ANSWER KEY FIRST SEMESTER EXAMINATION. 1. Any 2 differences between Book Keeping and Accounting to be given.(1/2 + ½ = 1)
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1 ANSWER KEY FIRST SEMESTER EXAMINATION XI ACCOUNTANCY MARKS TIME-3 HRS 1. Any 2 differences between Book Keeping and Accounting to be given.(1/2 + ½ = 1) Book keeping is the primary stage /basis of accounting. The objective is to maintain a systematic record of financial transactions. Accounting is the secondary stage and begins where book keeping ends. The objective is to ascertain net results of operations and financial position. 2. i.)capital /Loan ii.)debtors (1/2 + ½ = 1) 3. This is in accordance with the accounting /business entity concept. (1) 4. Quality of staff. (1) 5. Any 1 difference between IFRS and Indian GAAP / AS to be stated. (1) IFRS are principle based and are based on fair value concept. GAAP /AS are rule based and are based on historical cost concept. 6. The advance received should be treated as a liability because Rohit has not yet made the sales.(1) 7. A debit cash balance signifies cash in hand while a debit bank balance signifies balance lying deposited in the bank. (1/2 + ½ = 1) 8. Those entries which appear on both sides of the double column cash book are called contra entries. Eg. Cash deposited in bank, cash withdrawn from bank for business use.(any 1 eg.) (1) 9. Rs 6000 transferred from SBI to PNB will be shown on the receipt side of PNBs cash book (bank column) and payment side of SBIs cash book (bank column). (1) 10. No it should not be credited to debtors account but to bad debts recovered account as it s a gain (1/2 + ½=1) 11. Trade discount. Its not recorded separately in the books of accounts, instead purchases are recorded at net value. (1/2 + ½=1) 12. a.)conservatism / Prudence concept. b.)accounting Period concept c.)money measurement concept (To be explained clearly) (3*1=3) 13.a.)Profit= Revenue Expenses = , total assets = =Rs b.)capital = (creditors) 00(bank loan) = Rs ( =3) 14.Any 3 objectives of preparing a Trial Balance to be stated. (3*1=3) a.)to check the arithmetical accuracy of transactions recorded in journal, ledger accounts. b.) To facilitate preparation of financial statements- trading & P&L a/c and B/S. c.)to help in detection of errors. 15.Closing stock = Rs 0, Sales = Rs 10000, Purchases = Rs 0 (1/2+1/2+1/2) Cost of goods sold = Opening stock + Purchases - Closing stock = Rs 0 (1.5) Gross loss = Cost of goods sold - Sales = Rs (1) 16. Utility of accounting information to Management, Banks & financial institutions, Researchers and Investors to be explained. (4 * 1=4)
2 a.)management-analyse profitability, liquidity, take managerial decisions. b.)banks & financial institutions-information on co.s creditworthiness,loan repayment ability c.)researchers-accounting theory, business practices,indepth studies d.)investors-information on risks & returns on investments 17.Operating profit = G/P Operating expenses = Rs ( )= Rs (2) N/P = Operating profit Non operating expenses + Non operating incomes = Rs( ) =Rs (2) 18. ASSETS = LIABILITIES + CAPITAL a.)cash Stock = b.)cash 0 + Stock = Karan c.) Cash Stock = Karan d.) Cash Stock = Karan e.) Cash Stock = Karan Outstanding rent f.) Cash Stock = Karan Unexpired insur ance 1000 Outstanding rent Rs = Rs *1=6 19. Book of Mr. Ashok Trading Company Amount Received(Rs) ,Sept01 Sept 01 Sept 04 Sept 06 Sept 10 Sept 14 Sept 18 Sept 20 Sept 22 Sept 25 Sept 28 Sept 29 Sept 30 Petty cash book Date Particulars Amounts Cash taxi fare pens, pencils files, folders Printing charges courier charges stamps bus fare office cleaning Auto fare Fax Charges Refreshment Recharge coupons paid Rs 30 Rs 15 Rs 41 Rs 40 Rs 17 Rs 20 Rs 35 Rs 20 Rs 50 Rs 48 Rs 30 Rs Analysis of Payments ConveyancePos & Tel Prin &Stat Misc
