March 28, 2012


 United Academy
Grade:-XI(Morning shift)
Subject:- Principles of Accounting-I                                                    FM:50
          PM:20
          Time:1.5 Hrs
Q.1. Give the meaning of accounting in your own words.                                              2
Q.2. Mention briefly any three features of new accounting system.                         3
Q.3. The following transactions relate to Rupak, debtor.
a)      Balance Rs.90,000
b)      Sold goods Rs.40,000 on cash & Rs.25,000 on credit.
c)       Paid Rs.15,000 & Discount received Rs.100 by Rupak.
d)      Received Rs.15,000 in cash & balance by cheque.
Required:- Rupak’s Account                                                                                                        2
Q.4. The Cash book of a trader showed a balance of Rs.65,000 on 29th  Marg. However, the balance shown by his bank statement was found different due to the following reasons.
a)      Cheques issued totaling Rs.15,500 on 20th Marg, but a cheque of Rs.9,500 was only presented till Marg end.
b)      Bank charges Rs.500 recorded twice in the cash book.
c)       Bills receivable of Rs.5,000 discounted  at bank dishnoured and returned.
d)      Paid to a creditor Rs.7,000 by bank without prior information.
e)      Mobile charges paid by bank Rs.2,000.
Required:- Bank Reconciliation statement                                                                            6
Q.5. A transport co. purchased a tourist jeep for Rs.5,00,000 on 1st July,2004. Two second-hand jeeps were added at a cost of Rs.1,80,000 each on 31st June in 2005 on which a total amount of Rs.40,000 was spent on repair. On 31st Dec, the jeep purchased in the first year was damaged in a strike and insurance co. admitted only 20% of book value. Provide depreciation @ 20% on vehicles under reducing balance method.
Required:- Vehicle account from 2004 till 2006.                                                                                   2+2+4=8
Q.6. A manufacturing co purchased a machine costing Rs.2,00,000 on 1st July,2008. At the end of June, 2010, one-fourth of the machinery was found unsuitable and it was sold at a loss of Rs.10,000 and on the same date a new part was purchased at a cost of Rs.50,000. Provide depreciation @ 10% p.a. on straight line method.
Required:-  Machinery account for Three years                                                  2+2+4=8
Q.7. The following transactions are of an operating level office of Bhaktapur.
Marg 1,Dr Balance at bank Rs.2,00,000.
----8, Received a bank order Rs.1,20,000 and budget release order of Rs.80,000 for the actual expenditure of last month.
----11, Mr. Tamang was paid in advance Rs.40,000 for the purchase of bicycles for office.
----17, The following petty expenses were reimbursed:
Tea & snacks Rs.200; Stationery Rs.180 & taxi fare Rs.70
----19, Mr. Tamang’s advance was cleared by issuing an additional cheque of Rs.4,000 and the purchase bill  for the same.
----28, Salary was paid after deducting provident fund Rs.15, 000(Excluding GON contribution) and tax at source Rs.7,500.
Required:- Bank Cash Book                                                                                          6
Q.8. The following trial balance of Mrs. Sharma  as on 31st Chaitra, 2066 is given to you.
Accounts
Dr Rs.
Accounts
Cr.Rs.
Stock (1st shrawan)
Purchase(Net)
Furniture
Cash & Bank
Discount & Commission
Carriage
Free sampling
Productive charges
Bills Receivable
Wages
Salaries paid
Bad debts
Debtors
Interest on loan
25,000
72,500
1,20,000
45,000
5,000
2,000
3,000
5,000
8,000
15,000
40,000
7,500
50,000
2,000
Sales
Rent in advance
Sharma’s Capital
Loan
Provision for bad debts
Accounts payable
Apprentice premium
1,80,000
6,000
1,50,000
50,000
1,500
10,000
2,500
Total
4,00,000
Total
4,00,000
Adjustments:
a)      Closing stock valued Rs.10,000 on cost & on market price Rs.12,000.
b)      Depreciate furniture by 10% p.a.
c)       Salaries prepaid Rs.5,000 &  rent earned Rs.2,000.
d)      Write off further bad debts Rs.2,000 and create provision for bad & doubtful debts @ 2%.
Required:- a) Trading account  b) Profit & Loss account  c) Balance sheet                4+6+5=15
Best of luck








