CBSE Class 11 Accountancy Revision Worksheet Set E Solved

→ VALUE POINTS

1. Goodwill is a _______

(a) Fictitious assets
(b) Tangible assets
(c) Intangible assets
(d) Expense

Ans: (b) Tangible assets

2. State and explain any three merits of Single entry system.

Ans:
(a) Simple method
(b) Less Expensive
(c) Suitable for Small Business

3. Classify the following into capital expenditure or revenue expenditure or deferred revenue expenditure:

a) Payment of wages amounting to 2,50,000 for construction of building - CE
b) Cost of purchasing old machinery for 12,000 and cost of its repair 10,000. The machinery was installed in the factory at a cost of 3,000- CE
c) Advertising suspense – DRE
d) Cost of air-conditioning of the office of the General Manager - CE

4. Mr. Ashok does not keep his books properly. Following information is available from his books.

During the year Mr. Ashok sold his private car for ₹. 50,000 and invested this amount into the business. He withdrew from the business ₹. 1,500 per month up to July 31, 2019 and thereafter ₹. 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affair as on December 31, 2019.

5.The following is the trial balance of Mr. S.Kapur on 31st March , 2019

Prepare Trading and Profit and Loss account and the Balance sheet after taking into the following adjustments:

a) Stock in hand on 31st March 2019 is 13,600
b) Machinery is to be depreciated at the rate of 10% and patents at the rate of 20%.
c) Salaries for the month of March, 2019 amounting to 3,000 were unpaid.
d) Insurance includes a premium of 170 for the next year.
e) Wages include a sum of 4,000 spent on the erection of cycle-shed for employees and customers.
f) A provision for bad and doubtful debts is to be created to the extent of 5% on sundry debtors

Ans: Trading and Profit and Loss a/c : Gross Profit – 87,430 ; Net Profit – 32,550 Balance sheet - 1,79,660

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