Bank Reconciliation Statement

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Cathleen Bishop
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1 SBOA SCHOOL & JUNIOR COLLEGE, CHENNAI 101 ACCOUNTANCY ASSIGNMENT-6 STD-XI Bank Reconciliation Statement 1. From the following particulars of Mr.Vinod, prepare bank reconciliation statement as on March 31, Bank balance as per cash book Rs. 50, Cheques issued but not presented for payment Rs. 6, The bank had directly collected dividend of Rs. 8,000 and credited to bank account but was not entered in the cash book. 4. Bank charges of Rs. 400 were not entered in the cash book. 5. A cheques for Rs. 6,000 was deposited but not collected by the bank. 2. The bank passbook of M/s. Boss & Co. showed a balance of Rs. 45,000 on May 31, Cheques issued before May 31,2005, amounting to Rs. 25,940 had not been presented for encashment. 2. Two cheques of Rs. 3,900 and Rs. 2,350 were deposited into the bank on May 31 but the bank gave credit for the same in June. 3. There was also a debit in the passbook of Rs. 2,500 in respect of a cheque dishonoured on Prepare a bank reconciliation statement as on May 31, On March 31, 2005 the bank column of the cash book of Agrawal Traders showed a credit balance of Rs. 1,18,100 (Overdraft). On examining of the cash book and the bank statement, It was found that : 1. Cheques received and recorded in the cash book but not sent to the bank of collection Rs. 12, Payment received from a customer directly by the bank Rs. 27,300 but no entry was made in the cash book. 3. Cheques issued for Rs. 1,75,200 not presented for payment. Interest of Rs. 8,800 charged by the bank was not entered in the cash book. Prepare bank reconciliation statement. 4. From the following particulars of Asha& Co. prepare a bank reconciliation statement on December 31, Rs. Overdraft as per passbook 20,000 Interest on overdraft 2,000 Insurance Premium paid by the bank 200 Cheque issued but not presented for payment 6,500 Cheque deposited but not yet cleared 6,000 Wrongly debited by the bank From the following particulars, prepare a bank reconciliation statement as on March 31, (a) Debit balance as per cash book is Rs. 10,000. (b) A cheque for Rs. 1,000 deposited but not recorded in the cash book. (c) A cash deposit of Rs. 200 was recorded in the cash book if there is not bank, column therein. (d) A cheque issued for Rs. 250 was recorded as Rs. 205 in the cash column. (e) The debit balance of Rs. 1,500 as on the previous day was brought forward as a credit balance. (f) The payment side of the cash book was under cast by Rs (g) A cash discount allowed of Rs. 112 was recorded as Rs. 121 in the bank column. (h) A cheque of Rs. 500 received from a debtor was recorded in the cash book but not deposited in the bank for collection. (i) One outgoing cheque of Rs. 300 was recorded twice in the cash book.

2 ASSIGNMENT -7 STD XI CASH BOOK 1. Mr.Mohit, the petty cahier of M/s Samaira Traders received Rupees 2,000 on May 01, 2005 from the Head Cashier. For the month, details of petty expenses are listed here under: Date Details Amount Rs May 02 Auto fare Courier services Postal stamps Erasers/Sharpeners/Pencils/Pads Speed post charges Taxi fare (Rs Rs.90) Refreshments Auto fare Registered postal charges Telegram Cartage Computer stationery Bus fare STD call charges Office sanitation including disinfectant (Rs Rs. 24) Refreshment Photo stating charges Courier services Unloading charges Bus fare Record the following transaction in simple cash book for November 2005: 01 Cash in hand 12, Cash paid to Hari Purchased goods Cash received from Amit1, Sold goods for cash Paid to Manish paid cartage Paid salary 1, Enter the following transactions in double column cash book of M/s Ambica Traders for November 2005: 01 Commenced business with cash 50, Opened bank account with ICICI 30, Purchased goods for cash 10, Purchased office machine for cash 5, Sales goods on credit from Rohan and received chaeque 7,000

