SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL
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1 c.co c.co c.co SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL SAKKARAMPALAYAM, AGARAM (POST), ELACHIPALAYAM TIRUCHENGODE (TK), NAMAKKAL(DT) 67 0 CELL: , XI - STANDARD ACCOUNTANCY COMMON HALF YEARLY EXAMINATION - DEC Answer Key Q.No SECTION - I Mark 1. b) Employee 1. b) Stewardship accounting 1. d) The institute of chartered Accounts of India 1 4. c)conservatism 1. b)outstanding salary A/c 1 6. b)debit balance 1 7. c) Suspense A/c 1 8. c)invoice 1 9. d)bank column credit side b) 000 favorable b) Principle 1 1. c)technological changes 1 1. d) Capital receipts a) In trading accounts 1 1. b) Fixed assets accounts a) Bad debts a) Dual aspects b) Cash A/c c)purchase A/c 1 0. b) 19,600 1 SECTION - II 7 X = 14 Journal Entry 1. S.No Particulars Debit L.f Credit 1) ) c.co c.co Purchase A/c Dr To cash A/c (goods purchase for cashrs.0,000) Cash A/c Dr Discount A/c Dr To Niha A/c (Received Rs.18,800 from in full settlement of the due Rs.19,000) 0,000 18, c.co c.co 0,000 19,000 SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page 1
2 c.co. Basis of recording accounting information: Cash basis Accrual or mercantile basis Mixed or hybrid basis. Full Disclosure Concepts: It implies that the accounts must be prepared honestly and all material information should be disclosed in the accounting statement. This is important because the management is different from the owners in most of the organizations. 4. Golden rules of double entry system Personal account Debit the receiver Credit the giver Real account Debit what comes in Credit what goes out Nominal account Debit all expenses and losses Credit all incomes and gains. Define Depreciation: According to Spicer and Pegler, Depreciation is the measure of exhaustion of the effective life of an asset from any cause during a given period. According to R.N. Carter, Depreciation is the gradual and permanent decrease in the value of an asset from any cause. 6. Accounting Equation in the books of Rani Transitions Cash Stock Furnitur = Capital Creditors e. c.co c.co stated business with cash +80, ,000 Equations +80,000 = +80,000 Credit purchase +10,000 = + 10,000 Equations +80,000 Cash purchase of -6,000 furniture Equations +74,000 Paid creditors by cash c.co c.co -8, ,000 +6,000 = +80, , ,000 +6,000 = +80, ,000-8,000 Equations +86, ,000 +6,000 = +80,000 +,000 BALANCE SHEET FOR THE YEAR ENDED c.co c.co Liabilities Rs Rs. Assets Rs Rs Capital Creditors 80,000,000 Cash stock furniture 6,000 10,000 6,000 8,000 8,000 SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page
3 c.co 7. AVERAGE DUE DATE Date of bill 1 st March 1th July c.co c.co Period of Bill -month 1-month Days of Grace Due date 4 th May 14 Th Aug since 1 th Aug (being independence days is public holiday) 8. Bank Reconciliation statement of veera as on Particulars Amount Amount Credit balance as per bank statement Add: Amount received by Bank through NEFT Cheque dishoarded amounting not entered Balance as per cash book,00,00 6,000 6,000 1, Rectification of Errors a) Purchase account should be debited with Rs.900 b) Particulars Debit Credit Sales A/c Dr To Furniture A/c (being sale of old furniture was credited) Amount of depreciation Original cost = 1,00,000 (80, ,000) original cost scrape value = Expected useful life = 1,00, = 96,000 4 Amount of depreciation = Rs.4,000 SECTION - III 7 X = 1 1. Formula for Amount of depreciation and Rate of depreciation: Amount of depreciation = Rate or depreciation c.co c.co original cost scrape value Expected useful life Amount of depreciation = X 100 Original cost c.co c.co SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page
