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

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1 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 necessary. 3. Date of submission: 19 th August, THEORY QUESTIONS 1. State the nature of information required by the investors. 2. Why is the resignation by a finance manager not recorded in the books of accounts? 3. Which qualitative characteristic of accounting information requires the use of common unit and common format of reporting? 4. Which accounting principle assumes that capital is a liability for the business. 5. Huge loss occurred due to the strike by employees. Will it be recorded in the books of Account? Give the reason. 6. The roll of accounting has changed over the period of time. Explain. 7. What is meant by qualitative information? 8. What is meant by window dressing in accounting? 9. Give any one limitation of journal. 10. Rent is paid by cheque. Which account will be credited and why? 11. What do you know about contra entries? 12. What is the imprest system of petty cash book? 13. What is a debit note? 14. What is a Trial Balance? State any three objectives of a Trial Balance. What are the three methods of preparation of Trial Balance? 15. Mention five causes of difference in the cash book and pass book balances.

2 NUMERICALS ACCOUNTING EQUATION 1. Sunny provides the following transactions, prepare accounting equation: (a) Business started with cash Rs. 2, 50,000 (b) Purchased goods from Ruby Rs. 60,000 (c) Sold goods on credit to Kumar (Costing Rs. 20,000) Rs. 22,000 (d) Purchased Table for office use Rs. 18,000 (e) Cash paid to Ruby in full settlement Rs. 58,700 (f) Cash received from Kumar Rs. 21,000 and settled his account (g) Rent paid Rs. 1,800 (h) Cash withdrew for personal use Rs. 4, Use accounting equation to show the effect of the following transactions of Rohan Traders: (a) Started business with cash Rs.1, 80,000 (b) Purchased goods for cash Rs. 50,000 (c) Rent received Rs. 15,000 (d) Salary outstanding Rs. 22,000 (e) Prepaid Insurance Rs. 5,000 (f) Received commission Rs. 1,700 (g) Sold goods for cash (Costing Rs. 5,000) Rs. 8,000 (h) Goods destroyed by fire Rs. 1, Transactions of M/s Mega Traders are given below. Show the effects on Assets, Liabilities and Capital with the help of Accounting Equation. (a) Business started with cash Rs. 5, 25,000 (b) Purchased goods for cash Rs.2, 50,000 (c) Purchase furniture from K.K. Furniture Rs. 50,000 (d) Sold goods to Rahul Traders (Costing Rs.1 7,000) for Rs.20, 000 (e) Paid cartage Rs. 100 (f) Cash Paid to K.K. furniture in full settlement Rs.4 9,700 (g) Cash sales (costing Rs.40, 000) Rs. 42,000 (h) Rent received Rs. 8,000 (i) Cash withdrew for personal use Rs. 13,000

3 JOURNAL AND LEDGER 4. Journalise the following transactions in the books of Jahir: 2009 Rs. Dec.01 Business started with cash 75,000 Dec.08 Purchased goods for cash 10,000 Dec.10 Sold goods to Malar 5,000 Dec.15 Purchased furniture 3,000 Dec.19 Cash received from Malar in full settlement 4,000 Dec.28 Paid rent 1,000 Dec.30 Paid salary 1, Journalise the following transactions and post to the ledger: 2011 Rs. Nov. 01 Business started with (i) Cash 2,50,000 (ii) Goods 50,000 Nov. 03 Purchased goods from Hari 40,000 Nov. 05 Sold goods for cash 12,000 Nov. 08 Purchase furniture for cash 5,000 Nov. 10 Cash paid to Hari 15,000 Nov. 13 Paid sundry expenses 200 Nov. 15 Cash sales 15,000 Nov. 18 Deposited into bank 5,000 Nov. 20 Drew cash for personal use 1,000 Nov. 22 Cash paid to Nithin as loan 14,700 Nov. 25 Good sold to Nitesh 7,000 Nov. 26 Cartage paid 200 Nov. 27 Rent paid 1,500 Nov. 29 Received cash from Nitesh 6,800 Discount allowed 200 Nov. 30 Salary paid 3,000 TRIAL BALANCE 6. Give journal entries of M/s Mohit traders, Post them to the Ledger and prepare Trial Balance 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 Paid trade expenses 1,000

