Accounting test

Duration : 1 hour
Marks scored : /100
Name :

ABC Ltd charge depreciation @10% p.a. on the furniture and fixture as per WDV method. Cost of furnitu
accumulated depreciation on furniture & fixture of 25,000. Record the depreciation on furniture and fix
1

Ans. Particulars Debit

2 Record the provision entry of accounting fees accrual of 2,500 as on 31.12.2020.

Ans. Particulars Debit

3 ABC ltd issued sales invoice as on 25.12.2020 of 45,000, record the sales entry.
Ans. Particulars Debit

4 Record the dividend payable to shareholder of 50,000 for the year ended 31.12.2020
Ans. Particulars Debit

5  X Ltd. Owned an asset as under:

Cost of the asset 50,000.00
Accumulated Depreciation on the asset 20,000.00
The asset was sold for 18,000.00
Pass entry to record sale of asset. ( Combined Entry )
Ans. Particulars Debit

50,000.00

6 Profit before tax 398,000.00

Depreciation as per books 10,000.00
Depreciation as per Income tax Act 8,000.00
Tax Rate 30%
 Pass entry for Provision for Income Tax
Ans. Particulars Debit

120,000.00

7 Gross salary (Exclude Company`s PF Contribution) 55,000.00

Company’s Contribution – Provident Fund 5,000.00
Employees Contribution – Provident Fund 5,000.00
Tax Deducted at Source 4,000.00
Profession Tax 200.00
Pass entry to record payroll.
Ans. Particulars Debit

 A company had debtors of Rs. 125,000 and Provision for Bad Debts of Rs. 2,000.During the year, the Co
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Rs. 4,500, utilizing the provision.
Ans. Particulars Debit

Insurance premium paid for the period 01.10.20 to 30.09.21 is 20,000, Calculate prepaid expenses for y
9
Ans. Particulars Debit

 Prepare Reconciliation of Supplier balance from the following information for XYZ
10 Limited and arrive at balance as per PQR Limited
a Amount due to PQR Limited as on 31.12.2020 47,500.00
On 31.12.2020, XYZ Limited paid Rs. 5,000 to PQR Limited, the Cheque
b was received by PQR Limited on 02.01.2021
On 29.12.2020, PQR Limited issued a credit note for return of goods
c by XYZ limited for Rs. 2000. The same was received by XYZ Limited on
01.01.2021.
  In June 2020, XYZ Limited made payment of Rs. 3,000 to ABC Limited
d on behalf of PQR Limited. The same has not been accounted by PQR
Limited.
Ans. Particulars Amount

Prepare Bank Reconciliation from the following information for ABC Limited and arrive
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at Balance as per Cash book.
a. Balance as per Bank statement as on 30.06.2021 34,500.00
b Cheques issued, not presented for payment up to 30.06.2021 5,500.00
c Amounts debited by Bank, not accounted 500.00
d Direct deposit by a customer, not accounted 1,000.00
e Cheques deposited on 30.06.2021, not credited by. Bank 1,500.00
Ans. Particulars Amount
00
Examiner's marking

DV method. Cost of furniture as on 01.01.2020 is of 100,000 and

ciation on furniture and fixture as on 31.12.2020

Credit 5 Marks

020.
Credit 5 Marks

y.
Credit 5 Marks

12.2020
Credit 5 Marks

Credit 10 Marks

50,000.00
 Credit 5 Marks

120,000.00

Credit 10 Marks

000.During the year, the Company decided to write-off bad debts of

Credit 5 Marks

ate prepaid expenses for year ended 31.03.2021 and pass entry

Credit 10 Marks

15 Marks
Amount

25 Marks

Amount