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Page 1 C B S E C l a s s 1 1 A c c o u n t a n c y T i m e a l l o w e d : 3 h o u r s M a x i m u m M a r k s : 9 0 G e n e r a l I n s t r u c t i o n s : i . T h i s q u e s t i o n p a p e r c o n t a i n s T w o p a r t s A & B . B o t h t h e p a r t s a r e c o m p u l s o r y f o r a l l . i i . A l l p a r t s o f q u e s t i o n s s h o u l d b e a t t e m p t e d a t o n e p l a c e . i i i . P a r t A c o n t a i n s 1 6 Q u e s t i o n s o f w h i c h . Q u e s t i o n 1 t o 4 a r e c a r r y 1 m a r k s e a c h . Q u e s t i o n 5 t o 9 a r e c a r r y 3 m a r k s e a c h . Q u e s t i o n 1 0 a n d 1 3 a r e c a r r y 4 m a r k s e a c h . Q u e s t i o n 1 4 t o 1 5 a r e c a r r y 6 m a r k s e a c h . Q u e s t i o n 1 6 a r e c a r r y 8 m a r k s e a c h . i v . P a r t B 1 7 t o 2 4 q u e s t i o n o f w h i c h . Q u e s t i o n 1 7 a n d 1 8 a r e c a r r y 1 m a r k s e a c h . Q u e s t i o n 1 9 a r e c a r r y 3 m a r k s e a c h . Q u e s t i o n 2 0 a r e c a r r y 4 m a r k s e a c h . Q u e s t i o n 2 1 t o 2 3 a r e c a r r y 6 m a r k s e a c h . Q u e s t i o n 2 4 a r e c a r r y 8 m a r k s e a c h . A l l p a r t s o f a q u e s t i o n s h o u l d b e a t t e m p t e d a t o n e p l a c e . P a r t – A F i n a n c i a l A c c o u n t - I 1 . A c c o u n t i n g i s c o n s i d e r e d a s b a c k b o n e o f t h e b u s i n e s s . H o w w o u l d y o u d e f i n e a c c o u n t i n g i n t h e c o n t e x t o f a n e w l y s t a r t i n g b u s i n e s s ? 2 . W h a t i s m e a n t b y I n v o i c e O R B i l l i n c o n t e x t o f ‘ S o u r c e D o c u m e n t s ’ ? 3 . G i v e t h e m e a n i n g o f R e v e n u e w i t h a n e x a m p l e . 4 . G i v e t w o e x a m p l e s o f F i c t i t i o u s A s s e t s . 5 . S t a t e a n y t h r e e d i f f e r e n c e s b e t w e e n P r o v i s i o n a n d R e s e r v e . 6 . E x p l a i n a n y t h r e e i n t e r n a l u s e r s o f A c c o u n t i n g I n f o r m a t i o n . 7 . R e c t i f y t h e f o l l o w i n g e r r o r s b y p a s s i n g e n t r i e s : i . C r e d i t s a l e o f o l d f u r n i t u r e t o M o h a n f o r 1 , 5 0 0 w a s p o s t e d a s 5 , 1 0 0 . i i . G o o d s p u r c h a s e d f r o m D a v i d R s . 2 , 0 0 0 p a s s e d t h r o u g h s a l e s b o o k . i i i . S a l e s B o o k h a s b e e n t o t a l e d R s . 2 , 0 0 0 s h o r t . 8 . W r i t e a n y t h r e e o b j e c t i v e s o f A c c o u n t i n g S t a n d a r d s ( A S ) . 9 . E x p l a i n C o n s i s t e n c y a s s u m p t i o n a n d R e v e n u e R e c o g n i t i o n p r i n c i p l e o f a c c o u n t i n g . Page 2 C B S E C l a s s 1 1 A c c o u n t a n c y T i m e a l l o w e d : 3 h o u r s M a x i m u m M a r k s : 9 0 G e n e r a l I n s t r u c t i o n s : i . T h i s q u e s t i o n p a p e r c o n t a i n s T w o p a r t s A & B . B o t h t h e p a r t s a r e c o m p u l s o r y f o r a l l . i i . A l l p a r t s o f q u e s t i o n s s h o u l d b e a t t e m p t e d a t o n e p l a c e . i i i . P a r t A c o n t a i n s 1 6 Q u e s t i o n s o f w h i c h . Q u e s t i o n 1 t o 4 a r e c a r r y 1 m a r k s e a c h . Q u e s t i o n 5 t o 9 a r e c a r r y 3 m a r k s e a c h . Q u e s t i o n 1 0 a n d 1 3 a r e c a r r y 4 m a r k s e a c h . Q u e s t i o n 1 4 t o 1 5 a r e c a r r y 6 m a r k s e a c h . Q u e s t i o n 1 6 a r e c a r r y 8 m a r k s e a c h . i v . P a r t B 1 7 t o 2 4 q u e s t i o n o f w h i c h . Q u e s t i o n 1 7 a n d 1 8 a r e c a r r y 1 m a r k s e a c h . Q u e s t i o n 1 9 a r e c a r r y 3 m a r k s e a c h . Q u e s t i o n 2 0 a r e c a r r y 4 m a r k s e a c h . Q u e s t i o n 2 1 t o 2 3 a r e c a r r y 6 m a r k s e a c h . Q u e s t i o n 2 4 a r e c a r r y 8 m a r k s e a c h . A l l p a r t s o f a q u e s t i o n s h o u l d b e a t t e m p t e d a t o n e p l a c e . P a r t – A F i n a n c i a l A c c o u n t - I 1 . A c c o u n t i n g i s c o n s i d e r e d a s b a c k b o n e o f t h e b u s i n e s s . H o w w o u l d y o u d e f i n e a c c o u n t i n g i n t h e c o n t e x t o f a n e w l y s t a r t i n g b u s i n e s s ? 2 . W h a t i s m e a n t b y I n v o i c e O R B i l l i n c o n t e x t o f ‘ S o u r c e D o c u m e n t s ’ ? 3 . G i v e t h e m e a n i n g o f R e v e n u e w i t h a n e x a m p l e . 4 . G i v e t w o e x a m p l e s o f F i c t i t i o u s A s s e t s . 5 . S t a t e a n y t h r e e d i f f e r e n c e s b e t w e e n P r o v i s i o n a n d R e s e r v e . 6 . E x p l a i n a n y t h r e e i n t e r n a l u s e r s o f A c c o u n t i n g I n f o r m a t i o n . 7 . R e c t i f y t h e f o l l o w i n g e r r o r s b y p a s s i n g e n t r i e s : i . C r e d i t s a l e o f o l d f u r n i t u r e t o M o h a n f o r 1 , 5 0 0 w a s p o s t e d a s 5 , 1 0 0 . i i . G o o d s p u r c h a s e d f r o m D a v i d R s . 2 , 0 0 0 p a s s e d t h r o u g h s a l e s b o o k . i i i . S a l e s B o o k h a s b e e n t o t a l e d R s . 2 , 0 0 0 s h o r t . 8 . W r i t e a n y t h r e e o b j e c t i v e s o f A c c o u n t i n g S t a n d a r d s ( A S ) . 9 . E x p l a i n C o n s i s t e n c y a s s u m p t i o n a n d R e v e n u e R e c o g n i t i o n p r i n c i p l e o f a c c o u n t i n g . 