3 18 Cash sales 8, Rohan s cheque deposited into bank 22 Paid cartage by cheque Cash withdrawn for personal use 2, Paid rent by cheque 1, Prepare proper subsidiary books and post them to the ledger from the following transactions for the month of February 2006: 01 Goods sold to Sachin 5, Purchase from Kushal Traders 2, Sold goods to Manish Traders 2, Sachin returned goods Returns to Kushal Traders Sold to Mukesh 3, Purchased from Kunal Traders 5, Furniture purchased from Tarun 3, Bought of Naresh 4, Return to Kunal Traders Return inwards from Mukesh Purchased goods from Kirit& Co. for list price of 5,700 less10% trade discount 25 Sold to Shri Chand goods 6600 less5% trade discount 26 Sold to Ramesh Brothers 4, Return outwards to Kirit and Co. 1,000 less10% trade discount 28 Ramesh Brothers returned goods Rs Prepare Return Inward Journal(Book) from the following transactions of M/s Bansal Electronics for November 2005: 04 M/s Gupta Traders returned the goods 1, Goods returned from M/s Harish Traders M/s Rahul Traders returned the goods not as per 1,200 specifications 28 Goods returned from Sushil Traders 1,000

4 ASSIGNMENT-8 STD -XI DEPRECIATION 1. On April 01, 2000, Bajrang Marbles purchased a Machine for Rs. 2,80,000 and spent Rs. 10,000 on its carriage and Rs. 10,000 on its installation. It is estimated that its working life is 10 years and after 10 years its scrap value will be Rs. 20,000. (a) Prepare Machine account and Depreciation account for the first four years by providing depreciation on straight line method. Accounts are closed on March 31st every year. (b) Prepare Machine account, Depreciation account and Provision for account (or accumulated depreciation account) for the first four years by providing depreciation using straight line method accounts are closed on March 31 every year. ( Ans:[a] Balance of Machine account on April 1, 2004 Rs.1,28,000. [b] Balance of Provision for depreciation account as on Rs.72,000.) 2. On July 01, 2000, Ashok Ltd. Purchased a Machine for Rs. 1,08,000 and spentrs. 12,000 on its installation. At the time of purchase it was estimated that the effective commercial life of the machine will be 12 years and after 12 years its salvage value will be Rs. 12,000. Prepare machine account and depreciation Account in the books of Ashok Ltd. For first three years, if depreciation is written off according to straight line method. The account are closed on December 31st, every year. (Ans: Balance of Machine account as on Rs.97,500). 3. Reliance Ltd. Purchased a second hand machine for Rs. 56,000 on October 01, 2001 and spent Rs. 28,000 on its overhaul and installation before putting it to operation. It is expected that the machine can be sold for Rs. 6,000 at the end of its useful life of 15 years. Moreover an estimated cost of Rs. 1,000 is expected to be incurred to recover the salvage value of Rs. 6,000. Prepare machine account and Provision for depreciation account for the first three years charging depreciation by fixed installment Method. Accounts are closed on December 31, every year. (Ans: Balance of provision for depreciation account as on Rs.18,200).

5 ASSIGNMENT -9 STD -XI RECTIFICATION OF ERRORS 1. Rectify the following errors : (a) Sales book overcast by Rs (b) Purchases book overcast by Rs (c) Sales return book overcast by Rs (d) Purchase return book overcast by Rs Rectify the following errors : (a) Credit Sales to Mohan Rs. 7,000 were recorded in purchases book. (b) Credit Purchases from RohanRs. 9,00 were recorded in sales book. (c) Goods returned to RakeshRs. 4,000 were recorded in the sales return book. (d) Goods returned from Mahesh Rs. 1,000 were recorded in purchases return book. (e) Goods returned from NaheshRs. 2,000 were recorded in purchases book. 3. Rectify the following errors : (a) Furniture purchased for Rs. 10,000 wrongly debited to purchases account. (b) Machinery purchased on credit from Raman for Rs. 20,000 was recorded through purchases book. (c) Repairs on machinery Rs. 1,400 debited to machinery account. (d) Repairs on overhauling of secondhand machinery purchased Rs. 2,000 was debited to Repairs account. (e) Sale of old machinery at book value of Rs. 3,000 was credited to sales account 4. Rectify the following errors assuming that suspense account was opened. Ascertain the difference in trial balance. (a) Credit sales to Mohan Rs. 7,000 were recorded in Purchase Book. However, Mohan s account was correctly debited. (b) Credit purchases from RohanRs. 9,000 were recorded in sales book. However, Rohan s account was correctly credited. (c) Goods returned to RakeshRs. 4,000 were recorded in sales return book. However, Rakesh s account was correctly debited. (d) Goods returned from Mahesh Rs. 1,000 were recorded through purchases return book. However, Mahesh s account was correctly credited. (e) Goods returned to NareshRs. 2,000 were recorded through purchases book. However, Naresh s account was correctly debited. (Ans: Difference in trial balance Rs. 6,000 excess debit). 5.Rectify the following errors assuming that suspense account was opened. Ascertain the difference in trial balance. (a) Furniture purchased for Rs. 10,000 wrongly debited to purchase account as Rs. 4,000. (b) Machinery purchased on credit from Raman for Rs. 20,000 recorded through Purchases Book as Rs. 6,000. (c) Repairs on machinery Rs. 1,400 debited to Machinery account as Rs. 2,400. (d) Repairs on overhauling of second hand machinery purchased Rs. 2,000 was debited to Repairs account as Rs. 200.

