THIRD UNIT TEST 2012-13 CLASS11 SUBJECT-ACCOUNTS

Q1 Explain the following with suitable examples. i) Prepaid expenses iv) Unearned income Q2 ii) outstanding expenses iii) Accrued income

TIME ALLOWED 90MIN MAXIMUM MARKS 40

10

Calculate profit firm the information given below.

Capital on 1 Jan. 2011 Rs 50000, Capital on 31 dec. 2011 Rs. 78000, Drawings during year Rs. 12000, Income tax paid Rs. 3000, Additional Capital Rs.13000. Q3 From the following trial balance as on 31 Dec. 2010, you are required to prepare trading A/c and profit and loss A/c and the Balance Sheet. 15 Dr. 15,800 22,800 21,200 2,000 1,16,500 12,000 46,200 10,000 2,000 10,300 2,000 6,000 1,000 600 1,60,000 Cr.

Name of Accounts Stock on 1 jan. 2010 Debtors & Creditors Commission Purchases & Sales Wages Capital Loan Travelling expenses Salaries Insurance Rent Trade Expenses Rent Outstanding

Interest on loan Fixed Assets Cash at Bank Total

600 40,000 11,000 2,40,000 2,40,000

Adjustments 1. Closing stock 2. Wages outstanding 3. Depreciate fixed Assets by Q4 50,000 1,200 @10%

Calculate managers commission if net profit before charging commission is 1,10, 000 and his commission is @10% of net profit after charging such commission. 4 Find out the credit Sales and the net Sales from the following informations. 18,400 22,100 81,000 2,000 10,000 1,500 10,000 1,000 1,000 7

Q5

Balances of debtors on 1/1/2010 Balances of debtors on 31/12/2010 Cash received from debtors Sales returns Cash sales Discount allowed B/R received from debtors Bad debts B/R Discounted