KENDRIYA VIDYALAYA, MAHASAMUNDSECOND TERM UNIT TEST-2013-14

Time:1.30Hrs Class 11th B Sub.- Accountancy MM:40------------------------------------------------------------------------------------------------------------------------------------------

1.Show how the accounting equation satisfies in each of the following transaction:

(I)Z started business with cash Rs. 60,000 and Building Rs. 1,80,000

(II)He purchased goods worth Rs.20,000 in cash and Rs.40,000 on credit.

(III)He purchased furniture of Rs. 35000 in cash.

(IV)He sold goods costing Rs.22000 for Rs. 30000 and half payment received in cash.

(V)Salary paid Rs.15000 and salary due Rs.10000

(VI)Paid Rs.38500 in full settlement of creditors. 6

2.Record the following transactions in the Journal Book of ManoharLal:

(i)Goods worth Rs.16000 and cash Rs.9000 was taken by proprietor for his personal use.

(ii)Purchased goods of Rs.60000 from Rohan @ a trade discount of 10% and cash discount of 5% and …..paid him half amount immediately.

(iii)Bricks of Rs.200000 and wood of Rs. 150000 was purchased for construction Building.

(iv)Rent of Rs.8000 was paid to landlord Ghansyam but Rs. 2000 of it relates to next year.

(v )Goods worth Rs.12000 was sold for Rs. 15000 and payment received by a cheque .The cheque was deposited in bank on same day.

(vi)Sudhir who owed the business with Rs. 20000 became insolvent and 45 paise in a rupee could be received from his estate. 6

3.On comparing the cash book with passbook of Naman it is found that on March 31,2005 bank balance of Rs.40,960 showed by the cash book differs from the bank balance with regard to the following:

(i)Bank charges Rs.100 on March 31,2005 are not entered in the cash book.

(ii)On March21,2005 a debtor paid Rs.2000 into the company’s bank A/c in full settlement of his account,but no entry was made in the cash book of the company in respect of this.

(iii)Cheques totaling Rs. 12980 were issued by the company and duly recorded in the cash book before March 31,2005,but had been presented in bank for payment on 7 th April.

(iv)A bill for Rs.6900 discounted with the bank is entered in the cash book without recording the discount charge of Rs.800.

(v)Rs.3520 is entered in the cash book as paid into bank on March 31st,2005 but not credited by bank until the following day.

(vi)No entry has been made in the cash book to record the dishonor of a cheque received from Bhanu of Rs.650. 6

4.Prepare double column cash book from the following transaction for the month December 2011

01 Cash in hand Rs.24000 Bank Overdraft Rs.3500003 Received two cheques of Rs.8000 each from sale of old machinery,one cheque is deposited into bank.07 BankedRs 14000 out of goods sold of Rs. 2000009 Goods purchased of Rs.9000 and payment made by cheque14 An old car was purchased for business use for Rs 20000 and expenses of repair paid Rs. 3000 by cash.17 Cash withdraw for office use Rs.5000 and for personal use Rs.2000 from bank.6

5.Record the following transactions in proper subsidiary books in the books of Sharma Book Depot:

i Purchased the following items from Kamal Stationery,MahaveerChowk,Raipur vide Invoice no.41615 Accountancy Books @ Rs.300 per book and 10 B.S. Books @ Rs. 200 per bookTrade Discount 10% Vat 10 %, Freight Rs. 60iiVidyaMahal,AzadChowk ,Raipur sold us the following items vide invoice no.32415 Dozen Pencils @ Rs.2 per penciland 10 Dozen Pen @ Rs.150 per dozenVat 10%iii Sold to Shikha Stationery 10 Accountancy Books @ Rs.350 per Book and5 B.S.Books @ Rs.220 per BookVat 10% Trade Discount 10% Freight Rs. 50ivParas Book Depot purchased from us60 Pen @ Rs.15 per pen and100 Pencil @ Rs.5 per pencilVat 10% 4

6. Post the above transactions in appropriate ledger. 6

7.(i) What do you mean by imprest system ?

(ii)What is the need of subsidiary books when we are able to record all transactions in one book?

3+3=6

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