HAPPY HOURS SCHOOL, JODHPUR

ACCOUNTS WORKSHEET
CLASS – XI
ANALYTICAL QUESTIONS

Q.1) Calculate the amount of Rent to be credited to P&L A/c for the yr. 2017-18.
Rent received during 2017-18 = 50,000
Rent outstanding on 31-3-18= 8,000
Rent outstanding on 1-04-17= 6,000
Rent received in advance on 31-3-18 = 3000
Rent received in advance on 31 -3-17 = 5000

Q.2) Calculate Interest on drawings @ 5 percent p.a. when

(i) drawings of Rs. 1,500 p.m. is made in the beginning.
(ii) drawings of Rs. 6,000 per quarter is made in the beginning.

Q.3) Capital of Anurag Ltd. was Rs. 5,00,000 on 31.03.2020. He withdrew Rs. 20,000
on 31.05.2020 and introduced additional capital of Rs. 60,000 on 01.10.2020. He earned
windfall gain from business’ asset worth Rs. 15,000 on 01.01.2021 and withdrew another
Rs. 60,000 on 31.03. 2021. Calculate closing capital and Interest on capital to be shown
in Balance Sheet and Profit & Loss A/c for the year ended 31st march 2021, if interest on
capital is to be charged @ 10 percent p.a.

Q.4) Ascertain the amount of salary chargeable to P&L A/c for 2016-17
Total salaries paid in 2016-17 = 10,200
Outstanding salaries on 31-3-2016 = 900
Outstanding salaries on 31-3-2017 = 750

Q.5) Calculate Working capital from the following:

Total Assets 3,00,000
Machine 1,00,000
Capital 90,000
Non CL 1,90,000
Long term investment 1,60,000

Q.6) Calculate gross profit from the following:

Cash sales = 25% of total sales, credit sales = 6,00,000, carriage inward = 10,000,
carriage outward = 15,000, purchase = 6,90,000

Q.7) In an enterprise CA: CL is 4:1. The owner decides to sell one machine at Rs.
4,00,000 (book value = Rs. 5,50,000) due to obsolescence. Will sale of machine affect the
ratio between CA & CL? If so, state the implication.
Q.8) X started business with capital of ₹ 8,00,000. Interest on capital is allowed @ .5
percent p.m. Y, a manager is to be allowed an annual salary of ₹ 60,000 .Profit for the
year ended 31st March, 2019 before interest on capital but after charging Y's salary
amounted to ₹ 2,40,000. A provision of 5% of the profit is to be made in respect
commission to the manager. Pass journal entry for Interest on capital and manger’s
commission.

Q.9) The Capital Account of X Ltd. showed a credit balance of ₹ 5,00,000 as on 31st
March, 2019 after debit of drawings during the year of ₹ 1,50,000. Net profit for the year
ended 31st March, 2019 was ₹ 2,00,000. Interest on capital is to be allowed @ 10% p.a.
Pass the Journal entry for interest on capital.

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