anticipate profits but provide for all losses’.

14) Distinguish between journal and ledger.

15) Define accounting? Explain its objectives?

16) Explain the following:

a) Dual aspect principle

b) Money measurement concept.

17) What provision? How does it differ from reserve?

18) What is matching concept? Why should a business concern follow this concept? Discuss.

19) Journalise the following transactions:

a) Sold goods to Karim of the list price of Rs.50,000 at a trade discount of 10%

b) Received cheque from Hari and deposited into bank Rs.22,500.

c) Goods taken for personal use Rs.3,500

20) What is trial balance? Explain its objectives?

21) Rectify the following errors:

a) The purchase book was overcast Rs.2,500.

b) Credit sale to Ramesh Rs.2,000 were recorded in purchases book.

c) Rs.5,000 paid for purchase of Furniture was recorded in purchases book.

22)

22) From the following particulars prepare a bank reconciliation statement on December 31,2011

  1. Overdraft as per pass book
  2. Interest on overdraft
  3. Insurance premium paid by the bank
  4. Cheque issued but not presented for payment.
  5. Bank charges
  6. Cheque deposited but not yer cleared

25,000

2,200

600

6,800

300

5,600

23)What is meant by Bank reconciliation statement? Explain the causes of difference between pass book balance and cash book balance

24)

Prepare double column Cash Book on the basis of the following transactions:

2015 Aug 1 Cash in hand

Aug 1 Bank Overdraft

7 Received a cheque from Ravi

9 Paid to Hari by Cheque

10 Ravi’s cheque deposited into Bank

14 Withdraw from Bank for office use

18 Sold Goods

20 Purchases goods from Rahul

25 Bank Charges

27 Ravi’s Cheque dishononred

29 Paid cash to Rahul

31 Received interest

8,500

9,700

6,750

5,425

775

8,000

2,000

150

2,100

4,300

25.

On 1st January 2009 a company purchased a plant for Rs. 80,000 and spent Rs. 20,000 for its instalisation./. Depreciation was charged @ 10% according to straight line method. It was sold on 31st December 2010 for Rs. 60,000/-. Another plant was purchased on 1st Jan 2011 for Rs. 40,000/-. Prepare plant a/c for 3 years.

OR

In the above problem the depreciation was charged according to written down value method, Prepare Plant A/c for three years.

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