MONTESSORI CAMBRIDGE SCHOOL PATHANKOT
ACCOUNTANCY UNIT TEST
Time:40minutes CLASS – XI (SET B) MM:20
1. Give the Journal entries for the following: 4
(i) Gross Profit of Rs. 32,000 from Trading Account to Profit and Loss Account.
(ii) Net Profit of Rs. 14,500 to Capital Account of Sri Sankar Saha.
(iii) Sri Sankar Saha draws Rs. 10,000 from his Capital Account.
(iv) Closing Stock at the end of the year Rs. 10,000
2. Compute Operating Profit and Net Profit from the following information: 4
Particular Amount Particular Amount
Gross Profit 1,50,000 Bad Debts 800
Salaries 35,000 Trade Expenses 2,400
Miscellaneous Expenses 4,000 Export Duty 1,200
Donations 10,000 Profit on Sale of 800
Carriage Outward 2,500 Furniture 520
Depreciation 5,000 Bad Debts Recovered 8,000
Repairs 3,700 Rent Received 6,000
Interest on Loan
3. Trial Balance of Madan did not agree and he put the difference to Suspense Account. He
discovered the following errors:
6
a) Sales Returns book overcast by Rs.800.
b) Purchases returns to Sahu Rs.2,000 were not posted to his account.
c) Goods purchased on credit from Narula Rs.4,000 though taken into stock, but no entry was passed in
the books.
d) Installation charges on new machinery purchased Rs.500 were debited to sundry expenses account as
Rs.50.
e) Rent paid for residential accommodation of Madan (the proprietor) Rs.1,400 was debited to Rent A/c
as Rs.1,000.
Rectify the errors and prepare Suspense Account to ascertain the difference in Trial Balance.
4. From the following Trial Balance of Sh. Parveen Kumar, prepare Trading and Profit & Loss
Account for the year ending 31st March, 2019 and a Balance Sheet as at that date:
6
Dr. Balances Rs. Cr. Balances Rs.
Stock at Commencement 40,000 Sales 5,10,000
Purchases 3,20,000 Loan from Mr. Naresh @ 15% p.a. 40,000
Returns Inward 7,000 Returns Outwards 8,000
Sundry Debtors 80,000 Bank 24,200
Cash 9,400 Provision for Doubtful Debts 2,500
Manufacturing 44,000
Discount 1,800
Expenses
Trade Expenses 7,200 Rent of Premises sublet, for the year to 30th
Sep., 2019 4,000
Carriage 3,500 Capital 1,20,000
Salaries and Wages 15,800 Sundry Creditors 47,000
Postage 1,500
Stationery 800
Freight Inwards 4,300
Land and Building 2,00,000
Patents 8,000
Furniture 10,000
Insurance Premium 6,000
7,57,500 7,57,500
Informations:-
a) Closing Stock was valued at Rs. 60,000. You are informed that goods valued Rs.12,000 were sold and
dispatched on 29th March, 2019, but no entry was passed to this effect.
b) Insurance Premium include Rs.1,200 paid on 1st October, 2018 to run for one year from Oct. 1, 2018
to Sept. 30, 2019.
c) Loan from Mr. Naresh was taken on 1st July, 2018. Interest has not been paid so far.
d) Create provision for Doubtful Debts at 5% on Sundry Debtors after writing off Rs.600 as Bad-debts
during the year.
e) A bill of Rs. 3,200 for advertisement in newspaper remained unpaid at the end of the year.
f) Purchases include Furniture costing Rs. 5,000 purchased on 1st April, 2018.
g) Charge 10% p.a. depreciation on Furniture and write off 15th15thof patents.
