GLOBAL MISSION INTERNATIONAL SCHOOL

Sanskardham campus, Bopal-Ghuma-Sanand Road, Ta. Sanand, Ahmedabad 382115

Worksheet- Final A/Cs
Class: XI Subject: ACCOUNTANCY Date: 11.01.2022

Q1. Closing stock is valued at ………………… or ……………….whichever is less.

Q2. Stock appearing in the trial Balance will be shown at only one place. What is that place?
Q3. Liabilities are debit / credit balance?
Q4. Prepaid expenses are the assets of the business, true or false?
Q6. If the opening capital is Rs 50,000 as on 1st April,2005 and additional capital introduced Rs
10,000 on January 01,2006. Interest charge on capital 10% p.a. The amount of interest on
capital shown in P&L A/C as on March 31,2005 will be :
(a) Rs 5,250 (b) Rs 6,000 (c) Rs 4,000 (d) Rs 3,000
Q7. If insurance premium paid Rs 1,000 and pre-paid insurance Rs 300. The amount of
insurance premium shown in P&L A/c will be :
(a) Rs 1,300 (b) Rs 1,000 (c) Rs 300 (d) Rs 700
Q8. If rent received in advance Rs 2,000. The adjustment entry will be:
(a) Debit P&L A/C and credit rent A/C
(b) Debit rent A/C and credit rent received in advance A/C
(c) Debit rent received in advance A/C and credit rent A/C.
(d) None of these.
Q5. Explain following adjustments along with the journal entry and also write the places of their
adjustments.
(i) Outstanding rent
(ii) Loss by fire
(iii) Closing stock
(iv) Manager’s commission.
Q6. The following Trial Balance is extracted from the books of a merchant on 31st
December,2012.

Name of the Accounts Debit Credit

Furniture & fittings 640
Motor vehicles 6,250
Buildings 7,500
Capital A/c 12,500
Bad debts 125
Provision for bad debts 200
S. debtors and creditors 3,800 2,500
Stock on January 1,2012 3,460
Purchases and sales 5,475 15,450
Bank overdraft 2,850
Sales and purchases returns 200 125
Advertising 450
Interest Account 118
Commission 375
Cash 650
Taxes and insurance 1,250
General expenses 782
Salaries 3,300

34,000 34,000

Adjustments :
1. Closing stock on 31st December 2012 was Rs 3,250.
2. Depreciate building @ 5%; furniture and fittings @ 10% and motor vehicles 20%.
3. Rs 85 is due for interest on bank overdraft.
4. Salaries Rs 300 and taxes Rs 120 are outstanding.
5. Insurance amounting to Rs 100 is prepaid.
6. One third of the commission received is in respect of work to be done next year.
7. Write off further Rs 100 as bad debts and provision for bad debts is to be made at 5% on
S.Debtors.