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    Summer Assignment - Accountancy 2024-25

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    Hariharan Natarajan

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    Summer Assignment - Accountancy 2024-25

    Uploaded by

    Hariharan Natarajan
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    summer assignment -accountancy 2024-25

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    15 views6 pages

    Summer Assignment - Accountancy 2024-25

    Uploaded by

    Hariharan Natarajan

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 6

    DPS MODERN INDIAN SCHOOL, DOHA, QATAR

    HOLIDAY ASSIGNMENT GRADE –XI


    ACCOUNTANCY-(2024-25)
    Date of submission : 01.09.2024
    LEVEL-1
    1. State one function of financial accounting?
    2. As a general rule, any financial or business transaction should be
    recorded in accordance with the accrual concept of accounting.
    a) the period during which profits are computed
    b) at the time of preparing the balance sheet
    c) when money is received or paid in cash
    d) when the transaction takes place
    3. What do profit, income and revenue refer to in accounting
    terminology?
    4. Balancing of account means :
    a) Total of debit side
    b) Total of credit side
    c) Difference in total of debit & credit
    d) None of these
    5. Assertion (A): An old building was refurbished and ₹18,50,000 was
    spent towards it, which increased the life of the building and it was
    charged to the asset account.
    Reasoning (R): Capital expenditure increases the earning capacity of the
    business.
    6. Cash book does not record transaction of :
    (i) Cash nature

    Page 1 of 6
    (ii) Credit nature
    (iii) Cash and credit nature
    (iv) None of these
    7.Sukhbir purchased goods from M/s SJG for ₹1,50,000. 60% of this
    amount was paid in cash and rest on credit. For cash transaction, he
    availed discount 5%. Which of the following statement is incorrect about
    the above transactions.
    a) ₹ 90,000 is paid in cash
    b) For ₹ 60,000 M/s SJG is creditor for Sukhbir.
    c) ₹ 4,500 was discount received
    d) Net purchases is ₹1,50,000.
    8. What is the reason of interest of researchers and investors in financial
    statement of accounting?
    9. If the capital of business ₹1,50,000 ; creditors of ₹ 50,000 and bills
    payable of ₹ 10,000 of a business total asset of the business will be___.
    10. Installation charges paid to a worker for making additions to a
    machinery amounting to ₹ 50,000 were debited to wages account.
    Identify if there is an error and the underlying accounting principle.
    LEVEL-2
    1. When information about two different enterprises has been prepared
    presented in a similar manner, the information exhibits the
    characteristics of ________. Name the qualitative characteristics of
    accounting information denoted by this statement.
    2. Complete the following sentences with Accounting principle/
    Convention -
    (i) According to ______concept even the owner of the business who
    provides capital is treated as a creditor of the business.
    (ii) The management of a firm is remarkably incompetent but the firm’s
    accountants cannot consider this while preparing book of accounts
    because of __________concept.
    (iii) A concept that a business enterprise will not be sold or liquidated in
    the near future is known as _____.

    Page 2 of 6
    (iv) If the firm believes that some of its debtors may default. It should act
    on this by making sure that all possible losses are recorded in the books.
    This is an example of the ……………. Principle.
    3. Rahul the proprietor of M/S RK & Co. purchased an air conditioner
    worth ₹ 75,000 and installed it at office. The office was earlier Rahul’s
    resiedence. The payment was made by issuing a cheque from the account
    of M/s R.K. & Co. The accountant debited the Drawing Account with the
    amount whereas Rahul is of the view that is should be debited to the
    fixed Assets. In your view, who is correct and why?
    4. Give an example for each of the following types of transactions:
    a) Increase in one asset, decrease in another asset.
    b) Increase in asset, increase in liability.
    c) Increase in asset, increase in owner’s capital.
    d) Decrease in asset, decrease in liability.
    e) Decrease in asset, decrease in owner’s capital.
    5. Classify the following accounts under personal, real or nominal
    accounts:
    (i) Commission Paid (ii) Commission Received
    (iii) Commission Accrued (iv) Prepaid Salaries
    (v) Leasehold Property A/c (vi) Discount Allowed
    6. Analyse the following transactions according to Modern Classification
    of Accounts: -
    2020 Amt. in ₹
    Dec.01 Business started with cash ₹ 75,000
    Dec.07 Purchased goods for cash from Heena, Kolkata ₹ 10,000
    Dec.09 Sold goods to Swati of Delhi ₹ 5,000
    Dec.12 Purchased furniture ₹ 3,000
    Dec.18 Cash received from Swati In full settlement₹ 4,000
    Dec.25 Paid rent ₹ 1,000
    Dec.30 Paid salary ₹ 1,500

