ACCOUNTANCY HOTS QUESTIONS; CLASS-11
1. Lata’s acceptance of Rs.1,00,000 which was discounted with the bank for Rs.99,100 has been returned by the Bank to Matadin unpaid. Bank has notified that Rs.1,000 has been paid as noting charges. Journalise in the books of Lata and Matadin for acceptance and dishonor of the bill.
2. Tirkey draws two bills of exchange on Mohan. BR1 for Rs. 25,000 and BR2 for Rs. 15,000. He endorsed the first bill to Gita and keeps the second bill for himself. On due date, first bill is dishonoured and Gita pays Rs. 100 as noting charges. Second bill is duly met. Pass journal entries in the books of all parties
. 3. When will a bill will become due when the maturity day is an emergent holiday declared under the Negotiable Instruments Act,1881?
4. Pass the rectifying entry for the following transactions: a. Credit sales to Yash Rs. 5,000 were posted to his account as Rs. 50,000. b. Credit Purchases from Peter Rs.10,000 were recorded through sales book. c. Cash received from Shweta Rs 20,000 posted to Mehta. d. Depreciation written off on machinery Rs.1,000 was not posted. e. Cash Sales to Neha Rs.12,000 were posted to Commission Account. f. Goods returned to Pooja Rs. 500 were recorded through sales book.
5. Parul sold goods to Sanjeev for Rs.1,50,000 on 1st April,2012. On the same date, Parul drew 4 bills on Sanjeev for Rs.25,000, Rs.20,000, Rs.35,000 and Rs.70,000. The bills were duly accepted by Sanjeev. The first bill was honoured on due date. Second bill was discounted with the bank by Parul @ 12%p.a. on 4th May,2012. Third bill was endorsed by Parul to Harishankar on 10th May,2012. Fourth bill was sent to bank for collection by Parul on 5th June,2012. The bill which was discounted with the bank was dishonoured on due date and bank paid Rs.50 as noting charges. The third and fourth bill were dishonoured. Pass necessary journal entries in the books of Parul.
6. On 1st February,2012 three bills were drawn by Kiran on Mohanji, who owed Rs.50,000 to him. The bills were accepted by Mohanji as follows: (1) Bills for Rs.10,000 for 1 month. (2) Bills for Rs.15,000 for 2 months. (3) Bills for Rs. 25,000 for 3 months. The first bill was endorsed in favour of Rina on 5th February,2012. The second bill was sent to bank for collection on 10th February,2012. The third bill was retained by Kiran on due date. The first bill was honoured on due date. The bill sent for collection to bank was dishonoured and noting charges paid Rs.100. Mohanji paid the amount by cheque on 20th April,2012. In respect of third bill, Mohanji requests Kiran to renew the bill for three months for the amount of third bill together with interest at 10% per annum. Kiran accepted the proposal on 4th May,2012. Pass the necessary journal entries in the books of Kiran.
7. Namita sold goods to Monika for Rs.25,000 on 1st January,2012. On the same date, four bills were drawn on Monika and accepted by her for Rs.4000, Rs.5,000, Rs.6,500 and Rs.9,500 for 2 months, 3 months, 4 months and 5 months respectively. The bill for Rs.4,000 was sent by Namita to bank for collectionon 15th January,2012, whereas the bill for Rs.5,000 was discounted with the bank @12% on 31st January,2012. As Namita owed Rs.6,500 to Neha so she endorsed the third bill in favour of Neha on 3rd February,2012. The fourth bill was retained by Namita till due date. The first and second bill were honoured on due date but the third bill was dishonoured. On due dateof the fourth bill, Monika became insolvent and could pay 50 paise in a rupee. Pass necessary journal entries in the books of Namita.
8. Fill the missing information/figures in the following journals: Books of Ram JOURNAL S.No. Particulars L.F. Debit (Rs.) Credit(Rs.) 1. ………………. Dr. To …………………… (Being goods sold to Sham) …………… 1,25,000
2. ………………. Dr. To …………………… (Being bill accepted by Sham) …………….. ……………….
3. ………………. Dr. ………………… Dr. To …………………… (Being payment received and rebate @5% allowed) …………… …………….. …………………. Books of Sham JOURNAL S.No. Particulars L.F. Debit (Rs.) Credit(Rs.) 1. ………………. Dr. To …………………… (Being …………………) …………… ……………….. 2. ………………. Dr. To …………………… (Being ……………..) …………….. ………………. 3. ………………. Dr. To………………… To …………………… (Being …………………..) …………… ………………… ………………….
9. X draws a bill on 13.8.13 for 30 days Rs.50,000. 15th September was a sudden holiday. State the maturity date of the bill.
10. On 1st March,2013, Vikas sold goods to Aditya for Rs.25,000, taking a bill at 3 months of the amount. Vikas endorsed the bill to Jai. On the due date bill was dishonoured . Which A/c will be credited in the books of Vikas at the time of dishonor?
