Embed Size (px)
Citation preview
THE INDIAN HIGH SCHOOL, DUBAI
ACCOUNTANCY GRADE 11 MARKS DISTRIBUTION & MONTHLY PLAN
2017-2018
FIRST TERM
MONTH NAME OF CHAPTERS
April Introduction to Accounting ( Theory )
Accounting- objectives, advantages and limitations, types of
accounting information; users of accounting information and their needs.
Basic accounting terms: business transaction, account, capital,
drawings, liability (internal & external, long term & short term)
asset ( tangible & intangible, fixed, current, liquid and fictitious) receipts (capital & revenue), expenditure (capital,
revenue & deferred), expense, income, profits, gains and
losses, purchases, sales, stock, debtors, bills receivable, Creditors, bills payable, goods, cost, vouchers, discount - trade
and cash.
(Explanation for the terms beyond the text but the
questions to be asked only from syllabus)
07
April-May
Recording of Business Transactions.
Rules of debit and credit: for assets, liabilities, capital, revenue
and expenses. Origin of transactions- source documents (invoice, cash memo,
pay in slip, cheque), preparation of vouchers - cash (debit &
credit) and non-cash (transfer).
- Accounting Equation - Accounting equation: analysis of transactions using
accounting equation, including Balance Sheet.
- Journal, - Books of original entry: format and recording -Journal.
(Including VAT and CST)
- Ledger - Ledger - format, posting from journal, cash book and
other special purpose books, balancing
- of accounts.
- Trial Balance. - objectives and preparation (Only One Method)
06
09
06
06
May-June
-Cash Book
Simple Cash Book(only cash column) and Cash Book with
Bank Column (With Journal Proper)
Petty Cash Book
All Subsidiary Books- Purchases Book, Purchase Returns Book Sales Book, Sales
returns Book and Journal Proper.
(Columnar format is compulsory)(Including Journal
Entries)
06
10
June
Bank Reconciliation Statement
( Exclude Adjusted cash book) Need and preparation.
(Only first two cases: Cash book and Passbook
favorable) Theory Base of Accounting.(Theory)
Fundamental accounting assumptions: going concern,
consistency, and accrual. Accounting principles: Business entity, money measurement,
accounting period, full Disclosure, materiality, prudence, cost
concept, matching concept and dual aspect. Double entry
system. Basis of accounting - cash basis and accrual basis.
Accounting standards: concept & objectives.
Total 50
SUGGESTED QUESTION PAPER DESIGN (FIRST TERM)
S.NO.
TYPOLOGY OF QUESTIONS
VSA 1 Mark
VSA II 2 Marks
SA I 3 Marks
SA II 4 Marks
LA I 6 Marks
MARKS %
1. Remembering 2 1 12 25
2. Understanding 2 1 1 13 25
3. Application 1 1 1 10 20
4. HOT
(Analysis and
synthesis)
1 1 10 20
5. Evaluation 1 1 5 10
Total 2x1=2 2x2=4 4x3=12 2x4=8 4x6=24 50(14) 100
The topics which are not included in the first term (50 Marks) Test..
Bank Reconciliation statement
Theory base of Accounting
Accounting standards
Bases of Accounting—Cash basis and accrual basis
SECOND TERM
MONTH NAME OF CHAPTERS
Introduction to Accounting ( Theory )
Theory Base of Accounting. ( Theory )
Source document (Theory) Recording of Business Transactions.
- Accounting Equation
- Journal and Ledger
-Cash Book and Petty Cash Book, Subsidiary Books- Purchases Book, Purchase Returns Book, Sales Book, Sales returns Book
and Journal Proper.
Bank Reconciliation statement
07
07
03
05
07
10
06
Sept
Bank Reconciliation Statement
(Two cases: Cash book and Passbook Unfavorable)
(Excluded Adjusted BRS)
Depreciation (Excluding Dep. Provision accounting and
Disposal accounting)
concept, need and factors affecting depreciation; methods of
computation of depreciation: straight line method, written down
15
Sept - Oct
Oct
Dec
value method (excluding change in method and provision for
depreciation account)
Provisions and reserves. (Theory )
Provisions and reserves: concept, objectives and difference
between provisions and reserves; types of reserves- revenue
reserve, capital reserve, general reserve, specific reserves and secret reserves
Rectification of errors
Errors: types-errors of omission, commission, principles, and compensating errors Their effect on Trial Balance.