    Page 3 of 6
    7. Journalise the following transactions in the books of M/s. Calvin& Co.:
    (i) Purchased goods of list price of ₹ 40,000 for ₹ 35,000 for cash.
    (ii) Goods returned of list price ₹ 10,000 purchased from Amrit.
    (iii) Sold goods to Parul of list price of ₹ 40,000 at 10% trade discount
    against cheque payment.
    8. Show the Accounting equation based on the following transactions:
    a. Shyam commenced business in 2021 with cash ₹ 5,00,000; Goods
    ₹80,000; Furniture ₹2,00,000.
    b. Sold goods costing ₹24,000 for cash to Ramesh ₹26,500.
    c. Commission received in advance ₹2,500.
    d. Depreciation on furniture ₹4050.
    e. Deposited in the bank₹ 2,50,000.
    f. Purchased household goods for ₹15,000
    g. Accrued interest ₹250.
    h. Goods destroyed by fire (Cost ₹500, Sale price ₹600)
    i. Withdrew ₹550 for purchasing stationery for office use.
    LEVEL-3
    1. On 1st May 2022 Mr. Girdhar was appointed as marketing manager
    in Selvia Enterprises for a yearly package of 20 lakh rupees. Explain
    whether the transaction shall be recorded in books of accounts.

    2. Mr X commenced business of trading kids garments in 2022 with an


    initial capital of ₹15,00,000 in bank. Out of the said ₹ 15,00,000, he paid ₹
    10,00,000 towards purchase of garments. He further spent ₹ 2,00,000 on
    furnishing the shop and ₹ 35,000 for purchase of computer and printer.
    ₹ 10,000 is yet, to be paid to supplier of computer. He sold goods costing
    ₹ 5,00,000 for ₹ 7,00,000 in cash and goods costing ₹ 2,50,000 for ₹ 3,10,000
    on credit. Looking into the response, he decided to expand his business
    and further invested ₹ 5,00,000.
    You are required to answer the following questions on the basis of the
    above:
    (i) What is the amount of capital invested in the business by Mr. X?
    (ii) What is the amount of purchases?
    Page 4 of 6
    (iii) What is the amount of short term liabilities?
    (iv) What is the amount of debtors?

    3. Mr. Abdul is dealing in air conditioners. Summer of 2022 he sold 20 air


    conditioners costing ₹ 50,000 each for ₹ 40,000. He received ₹ 5, 00,000 in
    cash. What is his revenue?
    4. Prepare an accounting equation of Prisha ltd. when there is a balance
    of cash ₹ 200,000, Machinery ₹ 1,00,000, Stock ₹ 50,000
    a)Sold goods worth ₹ 10,000 at a profit of 20% to Khushi
    b) Rent paid ₹ 1,000 of which ¼ is prepaid
    c) Khushi paid ₹ 9,500 and received ₹ 500 discount
    d) Borrowed loan from bank ₹ 10,000
    5. Journalise the following transactions of M/s Time Zone for 2019`
    Dec. 01 Business started with cash ₹1,20,000
    Dec. 02 Opened a bank account with ICICI ₹4,00,00
    Dec. 12 Goods sold on credit to M/s Lara India ₹25,000
    Dec. 14 Cash received from M/s Lara India ₹10,000
    Dec. 16 Goods returned from Lara India ₹3,000
    Dec. 19 Goods purchased on credit from Taranum ₹ 32,000
    Dec. 20 Cheque received from M/s Lara India for final settlement ₹11,500
    and deposited same day into bank.
    6. Suresh, Kanpur commenced business on 1st January, 2019. His other
    transactions during the month were as follows:

    Pass Journal entries and prepare relevant ledger accounts.


    Prepare Trial Balance as on 31st January, 2019.

    Page 5 of 6
    7.Prepare a double column cash book with the help of following
    information for December 2023:
    2023 (Amount in ₹)
    01 Started business with cash ₹ 1,20,000
    03 Cash paid into bank ₹ 50,000
    05 Purchased goods from Sushmita ₹ 20,000
    06 Sold goods to Dinker and received a cheque ₹ 20,000
    10 Paid to Sushmita cash ₹ 20,000
    14 Cheque received on December 06, 2016 deposited into bank
    18 Sold goods to Rani ₹ 12,000
    20 Cartage paid in cash ₹ 500
    22 Received cash from Rani ₹ 12,000
    27 Commission received ₹ 5,000
    30 Drew cash for personal use 2,000

    Page 6 of 6

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