11. Pass the necessary journal entries in the following cases: A. Mohit’s acceptance for Rs.6,000 which was endorsed over by Ganesh to Rajesh was dishonoured. Rajesh paid Rs.250 as Noting charges. Journalise the above in the book of Ganesh. B. Sumit informs Shivam that Shyam’s Bills receivable for Rs.2,000 has been dishonoured and Noting Charges of Rs.50 has been paid. Shivam gave a cheque to Sumit. Journalise the above in the books of Shivam. C. Ankit’s acceptance for Rs.14,000 which was endorsed over by Sanjay to Hari was dishonoured. Hari paid Rs.120 as Noting Charges. Hari’s account was settled. Journalise the above in the books of Sanjay.
12. . Amit draws a bill on Mukul on 12th July,2015 for 1 month. Mukul wants to make payment on 16th August,2015 while according to Amit, maturity date of Bill is 14th August,2015. Who is correct.
13. Rectify the following errors: a. Closing stock was understated by Rs.2500. b. Cash purchases from Vaibhav Rs.3000 was recorded in Cash book as well as in purchases book and posted from both. c. Sale of old furniture worth Rs. 3,500 treated as sale of goods.
14. A bill receivable for Rs.5500, received from Rohit was passed through B/P book. Which account is debited?
15. An amount of Rs300 paid for postages was posted twice to postage account. What is the rectifying entry?
16. Goods worth Rs.10,000 taken by proprietor for personal use should be debited to which account?
17. In which case, it should be assumed that posting was done with the correct amount?
18. Prepare final accounts of Ayodhya Traders for the year ending 31 March, 2013 from the following balances, taking into considerations the adjustments given. Salaries Rs.36,000; Repairs Rs. 2,500; Cash Rs. 1,000; Interest received Rs. 3,000; Withdrawls Rs. 24,000; Debtors Rs.38,000; Bills Payable Rs. 4000; Opening Stock Rs. 30,000; Bank Overdraft Rs.3,10,000; Carriage Inwards Rs. 2,000; Creditors Rs. 4,500; Travelling Expenses Rs. 5,000; Return Outward Rs. 4,000; Machinery Rs. 2,10,000; Building Rs. 4,50,000; Sales Rs. 3,80,000; Return Inwards Rs. 5,000; Capital Rs. 2,43,000; Purchases Rs. 1,45,000. Adjustments: a. Charge depreciation on machinery @ 10% p.a. b. Travelling expenses include Rs.1200 for 2012-13. c. Repairs due Rs.300. d. Debtors were bad to the extent of Rs.6,000. e. Create a provision for doubtful debts @ 5%. f. Stock on 31st March,2013 stood at Rs.14,200.
19. In which case opening stock will not appear in Trial Balance, instead closing stock appears in Trial Balance?
20. Why income received in advance is also known as unearned income?
1. Lata’s acceptance of Rs.1,00,000 which was discounted with the bank for Rs.99,100 has been returned by the Bank to Matadin unpaid. Bank has notified that Rs.1,000 has been paid as noting charges. Journalise in the books of Lata and Matadin for acceptance and dishonor of the bill.
2. Tirkey draws two bills of exchange on Mohan. BR1 for Rs. 25,000 and BR2 for Rs. 15,000. He endorsed the first bill to Gita and keeps the second bill for himself. On due date, first bill is dishonoured and Gita pays Rs. 100 as noting charges. Second bill is duly met. Pass journal entries in the books of all parties
. 3. When will a bill will become due when the maturity day is an emergent holiday declared under the Negotiable Instruments Act,1881?
4. Pass the rectifying entry for the following transactions: a. Credit sales to Yash Rs. 5,000 were posted to his account as Rs. 50,000. b. Credit Purchases from Peter Rs.10,000 were recorded through sales book. c. Cash received from Shweta Rs 20,000 posted to Mehta. d. Depreciation written off on machinery Rs.1,000 was not posted. e. Cash Sales to Neha Rs.12,000 were posted to Commission Account. f. Goods returned to Pooja Rs. 500 were recorded through sales book.
5. Parul sold goods to Sanjeev for Rs.1,50,000 on 1st April,2012. On the same date, Parul drew 4 bills on Sanjeev for Rs.25,000, Rs.20,000, Rs.35,000 and Rs.70,000. The bills were duly accepted by Sanjeev. The first bill was honoured on due date. Second bill was discounted with the bank by Parul @ 12%p.a. on 4th May,2012. Third bill was endorsed by Parul to Harishankar on 10th May,2012. Fourth bill was sent to bank for collection by Parul on 5th June,2012. The bill which was discounted with the bank was dishonoured on due date and bank paid Rs.50 as noting charges. The third and fourth bill were dishonoured. Pass necessary journal entries in the books of Parul.
6. On 1st February,2012 three bills were drawn by Kiran on Mohanji, who owed Rs.50,000 to him. The bills were accepted by Mohanji as follows: (1) Bills for Rs.10,000 for 1 month. (2) Bills for Rs.15,000 for 2 months. (3) Bills for Rs. 25,000 for 3 months. The first bill was endorsed in favour of Rina on 5th February,2012. The second bill was sent to bank for collection on 10th February,2012. The third bill was retained by Kiran on due date. The first bill was honoured on due date. The bill sent for collection to bank was dishonoured and noting charges paid Rs.100. Mohanji paid the amount by cheque on 20th April,2012. In respect of third bill, Mohanji requests Kiran to renew the bill for three months for the amount of third bill together with interest at 10% per annum. Kiran accepted the proposal on 4th May,2012. Pass the necessary journal entries in the books of Kiran.