Detection and rectification of errors; preparation of suspense
account (All one sided errors to be rectified by using
Suspense Account)
Bills of Exchange
Bills of exchange and promissory note definition, features, parties, specimen and distinction.
Important terms : term of bill ,due date, days of grace, date of
maturity, bill at sight, bill after date, discounting of bill, endorsement of bill, bill sent for collection, dishonor of bill,
noting of bill , retirement and renewal of a bill, Accounting
treatment of bill transactions;
(Promissory note term not to be used in sums, promissory
note only theory, Format with dates, In exam sums to be
asked either in drawer or drawee’s book)
Final Accounts without Adjustments
Objective and importance.
Balance Sheet: need, grouping, marshalling of assets and liabilities.
Preparation of Trading and Profit and Loss Account and
Balance Sheet of sole proprietorship ( without adjustments)
Small sums – finding opening stock and closing stock and gross profit – missing information
Second Term Exam
03
12
15
10
TOTAL( Theory 20 + Sums 80 marks ) 100
SECOND TERM
SUGGESTED QUESTION PAPER DESIGN (BLUE PRINT)
S.N
O.
TYPOLOGY OF
QUESTIONS
VSA
1 Mark
SA I
3 Marks
SA II
4 Marks
LA I
6 Marks
LA II
8 Marks
MARKS %
1. Remembering 1 1 3 25 25
2. Understanding 1 1 2 1 25 25
3. Application 4 1 20 20
4. HOT
(Analysis and
synthesis)
2 1 1 1 20 20
5. Evaluation 2 2 10 10
Total 5x1=5 5x3=15 5x4=20 6x6=36 3x8=24 90(24) 100
THIRD TERM
MONTH NAME OF CHAPTERS
Dec - Jan
Jan - Feb 2018
Final Accounts with Adjustments
Preparation of Trading and Profit and Loss Account and Balance Sheet of sole proprietorship( with adjustments )
Adjustments in preparation of financial statements : with
respect to closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance,
depreciation, bad debts, provision for doubtful debts, provision
for discount on debtors, manager's commission, abnormal loss,
goods taken for personal use and goods distributed as free sample .(Excluding Adjustments of Errors, Maximum four
adjustments including closing stock, One Implied
adjustment)(Bad debts and provision in format)(Treatment
for goods destroyed or free samples??)
Single Entry System Incomplete records: use and limitations.
Ascertainment of profit/loss by statement of affairs method
Not for Profit Organization
Not-for-profit organizations: concept.
Receipts and payment account: features. Income and expenditure account: features. preparation of
income and expenditure account and balance sheet from the
given receipt and payment account with additional information.
Adjustments in a question should not exceed 3 or 4 in number, restricted to subscriptions, consumption of consumables and
sale of assets/ old material.
(ii) Entrance/ admission fees and general donations are to be treated as revenue receipts.
(Treatment of Legacy to be skipped from exam questions)
(No Fund Based accounting)(No Subscription Account)
(iii) Trading Account of incidental activities is not to be prepared
Comprehensive project – 10 marks
Tally will be tested in Unit test ( February) for 10 marks.
ANNUAL EXAMINATION MARKS DISTRIBUTION - 2017
GRADE 11 – ACCOUNTANCY.
Chapters Sums Theory
1 Introduction to Accounting Chapter 1& 2 5
2 Theory Base of Accounting Chapter 3,4 &7 7
3 Recording Of Business Transactions.
Accounting Equations
Journal
5
4
Subsidiary Books
Bank Reconciliation Statement
6 6
5 Depreciation
Provisions and Reserves
8
3
6 Bills of Exchange 10
7
.
Rectification of Errors 9
8 Financial Statements - Comprehensive Sum
(Max.6 adjustments including closing stock).
(pls. refer to current year syllabus)
11
9 Not for profit Organization : ( Opening B/S, I E a/c
and Closing B/S) ( No fund based adjustments and
No ledger accounts )
10
10 Single Entry Book Keeping
Statement of affairs method
6
Total 75marks 15marks 90
11 Project 10
Theory Questions from theory lessons only 100
Type of questions and Marks Distribution
MCQ /
VSA
1 mark
SA I
3 Marks
S A II
4 Marks
L A II
6
Marks
LA III
8 Marks
TOTAL
No of
questions
5 5 4 5 3 22
Total 5 15 16 30 24 90
SUGGESTED QUESTION PAPER DESIGN
S.N
O.