4 c.co. Causes of depreciation:. c.co c.co There are different reasons causing the reduction in the book value of the fixed assets. Such causes are as follows: (i) Wear and tear The normal use of a tangible asset results in physical deterioration which is called wear and tear. When there is wear and tear, the value of the asset decreases proportionately. (ii) Efflux of time Certain assets whether used or not become potentially less useful with the passage of time. (iii) Obsolescence It is a reduction in the value of assets as a result of the availability of updated alternative assets. This happens due to new inventions and innovations. Though the original asset is in a usable condition, it is not preferred by the users and it loses its value. For example, preference of latest computers by the users. (iv) Inadequacy for the purpose Sometimes, the use of assets may be stopped due to their inadequacy for the purpose. These may become inadequate due to expansion in the capacity of a firm. (v) Lack of maintenance A good maintenance will naturally increase the life of the asset. When there is no proper maintenance, there is a possibility of more depreciation. (vi) Abnormal factors Decline in the usefulness of fixed asset may be caused by abnormal factors like damage due to fire accidents, natural calamities, etc. These may even lead to the state of an asset being discarded. Role of an accountant : An accountant designs the accounting procedures for an enterprise. He plays several roles in an organisation as follows: (i) Record keeper The accountant maintains a systematic record of financial transactions. He also prepares the financial statements and other financial reports. (ii) Provider of information to the management The accountant assists the management by providing financial information required for decision making and for exercising control. (iii) Protector of business assets c.co c.co c.co c.co The accountant maintains records of assets owned by the business which enables the management to protect and exercise control over these assets. He advises the management about insurance of various assets and the maintenance of the same. SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page 4
5 c.co (iv) Financial advisor The accountant analyses financial information and advises the business managers regarding investment opportunities, strategies for cost savings, capital budgeting, provision for future growth and development, expansion of enterprise, etc. (v) Tax manager c.co c.co The accountant ensures that tax returns are prepared and filed correctly on time and payment of tax is made on time. The accountant can advise the managers regarding tax management, reducing tax burden, availing tax exemptions, etc. (vi) Public relation officer The accountant provides accounting information to various interested users for analysis as per their requirements. 4. Type of personal Accounts: Personal account: Account relating to persons is called personal account. The personal account may be natural, artificial or representative personal account. (a) Natural person s account: Natural person means human beings. Example: Vinoth account, Malini account. (b) Artificial person s account: Artificial person refers to the persons other than human beings recognized by law as persons. They include business concerns, charitable institutions, etc. Example: BHEL account, Bank account. (c) Representative personal accounts: These are the accounts which represent persons natural or artificial or a group of persons. Example: Outstanding salaries account, Prepaid rent account. When expenses are outstanding, it is payable to a person. Hence, it represents a person.. Distinction between capital and revenue receipts Following are the main differences between capital and revenue receipts: Basis Capital receipts Revenue receipts i) Nature Non-recurring in nature. Recurring in nature. ii) Size Amount is generally substantial. Amount is generally smaller. iii) Distribution These amounts are not available for distribution as profits. The excess of revenue receipts over the revenue expenses can be used for distribution as profits. 6. Trial balance Particulars Debit Credit Bank loan Bills payable Stock Capital Purchases Sales Debtors Bank c.co c.co 70,000 1,80,000 4,00,000,00,000 8,0,000,00,000 1,00,000,0,000,00,000 8,0,000 c.co c.co SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page