1 0 . P r e p a r e C a s h B o o k w i t h B a n k C o l u m n o f V i n o d f r o m t h e f o l l o w i n g t r a n s a c t i o n s : A p r i l 1 C a s h i n h a n d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 , 2 0 0 C a s h a t B a n k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 , 0 0 0 A p r i l l 5 R e c e i v e d a C h e q u e f r o m N a r e s h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 , 0 0 0 A p r i l l 8 C h e q u e r e c e i v e d f r o m N a r e s h e n d o r s e d t o S u r e s h i n f u l l s e t t l e m e n t . 1 , 0 5 0 A p r i l 1 0 P a i d L i f e I n s u r a n c e p r e m i u m o f M r . M o h a n . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 0 A p r i l 1 3 R e c e i v e d a n d b a n k e d a c h e q u e f r o m P a w a n i n f u l l s e t t l e m e n t . . . . . . . . . . . . 7 5 0 A p r i l 1 6 P a w a n ' s C h e q u e r e t u r n e d d i s h o n o u r e d b y b a n k A p r i l 2 0 D e p o s i t e d i n t o B a n k , B a l a n c e o f C a s h i n e x c e s s o f . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 0 1 1 . C o m p l e t e t h e f o l l o w i n g j o u r n a l e n t r i e s o f V i n o d B r o s . D a t e P a r t i c u l a r s L . F . D e b i t C r e d i t ( i ) _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g g o o d s c o s t i n g R s . 2 , 0 0 0 w a s t a k e n b y p r o p r i e t o r f o r p e r s o n a l u s e t h e m a r k e t v a l u e o f t h e s e g o o d s i s R s . 2 , 5 0 0 ) . . . . . . . . . . . . . . . . ( i i ) _ _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g h o u s e h o l d f u r n i t u r e s o l d b y V i n o d f o r R s . 1 4 , 0 0 0 a n d i n t r o d u c e d t h a t m o n e y a s c a p i t a l ) . . . . . . . . . . . . . . . ( i i i ) _ _ _ _ _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g R s . 8 0 0 d u e f r o m G a u r a v a r e b a d d e b t s ) . . . . . . . . . . . . . . . ( i v ) _ _ _ _ _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g g o o d s c o s t i n g R s . 1 , 0 0 0 a n d m a r k e t p r i c e R s . 1 , 2 0 0 w e r e d e s t r o y e d b y f i r e ) . . . . . . . . . . . . . . . . 1 2 . P r e p a r e a B a n k R e c o n c i l i a t i o n S t a t e m e n t o n 3 1 M a y 2 0 1 8 f o r t h e f o l l o w i n g : i . C h e q u e s i s s u e d b e f o r e M a y 3 1 , 2 0 1 8 , a m o u n t i n g t o R s . 2 5 , 9 4 0 h a d n o t b e e n p r e s e n t e d f o r e n c a s h m e n t . i i . T w o c h e q u e s o f R s . 3 , 9 0 0 a n d R s . 2 , 3 5 0 w e r e d e p o s i t e d i n t o t h e b a n k o n M a y 3 1 b u t t h e b a n k g a v e c r e d i t f o r t h e s a m e i n J u n e , 2 0 1 8 . i i i . T h e r e w a s a l s o a d e b i t i n t h e p a s s b o o k o f R s . 2 , 5 0 0 i n r e s p e c t o f a c h e q u e d i s h o n o u r e d Page 3 C B S E C l a s s 1 1 A c c o u n t a n c y T i m e a l l o w e d : 3 h o u r s M a x i m u m M a r k s : 9 0 G e n e r a l I n s t r u c t i o n s : i . T h i s q u e s t i o n p a p e r c o n t a i n s T w o p a r t s A & B . B o t h t h e p a r t s a r e c o m p u l s o r y f o r a l l . i i . A l l p a r t s o f q u e s t i o n s s h o u l d b e a t t e m p t e d a t o n e p l a c e . i i i . P a r t A c o n t a i n s 1 6 Q u e s t i o n s o f w h i c h . Q u e s t i o n 1 t o 4 a r e c a r r y 1 m a r k s e a c h . Q u e s t i o n 5 t o 9 a r e c a r r y 3 m a r k s e a c h . Q u e s t i o n 1 0 a n d 1 3 a r e c a r r y 4 m a r k s e a c h . Q u e s t i o n 1 4 t o 1 5 a r e c a r r y 6 m a r k s e a c h . Q u e s t i o n 1 6 a r e c a r r y 8 m a r k s e a c h . i v . P a r t B 1 7 t o 2 4 q u e s t i o n o f w h i c h . Q u e s t i o n 1 7 a n d 1 8 a r e c a r r y 1 m a r k s e a c h . Q u e s t i o n 1 9 a r e c a r r y 3 m a r k s e a c h . Q u e s t i o n 2 0 a r e c a r r y 4 m a r k s e a c h . Q u e s t i o n 2 1 t o 2 3 a r e c a r r y 6 m a r k s e a c h . Q u e s t i o n 2 4 a r e c a r r y 8 m a r k s e a c h . A l l p a r t s o f a q u e s t i o n s h o u l d b e a t t e m p t e d a t o n e p l a c e . P a r t – A F i n a n c i a l A c c o u n t - I 1 . A c c o u n t i n g i s c o n s i d e r e d a s b a c k b o n e o f t h e b u s i n e s s . H o w w o u l d y o u d e f i n e a c c o u n t i n g i n t h e c o n t e x t o f a n e w l y s t a r t i n g b u s i n e s s ? 2 . W h a t i s m e a n t b y I n v o i c e O R B i l l i n c o n t e x t o f ‘ S o u r c e D o c u m e n t s ’ ? 3 . G i v e t h e m e a n i n g o f R e v e n u e w i t h a n e x a m p l e . 4 . G i v e t w o e x a m p l e s o f F i c t i t i o u s A s s e t s . 5 . S t a t e a n y t h r e e d i f f e r e n c e s b e t w e e n P r o v i s i o n a n d R e s e r v e . 6 . E x p l a i n a n y t h r e e i n t e r n a l u s e r s o f A c c o u n t i n g I n f o r m a t i o n . 7 . R e c t i f y t h e f o l l o w i n g e r r o r s b y p a s s i n g e n t r i e s : i . C r e d i t s a l e o f o l d f u r n i t u r e t o M o h a n f o r 1 , 5 0 0 w a s p o s t e d a s 5 , 1 0 0 . i i . G o o d s p u r c h a s e d f r o m D a v i d R s . 2 , 0 0 0 p a s s e d t h r o u g h s a l e s b o o k . i i i . S a l e s B o o k h a s b e e n t o t a l e d R s . 2 , 0 0 0 s h o r t . 8 . W r i t e a n y t h r e e o b j e c t i v e s o f A c c o u n t i n g S t a n d a r d s ( A S ) . 9 . E x p l a i n C o n s i s t e n c y a s s u m p t i o n a n d R e v e n u e R e c o g n i t i o n p r i n c i p l e o f a c c o u n t i n g . 1 0 . P r e p a r e C a s h B o o k w i t h B a n k C o l u m n o f V i n o d f r o m t h e f o l l o w i n g t r a n s a c t i o n s : A p r i l 1 C a s h i n h a n d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 , 2 0 0 C a s h a t B a n k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 , 0 0 0 A p r i l l 5 R e c e i v e d a C h e q u e f r o m N a r e s h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 , 0 0 0 A p r i l l 8 C h e q u e r e c e i v e d f r o m N a r e s h e n d o r s e d t o S u r e s h i n f u l l s e t t l e m e n t . 