TYPOLOGY OF
QUESTIONS
VSA
1Mark
SA I
3 Marks
SA II
4 Marks
LA I
6 Marks
LA II
8 Marks
MARKS %
1. Remembering 2 2 2 22 25
2. Understanding 1 2 1 23 25
3. Application 3 1 1 1 18 20
4. HOT
(Analysis and
synthesis)
2 1 1 18 20
5. Evaluation 1 1 9 10
Total 5x1=5 5x3=15 4x4=16 5x6=30 3x8=24 90(22) 100
GRADE 11 ACCOUNTANCY PROJECT
GUIDELINES TO STUDENTS FOR MAKING COMPREHENSIVE PROJECT IN
ACCOUNTANCY
Students are required to carefully observe the following, before starting the Accountancy
Project work:- 1. Write an explanatory note about a business situation stating the capital introduced by a
Sole Trader followed by various business transactions during a given period of time.
(Please refer to the attached model Summary of a Business and Grade 11 Accounts Text
Book)
2. Record the above mentioned transactions by passing Journal entries. (Columns must be
drawn neatly and narrations must be written completely.)
3. Relevant Ledger Accounts in proper format are to be made by posting the Journal
entries.
4. Prepare Trial Balance.
5. Trading and Profit & Loss a/c is to be prepared, followed by Balance Sheet
6. Conclude the project by making an observation about the Gross profit and Net Profit
made by the firm.
7. The entire project is to be hand written.
8. The duly completed and spiral bound Project file must be produced at the time of Viva
Voce Exam to get the approval signature of the Examiner. The project file should be
safely kept by the students so that it can be a valuable guidance for gr 12 Accountancy
Project.
9. Use only plain white sheets (A4 size) for preparing the project
10. Please maintain the project very neat and tidy.
11. It is always desirable to prepare the project individually.
12. Refrain from blindly copying from other students projects as the Examiner can verify the
authenticity of your project by asking relevant questions during viva voce and the
examiner reserves the right to reject it and deny marks, if found unauthentic.
13. For clearing any queries, please feel free to contact your concerned Accounts
Teacher/Lead Teacher/HOD.
14. Submit the duly completed projects well before the stipulated date, as late submission
may cause deduction of marks.
15. Marks awarded- Project File: 6 marks, Viva Voce: 4 Marks
Issued by the Dept. of Commerce .
(A model Project)
THE BUSINESS HISTORY OF A SOLE PROPRIETOR
Kiran is an enterprising young man who is a graduate in commerce. When he was a
student, he had always cherished the dream of becoming a ‘businessman who serves the
people’ rather than acting as a money making machine. One day he discussed his wish
with his father Mr. Kumar, who is a philosophy professor at the University level. Mr.
Kumar was very glad to hear this new kind of proposal of linking human values in
business.
Mr. Kumar gifted a sum of `12,00,000 to his son by giving cash for `30,000 and the
remaining by a cheque to start the business and advised him to avail a bank Loan for the
remaining amount. Kiran approached his friend’s father Mr. Gulatti who is a garment
wholesale dealer. According to his advice Kiran decided to start a garment retail shop in
the nearby town. Total capital required to start the business was estimated to be at
`15,00,000. A small show room was taken at a monthly rent of `2,000. Two employees
were appointed respectively to deal with customers and to maintain the accounts. The
agreed salaries were `8,000 and `10,000 respectively per month.
Cloths purchased were converted to garments by the inmates of a nearby Orphanage who
were given special training in this field. These employees were given a total wages of
`550,000, by means of issuing cheques during the year.
Showcases were bought for `300,000, Sales Counter for `80,000, Cash counting machine
for `12,000. Other furniture was bought for `120,000. Textile goods for `180,000 were
purchased from the wholesale market. The payment of all these were done by issuing
cheques. Further credit purchases were done from Mr. Gulatti for `600,000.
Kiran approached the Manager of The State Bank of India and arranged for a loan of
`300,000 on the security of the assets he acquired. During the first year, his other
business transactions are summarized as follows:-
Cash Sales `170,000, Credit sales `15,80,000
Bills Receivable received from debtors `20,000
Bills payable accepted from creditors `90,000, Cheque issued to Creditors `450,000
Electricity bill `20,000 and other Sundry expenses of `24,000 were paid in cash
Cheques received from debtors `980,000
Discount allowed `12,000 and received `8,000
Interest on loan paid `30,000, Rent outstanding for the current year was `2,000.