6 c.co 7. SALES BOOK Date Particulars Outward 017 Jan-1 c.co c.co Jan- Jan-1 Anbu &co Jagdiash &son 0X10 6x60 Elango &co 10x 170 Sales A/c(Cr) 8. Amount of depreciation: Cost of Machinery 4,,000 Less: Dep 10% 4, ,8,00 Less: Dep 10% 4, ,40,000 Less: Dep 10% 4, Book value =,97, c.co c.co Invoice SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page 6 no c.co c.co Amount Rs L. F Amount Rs TRADING ACCOUNT FOR THE YEAR ENDED AS ON 1 ST MARCH 018 PROFIT & LOSS ACCOUNT OF MR.SURESH Particulars Rs. Rs. Particulars Rs. Rs. To Opening Stock,00 By Sales 40,000 To purchases 7,000 Less : Less : By return inwards 7,000,000 Return outwards,00 1,800 By closing stock,00 To Wages,00 To Coal & Gas,00 To carriage,600 inwards To Gross profit,00 (Transferred to profit and loss A/c) 8,00 8,00
7 c.co 40. Profit & Loss Account for the year ended Dr Particulars Rs. Rs. Particulars Rs. Rs. To Bad debts Add : Further bad debts 800 1,00,000 BALANCE SHEET FOR THE YEAR ENDED Liabilities Rs. Rs. Assets Rs. Rs. Sundry debtors 16,000 Less : Bad debts 1,00 14,800 Adjusting entry Date Particular Debit Credit Bad debts A/c Dr 1,00 To Sundry debtors 1,00 (Being bad debts provided) 41. a) Accounting Equation Transitions Cash Bank Stock Fur = Capital Credit Raj stated +40,000 = +40,000 business with Equations +40,000 = +40,000 Opened -0,000 +0,000 = bank Account Equations +10,000 +0,000 = +40,000 Raj withdrew cash = for personal use Rs Equation ,000 = +9,000 Bought goods +1,000 = +1,000 from hari on credit for 1,000 Equation +9,000 +0,000 +1,000 = 9,000 +1,000 Bought furniture by using debit card Rs. 10,000 c.co c.co c.co c.co -10, ,000 = c.co c.co SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page 7 Cr ors
8 c.co (OR) c.co c.co Equation +9,000 +0,000 +1, ,000 = +9,000 +1,000 Sold goods to murugan and cash received Rs ,000 = Equation +1,000 +0, ,000 = +9,000 +1,000 Money withdrawn From Bank for office use Rs c.co c.co = Equation +16, , ,000 = +9,000 +1,000 BALANCE SHEET FOR THE YEAR ENDED Liabilities Rs. Rs. Assets Rs. Rs. Capital 9,000 Cash 16,000 Creditors 1,000 Bank 19,000 Stock 6,000 Furniture 10,000 1,000 1,000 Journal Entry Date Particulars L. F. April Purchase A/c Dr. To Bank A/c (Being goods purchase and payment made through cheque) April Bank A/c Dr. To Sales A/c (Being goods sold and payment received through NEFT) April 6 Cash A/c Dr. To Sales A/c (Being goods sold for cash) April 9 Abdul A/c Dr. To Sales A/c (Being goods sold on credit to Abdul) April 18 Cash A/c Dr. To Abdul A/c (Being received from Abdul) c.co c.co Debit Rs. 0,000 40,000 0,000,000 10,000 Credit Rs. 0,000 40,000 0,000,000 10,000 SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page 8
9 c.co c.co c.co LEDGER ACCOUNTS Cash A/c To balance b/d, by bal.c/d, To sales A/c 0, To Abdul A/c 10, ,000, by bal.c/d,000 Bank A/c To balance b/d,00, by purchase A/c 0, To sales A/c 40, by bal.c/d,10, ,40,000,40, by bal.c/d,10,000 Purchase A/c To Bank A/c 0, by bal.c/d 0, ,000 0, by bal.c/d 0,000 Sales A/c To bal.c/d 8, by bank A/c 40, by cash A/c 0, by Abdul A/c, ,000 8, To bal.c/d 8,000 Abdul A/c To Sales A/c, by cash A/c 10, by balance c/d 1, ,000, To bal.c/d 1, Journal Entry Date Particulars L. F Cement bag A/c Dr. To Sibi A/c c.co c.co (Being credit purchase from Sibi) c.co c.co Debit Rs. 0,000 Credit Rs. 0,000 SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page 9
10 c.co OR c.co c.co Mar. Electricity charges A/c Dr. To Bank A/c (Being Electricity charges paid through net banking) Mar. Sibi A/c Dr. To purchase return A/c (Being goods return) Mar.4 Drawing A/c Dr. To purchase A/c (Being cement taken for personal use) Mar. Advertisement expenses A/c Dr. To Cash A/c (Being Advertisement paid) c.co c.co Mar.6 Mano A/c Dr. To Sales A/c (Being goods sold to Mano) Mar.7 Sales return A/c Dr. To Mano A/c (Being goods return by Mano) Mar.8 Bank A/c Dr. To Mano A/c (Being payment received from Mano through NEFT) c.co c.co SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page