1 , 0 5 0 A p r i l 1 0 P a i d L i f e I n s u r a n c e p r e m i u m o f M r . M o h a n . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 0 A p r i l 1 3 R e c e i v e d a n d b a n k e d a c h e q u e f r o m P a w a n i n f u l l s e t t l e m e n t . . . . . . . . . . . . 7 5 0 A p r i l 1 6 P a w a n ' s C h e q u e r e t u r n e d d i s h o n o u r e d b y b a n k A p r i l 2 0 D e p o s i t e d i n t o B a n k , B a l a n c e o f C a s h i n e x c e s s o f . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 0 1 1 . C o m p l e t e t h e f o l l o w i n g j o u r n a l e n t r i e s o f V i n o d B r o s . D a t e P a r t i c u l a r s L . F . D e b i t C r e d i t ( i ) _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g g o o d s c o s t i n g R s . 2 , 0 0 0 w a s t a k e n b y p r o p r i e t o r f o r p e r s o n a l u s e t h e m a r k e t v a l u e o f t h e s e g o o d s i s R s . 2 , 5 0 0 ) . . . . . . . . . . . . . . . . ( i i ) _ _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g h o u s e h o l d f u r n i t u r e s o l d b y V i n o d f o r R s . 1 4 , 0 0 0 a n d i n t r o d u c e d t h a t m o n e y a s c a p i t a l ) . . . . . . . . . . . . . . . ( i i i ) _ _ _ _ _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g R s . 8 0 0 d u e f r o m G a u r a v a r e b a d d e b t s ) . . . . . . . . . . . . . . . ( i v ) _ _ _ _ _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g g o o d s c o s t i n g R s . 1 , 0 0 0 a n d m a r k e t p r i c e R s . 1 , 2 0 0 w e r e d e s t r o y e d b y f i r e ) . . . . . . . . . . . . . . . . 1 2 . P r e p a r e a B a n k R e c o n c i l i a t i o n S t a t e m e n t o n 3 1 M a y 2 0 1 8 f o r t h e f o l l o w i n g : i . C h e q u e s i s s u e d b e f o r e M a y 3 1 , 2 0 1 8 , a m o u n t i n g t o R s . 2 5 , 9 4 0 h a d n o t b e e n p r e s e n t e d f o r e n c a s h m e n t . i i . T w o c h e q u e s o f R s . 3 , 9 0 0 a n d R s . 2 , 3 5 0 w e r e d e p o s i t e d i n t o t h e b a n k o n M a y 3 1 b u t t h e b a n k g a v e c r e d i t f o r t h e s a m e i n J u n e , 2 0 1 8 . i i i . T h e r e w a s a l s o a d e b i t i n t h e p a s s b o o k o f R s . 2 , 5 0 0 i n r e s p e c t o f a c h e q u e d i s h o n o u r e d o n 3 1 . 5 . 2 0 1 8 . P r e p a r e a b a n k r e c o n c i l i a t i o n s t a t e m e n t a s o n M a y 3 1 , 2 0 1 8 . 1 3 . F o l l o w i n g t r a n s a c t i o n s a r e o f M / s . V i n o d K u m a r & S o n s f o r t h e m o n t h o f A p r i l , 2 0 1 8 . P r e p a r e t h e i r P u r c h a s e s B o o k : A p r i l 5 P u r c h a s e o n c r e d i t f r o m M / s . B i r l a M i l l s : 1 0 0 p i e c e s l o n g c l o t h @ R s . 8 0 5 0 p i e c e s s h i r t i n g @ R s . 1 0 0 A p r i l 8 P u r c h a s e d f o r c a s h f r o m M / s . A m b i k a M i l l s : 5 0 p i e c e s m u s l i n @ R s . 1 2 0 A p r i l 1 5 P u r c h a s e d o n c r e d i t f r o m M / s . A r v i n d M i l l s : 2 0 p i e c e s c o a t i n g @ R s . 1 , 0 0 0 1 0 p i e c e s s h i r t i n g @ R s . 9 0 A p r i l 2 0 P u r c h a s e o n c r e d i t f r o m M / s . B h a r a t T y p e w r i t e r s L t d : 5 t y p e w r i t e r s @ R s . 1 , 4 0 0 e a c h 1 4 . O n M a r c h 1 5 , 2 0 1 8 R a m e s h s o l d g o o d s f o r R s . 8 , 0 0 0 t o D e e p a k o n c r e d i t . D e e p a k a c c e p t e d a b i l l o f e x c h a n g e d r a w n u p o n h i m b y R a m e s h p a y a b l e a f t e r t h r e e m o n t h s . O n A p r i l , 1 5 R a m e s h e n d o r s e d t h e b i l l i n f a v o u r o f h i s c r e d i t o r P o o n a m i n f u l l s e t t l e m e n t o f h e r d e b t o f R s . 8 , 2 5 0 . O n M a y 1 5 , P o o n a m d i s c o u n t e d t h e b i l l w i t h h e r b a n k @ 1 2 % p . a . O n t h e d u e d a t e D e e p a k m e t t h e b i l l . R e c o r d t h e n e c e s s a r y j o u r n a l e n t r i e s i n t h e b o o k s o f R a m e s h . 1 5 . M / s V i n o d & S o n s s h o w i n g f o l l o w i n g t r a n s a c t i o n s . P r e p a r e a c c o u n t i n g e q u a t i o n f o r t h e s a m e : i . C o m m e n c e d b u s i n e s s w i t h c a s h … … … … … … … … … … R s . 3 , 0 0 , 0 0 0 . i i . P u r c h a s e d g o o d s f o r c a s h … … … … … … … … … … … … … R s . 8 0 , 0 0 0 . i i i . P u r c h a s e d m a c h i n e r y o n c r e d i t … … … … … … … … … … . . R s . 1 , 2 5 , 0 0 0 . i v . P u r c h a s e d o l d c a r f o r p e r s o n a l u s e f o r … … … … … … . R s . 1 , 0 0 , 0 0 0 . 1 6 . V i n o d L i m i t e d p u r c h a s e d a m a c h i n e r y o f R s . 3 , 0 0 , 0 0 0 o n 1 s t J u l y , 2 0 1 2 a n d R s . 3 , 0 0 , 0 0 0 o n 1 s t N o v e m b e r 2 0 1 2 . C o m p a n y p u r c h a s e d o n e m o r e m a c h i n e r y o n 1 s t J a n u a r y 2 0 1 3 f o r R s . 2 , 0 0 , 0 0 0 . C o m p a n y s o l d o n e m a c h i n e r y f o r R s . 2 , 1 0 , 0 0 0 o n 3 1 s t M a r c h 2 0 1 4 w h i c h w a s p u r c h a s e d o n 1 s t J u l y 2 0 1 2 . C o m p a n y p u r c h a s e d o n s e c o n d h a n d m a c h i n e r y o n t h e s a m e d a y f o r R s . 