Salaries were paid fully by issuing cheques. Closing stock was valued at `20,000.
During the year garments worth `15,000 were distributed to the Orphanage as charity.
Further garments worth `6,000 were withdrawn for personal use.
The Financial Position of the business can be presented by preparing the Journal, Ledger,
Trial Balance, Trading and Profit &Loss Account and Balance Sheet.
ACCOUNTING RECORDS OF THE SOLEPROPRIETORSHIP BUSINESS OF
SHRI KIRAN
BOOK OF ORIGINAL ENTRIES (JOURNAL)
PARTICULARS DR CR
1.
2
3
4
5
6
7
8
9
10
Cash a/c Dr.
Bank a/c Dr.
To Capital
(Being capital brought in)
Wages a/c Dr.
To Bank
(Being wages paid in cheque)
Office Furniture a/c Dr.
To Bank
( Being sundry office furniture bought)
Purchases a/c Dr.
To Bank
To Creditors
(Being goods purchased )
Bank a/c Dr.
To Bank Loan
( Being Bank loan taken)
Cash Dr.
Sundry Debtors a/c Dr
To Sales
( Being goods sold for cash and credit basis)
B/R a/c Dr.
To Sundry Debtors
(Being B/r drawn)
Sundry creditors a/c Dr.
To B/P a/c
(Being B/P accepted)
Sundry Creditors a/c Dr.
To Bank
To Discount a/c
(Being cheque issued to creditors and discount
earned)
Electricity expenses a/c Dr.
Sundry Expenses a/c Dr.
To Cash
30,000
11,70,000
550,000
512,000
780,000
300,000
1,70,000
15,80,000
20,000
90,000
458,000
20,000
24,000
12,00,000
550,000
512,000
180,000
600,000
300,000
17,50,000
20,000
90,000
450,000
8,000
44,000
11.
12.
13.
14
15
( Being expenses paid in cash)
Bank a/c Dr.
Discount allowed a/c Dr.
To Sundry debtors a/c
( Being Cheque received and discount allowed
to Debtors)
Interest on Loan a/c Dr.
To Bank
(Being interest paid)
Rent a/c Dr.
To cash
To O/s Rent
( Being rent paid and outstanding)
Salaries a/c Dr.
To Bank
( Being salaries paid)
Drawings a/c Dr.
Charity a/c Dr.
To Purchases
( Being goods withdrawn for personal use and
distributed as charity
980,000
12,000
30,000
24,000
216,000
6,000
15,000
992,000
30,000
22,000
2,000
216,000
21,000
PRINCIPAL BOOK (LEDGER)
LEDGER ACCOUNTS
Dr. Cash a/c Cr.
Particulars Amt Particulars Amt To Capital a/c To Sales a/c
30000 170000 200000
By electricity expenses By sundry expenses By rent a/c By balance c/d
20000 24000 22000 134000 200000
Dr. Capital a/c Cr.
Particulars Amt Particulars Amt To Balance c/d 1200000
1200000
By Cash a/c By Bank a/c
3000 1170000 1200000
Dr. Bank a/c Cr.
Particulars Amt Particulars Amt To capital a/c To bank loan To sundry debtors
1170000 300000 980000 2450000
By wages By office furniture By purchases By sundry creditors By interest on loan By salaries By balance c/d
550000 512000 180000 450000 30000 216000 512000 2450000
Dr. Wages a/c Cr.
Particulars Amt Particulars Amt To bank a/c 550000
550000
By balance c/d 550000 550000
Dr. Office furniture a/c Cr.
Particulars Amt Particulars Amt To bank a/c 512000
512000
By balance c/d 512000 512000
Dr. Purchases a/c Cr.
Particulars Amt Particulars Amt To bank a/c To creditors a/c
180000 600000 780000
By drawings By charity By balance c/d
6000 15000 759000 780000
Dr. Creditors a/c Cr.
Particulars Amt Particulars Amt
To bills payable a/c To bank a/c To discount received a/c To balance c/d
90000 450000 8000 52000 600000
By purchases 600000 600000
Dr. Bank Loan a/c Cr.
Particulars Amt Particulars Amt To balance c/d 300000
300000
By bank 300000 300000
Dr. Sundry Debtors a/c Cr.