11 carriag e Postag e & Wages convey ance P.&stat ionary Total DATE CBFN c.co 4. SINGLE COLUMN CASH BOOK IN THE BOOKS OF RAMALINGAM AS ON OR Date Receipt R L Amt. Date Payment R L Amt. N F N F To balance b/d, By packing 00 charges.7.17 To Keerthana A/c, By Purchase 1,400 A/c To Sales A/c 6, By Salary A/c 7, To Bank A/c, By Bala A/c, By Cash A/c 4, By Rent A/c 6, By Balance 8,900 c/d 41,600 41, To Balance b/d 8,900 Recei pt ANALYTICIL PETTY CASH BOOK AS ON Particulars, To Cash A/c, c.co c.co By writinbads A/c By White PaperA/c By Auto Charges A/c By Wages A/c By Postal Charges A/c By Stationary A/c By Tea Expenses A/c By Speed Post A/c By Refreshment A/c By Carriage A/c To Balance c/d To Balance b/d To Cash c.co c.co 1,810 SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page ,000 c.co c.co
12 Debit Note LF c.co 44. OR IN THE BOOKS OF SUMAN PURCHASE BOOK Date Particulars In voice No. 017 Jan. M/s Raj Electronics 0x00 10 x 1400 Jan- Jan-0 Date c.co c.co M/s Ruby Electronics 10 x x 00 M/s Suganthi Electronics 10 x 700 x 7,000 Less : Trade discount % Total Purchase A/c M/s Raj Electronics 4 x 00 Dr. SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page 1 L F Amount Amount 1,10,000 1,4,000,,000 16,00 0,000,80 7,000 4,000 91,000 4,0 PURCHASE RETURN BOOK Particulars Amount Total Purchase return A/c c.co c.co Cr. c.co c.co,000,000 BANK RECONCILIATION STATEMENT Particulars Amount Amount Bank balance as per bank statement 1,000 Add: Bank charges not recorded in the cash 0 book Interest charged by bank not recorded in cash book 00 86,40,74,00 Remarks Due to Damaged
13 c.co Bank paid Insurance premium as per 00 standing Instruction but not recorded in cash book Cheques deposited but not yet credited 900 1,90 16,90 Less : Cheques issued but not yet presented,00 for payment Balance as per cash book 14,40 4. RECTIFY ENTRY : a) Rent received account is to be credited with Rs.900 b) Rent received account is to be debited with Rs.1000 c) Salary account is to be debited with Rs.1100 d) Salary account iis to be credited with Rs.100 e) Wages account should be credited with Rs.000 OR c.co c.co c.co c.co JOURNAL ENTRIES IN THE BOOKS OF JAYSEELI Date Particulars L. F. 018 Jan.1 Cash A/c Dr. To Jayseeli s capitala/c (Jayseeli commenced business with cash) 018 Jan. Bank A/c Dr. To Cash A/c (Deposited cash in bank) 018 Jan. Purchase A/c Dr. To Cash A/c (goods purchased for cash) 018 Jan.4 Purchase A/c Dr. To Lipton & Co A/c (goods purchased on credit) 018 Jan. Cash A/c Dr. To Sales A/c (Jayseeli commenced business with cash) c.co c.co Debit Rs. 80,000 40,000,000 10,000 11,000 Credit Rs. 80,000 40,000,000 10,000 11,000 SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page 1
14 SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page c.co c.co c.co c.co c.com c.com c.com c.com c.co c.co c.co c.com c.com c.com c.com
15 c.co OR c.co c.co Trading Profit & Loss A/c Mr. Murugan for the year end Particulars Rs Rs. Particulars Rs Rs To opening stock To purchase Less : purchase return,0 0 7,600 9,100 By sales Less: sales return 7,0 1,0 71,000,000 To Gross Profit c/d (Transferred to profit and loss A/c) To stationery & printing To Miscellaneous expenses To Advertisement To general expenses To loss on sale of furniture To Rent To salaries To Travelling expenses To commission paid To Office expenses To Net Profit c/d (Transferred to capital A/c) c.co c.co 8,800 71,000 89, , ,00 c.co c.co By Gross Profit b/d (Transferred from Trading A/c) By Dividend received By Profit on sale of investment 8,800, ,800 1,800 SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page 1
16 c.co 47. OR c.co c.co 1) Capital expenditure ) Capital Expenditure ) Capital expenditure 4) Capital expenditure ) Capital expenditure c.co c.co Prepared By : Valarmathi. s c.co c.co SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL SAKKARAMPALAYAM, AGARAM (POST), ELACHIPALAYAM TIRUCHENGODE (TK), NAMAKKAL(DT) 67 0 CELL: , SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL Page 16
SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL
SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL SAKKARAMPALAYAM, AGARAM (POST), ELACHIPALAYAM TIRUCHENGODE (TK), NAMAKKAL(DT) 67 0 CELL: 996-77, 944-77 XII - STANDARD ACCOUNTANCY COMMON HALF YEARLY EXAMINATION
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