1 , 0 0 , 0 0 0 . R a t e o f D e p r e c i a t i o n i s 1 0 % b y S t r a i g h t L i n e M e t h o d a n d c l o s e s i t s a c c o u n t s o n 3 1 s t D e c e m b e r e v e r y y e a r . Page 4 C B S E C l a s s 1 1 A c c o u n t a n c y T i m e a l l o w e d : 3 h o u r s M a x i m u m M a r k s : 9 0 G e n e r a l I n s t r u c t i o n s : i . T h i s q u e s t i o n p a p e r c o n t a i n s T w o p a r t s A & B . B o t h t h e p a r t s a r e c o m p u l s o r y f o r a l l . i i . A l l p a r t s o f q u e s t i o n s s h o u l d b e a t t e m p t e d a t o n e p l a c e . i i i . P a r t A c o n t a i n s 1 6 Q u e s t i o n s o f w h i c h . Q u e s t i o n 1 t o 4 a r e c a r r y 1 m a r k s e a c h . Q u e s t i o n 5 t o 9 a r e c a r r y 3 m a r k s e a c h . Q u e s t i o n 1 0 a n d 1 3 a r e c a r r y 4 m a r k s e a c h . Q u e s t i o n 1 4 t o 1 5 a r e c a r r y 6 m a r k s e a c h . Q u e s t i o n 1 6 a r e c a r r y 8 m a r k s e a c h . i v . P a r t B 1 7 t o 2 4 q u e s t i o n o f w h i c h . Q u e s t i o n 1 7 a n d 1 8 a r e c a r r y 1 m a r k s e a c h . Q u e s t i o n 1 9 a r e c a r r y 3 m a r k s e a c h . Q u e s t i o n 2 0 a r e c a r r y 4 m a r k s e a c h . Q u e s t i o n 2 1 t o 2 3 a r e c a r r y 6 m a r k s e a c h . Q u e s t i o n 2 4 a r e c a r r y 8 m a r k s e a c h . A l l p a r t s o f a q u e s t i o n s h o u l d b e a t t e m p t e d a t o n e p l a c e . P a r t – A F i n a n c i a l A c c o u n t - I 1 . A c c o u n t i n g i s c o n s i d e r e d a s b a c k b o n e o f t h e b u s i n e s s . H o w w o u l d y o u d e f i n e a c c o u n t i n g i n t h e c o n t e x t o f a n e w l y s t a r t i n g b u s i n e s s ? 2 . W h a t i s m e a n t b y I n v o i c e O R B i l l i n c o n t e x t o f ‘ S o u r c e D o c u m e n t s ’ ? 3 . G i v e t h e m e a n i n g o f R e v e n u e w i t h a n e x a m p l e . 4 . G i v e t w o e x a m p l e s o f F i c t i t i o u s A s s e t s . 5 . S t a t e a n y t h r e e d i f f e r e n c e s b e t w e e n P r o v i s i o n a n d R e s e r v e . 6 . E x p l a i n a n y t h r e e i n t e r n a l u s e r s o f A c c o u n t i n g I n f o r m a t i o n . 7 . R e c t i f y t h e f o l l o w i n g e r r o r s b y p a s s i n g e n t r i e s : i . C r e d i t s a l e o f o l d f u r n i t u r e t o M o h a n f o r 1 , 5 0 0 w a s p o s t e d a s 5 , 1 0 0 . i i . G o o d s p u r c h a s e d f r o m D a v i d R s . 2 , 0 0 0 p a s s e d t h r o u g h s a l e s b o o k . i i i . S a l e s B o o k h a s b e e n t o t a l e d R s . 2 , 0 0 0 s h o r t . 8 . W r i t e a n y t h r e e o b j e c t i v e s o f A c c o u n t i n g S t a n d a r d s ( A S ) . 9 . E x p l a i n C o n s i s t e n c y a s s u m p t i o n a n d R e v e n u e R e c o g n i t i o n p r i n c i p l e o f a c c o u n t i n g . 1 0 . P r e p a r e C a s h B o o k w i t h B a n k C o l u m n o f V i n o d f r o m t h e f o l l o w i n g t r a n s a c t i o n s : A p r i l 1 C a s h i n h a n d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 , 2 0 0 C a s h a t B a n k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 , 0 0 0 A p r i l l 5 R e c e i v e d a C h e q u e f r o m N a r e s h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 , 0 0 0 A p r i l l 8 C h e q u e r e c e i v e d f r o m N a r e s h e n d o r s e d t o S u r e s h i n f u l l s e t t l e m e n t . 1 , 0 5 0 A p r i l 1 0 P a i d L i f e I n s u r a n c e p r e m i u m o f M r . M o h a n . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 0 A p r i l 1 3 R e c e i v e d a n d b a n k e d a c h e q u e f r o m P a w a n i n f u l l s e t t l e m e n t . . . . . . . . . . . . 7 5 0 A p r i l 1 6 P a w a n ' s C h e q u e r e t u r n e d d i s h o n o u r e d b y b a n k A p r i l 2 0 D e p o s i t e d i n t o B a n k , B a l a n c e o f C a s h i n e x c e s s o f . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 0 1 1 . C o m p l e t e t h e f o l l o w i n g j o u r n a l e n t r i e s o f V i n o d B r o s . D a t e P a r t i c u l a r s L . F . D e b i t C r e d i t ( i ) _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g g o o d s c o s t i n g R s . 2 , 0 0 0 w a s t a k e n b y p r o p r i e t o r f o r p e r s o n a l u s e t h e m a r k e t v a l u e o f t h e s e g o o d s i s R s . 2 , 5 0 0 ) . . . . . . . . . . . . . . . . ( i i ) _ _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g h o u s e h o l d f u r n i t u r e s o l d b y V i n o d f o r R s . 1 4 , 0 0 0 a n d i n t r o d u c e d t h a t m o n e y a s c a p i t a l ) . . . . . . . . . . . . . . . ( i i i ) _ _ _ _ _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g R s . 8 0 0 d u e f r o m G a u r a v a r e b a d d e b t s ) . . . . . . . . . . . . . . . ( i v ) _ _ _ _ _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g g o o d s c o s t i n g R s . 1 , 0 0 0 a n d m a r k e t p r i c e R s . 1 , 2 0 0 w e r e d e s t r o y e d b y f i r e ) . . . . . . . . . . . . . . . . 1 2 . P r e p a r e a B a n k R e c o n c i l i a t i o n S t a t e m e n t o n 3 1 M a y 2 0 1 8 f o r t h e f o l l o w i n g : i . C h e q u e s i s s u e d b e f o r e M a y 3 1 , 2 0 1 8 , a m o u n t i n g t o R s . 2 5 , 9 4 0 h a d n o t b e e n p r e s e n t e d f o r e n c a s h m e n t . i i . T w o c h e q u e s o f R s . 3 , 9 0 0 a n d R s . 2 , 3 5 0 w e r e d e p o s i t e d i n t o t h e b a n k o n M a y 3 1 b u t t h e b a n k g a v e c r e d i t f o r t h e s a m e i n J u n e , 2 0 1 8 . i i i . T h e r e w a s a l s o a d e b i t i n t h e p a s s b o o k o f R s . 2 , 5 0 0 i n r e s p e c t o f a c h e q u e d i s h o n o u r e d o n 3 1 . 5 . 2 0 1 8 . P r e p a r e a b a n k r e c o n c i l i a t i o n s t a t e m e n t a s o n M a y 3 1 , 2 0 1 8 . 1 3 . F o l l o w i n g t r a n s a c t i o n s a r e o f M / s . V i n o d K u m a r & S o n s f o r t h e m o n t h o f A p r i l , 2 0 1 8 . P r e p a r e t h e i r P u r c h a s e s B o o k : A p r i l 5 P u r c h a s e o n c r e d i t f r o m M / s . B i r l a M i l l s : 1 0 0 p i e c e s l o n g c l o t h @ R s . 