Particulars Amt Particulars Amt To sales a/c 1580000
1580000
By bank a/c By discount allowed a/c By bills receivable a/c By balance c/d
980000 12000 20000 568000 1580000
Dr. Sales a/c Cr.
Particulars Amt Particulars Amt To balance b/d 1750000
1750000
By cash a/c By sundry debtors a/c
170000 1580000 1750000
Dr. Bills Receivable a/c Cr.
Particulars Amt Particulars Amt To sundry debtors a/c 20000
20000
By balance c/d 20000 20000
Dr. Bills payable a/c Cr.
Particulars Amt Particulars Amt To balance c/d 90000
90000
By sundry creditors 90000 90000
Dr. Discount received a/c Cr.
Particulars Amt Particulars Amt To balance c/d 8000
8000
By sundry creditors a/c 80000 80000
Dr. Electricity expenses a/c Cr.
Particulars Amt Particulars Amt To cash a/c 20000
20000
By balance c/d 20000 20000
Dr. Sundry expenses a/c Cr.
Particulars Amt Particulars Amt To cash a/c 24000
24000
By balance c/d 24000 24000
Dr. Discount allowed a/c Cr.
Particulars Amt Particulars Amt To sundry debtors a/c 12000
12000
By balance c/d 12000 12000
Dr. Interest on loan a/c Cr.
Particulars Amt Particulars Amt To bank a/c 30000
30000
By balance c/d 30000 30000
Dr. Rent a/c Cr.
Particulars Amt Particulars Amt To cash a/c To outstanding rent a/c
22000 2000 24000
By balance c/d 24000 24000
Dr. Salaries a/c Cr.
Particulars Amt Particulars Amt To bank a/c 216000
216000
By balance c/d 216000 216000
Dr. Drawings a/c Cr.
Particulars Amt Particulars Amt To purchases a/c 6000
6000
By balance c/d 6000 6000
Dr. Charity a/c Cr.
Particulars Amt Particulars Amt To purchases a/c 15000
15000
By balance c/d 15000 15000
Dr. Outstanding rent a/c Cr.
Particulars Amt Particulars Amt To balance c/d 2000
2000
By rent a/c 2000 2000
TRIAL BALANCE as on 31-3- 2017
Particulars Debit (`) Credit (`) Cash a/c Capital a/c Bank a/c Wages a/c Office furniture a/c Purchases a/c Creditors a/c Bank loan a/c Sundry debtors a/c Sales a/c Bills Receivable a/c Bills payable a/c Discount Received a/c Electricity expenses a/c Sundry expenses a/c Discount allowed a/c
134 000
512 000 550 000 512 000 759 000
568 000
20 000
20 000 24 000 12 000
12 00 000
52 000 3 00 000
175 000
90 000 8 000
Interest on loan a/c Rent a/c Salaries a/c Drawings a/c Charity a/c Outstanding rent a/c
30 000 24 000
2 16 000 6 000
15 000
34, 20, 000
2 000
34 ,20, 000
Liabilities Amount Assets Amount Capital 1200000 (-)Drawings (6000) 1194000 (+)Net Profit 128000 Creditors Bank Loan Bills Payable Outstanding Rent
1322000 52000
300000 90000 2000
1766000
Cash Bank Office Furniture Sundry Debtors Bills Receivables Closing Stock
134000 512000 512000 568000 20000 20000
1766000
Particulars Amount(Rs) Particulars Amount(Rs) To Purchases To Wages To Gross Profit To Electricity Expenses To Sundry Expenses To Discount Allowed To Interest on Loan To Rent To Salaries To Charity To Net Profit
759000 550000 461000
1770000
20000 24000 12000 30000 24000
216000 15000
128000
469000
By Sales By Closing Stock By Gross Profit By Discount Received
1750000 20000
1770000
461000 8000
469000
Trading and Profit and Loss a/c for the year ending 31-3 2017
Balance Sheet as on 31-12-2017
Cr.
INDIAN HIGH SCHOOL-DUBAI
HOT QUESTIONS – GRADE 11 – 2017
ACCOUNTANCY
Chapter: Journal Entry
Q.1: Krishna is a whole sale trader dealing in distribution of grocery items. He is also
engaged in the philanthropic work in the society. He is connected to one of the
Organisation who takes care of the orphans and disabled people.
