Podar International School

Subject: Accountancy (055)

Std: 11
Session (2021-22)
Final Exam
Time:2 Hour M.M.-40

Questions

1. Sohan sold goods to Henry for Rs.15,000 and drew a bill of exchange for three months. Henry 2
accepted the bill. Pass journal entries in the books of Sohan in the following circumstances
a) if Sohan discounts with his banker immediately at Rs. 14,300.
b) if Sohan endorses the bill in favour of his creditor Zoya .

2. From the following information, prepare the statement of Profit or loss of Praneetha for the
year ending 31st March, 2021 :-
₹
Capital as on 1.4.2020 70,000
Capital as on 31.3.2021 1,06,000
Drawings during the year 8,500
Additional Capital 17,500

3. Calculate Gross Profit and cost of goods sold from the following information 2
Net Sales ₹ 9,00,000
Gross Profit 20% on Cost

4. Profit of afirm for the year ended 31st march,2021 is Rs 21,000 before charging such 2
commission. Manager of the firm is entitled to a commission of 5%on profit. Calculate
commission payable to the Manager under following alternative cases:
Case-I If Manager is allowed commission on profit before charging such commission and
Case-II If a Manager is allowed commission on profit after charging such commission .

5. Give two examples of Error of Commission. 2

6. Rectify the following errors:

(1) Bought goods from Amar Rs.3,000 was recorded in the sales book.
(2) Sold goods to Geeta Rs.4,000 was recorded in the purchase book.
(3) Goods returned to Ram Rs.2,000 were recorded in the sales return book.

7. Give any three limitations of the computerized accounting system. 3

OR
Explain the following:
1) Readymade software
2) Customised Software
3) Tailor made Software
8. Prepare a trial balance of Rajan as on 31st March,2021. He has omitted to open a Capital account: 3
.Rs .Rs
Bank overdraft 85,000 Purchases 4,45,000
Sales 8,10,000 Cash in hand 8,500
Purchases returns 22,500 Creditors 2,15,000
Debtors 4,00,000 Sales returns 15,750
Wages 96,000 Equipment 25,000
Capital ? Opening stock 3,00,500

9. From the following extract of the Trial Balance as at 31st March 2020, Show treatment regarding 3
Bad debts and provision for Doubtful Debts in Financial Statements.
Extract of Trial Balance
Dr, Amount Cr. Amount

Sundry Debtors 5,20,000

Bad debts 5,000

Provision for Doubtful Debts 30,000

Additional Information
(i) Further Bad debts were Rs. 20,000
(ii) Provision for Doubtful debts is to be maintained at 10% on SundryDebtors.

10. On 1st January 2021, Rohit sold goods to Manya for Rs.20, 000 on credit. Manya paid Rs.5, 5
000 immediately by cheque and accepted a three month bill drawn by Rohit . The bill was
dishonoured on the due date. Noting Charges paid by Rohit were Rs. 200. Later on , Manya
paid the due money along with noting charges by cheque after one month.
Pass journal entries in the books of Robin.

11. Gokul Das maintains incomplete records of his business. He wants to know the result of his business on 5
31st March 2013 and for that, following information are available:
1st April, 31st March,
2020 2021
₹ ₹
Cash in Hand 1,50,000 1,75,000
Bank Balance 7,50,000 6,00,000
Furniture 1,00,000 1,00,000
Stock 5,00,000 4,50,000
Creditors 3,50,000 4,00,000
Debtors 2,50,000 3,00,000
Personal expenses of Gokul Das paid from business account amounted to ₹4,80,000 and goods worth
₹20,000 were withdrawn by him for personal use. He sold ornaments of his wife for ₹3,50,000 and
invested that amount into the business. Calculate his profit or loss.
12. Prepare Trading and Profit and Loss Account and Balance Sheet from the following trial 8
balance of Pankaj and adjustments as on 31st March, 2021:

Name of the account Debit (Rs) Credit (Rs)

Wages 10,000 --
Capital -- 43,000
Machinery 50,000 --
Vehicles 10,000 --
Sales return/Purchase return 2,000 1,000
Stock 10,000 --
Purchase & Sale 36,000 70,000
Repair 2,000 --
Rent 1,000 --
Provision for doubtful debts -- 700
Bad debts 2,400 --
Loan from Bank -- 15,000
Interest on Loan 800 --
Cash in Hand 16,000 --
Debtors & Creditors 12,000 15,300
Commission received -- 7,200

1,52,200 1,52,200
Adjustments:
(a) Closing stock was valued at Rs 12,000.
(b) Wages have been paid for 10 months.
(c) Write off Rs 500 as further bad debts and provide 5% provision for doubtful debts.
(d) Outstanding interest on loan Rs 700.
(e) Depreciate machinery @ 5%.
OR
From the following Trial balance of M/s Armaan & Sons as at 31st March 2021,prepare
Trading and Profit and Loss Account and Balance Sheet.
Particulars Dr. Amt. Cr. Amt
Drawings and Capital 9,000 40,000
Purchases and Sales 41,300 77,500
Stock(1st April,2020) 21,000
Return outward 800
Carriage Inward 600
Wages 2,000
Power and Fuel 3,000
Machinery 25,000
Furniture 7,000
Rent 11,000
Salary 7,500
Insurance 1,800
8% Bank Loan 12,500
Debtors 10,300
Creditors 9,450
Cash in Hand 750
1,40,250 1,40,250
Adjustments:
1) Closing Stock Rs 32,000
2) Wages outstanding Rs 1,200
3) Bad Debts Rs300 and provision for doubtful debts to be 5% on Debtors.
4) Rent is paid for 11 Months.
5) Loan from the bank was taken on 1st Oct. 2020.
6) Depreciation on Machinery @ 10%p.a.
7) Provide Manager’s Commission at 10% on Net Profit after charging such Commission.