Accounting - I
Accounting - I
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Grade 11 (National) Accounting I contd.....from page 2
● Use the following information to answer questions 10 and 11.
The cash control account balance of Bimal showed a debit balance of Rs 10 000 on
31/3/2018. On that date the balance in the bank statement did not agree with the cash control
account balance. Following are the reasons for the difference.
Rs
(i) Cheques deposited in the bank but not credited to bank account 7000
(ii) Cheques issued for payments but not debited by the bank 4000
(iii) Charges deducted by the bank for the services rendered 100
(iv) Cheque issued for payments but dishonored by the bank 2000
12. Which of the above errors have contributed to the balance in the suspense account ?
(1) A only (2) A, B and C only
(3) B and D only (4) A and C only
(5) B, C and D only
()
13. What is the net impact to debtors outstanding balance as at 31/3/2018 after rectification of the errors ?
(1) Decreased by Rs 5000 (2) Decreased by Rs 60 000
(3) Decreased by Rs 55 000 (4) Increased by Rs 5000
(5) Increased by Rs 45000
()
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Grade 11 (National) Accounting I contd.....from page 3
14. Following information had been extracted from the books of Nihal Enterprises for the month
of July 2018.
Rs('000)
Debtors balance as at 1/7/2018 1 500 Dr / 500cr
Total sales 10 000 (out of which 40% is on credit)
Cash received from debtors after deduction
10% cash discount } 2 700
Bad debts written off 1 200
Total of debit notes 600
Total of credit notes 750
What would be the total balance of debtors as at 31/7/2018 after adjusting the above
(Rs'000)?
(1) Rs. 50 (2) Rs. 750
(3) Rs. 550 (4) Rs. 850
(5) Rs. 6500
()
15. The balance of the debtors control account as at 31/3/2018 was Rs 100,000. The total balance
of the debtors ledger had a different balance as at the same date. Following are the reasons for
the difference.
(A) Total of the sales journal is under casted by Rs 2000.
(B) A credit sale invoice of Rs. 20 000 has been recorded as Rs 2000 in the sales journal.
(C) Credit sales to debtor Roshan Rs 4500 had been recorded as Rs 5400 in his personal account.
(D) A discount allowed of Rs. 500 has been omitted in debtor Nihal's personal account.
The balance to be showing in the statements of financial position as at 31/3/2018 is
(1) Rs. 99 100 (2) Rs. 108 600
(3) Rs. 118 000 (4) Rs. 118 600
(5) Rs. 120 000
()
● Write short answer for questions 1625 on the dotted line.
16. Jehan purchased goods for Rs 100 000 on credit under a trade discount of 10% on the same
day these goods were sold for Rs 125000 on credit.
Show the net effect of these transactions in the accounting equation using the following format.
Assets (Rs) = Liabilities (Rs + Equily (Rs
17. Categorize the following accounts into assets,liabilities, income, expeses and equity
Account Classification
(A) Drawings
(B) Purchases
(C) Closing stock
(D) Bank overdraft
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Grade 11 (National) Accounting I contd.....from page 4
18. Write the related source document to the relevant prime entry book.
Prime entry book Source document
(A) Cash receipt journal
(B) Petty cash payment journal
(C) Sales return journal
(D) General journal
19. The petty cashier of a business is provided with Rs 5000 as petty cash imprest as at 1/3/2018.
On 31/3/2018 petty cashier reported that his total spending are Rs 4530.
(a) What is the petty cash in hand as at 31/3/2018 (Rs)
(b) Write down the journal entry to record the reimbursement (Narration is not required).
20. Write down one example for following concepts.
(a) Business entity concept
(b) Prudence concept
21. State three characteristics of a liability as per conceptual framework for financial reporting
followed in Sri Lanka.
22. Following information is related Gihan Traders for the month of March 2018.
Rs ('000)
● Balance as per bank statement 1600 Debit
● Total unrepresented cheques 2500
● Direct deposits 1400
● Total unrealized cheques 1700
● Cheques deposited but dishonoured by the bank 800
What would be the balance as per cash control account as at 1/3/2018 (before adjustments) ?
State your answer with debit or credit.
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Grade 11 (National) Accounting I contd.....from page 5
23. Discount allowed of Rs 3500 had been treated as a discount received in the books.
(a) Writ down the journal entry to rectify the above error. (Narration is not required)
(b) What is the net impact on profit after the rectification. (State your answer with increase
/ decrease / No change with the value)
24. What is the correct balance of the debtors control account as at 31/3/2018 ?
END
Ref : NR