Journalise the following transactions in the books of Krishna for the month of April 2016
also Identify the values. Company has No refund scheme.
1) On 31st March 2017 his books of account showed the following balances.
Balance sheet (31-3-2017)
Liabilities Amount Assets Amount
Capital - 25000 Cash in Hand 430
Add: Additional capital -
4000
Cash at Bank 2500
Less Drawings - 9000 20000 Accounts Receivables 7670
Accounts Payable 5600 Closing stock 9000
Machinery 6000
25600 25600
2) Sold goods to James for 10000 allowing her 10% T.D. and 10% C.D. She paid
25% of the amount is cash at the time of purchase. After that she found half of the
goods are not as per the sample so she returned it.
3) Krishna has decided to send food grains to orphanage on his birthday worth Rs
20,000 (Cost Price Rs 15000)
Answer:
1) Cash in hand A/C Dr. 430
Cash at Bank A/C Dr. 2500
Accounts Receivables A/C Dr 7670
Closing Stock A/C Dr 9000
Machinery A/C Dr 6000
Drawing A/C Dr. 9000
To Accounts Payable 5600
To Capital A/C 29000
2) (A) Cash A/C Dr. 2025
Cash Discount A/C Dr. 225
James A/C Dr. 6750
To Sales A/C 9000
Sales Return A/c Dr. 4500
To James A/C 4500
James A/C Dr. (6750- 4500) 2250
To sales A/C 2250
3) Charity A/c Dr. 15000
To Goods given as charity 15000
*Values: Generous and Kind
Social Responsibility
Chapter: Accounting Equation
Question 1: Complete the gaps in the following table after considering additional
information.
Sr.No Assets Liabilities Capital
1 150000 ? ?
2 ? 17200 ?
3 ? ? 100000
Additional information
1. Started a business on 1st April 2016 with opening capital of 50000,
drawings 15000, additional capital 25000 and profit 65000.
2. The firm has machinery for 50000, furniture 50000, stock 10000,
investment 15000
3. Firm has creditors 10000, bills payable 5000, loan from bank 10000
Answer:
Sr.No Assets Liabilities Capital
1 150000 25000 125000
2 125000 17200 107800
3 125000 25000 100000
Question 2: Why there should be equality in accounting equation. Justify with
example
Answer: Double entry system (one effect debit and another effect credit)
Ex: any transaction of journal entry
* Knowledge & Understanding: Accounting rules of debit credit and Principles of
accounting
Analysis: Breaking down in components as per the required entries.
Evaluation: From the given information (Internal criteria) finding out the values.
Creating: Create journal proper and accounting equation in a proper format.
CHAPTER
SUBSIDIARY BOOKS
1. ABC ltd, a trading firm, purchased goods from RKR co. Though the goods were not as
per their order, ABC Ltd. failed to carry out inspection on receiving goods and send the
stock to the warehouse. the quality difference was noticed on a later date and ABC
approached RKR to return these goods. RKR offered a discount of Rs. 5000 if the firm
retained the goods. The firm accepted the offer and RKR send a credit note for the
amount. in your opinion, what entries should be recorded by RKR Co. and why? Domain : Analysis, Evaluation
2. A wholesaler sold 55 items to a retailerat a price of Rs. 200 each, less trade discount.
The value of sale recorded after deducting trade discount was Rs. 8800. The retailer
subsequently returned 12 out of 55 items. What should be the amount recorded on credit
note? Who will be sending the credit note to whom?
Domain : Analysis, Evaluation
CHAPTER
CASH BOOK
1. Prepare Cash Book with Cash and Bank Column from the following details:
2017
Jan.1 Cash at office `123, and bank overdraft `2575
Jan.2 Cash Sales `1,570.
Jan.3 Deposited into bank `1,500.
Jan.5 Mohan settled his account for ` 750 by giving a cheque for `730.
Jan.7 Mohan’s cheque deposited into bank
Jan.10 Bought goods for `450 and paid by cheque.
Jan.13 Purchased stationery for `75.
Jan.18 Mohan’s cheque returned dishonoured.
Jan.20 Received a cheque for ` 1,500 from Prabhu which is deposited into bank.
Jan.25 Withdrew for office use ` 475.
Jan.31 paid salary by cheque `1,000 and rent in cash `150.
(i) In which side of the cash book will the overdraft in the beginning of the
month be recorded?
(ii) Did the bank overdraft amount reduce at the end of the month?