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March 19, 2012

ASIAN COLLEGE OF HIGHER STUDIES

2nd Term Exam(Re) 2012/2068

SET----A

Grade:-XI (Morning & Day)

Subject:- Principles of Accounting-I FM:100

PM:40

Time:3 Hrs

Q.1. Give the meaning of Double entry system of book keeping. 2

Q.2. What do you mean by accounting? 2

Q.3. Give the meaning of business entity concept. 2

Q.4. What do you mean by depreciation? 2

Q.5. Give the meaning of Debit note & Credit note. 2

Q.6. Why subsidiary books are maintained? 2

Q.7. Show differences between Govt Accounting & Commercial Accounting. 3

Q.8. Briefly explain any three importance of Government accounting. 3

Q.9. The following transactions relate to Sushil(Creditor).

a) Purchased goods Rs.60,000 on credit.

b) Paid Rs.25,000 & Discount received Rs.500.

c) Paid Rs.15,000 in cash & balance by cheque.

Required: Journal entries 3

Q.10. From Q.9, write up Sushil’s account 2

Q.11. The following transactions are given to you.

a) Started a business with bank balance Rs.1,00,000.

b) Purchased goods for Rs.50,000.

c) Sold goods for Rs.15,000.

Required:- Accounting Equation 3

Q.12. From Q.11, write up Cash account 2

Q.13. The following transactions are given to you.

March-2, Purchased from Mohan

50 kgs of Bean @ Rs.120 each kg

20 Tins of oil Rs.5,000.

Trade discount@5%

March-9, Purchased from XYZ

50 packets of Chocolates each packet Rs.100

1 quintal of Rice Rs.40 per kg (Trade discount 2%)

Marh-28, Purchased from PQR

35 dozens of Tooth brush @ Rs.10 each piece

5 sacks of soyabin @Rs.2,000 per sack

(Trade discount 4%)

Required:- Purchase book & Purchase account 3+1=4

Q.14. The Cash book of a trader showed a balance of Rs.76,000 at the end of the year. However, the balance shown by his bank statement was found different due to the following reasons.

a) Cheques issued totaling Rs.10,000, out of which a cheque of Rs.4,000 was only presented.

b) Bank charges Rs.1,500 recorded in the bank statement only.

c) Bills receivable of Rs.15,000 discounted at bank dishnoured and returned.

d) Paid to a creditor Rs.18,000 by cheque, but omitted to record in trader’s books.

e) Mobile charges paid by bank Rs.2,000.

f) A customer directly paid into bank Rs.10,000.

Required:- Bank Reconciliation statement 6

Q.15. The bank statement of a business House shows an overdraft balance Rs.50,000 on 30th June. The balance did not agree with the bank balance of Cash book. The following facts are found out.

A cheque of Rs.10,000 was paid into bank, which was recorded twice in the cash book. The bank had paid Rs.8,000 for insurance. Interest collected by the bank Rs.660. Cheque issued but not recorded in the cash book Rs.3,000. Interest credited by bank Rs.900. The debit side of the cash book was undercast by Rs.460.

Required:- Bank Reconciliation statement 6

Q.16. A transport co. purchased a tourist jeep for Rs.6,00,000 on 1st Jan,2007. Two second-hand jeeps were added at a cost of Rs.1,80,000 each on 31st June in 2008. On 31st Dec,2009, the jeep purchased in the first year was damaged in a strike and insurance co. admitted only Rs.2,00,000. Provide depreciation @ 20% on vehicles under reducing balance method. The books of account are closed on 31st Dec.

