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Accountancy Practice Paper - 1

The document contains 6 practice problems related to accounting: 1) Prepare a trial balance from account balances provided. 2) Prepare an accounting equation and balance sheet given starting capital and business transactions. 3) Calculate cost of goods sold using figures from an income statement. 4) Prepare a bank reconciliation statement to reconcile cash book and pass book balances. 5) Enter transactions in a double column cash book. 6) Prepare trading and profit & loss accounts and a balance sheet from a trial balance with adjustments.

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Rinshi Gupta
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114 views2 pages

Accountancy Practice Paper - 1

The document contains 6 practice problems related to accounting: 1) Prepare a trial balance from account balances provided. 2) Prepare an accounting equation and balance sheet given starting capital and business transactions. 3) Calculate cost of goods sold using figures from an income statement. 4) Prepare a bank reconciliation statement to reconcile cash book and pass book balances. 5) Enter transactions in a double column cash book. 6) Prepare trading and profit & loss accounts and a balance sheet from a trial balance with adjustments.

Uploaded by

Rinshi Gupta
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© © All Rights Reserved
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Practice Paper of Accountancy XI

1) From the following balances, taken from the books of M/s Dwarka Parshad & Sons as at
31st March 2017, prepare a Trial Balance in proper form :− [3]

Name of Accounts (₹) Name of Accounts (₹)


Cash in Hand 4,500 Machinery 24,000
Bank Overdraft 8,000 Land & Buildings 50,000
Opening Stock 20,000 Debtors 18,400
Purchases 80,000 Creditors 8,500
Purchases Returns 2,000 Bills Receivable 2,850
Sales 1,30,000 Bills Payable 1,650
Sales Returns 5,000 Capital 60,000
Travelling Expenses 1,800 Drawings 6,000
Discount Allowed 600 Rent 3,700
Discount Received 1,500 Salaries 3,600
Loan (Cr.) 10,000
Interest on Loan 1,200

2) Prepare an Accounting Equation and Balance Sheet on the following basis: [3]
(i) Ajeet started business with cash ₹ 20,000.
(ii) He purchased furniture for ₹ 2,000.
(iii) He paid rent of ₹ 200.
(iv) He purchase goods on credit ₹ 3,000.
(v) He sold goods (cost price ₹ 2,000) for ₹ 5,000 on cash.
3) Following information was taken from an income statement: [4]
Opening Stock: ₹ 5,000; Sales: ₹ 16,000; Carriage Inward: ₹ 1,000;
Sales Return: ₹ 1, 000; Gross Profit: ₹ 6, 000; Purchases: ₹ 10,000; and
Purchase Return: ₹ 900.
Calculate the Cost of Goods sold?
4) On March 31, 2019, the Cash Book of Kumar Brothers showed a debit balance of ₹
2,14,460. From the following particulars make out a Bank Reconciliation Statement and
ascertain the Balance as per Pass Book. [6]
(a) Cheque issued but not presented for payment ₹ 7,375.
(b) Cheques paid into bank but not yet cleared ₹ 1,175.
(c) Interest credited by bank but not entered in cash book ₹ 2,150.
(d) Bank charges debited in the Pass Book but not entered in the Cash Book ₹ 700.
(e) Bank deposited a dividend of ₹ 5,000 to the Bank Account. This transaction was not
recorded in Cash Book.
5) Enter the following transactions in a Double column cash Book of Mehta & sons. [6]
2012 Amount
Jan. 1 Bank-Overdraft 12,000
Cash in Hand 2,300
Jan. 2 Cheque received from Sanjay 4,000
Discount allowed 200
Jan. 5 Cheque received from Sanjay deposited in to bank
Jan. 7 Cheque paid to Rohan 2,500
And discount received 50
Jan. 10 Sanjay `s Cheque dishonoured
Jan. 12 Money withdrawn from bank for office use 3,400
Jan. 13 Fees of children paid by Cheque 75
Jan. 19 Cheque received form Hira and endorsed it to Sunita on 27 th Jan. 4,500
Jan. 23 Bank charges 20
Jan. 31 Paid into Bank the entire balance after retaining Rs. 700 at office.

6) The following Trial Balance was drawn up form Mrs. Bhumika's books at the end of the
year ending 31-03-2019. [8]
Prepare Trading and Profit & Loss Account and Balance Sheet as on 31-03-2019:
Particular Amount Particular Amount
Stock (01-04-2018) 16,000 Capital 1,00,000
Debtors 32,000 Sales 98,800
Machinery 30,000 Trade Payables 9,000
Wages 10,000 Interest Received 1,000

Salary 4,000
Building 60,000
Trade Expenses 5,000
Cash 16,000
Purchase 35,000
Drawing 800
2,08,800 2,08,800

The following adjustments are to be considered:

a) Stock on 31-03-2019 ₹21,000


b) Outstanding Salary of 500
c) Provision for Doubtful Debts @ 5% on Debtors
d) Depreciation on Machinery @ 8%
e) Interest on Capital @5% p.a.

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