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165 views

BK Question Paper Set 2

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creative.tutorial88
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© © All Rights Reserved
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You are on page 1/ 4

DIVINE ENGLISH SCHOOL & JR.

COLLEGE, KALHER
SECOND SEMESTER EXAM 2023-24
SUB:- B.K. & ACC.
DATE :- 03/04/2023 MARKS :- 80 MARK
TIME :- 3:00 HOUR STD :- XI COM

Q. 1. A) SELECT THE CORRECT OPTION AND REWRITE THE SENTENCE. (05)


1) Increase in the value of fixed assets is known as _____________.
a) Depreciation b) Appreciation c) Combination d) None of these.
2) Prepaid Expenses are shown on the _________ side of the Balance Sheet.
a) Assets b) Liabilities c) Both d) None of these.
3) Single entry system may be useful for ___________.
a) Sole Trader b) Company c) Government d) None of these
4) _________ is excess of assets over liabilities.
a) Capital b) Goodwill c) Investment d) Drawings
5) Debit balance of a trading account means____________.
a) Gross Loss b) Net Loss c) Gross Profit d) Net Profit

Q. 1. B) GIVE ONE WORD/PHRASE/TERM: (05)


1) A statement which is similar to a Balance sheet.
2) Statements of Assets and Liabilities.
3) An additional information provided below the trial balance.
4) The type of assets on which depreciation is charged.
5) The amount that a fixed assets is expected to realise on its disposal.

Q. 1. C) STATE TRUE OR FALSE: (05)


1) Depreciation Decreases the value of fixed assets.
2) Bank reconciliation statement is prepared by bank.
3) Every item of trial balance has only one effect.
4) Debit balance of Trading account shows net profit.
5) Single entry system is based on certain rules and principles.

Q. 1. D) FILL IN THE BLANKS: (05)


1) Single entry system is suitable for ___________ business.
2) Depreciation account is a _____________account.
3) Depreciation is derived from a Latin word __________.
4) Gross Profit is transferred to ___________ Account.
5) All Direct Expenses are transferred to __________ Account.

Q. 2. Ragul purchased machinery on April 1, 2014 for Rs. 2,00,000. On 1st October 2015, a new machine costing Rs.
1,20,000 was purchased. On 30th September 2016, the machinery purchased on April 1, 2014 was sold for Rs. 1,20,000.
Books of accounts are closed on 31st March and depreciation is to be provided at 10% ap.a. on straight line method.
Prepare machinery account and depreciation account for the years 2014-15 to 2016-17: (10)

Q. 3. On 1st January 2017 ‘Sai Industries, Nagpur’ purchased a Machine costing ₹ 1,65,000 and spent ₹ 15,000 for its
installation charges. The estimated life of the Machine is to be 10 years and the scrap value at the end of its life would
be ₹ 30,000. On 1st October 2018, the entire Machine was sold for ₹ 1,50,000.
Show Machinery Account, Depreciation Account, for the years 2016-17, 2017-18, and 2018-19 assuming that the
accounts are closed on 31st March every year. (10)
Q. 4) Mr. Ganesh keep his books by Single entry System following are the details of this
business: (08)

Particular’s 01.04.2016 (Rs.) 31.03.2017 (Rs.)


Cash in Hand 15000 22000
Cash at Bank 30000 45000
Stock 8000 13000
Furniture 20000 20000
Plant and 90000 110000
Machinery
Building 50000 50000
Debtor’s 27000 38000
Creditor’s 8000 10000

During the year he has withdrawn Rs. 2000 P.m. for first half of year and later 1000 P.m. for his private
purpose and goods of Rs. 3000 for household use, on 1st Oct 2016. He sold his Personal car for Rs. 4000 and
deposited the same amount in a business bank account.
Provide Depreciation on Plant and Machinery @ 10% and on furniture @ 5%. R.D.D. was to be
created @ 5% on Sundry Debtors.

Prepare: I) Opening and Closing statement of affairs.


II) Statement of profits or Loss for the year ended 31.03.2017.

Q. 5. Mr. Morya keep his books by Single entry System following are the details of this business: (08)

Particular’s 31.03.2017 (Rs.) 31.03.2018 (Rs.)


Cash at Bank 10000 40000
Sundry Debtors 25000 42000
Stock in Trade 20000 35000
Furniture 30000 30000
Machinery 60000 60000
Bill’s Payable 4000 4000
Sundry Creditors 10000 15000
Bank l Bank loan 4300 4300
@ 10%

Additional information:
1. Mr. Morya withdrew from business account Rs. 6000 for personal use.
2. He introduced Additional capital of Rs. 30000.
3. Depreciation is to be charged @ 10% P.a. on Furniture and Machinery.
4. Write off Rs. 2000 for bad debt and create a provision foe doubtful debt on debtors.

Prepare: I) Opening and Closing statement of affairs.


II) Statement of profits or Loss for the year ended 31.03.2018.
Q. 6. From the following Trial Balance of Kalyani, you are required to prepare Trading Profit & Loss Account for
the year ended 31st March, 2010 and Balance Sheet as on that date. (12)

Trial Balance as on 31st March, 2010

Particulars Debit (Amount) Credit (Amount)


Capital 90,000
Drawings 3,000
Stock on 1-4-2009 45,000
Octroi duty 800
Purchases & Sales 2,00,000 3,12,000
Returns 6,000 2,000
Salaries 10,000
Carriage outward 1,400
Wages 14,000
Insurance 2,000
Discount received 600
Postage 800
Debtors and Creditors 60,000 64,000
Furniture 35,000
Cash in hand 10,000
Machinery 80,000
Rent & Taxes 6,000
Printing & stationery 2,000
Bank Overdraft 7,400
Total 4,76,000 4,76,000

Adjustments:
1) Closing stock was valued at cost Rs 40,000 while its market price Rs 45,000.
2) Depreciate Machinery by 5% p.a.
3) Salary Rs 2,000 and wages Rs 1,000 were outstanding.
4) Insurance Rs 500 was prepaid.
5) Write off Rs. 2000 for bad debt and create a provision of 5% for doubtful debt on debtors.
Q.7) Trial Balance of a business as at 31st March, 2018 is given below: (12)

Dr. Cr.
Particulars Particulars
(₹) (₹)
Stock on 1st April, 2017 25,000 Sales 2,27,800
Furniture 8,000 Commission 500
Plant and Machinery 1,50,000 Returns Outward 1,000
Debtors 30.000 Creditors 40,000
Wages 12,000 Capital 1,50,000
Salaries 20,000
Bad Debts 1,000
Purchases 1,20,000
Electricity Charges 1,200
Telephone Charges 2,400
General Expenses 3,000
Postage Expenses 1,800
Returns Inward 900
Insurance Premium 1,500
Cash in Hand 2,500
Cash at Bank 40,000
4,19,300 4,19,300

Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at
that date after taking into account the following adjustments:
(i) Closing Stock was valued at ₹7,000.
(ii) Outstanding liabilities for wages were ₹600 and salaries ₹1,400.
(iii) Depreciation is to be provided @ 5% p.a. on Plant and furniture.
(iv) Insurance premium paid in advance ₹200.

(v) Write off further bad debts Rs. 1500 and provide 5% Reserve for doubtful debts on debtors.

ALL THE BEST

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