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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