Good Shepherd International School, Ooty

Winter Holiday Homework

2018 - 19
XI ISC Accountancy

Question: 1

Answer the following questions:

a) What is accounting equation?
b) Give rules to record Personal, Real and Nominal Accounts.
c) Name all the subsidiary books.
d) What is contra entry? Give two examples.
e) What is Trial Balance?
f) Give the objective of preparing Bank Reconciliation Statement.
g) What consists of final accounts?
h) Define Bills of exchange.
i) Give any two differences between accounting and bookkeeping.
j) Why recording of depreciation is must? Give any two reasons.

Question: 2

Develop the Accounting Equation with the help of following transactions:

a) Commenced business with ₹ 3,00000

b) Purchased goods for cash ₹ 50,000
c) Sold goods to Ram ₹ 6,000 (costing ₹ 5,000)
d) Paid Salary ₹ 3,000
e) Goods returned by Ram $ 2,000 (Costing ₹ 1,500)
f) Received Rent ₹ 600
g) Withdrawn cash for personal use ₹ 500
h) Purchased Furniture for cash ₹ 2,000
i) Purchased goods from Mohan ₹ 4,000 less Trade discount @ 10%.
j) Goods worth ₹ 300 burnt by fire.
 Question: 3
Enter the following transactions in the Purchase Book and Purchase Return
Book of M/s Gopal Book Store.
2018
March 1 Purchased 100 books of Accountancy from Arya Publication,
Delhi @ ₹120 each less TD @ 10%. (Invoice No. 102).
March 5 Returned 5 books of Accountancy to Arya Publication. (Debit
Note No. 55)
12 Purchased 60 books of Commerce from Mukta Stores, Jaipur @
₹100 each. (Invoice No. 110)
18 Returned 10 books of Commerce to Mukta Stores. (Debit Note
No. 56)

Question: 4

Enter the following transactions in Muralis cash book with column for discount,
cash & bank. 2018
Jan 1 Cash balance ₹ 4,000; Bank overdraft ₹ 10,500.
2 Received ₹ 2,000 from Manoj in cash. Allowed him discount of ₹ 100.
8 Cash sales ₹ 2,000.
10 Furniture purchased ₹ 800 by cheque.
12 Paid rent by cheque ₹ 1,500.
15 Paid ₹ 2,500 to Karthikeyan half cash and half by cheque.
20 Cash sales ₹ 15,000.
22 Paid packing charges ₹ 500.
25 Paid Murugan ₹ 4,000. Discount allowed by him ₹ 50.
30 Paid into bank ₹ 5,000.

Question: 5

Prepare Trial Balance as on 31.12.2014 from the following balances of Ms. Rashmi.
Drawings 74,800 Purchases 2,95,700
Stock (1.1.2014) 30,000 Discount received 1,000
Capital 2,50,000 Discount allowed 950
Furniture 33,000 Sales 3,35,350
Sundry creditors 75,000 Rent 72,500
Printing charges 1,500 Sundry expenses 21,000
Bank loan 1,20,000 Bills receivable 52,500
Freight 3,500 Carriage outwards 1,500
Income tax 9,500 Insurance 1,200
Machinery 2,15,400 Bills payable 31,700

Question: 6

Prepare a bank reconcilition statement of Mr.Goutham from the following data as on 31st
March, 2018.
a) Balance as per cash book ₹ 12,500
b) Cheques issued but not presented for payment 900
c) Cheques deposited in bank but not collected 1,200
d) Bank paid insurance premium 500
e) Direct deposit by a customer 800
f) Interest on investment collected by bank 200
g) Bank charges 100

Question: 7

A Limited company purchased a Machinery on June 1st, 2010 for ₹ 2,10,000. On 1st t

October 2012, it purchased another machinery for ₹ 1,00,000. On 1st October 2012, it
sold off the first machinery purchased on June 1st, 2010 for ₹ 1,80,000. Accounts are
closed every year on 31 March. Depreciation is written off at 10% per annum on
st

Diminishing Balance Method. Prepare Machinery account for the first three years,

Question: 8
A bookkeeper found his Trial Balance not balanced, placed the difference amount in
the Suspense Account and subsequently found the following errors:
a) Sales Book was overcast by ₹1,500.
b) ₹2900 received from Vani in full settlement of his account of ₹3,000 was posted
in cash book but omitted to be entered in her account.
c) The total of the sales book ₹12,000 was debited to sales returns account.
d) ₹1,000 received as interest was credited to interest account as ₹100.
Give rectifying entries and show the Suspense Account.
Question: 9
On February 01, 2014 Roy sold goods to Mohan for ₹ 30,000; ₹ 4,000 was paid by
Mohan immediately and for the balance he accepted three months bill drawn upon him
by Roy. On the date of maturity of the bill Mohan requested Roy to cancel the old bill
and a new bill upon him for a period of 2 months. He further agreed to pay interest in
cash to Roy @ 5% p.a. Roy agreed to Mohan’s request and cancelled the old bill and
drew a new bill. The new bill was met on maturity by Mohan. Pass necessary Journal
entries in the books of Roy.

Question: 10
Mr. Murali keeps his books under single entry system. Assets and liabilities on 31st
March, 2017 and 31st March, 2018 stood as follows:
31.3.2017 31.3.2018
Sundry Creditors 15,000 30,000
Furniture 15,000 15,000
Sundry Debtors 75,000 100,000
Stock 35,000 50,000
Cash Balance 5,000 6,000
He introduced an additional capital of ₹ 25,000 during the year. He withdrew ₹
15,000 for domestic purpose. Find out the profit or loss for 2017-18.