4 20. Received cash from Gupta Traders 12, Goods returned to Hema Traders. 2, Cash paid to Hema Traders 40, Bought postage stamps Paid salary to Rishabh 4,000 CASH BOOK 7. Enter the following transactions in a simple cash book for December 2011: 01 Cash in hand 52, Cash received from Bhanu 4, Rent Paid 2, Purchased goods from Mano for cash 6, Sold goods for cash 19, Purchase stationery 2, Cash paid to Mano 2, Paid salary 1, Paid rent Record the following transactions in a double column cash book for December 2005: Rs. 01 Started business with cash 1,80, Deposited in bank 50, Received cash from Rahul 11, Bought goods for cash 8, Bought goods by cheque 10, Paid to Shyam by cash 25, Drew from Bank for office use 12, Rent paid by cheque 1,000

5 9. Enter the following transactions in double column cash book of M/s Ambica Traders for November 2005: Rs. 01 Commenced business with cash 2,50, Opened bank account with ICICI 80, Purchased goods for cash 40, Purchased office machine for cash 5, Sold goods on credit from Rohan and received chaeque 17, Cash sales 8, Rohan s cheque deposited into bank 22 Paid cartage by cheque Cash withdrawn for personal use 12, Paid rent by cheque 1,000 SUBSIDIARY BOOKS 10. Prepare proper subsidiary books and post them to the ledger from the following transactions for the month of February 2006: Rs. 01 Goods sold to Anand 15, Purchase from Kanwar Traders 12, Sold goods to Manish Traders 2, Anand returned goods Returns to Kanwar Traders Sold to Mukesh 3, Purchased from Kunal Traders 5, Return to Kunal Traders Return inwards from Manish Purchased goods from Kirit & Co. for list price of 5,700

6 less 10% trade discount 25 Sold to Shri Chand goods less 15% trade discount 26 Sold to Ramesh Brothers 4, Return outwards to Kirit and Co. 1,000 less 20% trade discount 28 Ramesh Brothers returned goods 500 PETTY CASH BOOK 11. Prepare petty cash book from the following transactions. The imprest amount is Rs.2, January Rs. 01 Paid cartage STD charges Bus fare Postage Refreshment for employees Courier charges Refreshment of customer Cartage Taxi fare to manager Stationery Fax charges Telegrams Repair on furniture Laundry expenses Miscellaneous expenses 100

7 PROJECT WORK 1. Madan s brother is the sole proprietor of Goodwill shop, a firm engaged in the sale of readymade garments. In the process of preparing financial statements, the accountant of the firm fell ill and had to proceed on leave. Madan s brother was urgently in need of the statements as these had to be submitted to the bank, in pursuance of a loan of Rs. 10 lakh applied for the expansion of the business of the firm. Archana, who is studying Accounting in her school, volunteered to complete the work. On scrutinising the accounts, the banker found that the value of building bought a few years back for Rs. 7 lakh has been shown in the books at Rs. 30 lakh, which is its present market value. Similarly, as compared to the last year, the method of valuation of stock was changed, resulting in value of goods to be about 25 per cent higher. Also, the whole amount of Rs. 85,000 spent on purchase of personal computer (expected life 6 years) during the year had been charged to the profits of the current year. The banker did not rely on the financial data provided by Archana. Advise Archana for the mistakes committed by her in the preparation of financial statements in the context of basic concepts in accounting. 2. A customer has filed a suit against a trader who has supplied poor quality goods to him. It is known that the court judgment will be in favour of the customer and the trader will be required to pay the damages. However, the amount of legal damages is not known with certainty. The accounting year has already been ended and the books are now finalised to ascertain true profit or loss. The accountant of the trader has advised him not to consider the expected loss on account of payment of legal damages because the amount is not certain and the final judgment of the court is not yet out. Do you think the accountant is right in his approach.give proper reason quoting the accounting concepts. Reference website addresses: 1. mycbseguide.com 2. cbseacademics.in 3.students-learn.blogspot.com 4. Cbseportal.com 5. studiestoday.com Reference Books 1. Comprehensive Accountancy 2. Problems and Solutions in Double Entry Book Keeping-Deepa &co., 3. APC Accountancy Happy Holidays ******************************************************************

Bank Reconciliation Statement

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