8 0 5 0 p i e c e s s h i r t i n g @ R s . 1 0 0 A p r i l 8 P u r c h a s e d f o r c a s h f r o m M / s . A m b i k a M i l l s : 5 0 p i e c e s m u s l i n @ R s . 1 2 0 A p r i l 1 5 P u r c h a s e d o n c r e d i t f r o m M / s . A r v i n d M i l l s : 2 0 p i e c e s c o a t i n g @ R s . 1 , 0 0 0 1 0 p i e c e s s h i r t i n g @ R s . 9 0 A p r i l 2 0 P u r c h a s e o n c r e d i t f r o m M / s . B h a r a t T y p e w r i t e r s L t d : 5 t y p e w r i t e r s @ R s . 1 , 4 0 0 e a c h 1 4 . O n M a r c h 1 5 , 2 0 1 8 R a m e s h s o l d g o o d s f o r R s . 8 , 0 0 0 t o D e e p a k o n c r e d i t . D e e p a k a c c e p t e d a b i l l o f e x c h a n g e d r a w n u p o n h i m b y R a m e s h p a y a b l e a f t e r t h r e e m o n t h s . O n A p r i l , 1 5 R a m e s h e n d o r s e d t h e b i l l i n f a v o u r o f h i s c r e d i t o r P o o n a m i n f u l l s e t t l e m e n t o f h e r d e b t o f R s . 8 , 2 5 0 . O n M a y 1 5 , P o o n a m d i s c o u n t e d t h e b i l l w i t h h e r b a n k @ 1 2 % p . a . O n t h e d u e d a t e D e e p a k m e t t h e b i l l . R e c o r d t h e n e c e s s a r y j o u r n a l e n t r i e s i n t h e b o o k s o f R a m e s h . 1 5 . M / s V i n o d & S o n s s h o w i n g f o l l o w i n g t r a n s a c t i o n s . P r e p a r e a c c o u n t i n g e q u a t i o n f o r t h e s a m e : i . C o m m e n c e d b u s i n e s s w i t h c a s h … … … … … … … … … … R s . 3 , 0 0 , 0 0 0 . i i . P u r c h a s e d g o o d s f o r c a s h … … … … … … … … … … … … … R s . 8 0 , 0 0 0 . i i i . P u r c h a s e d m a c h i n e r y o n c r e d i t … … … … … … … … … … . . R s . 1 , 2 5 , 0 0 0 . i v . P u r c h a s e d o l d c a r f o r p e r s o n a l u s e f o r … … … … … … . R s . 1 , 0 0 , 0 0 0 . 1 6 . V i n o d L i m i t e d p u r c h a s e d a m a c h i n e r y o f R s . 3 , 0 0 , 0 0 0 o n 1 s t J u l y , 2 0 1 2 a n d R s . 3 , 0 0 , 0 0 0 o n 1 s t N o v e m b e r 2 0 1 2 . C o m p a n y p u r c h a s e d o n e m o r e m a c h i n e r y o n 1 s t J a n u a r y 2 0 1 3 f o r R s . 2 , 0 0 , 0 0 0 . C o m p a n y s o l d o n e m a c h i n e r y f o r R s . 2 , 1 0 , 0 0 0 o n 3 1 s t M a r c h 2 0 1 4 w h i c h w a s p u r c h a s e d o n 1 s t J u l y 2 0 1 2 . C o m p a n y p u r c h a s e d o n s e c o n d h a n d m a c h i n e r y o n t h e s a m e d a y f o r R s . 1 , 0 0 , 0 0 0 . R a t e o f D e p r e c i a t i o n i s 1 0 % b y S t r a i g h t L i n e M e t h o d a n d c l o s e s i t s a c c o u n t s o n 3 1 s t D e c e m b e r e v e r y y e a r . P r e p a r e M a c h i n e r y A / c , M a c h i n e r y D i s p o s a l A / c a n d P r o v i s i o n f o r D e p r e c i a t i o n A / c . O R O n 1 s t J a n u a r y , 2 0 0 5 , V K L t d . P u r c h a s e d m a c h i n e r y f o r R s . 2 , 4 0 , 0 0 0 a n d o n 3 0 t h J u n e 2 0 0 6 , i t a c q u i r e d a d d i t i o n a l m a c h i n e r y a t a c o s t o f R s . 4 0 , 0 0 0 . O n 3 1 s t M a r c h , 2 0 0 7 , o n e o f t h e o r i g i n a l m a c h i n e ( p u r c h a s e d o n 1 s t J a n u a r y , 2 0 0 5 ) w h i c h h a d c o s t o f R s . 1 0 , 0 0 0 w a s f o u n d t o h a v e b e c o m e o b s o l e t e a n d w a s s o l d a s s c r a p f o r R s . 1 , 0 0 0 . I t w a s r e p l a c e d o n t h a t d a t e b y a n e w m a c h i n e c o s t i n g R s . 1 6 , 0 0 0 . D e p r e c i a t i o n i s t o b e p r o v i d e d @ 1 5 % p . a . o n t h e w r i t t e n d o w n v a l u e . S h o w m a c h i n e r y a c c o u n t b y f o l l o w i n g c a l e n d a r y e a r . P a r t – B F i n a n c i a l A c c o u n t - I I 1 7 . W h a t i s a C o n t i n g e n t L i a b i l i t y ? H o w i s i t s h o w n i n F i n a l A c c o u n t s ? 1 8 . W h a t i s m e a n t b y a ‘ S t a t e m e n t o f A f f a i r s ” ? 1 9 . F r o m t h e f o l l o w i n g i n f o r m a t i o n , f i n d o u t p r o f i t : 1 . C a p i t a l a t t h e e n d o f t h e y e a r … … … … … … . . R s . 5 , 0 0 , 0 0 0 2 . C a p i t a l i n t h e b e g i n n i n g o f t h e y e a r … … … … R s . 7 , 5 0 , 0 0 0 3 . D r a w i n g s m a d e d u r i n g t h e p e r i o d … … … … . . R s . 3 , 7 5 , 0 0 0 4 . A d d i t i o n a l c a p i t a l i n t r o d u c e d … … … … … … . . R s . 5 0 , 0 0 0 2 0 . W h a t a r e t h e m a i n d i s a d v a n t a g e s o f c o m p u t e r i z e d a c c o u n t i n g ? 2 1 . T h e c a p i t a l o f M r . V i n o d K u m a r o n 1 s t A p r i l 2 0 0 2 w a s R s . 5 0 , 0 0 0 a n d 3 1 s t M a r c h w a s R s . 4 8 , 0 0 0 . H e h a s i n f o r m e d y o u t h a t h e w i t h d r e w f r o m t h e b u s i n e s s R s . 8 0 0 p e r m o n t h f o r h i s p r i v a t e u s e . H e p a i d R s . 2 , 0 0 0 f o r h i s i n c o m e t a x a n d t h e i n s t a l m e n t o f t h e l o a n o f h i s p e r s o n a l h o u s e a t t h e r a t e o f R s . 1 , 5 0 0 p e r m o n t h f r o m t h e b u s i n e s s . H e h a d a l s o s o l d h i s s h a r e s o f X L t d . C o s t i n g R s . 1 0 , 0 0 0 a t a p r o f i t o f 2 0 % a n d i n v e s t e d h a l f o f t h i s a m o u n t i n t h e b u s i n e s s . C a l c u l a t e p r o f i t / l o s s o f t h e b u s i n e s s . 2 2 . F o l l o w i n g i s t h e e x t r a c t f r o m a T r i a l B a l a n c e : P a r t i c u l a r s A m o u n t ( D r . ) A m o u n t ( C r . ) D e b t o r s B a d D e b t s 8 4 , 0 0 0 2 , 0 0 0 - - - - A d j u s t m e n t s : i . W r i t e o f f R s . 