Required:- Vehicle account from 2007 till 2009 2+2+4=8

Q.17. A manufacturing co purchased a machine costing Rs.5,00,000 on 1st July,2008. At the end of June, 2010, a part of the machine costing Rs.1,00,000 on 1st July,2008 was disposed off at a loss of Rs.5,000 and on the same date a new part was purchased at a cost of Rs.2,00,000. Provide depreciation @ 10% p.a. on straight line method. The books of account are closed on 31st Dec.

Required:- Machinery account up to 2010 2+2+4=8

Q.18. ABC trading concern gives the following information.

Jan-1, Cash in hand Rs.90,000

--10, withdrawn Rs.15,000 by proprietor.

--12, Received Rs.25,000 for sale of goods.

---25, Good purchased for Rs.28,000.

---28, Paid Rs.40,000 to a creditor.

Required:- Simple cash book 4

Q.19. The following transactions are given.

March-1, Balance at bank Rs.50,000 & in hand Rs.1,00,000.

---- 5, Invested in business cash Rs.50,000 & bank balance Rs.25,000.

-----10, Purchased goods Rs.45,000 from Shivam.

----15, Interest allowed by bank Rs.400.

----18, Paid to Shivam in full settlement after a discount of Rs.1,500.

---20, Deposited into bank Rs.10,000,.

---25, Withdrawn from bank Rs.15,000 (5,000 for business)

--30, Sold goods Rs.10,000 to Mahesh and cheque received.

Required:- Triple column Cash book 6

Q.20. The following trial balance of a business as on 31st Chaitra, last year is given to you.

Accounts

Dr Rs.

Accounts

Cr.Rs.

Stock opening

Salaries

Fixed Assets

Cash & Bank

Discount & Commission

Carriage outward

Advertisement

Wages

Bad debts

Carriage inward

Rent, rates & taxes

Interest on loan

Sundry Debtors

Printing & stationery

10,000

50,000

1,75,000

95,000

17,500

2,000

3,000

35,000

8,000

15,000

10,000

7,000

70,000

2,500

Sales

Advance Commission

Capital

16%Bank loan

Provision for bad debts

Creditors

Return outward

2,80,000

6,000

1,50,000

50,000

1,500

10,000

2,500

Total

5,00,000

Total

5,00,000

Adjustments:

a) Closing Stock valued Rs.15,000.

b) Depreciate fixed assets by 10% p.a.

c) Salaries outstanding Rs10,000 & wages pre-paid Rs.5,000.

d) Write off further bad debts Rs.4,000 and create provision for bad & doubtful debts @ 5%.

e) Commission earned Rs.5,000 by the end of the year.

Required:- a) Trading account b) Profit & Loss account c) Balance sheet 4+6+5=15

Q.21. The following transactions are of an operating level office.

Marg--- 3, Received a bank order Rs.100,000 and budget release order of Rs.2,80,000 for the actual expenditure of last month.

----11, Mr. Pradhan was paid in advance Rs.40,000 for the purchase of office furniture.

----18, Mr. Pradhan’s advance was cleared by issuing an additional cheque of Rs.5,000 for the deficit amount of the bill.

---19, Opened a letter of credit (L/C) through bank transfer of Rs.5,00,000 to Honda co. for the purchase of five motorbikes for the office.

----24, Salary was paid after deducting provident fund Rs.15, 000(Excluding GON contribution) and tax at source Rs.7,500.

Required:- Journal vouchers 5x2=10

Q.22. The following are the information given by an office of Govt of NEPAL.

Poush—1, Opening bank balance Rs.3,00,000.

---3, A budget release order of Rs.1,50,000 & a bank order of Rs.1,00,000 was received only.

---10, Paid Rs.15,000 to Mr. Hamal as advance salary.

---15, Two cheques were issued for Rs.12,000 each for allowance & office uniform purchased for security personnel.

---20, Salary for the month Rs.1,00,000 & allowance Rs.20,000 were paid after deducting Provident fund Rs.10,000; Provident fund loan Rs.5,000; and income tax of Rs.4,000.

---28, The deducted amounts were deposited into the concerned offices.

Required:- Bank cash book 5

Best of luck