(iii)Give your suggestions to convert the overdraft balance to bank deposit?
(Analysis, synthesis, Creating)
2. Prepare Analytical Petty Cash book with the help of imaginary figures.
(Creating)
CHAPTER
BANK RECONCILIATION STATEMENT
Bank Reconciliation Statement
Pass Book
Date Particulars withdrawals Deposits Dr/Cr bal Balance
1.1.14
3.1.14
5.1.14
6.1.14
10.1.14
31.1.14
By balance
To self
To Farha & co
By cash
By dividend
To Bankcharges
6,000
5,000
250
4,500
10,000
Cr
Dr
Dr
Cr
Cr
Dr
50,000
44,000
39,000
43,500
53,500
53,250
Cash Book
Date Particulars Amount Date Particulars Amount
1.1.14 To bal b/d 50,000 2.1.14 By Farha &Co 5,000
4.1.14 To Roy Bros 7,000 3.1.14 By drawings 6,000
6.1.14 To Cash 4,500 15.1.14 By Swaraj 2,000
15.1.14 To Dividend 10,000 31.1.14 By balance c/d 58,500
71,500 71,500
a). Compare the two books and can you list down the reasons for the disagreement
between the balances of Passbook and the Cash Book (Analysis /Evaluating)
2. With reference to the pass Book and Cash book given in question No:1, elaborate the
steps you take to prepare the Bank Reconciliation Statement (creating)
3. If a Cash book with only bank columns shows a credit balance, what balance would a
pass book indicate (U)
Answers:
1. Causes of disagreement:
a) Cheques received from Roy Bros for ₹ 7,000 paid into the bank, not yet credited in
the Passbook
b) Cheque issued to Swaraj for ₹ 2,000 not yet presented for payment
c) Bank charges of ₹ 250 debited in the pass book but not yet entered in the cash book
2. The students should explain the steps /procedure for preparing the BRS
3. The pass book will indicate a debit balance.
CHAPTER DEPRECIATION
1. A company purchased a building for 2,00,000 on January 1,2008 . it was decided
to depreciate building at 10% p.a. it bought another machine on October 1, 2010
for 50,000. On same date one fifth of first machine was sold for 14,000.
Show building account upto 31 December , 2011 under
(analyzing , evaluating and creating an account)
A) Calculation of profit or loss on sale of asset , preparation of asset account.
2. Name the method which equalizes the burden on each year’s profit and loss
account for depreciation and repairs put together.(EVALUATION)
CHAPTER
BILLS OF EXCHANGE
1) Mohan's acceptance to Sohan for 20,000 renewed at 3 months together with
interest @ 18% p.a
a) Identify the drawer and drawee in the above transaction ANALYZING
b) Journalise in the books of drawee CREATING
c) Justify why there is a need to cancel the old bill when bill is renewed
EVALUATING
ANS MOHAN --DRAWEE , SOHAN --- DRAWER
2) FILL IN THE BLANKS :
Shyam Dr 6000
To Bills Payable ------------
To ------------------ 100
(Being the bill accepted in full payment of the claim)
Bills Payable A/c Dr ------------
-------------------------- Dr 100
Noting charges A/C Dr --------------
To------------- 6150
(Being the bill dishonoured ,noting charges paid)
Write the journal entry in case noting charges are not paid
(ANALYSING , EVALUATING , CREATING)
Rectification of Errors.
1. Rectify the following journal entries and state whether these errors cause disagreement
of the Trial Balance (A/E)
a) A cheque from A for ₹ 150 has been correctly entered in the Cash book, but has
been posted to the credit of A as ₹ 100.
b) Goods returned to the firm by B amounting to ₹ 80 had been recorded in the Sales
Return Book, but the entry had not been posted to the Personal A/c
2. Read the transaction, examine the journal entry recorded. by your accountant
(Analyzing)
a) Wages paid for the installation of machinery ₹ 350
b) Credit sales to Kumar ₹ 3,950.
Do you agree with the entries recorded in the Journal? (Evaluating)
If you disagree, how can you elaborate on the reason? (Creating)
JOURNAL ENTRIES
Particulars L.F Debit Credit
Wages A/c Dr
To Cash A/c
350
350
Kumar’s A/c Dr
To Sales A/c
3,590
3,590
Answers:
1)
Particulars L.F Debit Credit
Suspense A/c Dr
To A’s A/c
(Being A’s A/c credited short now rectified)
50
50
Suspense A/c Dr
To B’s A/c
(Being B’s A/c omitted to be posted now rectified)
80
80
Both the transactions cause the disagreement of the Trial Balance.