4 , 0 0 0 a s f u r t h e r b a d d e b t s . Page 5 C B S E C l a s s 1 1 A c c o u n t a n c y T i m e a l l o w e d : 3 h o u r s M a x i m u m M a r k s : 9 0 G e n e r a l I n s t r u c t i o n s : i . T h i s q u e s t i o n p a p e r c o n t a i n s T w o p a r t s A & B . B o t h t h e p a r t s a r e c o m p u l s o r y f o r a l l . i i . A l l p a r t s o f q u e s t i o n s s h o u l d b e a t t e m p t e d a t o n e p l a c e . i i i . P a r t A c o n t a i n s 1 6 Q u e s t i o n s o f w h i c h . Q u e s t i o n 1 t o 4 a r e c a r r y 1 m a r k s e a c h . Q u e s t i o n 5 t o 9 a r e c a r r y 3 m a r k s e a c h . Q u e s t i o n 1 0 a n d 1 3 a r e c a r r y 4 m a r k s e a c h . Q u e s t i o n 1 4 t o 1 5 a r e c a r r y 6 m a r k s e a c h . Q u e s t i o n 1 6 a r e c a r r y 8 m a r k s e a c h . i v . P a r t B 1 7 t o 2 4 q u e s t i o n o f w h i c h . Q u e s t i o n 1 7 a n d 1 8 a r e c a r r y 1 m a r k s e a c h . Q u e s t i o n 1 9 a r e c a r r y 3 m a r k s e a c h . Q u e s t i o n 2 0 a r e c a r r y 4 m a r k s e a c h . Q u e s t i o n 2 1 t o 2 3 a r e c a r r y 6 m a r k s e a c h . Q u e s t i o n 2 4 a r e c a r r y 8 m a r k s e a c h . A l l p a r t s o f a q u e s t i o n s h o u l d b e a t t e m p t e d a t o n e p l a c e . P a r t – A F i n a n c i a l A c c o u n t - I 1 . A c c o u n t i n g i s c o n s i d e r e d a s b a c k b o n e o f t h e b u s i n e s s . H o w w o u l d y o u d e f i n e a c c o u n t i n g i n t h e c o n t e x t o f a n e w l y s t a r t i n g b u s i n e s s ? 2 . W h a t i s m e a n t b y I n v o i c e O R B i l l i n c o n t e x t o f ‘ S o u r c e D o c u m e n t s ’ ? 3 . G i v e t h e m e a n i n g o f R e v e n u e w i t h a n e x a m p l e . 4 . G i v e t w o e x a m p l e s o f F i c t i t i o u s A s s e t s . 5 . S t a t e a n y t h r e e d i f f e r e n c e s b e t w e e n P r o v i s i o n a n d R e s e r v e . 6 . E x p l a i n a n y t h r e e i n t e r n a l u s e r s o f A c c o u n t i n g I n f o r m a t i o n . 7 . R e c t i f y t h e f o l l o w i n g e r r o r s b y p a s s i n g e n t r i e s : i . C r e d i t s a l e o f o l d f u r n i t u r e t o M o h a n f o r 1 , 5 0 0 w a s p o s t e d a s 5 , 1 0 0 . i i . G o o d s p u r c h a s e d f r o m D a v i d R s . 2 , 0 0 0 p a s s e d t h r o u g h s a l e s b o o k . i i i . S a l e s B o o k h a s b e e n t o t a l e d R s . 2 , 0 0 0 s h o r t . 8 . W r i t e a n y t h r e e o b j e c t i v e s o f A c c o u n t i n g S t a n d a r d s ( A S ) . 9 . E x p l a i n C o n s i s t e n c y a s s u m p t i o n a n d R e v e n u e R e c o g n i t i o n p r i n c i p l e o f a c c o u n t i n g . 1 0 . P r e p a r e C a s h B o o k w i t h B a n k C o l u m n o f V i n o d f r o m t h e f o l l o w i n g t r a n s a c t i o n s : A p r i l 1 C a s h i n h a n d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 , 2 0 0 C a s h a t B a n k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 , 0 0 0 A p r i l l 5 R e c e i v e d a C h e q u e f r o m N a r e s h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 , 0 0 0 A p r i l l 8 C h e q u e r e c e i v e d f r o m N a r e s h e n d o r s e d t o S u r e s h i n f u l l s e t t l e m e n t . 1 , 0 5 0 A p r i l 1 0 P a i d L i f e I n s u r a n c e p r e m i u m o f M r . M o h a n . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 0 A p r i l 1 3 R e c e i v e d a n d b a n k e d a c h e q u e f r o m P a w a n i n f u l l s e t t l e m e n t . . . . . . . . . . . . 7 5 0 A p r i l 1 6 P a w a n ' s C h e q u e r e t u r n e d d i s h o n o u r e d b y b a n k A p r i l 2 0 D e p o s i t e d i n t o B a n k , B a l a n c e o f C a s h i n e x c e s s o f . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 0 1 1 . C o m p l e t e t h e f o l l o w i n g j o u r n a l e n t r i e s o f V i n o d B r o s . D a t e P a r t i c u l a r s L . F . D e b i t C r e d i t ( i ) _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g g o o d s c o s t i n g R s . 2 , 0 0 0 w a s t a k e n b y p r o p r i e t o r f o r p e r s o n a l u s e t h e m a r k e t v a l u e o f t h e s e g o o d s i s R s . 2 , 5 0 0 ) . . . . . . . . . . . . . . . . ( i i ) _ _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g h o u s e h o l d f u r n i t u r e s o l d b y V i n o d f o r R s . 1 4 , 0 0 0 a n d i n t r o d u c e d t h a t m o n e y a s c a p i t a l ) . . . . . . . . . . . . . . . ( i i i ) _ _ _ _ _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g R s . 8 0 0 d u e f r o m G a u r a v a r e b a d d e b t s ) . . . . . . . . . . . . . . . ( i v ) _ _ _ _ _ _ _ _ _ _ _ _ A / c D r . T o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( B e i n g g o o d s c o s t i n g R s . 1 , 0 0 0 a n d m a r k e t p r i c e R s . 1 , 2 0 0 w e r e d e s t r o y e d b y f i r e ) . . . . . . . . . . . . . . . . 1 2 . P r e p a r e a B a n k R e c o n c i l i a t i o n S t a t e m e n t o n 3 1 M a y 2 0 1 8 f o r t h e f o l l o w i n g : i . C h e q u e s i s s u e d b e f o r e M a y 3 1 , 2 0 1 8 , a m o u n t i n g t o R s . 2 5 , 9 4 0 h a d n o t b e e n p r e s e n t e d f o r e n c a s h m e n t . i i . T w o c h e q u e s o f R s . 3 , 9 0 0 a n d R s . 2 , 3 5 0 w e r e d e p o s i t e d i n t o t h e b a n k o n M a y 3 1 b u t t h e b a n k g a v e c r e d i t f o r t h e s a m e i n J u n e , 2 0 1 8 . i i i . T h e r e w a s a l s o a d e b i t i n t h e p a s s b o o k o f R s . 2 , 5 0 0 i n r e s p e c t o f a c h e q u e d i s h o n o u r e d o n 3 1 . 5 . 2 0 1 8 . P r e p a r e a b a n k r e c o n c i l i a t i o n s t a t e m e n t a s o n M a y 3 1 , 2 0 1 8 . 