7. Namita sold goods to Monika for Rs.25,000 on 1st January,2012. On the same date, four bills were drawn on Monika and accepted by her for Rs.4000, Rs.5,000, Rs.6,500 and Rs.9,500 for 2 months, 3 months, 4 months and 5 months respectively. The bill for Rs.4,000 was sent by Namita to bank for collectionon 15th January,2012, whereas the bill for Rs.5,000 was discounted with the bank @12% on 31st January,2012. As Namita owed Rs.6,500 to Neha so she endorsed the third bill in favour of Neha on 3rd February,2012. The fourth bill was retained by Namita till due date. The first and second bill were honoured on due date but the third bill was dishonoured. On due dateof the fourth bill, Monika became insolvent and could pay 50 paise in a rupee. Pass necessary journal entries in the books of Namita.
8. Fill the missing information/figures in the following journals: Books of Ram JOURNAL S.No. Particulars L.F. Debit (Rs.) Credit(Rs.) 1. ………………. Dr. To …………………… (Being goods sold to Sham) …………… 1,25,000
2. ………………. Dr. To …………………… (Being bill accepted by Sham) …………….. ……………….
3. ………………. Dr. ………………… Dr. To …………………… (Being payment received and rebate @5% allowed) …………… …………….. …………………. Books of Sham JOURNAL S.No. Particulars L.F. Debit (Rs.) Credit(Rs.) 1. ………………. Dr. To …………………… (Being …………………) …………… ……………….. 2. ………………. Dr. To …………………… (Being ……………..) …………….. ………………. 3. ………………. Dr. To………………… To …………………… (Being …………………..) …………… ………………… ………………….
9. X draws a bill on 13.8.13 for 30 days Rs.50,000. 15th September was a sudden holiday. State the maturity date of the bill.
10. On 1st March,2013, Vikas sold goods to Aditya for Rs.25,000, taking a bill at 3 months of the amount. Vikas endorsed the bill to Jai. On the due date bill was dishonoured . Which A/c will be credited in the books of Vikas at the time of dishonor?
11. Pass the necessary journal entries in the following cases: A. Mohit’s acceptance for Rs.6,000 which was endorsed over by Ganesh to Rajesh was dishonoured. Rajesh paid Rs.250 as Noting charges. Journalise the above in the book of Ganesh. B. Sumit informs Shivam that Shyam’s Bills receivable for Rs.2,000 has been dishonoured and Noting Charges of Rs.50 has been paid. Shivam gave a cheque to Sumit. Journalise the above in the books of Shivam. C. Ankit’s acceptance for Rs.14,000 which was endorsed over by Sanjay to Hari was dishonoured. Hari paid Rs.120 as Noting Charges. Hari’s account was settled. Journalise the above in the books of Sanjay.
12. . Amit draws a bill on Mukul on 12th July,2015 for 1 month. Mukul wants to make payment on 16th August,2015 while according to Amit, maturity date of Bill is 14th August,2015. Who is correct.
13. Rectify the following errors: a. Closing stock was understated by Rs.2500. b. Cash purchases from Vaibhav Rs.3000 was recorded in Cash book as well as in purchases book and posted from both. c. Sale of old furniture worth Rs. 3,500 treated as sale of goods.
14. A bill receivable for Rs.5500, received from Rohit was passed through B/P book. Which account is debited?
15. An amount of Rs300 paid for postages was posted twice to postage account. What is the rectifying entry?
16. Goods worth Rs.10,000 taken by proprietor for personal use should be debited to which account?
17. In which case, it should be assumed that posting was done with the correct amount?
18. Prepare final accounts of Ayodhya Traders for the year ending 31 March, 2013 from the following balances, taking into considerations the adjustments given. Salaries Rs.36,000; Repairs Rs. 2,500; Cash Rs. 1,000; Interest received Rs. 3,000; Withdrawls Rs. 24,000; Debtors Rs.38,000; Bills Payable Rs. 4000; Opening Stock Rs. 30,000; Bank Overdraft Rs.3,10,000; Carriage Inwards Rs. 2,000; Creditors Rs. 4,500; Travelling Expenses Rs. 5,000; Return Outward Rs. 4,000; Machinery Rs. 2,10,000; Building Rs. 4,50,000; Sales Rs. 3,80,000; Return Inwards Rs. 5,000; Capital Rs. 2,43,000; Purchases Rs. 1,45,000. Adjustments: a. Charge depreciation on machinery @ 10% p.a. b. Travelling expenses include Rs.1200 for 2012-13. c. Repairs due Rs.300. d. Debtors were bad to the extent of Rs.6,000. e. Create a provision for doubtful debts @ 5%. f. Stock on 31st March,2013 stood at Rs.14,200.
19. In which case opening stock will not appear in Trial Balance, instead closing stock appears in Trial Balance?
20. Why income received in advance is also known as unearned income?
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