2. No I disagree. Errors have been made while recording the transactions in the journal.
Reasons for disagreement.
a) Wages paid for the installation of machinery debited to wages account
b) Credit sales to Kumar for ₹ 3,950 recorded as ₹ 3590.
CHAPTER
FINAL ACCOUNTS
1. Point whether the following transactions are capital expenditure or revenue
expenditure and also explain the treatment of these transactions in the final
accounts:
i) Payment of wages amounting to `2,50,000 for construction of building.
ii) Renewal fee of license `200.
iii) Distribution of free goods costing `40,000 to introduce the goods in the
market.
iv) Cost of furnishing the newly constructed building `20,000.
(ANALYSING)
2. A manager is entitled to a commission of 10% on net profit before charging such
commission. Net profit before charging such commission is `1, 00,000. Find out
the commission payable to manager and show how it will be treated in final
accounts. (APPLICATION)
CHAPTER SINGLE ENTRY SYSTEM OF ACCOUNTING
1. Mr. sharma is doing a small trading business in stationary items. He is not
maintaining proper books of accounts as it is expensive. At the beginning of the
year he had cash in hand ` 20,000; Furniture – `30,000; debtors – `6,000;
computer – `11,000.
When he started his business on 1st January 2012 he had borrowed from his friend
`15,000. Interest @ 5% p.a.is unpaid for the current year.
At the end of the year, he had cash in hand `25,000; furniture – `30,000; debtors-
`7,000; computer – `11,000.
One of the debtor became insolvent. The amount due from him was `2,000. 60
paise in rupee was recovered from his official receiver as final dividend.
Which system of accounting is suitable for Mr. sharma’s business? Give reasons?
(Evaluating)
Calculate profit or loss for the year ended on 31st December 2016.
(Creating)
2. Compare Single entry system of accounting and double entry system of
accounting .
3. How can you prove that double entry system of accounting is better than single
entry system of accounting? (Evaluating)
Not -For Profit Organisation
1. How would you present the following case while preparing the final accounts of a Non
profit organization for the year 2012
a) subscription received during the year 2012 –
2011 ₹ 40
2012 ₹ 2,050
2013 ₹ 60
There are 500 members each paying an annual subscription of ₹ 5, ₹ 50 are still in
arrears for the
year 2011. ( A/E)
2. Calculate the stationery consumed and show how you will present deal them while
preparing
the final accounts for the year 2012
1/1/2012 31/12/2012
Stock of stationery ₹ 300 ₹ 50
Creditors for stationery ₹ 200 ₹ 130
Advance paid for stationery ₹ 20 ₹ 30
Amount paid for stationery during 2012 ₹ 1,080 (A/E)
Answers:
1) Subscription income ₹ 2,500
2) Stationery consumed ₹ 1,250
Faculty Members of the Morning Shift
Dr Girija GKrishnan HOD
Lead Teachers
Mrs Mary John --ACCOUNTS
Mrs Roshini Elezabeth Alex ---BUSINESS STUDIES
Mrs Ancy Ann Varghese ---- Entrepreneurship
Mrs Arshiya -----Marketing
Mrs Priya Godvani ----- Salesmanship
Teachers
Mrs Vidhi Ahuja
Mrs Rakhee Nandakumar
Mrs Prashanti.V
Mrs Savitha Roy Thattil
Mrs Preetha Balajiprasad
Mrs Renette James
Mrs Upma Sharma
Mrs Sreeranjini Sunilkumar
Dr Richa vij
Mrs Anupama Murthy
Mrs Saritha Simon
Mrs Hema Takkar
Faculty Members of the Afternoon Shift
Dr. David Thomas
Mr. Leslie Saldanha
Mrs. Parveen
Mrs. Minimol
Mrs. Saraswathi
Dr. Renju Elizabeth
Lead Teachers
Mrs. Zayeda Ashraf --ACCOUNTS
Mrs Shisa Nair --- BUSINESS STUDIES
Mr.D Chandrasekaran ---- Entrepreneurship
Mrs. Kinjal Shah -----Marketing
Mrs. Srijaya V ----- Salesmanship
HOD
Paulson Thomas