1 3 . F o l l o w i n g t r a n s a c t i o n s a r e o f M / s . V i n o d K u m a r & S o n s f o r t h e m o n t h o f A p r i l , 2 0 1 8 . P r e p a r e t h e i r P u r c h a s e s B o o k : A p r i l 5 P u r c h a s e o n c r e d i t f r o m M / s . B i r l a M i l l s : 1 0 0 p i e c e s l o n g c l o t h @ R s . 8 0 5 0 p i e c e s s h i r t i n g @ R s . 1 0 0 A p r i l 8 P u r c h a s e d f o r c a s h f r o m M / s . A m b i k a M i l l s : 5 0 p i e c e s m u s l i n @ R s . 1 2 0 A p r i l 1 5 P u r c h a s e d o n c r e d i t f r o m M / s . A r v i n d M i l l s : 2 0 p i e c e s c o a t i n g @ R s . 1 , 0 0 0 1 0 p i e c e s s h i r t i n g @ R s . 9 0 A p r i l 2 0 P u r c h a s e o n c r e d i t f r o m M / s . B h a r a t T y p e w r i t e r s L t d : 5 t y p e w r i t e r s @ R s . 1 , 4 0 0 e a c h 1 4 . O n M a r c h 1 5 , 2 0 1 8 R a m e s h s o l d g o o d s f o r R s . 8 , 0 0 0 t o D e e p a k o n c r e d i t . D e e p a k a c c e p t e d a b i l l o f e x c h a n g e d r a w n u p o n h i m b y R a m e s h p a y a b l e a f t e r t h r e e m o n t h s . O n A p r i l , 1 5 R a m e s h e n d o r s e d t h e b i l l i n f a v o u r o f h i s c r e d i t o r P o o n a m i n f u l l s e t t l e m e n t o f h e r d e b t o f R s . 8 , 2 5 0 . O n M a y 1 5 , P o o n a m d i s c o u n t e d t h e b i l l w i t h h e r b a n k @ 1 2 % p . a . O n t h e d u e d a t e D e e p a k m e t t h e b i l l . R e c o r d t h e n e c e s s a r y j o u r n a l e n t r i e s i n t h e b o o k s o f R a m e s h . 1 5 . M / s V i n o d & S o n s s h o w i n g f o l l o w i n g t r a n s a c t i o n s . P r e p a r e a c c o u n t i n g e q u a t i o n f o r t h e s a m e : i . C o m m e n c e d b u s i n e s s w i t h c a s h … … … … … … … … … … R s . 3 , 0 0 , 0 0 0 . i i . P u r c h a s e d g o o d s f o r c a s h … … … … … … … … … … … … … R s . 8 0 , 0 0 0 . i i i . P u r c h a s e d m a c h i n e r y o n c r e d i t … … … … … … … … … … . . R s . 1 , 2 5 , 0 0 0 . i v . P u r c h a s e d o l d c a r f o r p e r s o n a l u s e f o r … … … … … … . R s . 1 , 0 0 , 0 0 0 . 1 6 . V i n o d L i m i t e d p u r c h a s e d a m a c h i n e r y o f R s . 3 , 0 0 , 0 0 0 o n 1 s t J u l y , 2 0 1 2 a n d R s . 3 , 0 0 , 0 0 0 o n 1 s t N o v e m b e r 2 0 1 2 . C o m p a n y p u r c h a s e d o n e m o r e m a c h i n e r y o n 1 s t J a n u a r y 2 0 1 3 f o r R s . 2 , 0 0 , 0 0 0 . C o m p a n y s o l d o n e m a c h i n e r y f o r R s . 2 , 1 0 , 0 0 0 o n 3 1 s t M a r c h 2 0 1 4 w h i c h w a s p u r c h a s e d o n 1 s t J u l y 2 0 1 2 . C o m p a n y p u r c h a s e d o n s e c o n d h a n d m a c h i n e r y o n t h e s a m e d a y f o r R s . 1 , 0 0 , 0 0 0 . R a t e o f D e p r e c i a t i o n i s 1 0 % b y S t r a i g h t L i n e M e t h o d a n d c l o s e s i t s a c c o u n t s o n 3 1 s t D e c e m b e r e v e r y y e a r . P r e p a r e M a c h i n e r y A / c , M a c h i n e r y D i s p o s a l A / c a n d P r o v i s i o n f o r D e p r e c i a t i o n A / c . O R O n 1 s t J a n u a r y , 2 0 0 5 , V K L t d . P u r c h a s e d m a c h i n e r y f o r R s . 2 , 4 0 , 0 0 0 a n d o n 3 0 t h J u n e 2 0 0 6 , i t a c q u i r e d a d d i t i o n a l m a c h i n e r y a t a c o s t o f R s . 4 0 , 0 0 0 . O n 3 1 s t M a r c h , 2 0 0 7 , o n e o f t h e o r i g i n a l m a c h i n e ( p u r c h a s e d o n 1 s t J a n u a r y , 2 0 0 5 ) w h i c h h a d c o s t o f R s . 1 0 , 0 0 0 w a s f o u n d t o h a v e b e c o m e o b s o l e t e a n d w a s s o l d a s s c r a p f o r R s . 1 , 0 0 0 . I t w a s r e p l a c e d o n t h a t d a t e b y a n e w m a c h i n e c o s t i n g R s . 1 6 , 0 0 0 . D e p r e c i a t i o n i s t o b e p r o v i d e d @ 1 5 % p . a . o n t h e w r i t t e n d o w n v a l u e . S h o w m a c h i n e r y a c c o u n t b y f o l l o w i n g c a l e n d a r y e a r . P a r t – B F i n a n c i a l A c c o u n t - I I 1 7 . W h a t i s a C o n t i n g e n t L i a b i l i t y ? H o w i s i t s h o w n i n F i n a l A c c o u n t s ? 1 8 . W h a t i s m e a n t b y a ‘ S t a t e m e n t o f A f f a i r s ” ? 1 9 . F r o m t h e f o l l o w i n g i n f o r m a t i o n , f i n d o u t p r o f i t : 1 . C a p i t a l a t t h e e n d o f t h e y e a r … … … … … … . . R s . 5 , 0 0 , 0 0 0 2 . C a p i t a l i n t h e b e g i n n i n g o f t h e y e a r … … … … R s . 7 , 5 0 , 0 0 0 3 . D r a w i n g s m a d e d u r i n g t h e p e r i o d … … … … . . R s . 3 , 7 5 , 0 0 0 4 . A d d i t i o n a l c a p i t a l i n t r o d u c e d … … … … … … . . R s . 5 0 , 0 0 0 2 0 . W h a t a r e t h e m a i n d i s a d v a n t a g e s o f c o m p u t e r i z e d a c c o u n t i n g ? 2 1 . T h e c a p i t a l o f M r . V i n o d K u m a r o n 1 s t A p r i l 2 0 0 2 w a s R s . 5 0 , 0 0 0 a n d 3 1 s t M a r c h w a s R s . 4 8 , 0 0 0 . H e h a s i n f o r m e d y o u t h a t h e w i t h d r e w f r o m t h e b u s i n e s s R s . 8 0 0 p e r m o n t h f o r h i s p r i v a t e u s e . H e p a i d R s . 2 , 0 0 0 f o r h i s i n c o m e t a x a n d t h e i n s t a l m e n t o f t h e l o a n o f h i s p e r s o n a l h o u s e a t t h e r a t e o f R s . 1 , 5 0 0 p e r m o n t h f r o m t h e b u s i n e s s . H e h a d a l s o s o l d h i s s h a r e s o f X L t d . C o s t i n g R s . 1 0 , 0 0 0 a t a p r o f i t o f 2 0 % a n d i n v e s t e d h a l f o f t h i s a m o u n t i n t h e b u s i n e s s . C a l c u l a t e p r o f i t / l o s s o f t h e b u s i n e s s . 2 2 . F o l l o w i n g i s t h e e x t r a c t f r o m a T r i a l B a l a n c e : P a r t i c u l a r s A m o u n t ( D r . ) A m o u n t ( C r . ) D e b t o r s B a d D e b t s 8 4 , 0 0 0 2 , 0 0 0 - - - - A d j u s t m e n t s : i . W r i t e o f f R s . 