3 Sept 30 Oct 1 Bal c/d Bal b/d Cash received 20. Bank Reconciliation Statement of M/s Ashima Travels as on 31st July, 2006 Particulars Amount (+) Amount (-) Bank overdraft as per Cash Book Cheques issued but not presented for payment Cheques deposited but not yet collected by the bank 9600 Interest on investment collected by the bank 2300 Bank charges debited by the bank 350 Bank overdraft as per Pass Book *1=6 21.Journal Proper (Narration & complete format required) i.)depreciation a/c Dr To machinery a/c ii.)salary a/c Dr To outstanding salary a/c iii.)loss by fire a/c Dr To purchases a/c iv.)prepaid insurance a/c Dr To insurance a/c v.)interest on capital a/c Dr To capital a/c vi.)free samples/advertisement /sales promotion a/c Dr 3500 To purchases a/c *1=6 22.Purchases Book 2016, April 1 - M/s R Ltd : 100 pieces long 200 = Rs 0 50 pieces 100 each = Rs 5000 less trade 10%. = Rs 2500 Rs 22500
4 April 15 - Bihari Ltd. : 200 pieces of Rs.100 = Rs 0 10 pieces of Rs. 100 = Rs 1000 Rs Rs (4) a.) April 10 - Purchase for cash from Arya Mills : 100 Rs. 100 cash book(1) CASH BOOK 2016 To bal c/d By purchases April 30 April 10 b.) April 25 - Purchased a computer on credit from Rs. 45,000 journal proper(1) Computer/office equipment a/c Dr To Ramlal a/c Trial Balance as on: (6) Name of the account Amount (Dr.) Amount (Cr.) Prepaid Expense 5,000 Profit & Loss A/c (Profit) 8,000 Outstanding Rent 2,000 Bad Debts Recovered 4,000 Interest on Investment 1,000 Due to Mohan 5,000 Bank overdraft 2,000 Discount Allowed 800 Due from Vinod 1200 Investment Patents 4000 Machinery 6000 Capital 10,000 Total Dr. Cash a/c Cr. Apr May 1 To capital To sales To Suresh To bal b/d Apr By furniture By purchases By office rent By drawings By bal c/d
5 Dr. Purchases a/c Cr. Apr 3 15 To cash To Ramesh Apr 30 By bal c/d May 1 To bal b/d Dr. Sales a/c Cr. Apr 30 To bal c/d Apr 3 By cash By discount allowed 50 7 By Suresh May 1 By bal b/d Dr. Suresh a/c Cr. Apr 7 To sales Apr 12 By sales returns By cash By discount allowed JOURNAL ENTRIES : i.)machinery a/c Dr 10,30,000 To cash a/c 10,30,000 ii.)cash a/c Dr 6000 Bad debts a/c Dr 9000 To Bhupesh a/c iii.) Cash in hand a/c Dr 0 Sundry debtors a/c Dr Stock of goods a/c Dr Plant a/c Dr Building a/c Dr To Sundry creditors a/c To capital a/c iv.)bank charges a/c Dr 500 To bank a/c 500
6 v.)cash a/c Dr 9000 To bad debts recovered a/c 9000 vi.)cash a/c Dr To Commission received in advance a/c vii.) Salary a/c Dr To outstanding salary a/c (Narration & proper format required) ( =8) 26. Trading & P&L a/c of MMN, for the year ended 31st December,2016 PARTICULARS AMOUNT(RS) PARTICULARS AMOUNT(RS) Opening Stock Purchases less Purchase returns 8460 Salaries Bank charges Rates and taxes Trade expenses Fire insurance Coal, gas and water Wages Carriage inward G/P c/d Less Sales Sales returns 1760 G/P b/d Apprentice premium Discount N/L transferred to capital B/S of MMN, for the year ended 31st December,2016 Liabilities Amount(Rs) Assets Amount(Rs) Capital Less N/L 4720 Less Drawings6480 Bills payable Creditors Land and building Plant and machinery Furniture Bills receivable Debtors Cash at bank Cash in hand (2+3+3=8)
7 27. Double column/bank column cash book (4+4=8) Dr. Cr. Date Particulars Cash(Rs) Bank(Rs) Date Particulars Cash(Rs) Bank(Rs) 2017 Jan Feb 1 To bal b/d To furniture To Khanna & co To cash (C) To Rahim & co. To Khanna bros To bank (C) To sales To cash (C) To bal b/d Jan By Patel By bank(c) By Khanna & co. By bank charges By drawings By cash(c) By bank(c) By bal c/d ******************************
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