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Xavier’s Collegiate School, Kolkata

Second Semester Unit Test

Class : 11, Accounts Time : 11.00am – 11.40am

Date : 13.01.2022 Uploading Time: (Microsoft Teams) : 11.40am – 11.50am
Full Marks : 20

Instructions :
• Make sure you write your name, class, section, roll no, subject and page no (in advance) on all sheets that
you submit.
• Ensure that the quality of the image/pdf of the answer script submitted is easily readable.

Question 1 : Prepare the Final Accounts from the following:- [12]

Particulars Amount Particulars Amount

Life Insurance Premium 500 Capital 40000
Stock (1.4.2017) 7500 Plant and Machinery 12500
Returns Inwards 1000 Purchases 36000
Furniture 4600 Sundry Debtors 10500
Freehold Property 10000 Coal. Gas and Water 1000
Carriage Inwards 400 Carriage Outwards 100
Advertising 200 Sales 60000
Sundry Creditors 4850 Discount allowed 400
Returns Outwards 500 Rent for Subletting Premises 500
Commission received 600 Trade Expenses 8650
Showroom Lighting 250 Stationery 2000
Term Loan from Bank (@12% p.a.) 5000 Interest on Loan 450
Wages and Salaries 7500 Cash 2900
Patents 5000
Additional Information:
(i) Stock on 31st March, 2018 was Rs 10000 at cost (market value Rs 12000). Stock of stationery was Rs 400.
(ii) Rent Rs 100 pertains to the next accounting year.
(iii) Create a provision for doubtful debts @ 10% and a provision for discount on debtors @ 2%.
(iv) Stock of the value of Rs 4000 has been destroyed by fire. The insurance company admitted a claim of
Rs 3000.
Question 2 : Give the journal entries in the books of Navin from the following transactions:- [8]
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On 18 June, 2019 Rohan sold goods on credit for Rs 40000 to Navin. Rohan draws a bill for the amount due
3 months on the same day. Navin accepts the bill and returns to Rohan. On 19th June, 2019 Rohan discounts
the bill with the bank at 15% p.a.
On the due date Navn dishonours his acceptance and the bank paid noting charges Rs 350. Navin then
requests Rohan to renew the bill. Rohan agreed on the condition that Navin should pay interest on the
balance at 12% p.a. plus noting charges by cheque and accept a new bill for the balance for 2 months.
These arrangements were carried out. But before the due date Navin was declared insolvent. Rohan received
60 paisa in a rupee as first and final dividend on 23rd December, 2019.