4 , 0 0 0 a s f u r t h e r b a d d e b t s . i i . C r e a t e a p r o v i s i o n f o r d o u b t f u l d e b t s a t 5 % o n S u n d r y D e b t o r s . S h o w t h e t r e a t m e n t o f a b o v e i t e m s i n f i n a l a c c o u n t s . 2 3 . E x p l a i n R e a d y m a d e a n d C u s t o m i z e d s o f t w a r e w i t h t h e i r a d v a n t a g e s & l i m i t a t i o n s . 2 4 . F r o m t h e f o l l o w i n g T r i a l B a l a n c e o f M / s . V i n o d a n d S o n s a s o n 3 1 s t M a r c h . 2 0 0 2 , p r e p a r e T r a d i n g a n d P r o f i t & L o s s A c c o u n t a n d B a l a n c e S h e e t . P a r t i c u l a r s A m o u n t P a r t i c u l a r s A m o u n t C a p i t a l 5 0 B a n k o v e r d r a f t 2 , 8 5 0 B a n k B a l a n c e 6 0 0 C r e d i t o r s 2 , 5 0 0 D e b t o r s 3 , 8 0 0 C a p i t a l 1 2 , 5 0 0 B a d d e b t s 1 2 5 P r o v i s i o n f o r b a d d e b t s 2 0 0 S t o c k ( o p e n i n g ) 3 , 4 6 0 S a l e s 1 5 , 4 5 0 P u r c h a s e s 5 , 4 7 5 P u r c h a s e r e t u r n 1 2 5 S a l e s r e t u r n 2 0 0 C o m m i s s i o n 3 7 5 F u r n i t u r e & f i t t i n g s 6 4 0 M o t o r v e h i c l e s 6 , 2 5 0 B u i l d i n g s 7 , 5 0 0 A d v e r t i s e m e n t 4 5 0 I n t e r e s t o n b a n k o v e r d r a f t 1 1 8 T a x e s & i n s u r a n c e 1 , 2 5 0 G e n e r a l e x p e n s e s 7 8 2 S a l a r i e s 3 , 3 0 0 A d j u s t m e n t s : i . S t o c k i n h a n d o n 3 1 - 3 - 2 0 0 2 R s . 5 , 7 5 0 . i i . D e p r e c i a t e b u i l d i n g @ 5 % , f u r n i t u r e a n d f i t t i n g s @ 1 0 % a n d m o t o r v e h i c l e s @ 2 0 % . i i i . R s . 8 5 i s d u e f o r i n t e r e s t o n b a n k o v e r d r a f t . i v . S a l a r i e s R s . 3 0 0 a n d t a x e s R s . 1 2 0 a r e o u t s t a n d i n g . v . O n e t h i r d o f t h e c o m m i s s i o n r e c e i v e d i s i n r e s p e c t o f w o r k t o b e d o n e n e x t y e a r . v i . W r i t e o f f a f u r t h e r s u m o f R s . 1 0 0 a s b a d d e b t s a n d p r o v i s i o n f o r b a d d e b t s i s t o b eRead More
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FAQs on Question Paper 2019 (Set 1) - Additional Study Material for Commerce
| 1. What are the key subjects covered in the Commerce exam? |  |
Ans. The key subjects covered in the Commerce exam include Accounting, Economics, Business Studies, Mathematics, and English.
| 2. How can I prepare for the Commerce exam effectively? | |
Ans. To prepare for the Commerce exam effectively, it is recommended to create a study schedule, review the syllabus thoroughly, practice solving previous years' question papers, seek guidance from teachers or tutors, and utilize online resources and study materials.
| 3. Are there any specific tips for scoring well in the Commerce exam? | |
Ans. Yes, to score well in the Commerce exam, it is important to understand the concepts and theories thoroughly, practice numerical problems regularly, improve time management skills, focus on presentation skills in subjects like Accounting, and revise the topics multiple times.
| 4. Can I pursue higher studies in fields other than Commerce after appearing for the Commerce exam? | |
Ans. Yes, after appearing for the Commerce exam, students can pursue higher studies in various fields such as Management, Economics, Finance, Law, and even subjects like Psychology, Sociology, or Mass Communication, depending on their interests and career goals.
| 5. How can Commerce students enhance their practical knowledge in the subject? | |
Ans. Commerce students can enhance their practical knowledge by participating in internships, joining business clubs or societies, attending workshops or seminars, subscribing to financial magazines or publications, and staying updated with the latest trends and developments in the business world. Additionally, seeking practical exposure through part-time jobs or volunteering can also be beneficial.
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Additional Information about Question Paper 2019 (Set 1) for Commerce Preparation
Question Paper 2019 (Set 1) Free PDF Download
The Question Paper 2019 (Set 1) is an invaluable resource that delves deep into the core of the Commerce exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
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Importance of Question Paper 2019 (Set 1)
The importance of Question Paper 2019 (Set 1) cannot be overstated, especially for Commerce aspirants.
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By knowing the concepts well in advance, students can plan their preparation effectively.
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Question Paper 2019 (Set 1) Notes
Question Paper 2019 (Set 1) Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Question Paper 2019 (Set 1).
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
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Question Paper 2019 (Set 1) Commerce Questions
The "Question Paper 2019 (Set 1) Commerce Questions" guide is a valuable resource for all aspiring students preparing for the
Commerce exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Question Paper 2019 (Set 1) on the App
Students of Commerce can study Question Paper 2019 (Set 1) alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Question Paper 2019 (Set 1),
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Question Paper 2019 (Set 1) is prepared as per the latest Commerce syllabus.
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