AGARWALS’ ACADEMIA
ICSE CLASS 11 ACCOUNTS TEST (280724)
Question I [10x2=20]
1) Define Wasting Assets.
2) Explain any two errors which do not affect the agreement
of Trial Balance.
3) What do you mean by implied interest?
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4) Why should a business follow Consistency Concept of Accounting ?
5) Differentiate between the book of original entry and the
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book of final entry.
6) 'A cash book is a journalised ledger'. Justify.
7) Explain the two ways of Marshalling of Balance Sheet.
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8) The net profit of the firm amounted to Rs. 10500 before
charging manager's commission. The manager of the firm
is entitled to a commission of 5% on the net profit after
charging his commission. Pass the adjusting entry for
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recording manager's commission.
9) What is meant by Accrual Basis of Accounting?
10) A company has purchased a machine for Rs. 90,000 and
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spent 6000 on its carriage. On the same day it occurred
further expense as wages and erection Rs. 4,000. The estimated life of the
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machine is 10 years. The expected salvage value is Rs. 20,000. Calculate the
annual depreciation under fixed instalment method by using appropriate
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formula.
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PART II
1) Prepare a Triple Column Cash Book from the following particulars :- [10]
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2018
1/2 Cash in hand Rs. 12,500, bank overdraft Rs. 5,000
5/2 Introduced further cash Rs. 25,000 of which Rs. 20,000 were deposited
in to bank.
9/2 sold goods to Nikhil on credit Rs. 5000
10/2 Received cheque from Nikhil after deducting 10% discount.
RAKESH Kr. AGARWAL
9804279998
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AGARWALS’ ACADEMIA
ICSE CLASS 11 ACCOUNTS TEST (280724)
13/2 Cheque received from Nikhil endorsed to Raju in full settlement of his
account Rs. 4,700. Sold goods worth Rs. 5,000 to Sen at 2% cash discount,
for which he gave a cheque and deposited the cheque into bank.
16/2 Paid rent Rs. 500 to Chawla by cheque and salary Rs. 2000 to Rahim
by cash.
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18/2 Cheque of Sen returned dishonoured and bank charged Rs. 10 as bank
charges.
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19/2 Received the amount of returned cheque and bank charges from Sen
by cash.
22/2 A dividend of Rs. 2000 collected and interest paid Rs. 200 yet to be
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recorded
23/2 Paid Rs. 5,000 by cheque for cash purchases.
25/2 Sudhir who owed us Rs. 8,000 become bankrupt and paid us Rs. 40
paisa in a rupee.
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28/2 Cash in excess of Rs. 1,000 was deposited in to the bank.
2) Record the following transactions in the books of Harinder
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Bros, charging CGST and SGST @ 9% each [2]
a) Bought goods from Mr. Kumar Rs. 2,00,000 at 10 % Trade Discount and
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3% cash Discount. 40% of the amount paid at the time of purchase.
b) Paid Rs. 6,000 for rent by cheque.
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3) From the following balances extracted from Pallavi, prepare a Trial
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Balance as on 31st March 2018. [8]
Owners contribution 2,00,000
Bank charges 25
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Bank loan 35,000
Opening stock 15,000
Account Payable 20,000
Return inward 3200
Customers discount 5,00
Purchases 1,85200
Sales 2,51,000
Bills Receivable 14,000
RAKESH Kr. AGARWAL
9804279998
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AGARWALS’ ACADEMIA
ICSE CLASS 11 ACCOUNTS TEST (280724)
Supplier 21,200
Rent from sublet 1700
Premises 80,000
Closing stock 12,000
Interest on loan 1,200
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Carriage outward 100
4) From the following particulars given below, show the account of Bharat
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in the books of Dulquer [4]
2016
1/3 Balance due from Bharat Rs. 2,000
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9/3 sold to Bharat 5 dozens of table lamp at Rs. 25 per lamp, less 20%
Trade Discount
10/3 Bharat paid the amount due from him till date by cheque
and enjoyed 5% discount
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11/3 Bharat has bought two tables of Rs. 500 each. He has accepted 2
months bill for the purchase made by him.
12/3 sold furniture to Bharat for Rs. 3000 and he settled this transaction
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immediately.
15/3 Bharat become insolvent and nothing could be realised from his
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estate.
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5) Jana Ltd. purchased a machine on 1st July 2010 costing Rs. 25,000 and
spent Rs. 5000 on its installation. It purchased further machine on 1st
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January 2011 at Rs. 20,000 and on 1st October 2011 for Rs. 10,000. On the
day of 3rd machine purchased, company has spent Rs. 4,000 on machine
which is bought on 1st July as repairs and renewals. On 1st April 2012, one
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third of the machine installed on 1st July 2010, become obsolete and was
sold for Rs. 3000. on the same date a second hand machine purchased for
Rs. 13500 and spent Rs. 350 immediately for repairs.
Show Machinery Account and Depreciation Account in the books of the
company till 1st April 2013. It being given that machine was depreciated by
Diminishing Balance Method at 10% p.a. the company closes its book on
31st March every year. [12]
RAKESH Kr. AGARWAL
9804279998
3
AGARWALS’ ACADEMIA
ICSE CLASS 11 ACCOUNTS TEST (280724)
6) Journalise the following transactions in the books of Gurpej. [12]
1) Gurpej started business with cash Rs. 50,000, motor car Rs. 75,000.
2) Paid insurance premium Rs. 17,000 out of this Rs. 8,000 is for life
insurance.
3) Received a cheque for Rs. 950 in full settlement of Rs. 1000
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4) Purchased furniture for resale Rs 8,000
5) Gurpej has bought a new computer valued Rs. 18000 which is for his
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private use.
6) Charge interest on drawing @6% on Rs. 4000
7) Sold furniture of the book value Rs. 5250 for Rs. 4120
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8) Commission received in advance is Rs. 270
9) The owner borrowed loan from his friend Rs. 50,000 of which he has
invested Rs. 22000 in business.
10) Out of rent paid 1200 on 28th February Rs. 300 is for next month.
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11) Goods distributed as free sample Rs 250.
12) Received an order from a customer for Rs. 15,000, and could deliver
goods for Rs 7000
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7) From the following balances as at 31st March 2017, you were required to
prepare Trading Profit and Loss Account and Balance Sheet. [12]
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RAKESH Kr. AGARWAL
9804279998
4
AGARWALS’ ACADEMIA
ICSE CLASS 11 ACCOUNTS TEST (280724)
The following adjustments are to be made:
a) Rs 500 purchase returns included in sales.
b) Stock in hand on 31st March at cost price was Rs. 3250 and the market
price was Rs. 3000
c) Increase bad debts to Rs. 225 and 5% provision for doubtful debts to be
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created
d) Stock costing Rs. 1000 was destroyed by fire. The insurance company
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admitted to a claim of 40% of the loss
e) Salary has been paid for 11 months. Depreciate furniture @ 10%
f) Write off 1/5th of the patent. Rs. 250 paid for taxes is included in the
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RAKESH Kr. AGARWAL
9804279998
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