6 (e) Sale of old machinery at book value Rs. 3,000 was credited to sales account as Rs. 5,000. (Ans: Difference in trial balance Rs. 8,800 excess credit). ASSIGNMENT-10 STD -XI RECORDING OF TRANSACTIONS 1. Transactions of M/s Vipin Traders are given below. Show the effects on Assets, Liabilities and Capital with the help of accounting Equation. (a) Business started with cash Rs. 1,25,000 (b) Purchased goods for cash Rs. 50,000 (c) Purchase furniture from R.K. Furniture Rs. 10,000 (d) Sold goods to Parul Traders (Costing Rs. 7,000 vide Rs.9,000 bill no. 5674) (e) Paid cartage Rs. 100 (f) Cash Paid to R.K. furniture in full settlement Rs. 9,700 (g) Cash sales (costing Rs.10,000) Rs. 12,000 (h) Rent received Rs. 4,000 (i) Cash withdrew for personal use Rs. 3,000 (Ans: Asset = cash Rs. 78,200 + Goods Rs. 33,000 + Furniture Rs. 10,000 Debtors Rs. 9,000= Rs. 1,30,200; Liabilities = Capital Rs. 1,30,200) 2. Journalise the following transactions: 2005 Rs. Dec. 01 Hema started business with cash 1,00,000 Dec. 02 Open a bank account with SBI 30,000 Dec. 04 Purchased goods from Ashu 20,000 Dec.06 Sold goods to Rahul for cash 15,000 Dec.10 Bought goods from Tara for cash 40,000 Dec.13 Sold goods to Suman 20,000 Dec.16 Received cheque from Suman 19,500 Discount allowed 500 Dec.20 Cheque given to Ashu on account 10,000 Dec.22 Rent paid by cheque 2,000 Dec.23 Deposited into bank 16,000 Dec.25 Machine purchased from Parigya 10,000 Dec.26 Trade expenses 2,000 Dec.28 Cheque issued to Parigya 10,000 Dec.29 Paid telephone expenses by cheque 1,200 Dec.31 Paid salary 4, Prepare Journal from the transactions given below : (a) Cash paid for installation of machine Rs. 500 (b) Goods given as charity Rs. 2,000 (c) Interest charge on p.a. when total Rs. 70,000 capital were (d) Received Rs.1,200 of a bad debts written-off last year. (e) Goods destroyed by fire Rs. 2,000 (f) Rent outstanding Rs. 1,000 (g) Interest on drawings Rs. 900 (h) Sudhir Kumar who owed me Rs. 3,000 has failed to pay the amount. He pays me a compensation of 45 paise in a rupee. (i) Commission received in advance Rs. 7,000

7 4. Give journal entries of M/s Mohit traders, Post them to the Ledger from the following transactions : August 2005 Rs. 1. Commenced business with cash 1,10, Opened bank account with H.D.F.C. 50, Purchased furniture 20, Bought goods for cash from M/s Rupa Traders 30, Purchased good from M/s Hema Traders 42, Sold goods for cash 30, Sold goods on credit to M/s. Gupta Traders 12, Rent paid 4, Paid trade expenses 1, Received cash from Gupta Traders 12, Goods return to Hema Traders. 2, Cash paid to Hema Traders 40, Bought postage stamps Paid salary to Rishabh 4, Prepare accounting equation on the basis of the following : (a) Harsha started business with cash Rs.2,00,000 (b) Purchased goods from Naman for cash Rs. 40,000 (c) Sold goods to Bhanu costing Rs.10,000/- Rs. 12,000 (d) Bought furniture on credit Rs. 7,000

KENDRIYA VIDYALAYA TEHRAN (EMBASSY OF INDIA SCHOOL) HOLIDAY HOME WORK- CLASS XI SUBJECT: ACCOUNTANCY

GENERAL INSTRUCTIONS: KENDRIYA VIDYALAYA TEHRAN (EMBASSY OF INDIA SCHOOL) HOLIDAY HOME WORK- CLASS XI SUBJECT: ACCOUNTANCY 1. All the questions are compulsory. 2. Working notes should be shown wherever